By  on April 28, 2016

Miami is riding an unprecedented roller coaster.

The city rebounded from the recession only to be hit by economic downturns in Brazil and Russia, major sources of tourism and second-home owners for the region. Rising sea levels threaten to engulf it within the next century — if not sooner — but that didn’t stop a hedge-fund manager from buying two units at Faena House in Miami Beach for a record $60 million. The Panama Papers’ leaked shell companies and offshore bank accounts have led to cash purchases of condominiums in gleaming new residential towers, which seem to multiply here like cells in a Petri dish. Retail is also on fire in “Mall-ami,” while commercial property sales are breaking records.

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