HOTELS: Miami on the Make

In Miami real-estate offices it seemed like old times, almost like 1925 Florida boom times. Phones rang, telegrams poured in, buyers haggled over prices. Deals were closed, and at fancy prices, compared even to a year ago. Piling up fat commissions, brokers happily pondered the new Florida real-estate boom.

Most deals were for small and medium-sized hotels and apartment houses. Even so, prices ran up as high as $300,000, with many owners collecting more than the original construction costs. Because the Army prohibits civilians from taking pictures of its military installations, some hotels still leased to the Army are being sold...

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