I spend a lot of my time these days touring new developments, and I’m starting to notice something strange: nobody seems worried. I’ve been around long enough to see what happens when real estate gets a little too hot, and what’s happening in Miami sometimes feels too good to be true.

Maybe that keeps surprising me because I spend so much time in Broward. You can be thirty miles away from Brickell and hear a completely different version of what’s happening in Miami. They’re building too much. Everything is too expensive. Eventually somebody is going to get caught holding the bag. Most of my friends don’t even go to Miami that often.

Then I’ll drive south, hand my car to the valet, walk into another sales gallery and start talking to the sales team. Eventually I’ll ask how sales are going, partly because I’m curious and partly because I keep expecting somebody to finally tell me things have slowed down.

That’s when I start looking around. There’s another building across the street, another crane behind that one, another sales gallery I haven’t visited yet, and apparently somebody is buying all of it, but who?

I don’t know what I expected to find when I started touring all these communities. Maybe eventually I’d walk into a sales gallery and find ten salespeople sitting around playing Uno because Miami had finally run out of people willing to spend a few million dollars on a condo.

Instead, I keep hearing about what’s sold, what’s still available and where the buyers are coming from. Then I get back in the car, pass another construction site and do the whole thing again.

I’ve seen enough price sheets lately that a three-million-dollar residence occasionally sounds reasonable to me, which is probably something I should discuss with somebody. Somewhere along the way, I started looking at the numbers too.

International buyers spent $10.4 billion on Florida residential real estate during the latest reporting period, according to Florida Realtors, and nearly half of the state’s international purchases happened in the Miami-Fort Lauderdale-West Palm Beach area. What really caught my attention, though, was that 60% of those international purchases were made with cash.

Money money money….

Then I found another one. Sixty-five percent of South Florida’s international buyers purchased after visiting Florida no more than twice, and 11% bought without visiting at all.

Meanwhile, I’m walking around opening closets and deciding whether I like the view.

I also thought all these buildings would eventually start blending together. There’s only so much you can do with a condominium, or at least that’s what I assumed before I started touring them every week. Apparently developers in Miami took that personally.

One has the marina, another has private dining, another has the hotel brand, and then somebody else gives you the beach or a private club. Everybody has to floss their USP somehow, and I keep waiting for somebody to finally show me the building where I walk out thinking, “Nah, you guys got this one wrong.” It hasn’t happened very often.

Usually I leave thinking about which residence I’d take.

The one thing I still haven’t figured out is where we’re putting everybody’s cars. Brickell traffic already tests my relationship with humanity, and apparently we’re still adding buildings, so somebody smarter than me will have to handle that part.

Every once in a while, when I’m hanging out in Broward, somebody will tell me that Miami is too expensive, that they’re building too much, or that the whole thing will eventually come crashing down. I don’t argue with them. And they’re not making it up entirely. Miami-Dade has about a year’s worth of existing condo inventory sitting on the market right now. A whole year. So there’s that.

Then a few days later, I’ll be back in Miami, pass another crane and walk into another sales gallery. I’m still not sure how long all of this can keep going, but unless Miami floods, I wouldn’t bet against it.

Then again, the conspiracy theorist in me has a feeling they won’t let that happen either.

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