You remember the scene. Hundreds of would-be buyers never closed on the condos they imagined owning during the high times. Many of them were flippers looking to make a fast profit. That sent us spiraling into a crash that saw even high-profile developers like Related Group struggle. Who knew all the empty condos would soon lead to Downtown Miami's revitalization?

“Miami today is like New York one hundred years ago when immigrants from Europe were pouring into Ellis Island,” Cervera-Lamadrid told Forum. In other words, prices were low.

Investors swooped in with cash to pick them up and renters moved in to keep the lights on. Miami wasn't the ghost town many predicted. According to the Miami Downtown Development Authority, about 70,000 people live in the urban core. That compares to about 8,000 just 10 years ago.

Since then, we've seen a new wave of condo development sweep across Miami. Old players like Related are in the mix, as well as new foreign players like Swire Properties with its $1 billion Brickell City Centre. Then there's the $1.5 billion Miami Worldcenter that's bringing major retailers back to the urban core.

Can anything hold Miami back now? Well, Peter Mekras, senior vice president of Continental Real Estate Companies (CREC), told Forum office and land values are a barrier. His conclusion: “I don't think anyone will do a spec office building around here.”

Tere Blanca, the founder, president and CEO of Blanca Commercial Real Estate, has always been bullish about Miami—even in the face of strict naysayers. In fact, she started her firm at the bottom of the market and has built it into a formiddable competitor on the office brokerage side. She told Forum, “Miami is a brand that is appealing to C-suite executives and their workforces.”