MIAMI—I've been writing about the ups and downs—and ups—ofMiami's residential and commercial real estatemarket for more than a decade. So when I read my colleague BrianRogal's article in The Real Estate Forum about Miami'scomeback, it turned my head.

As Rogal sees it, unlike some towns that have had to overcomeunderlying flaws, Miami seems like it fell into a trough throughbad timing. Miami, he concludes, has now come back stronger thanever—all without changing a vision that has been in place for manyyears.

Rogal picked the brains of some of my regular sources on theMiami beat, who shed light on what is a bona fide Miami real estaterevival. But let's take a step back to 2008.

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