Overly optimistic developers, poor government oversight, speculators and media hype are to blame for the state of Florida’s housing crisis, according to real estate über-developer Jorge Perez of the Related Group of Florida.

Perez gave the keynote address Encompass, an annual networking exposition hosted by the Business Development Board of Palm Beach County, according to the South Florida Business Journal.

The 57-year old real estate entrepreneur, who is worth $1.8 billion according to Forbes, spoke about the causes and the fallout of the housing meltdown, as well as his long-term outlook for the market.

Perez said the housing market in Florida seemed more robust because of the expectation that people from all over the world would keep the market fueled.

He was optimistic about future market prospects, saying that there are a number of quality bargains available. He noted that square footage for condos in large Latin American cities are selling at three times the amount of comparable real estate in Miami.

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