Mega-Rich Foreigners Bring the Heat to Miami's Luxury Condo Market

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Here, Hertzberg said buyers are looking for prime marquee addresses, unbelievable views and a little style in extravagant turn-key condos.

"We see that often people come in and they just bring their toothbrush," Hertzberg said.

These homes are stocked with hand-crafted spiral staircases, infinity pools, German marble and French faucet handles. Hertzberg said one three-floor, three-bedroom, furnished condo overlooking the Atlantic in the southern tip of Miami Beach listed at $19.5 million was considered a "really good value."

So is this just a repeat of what happened during the 2008 housing crash, only on an accelerated level? Jonathan Miller, the president and CEO of Miller Samuel, a real estate appraising and consulting firm, said that's not the case because luxury condos only make up a "tiny sliver" of the entire housing market.

"It's a fraction of a percent and it's disconnected from the market in general," he said. "Any time you have a pick-up in activity in real estate, you're influencing the local economy, from goods and services to taxes being paid, it's a win for the local economy."

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