I would just use..
try:
float(element)
except ValueError:
print "Not a float"
..it’s simple, and it works. Note that it will still throw OverflowError if element is e.g. 1<<1024.
Another option would be a regular expression:
import re
if re.match(r'^-?\d+(?:\.\d+)$', element) is None:
print "Not float"