All of a sudden, high-end real estate prices in Miami are breaking records.

There was the $25 million condo sale last month, which marked the highest price ever paid for a condo in Miami-Dade County.

There was the mansion on Indian Creek Drive that is reported to be in contract for $52 million, which would also smash pre-recession records for the area.

The whopper of them all: The owner of Casa Casuarina , formerly known as the Versace mansion, has listed the property for $125 million.

Miami real-estate agents are hyping the market with a level of heavy-breathing not seen since 2006. Prices can only go up, they say. Sales of million-dollar condos in 2011 are up nearly 20 percent over the previous peak year of 2006.

“Miami is hot and it’s not just the weather!” said Jack Levin, chairman of the Miami Association of Realtors .

But a closer look suggests that the Miami boom is displaying some bubble-like tendencies. While it’s not likely to crash anytime soon, the market is being driven by an especially speculative species of wealthy buyer. If global financial markets fall out of bed globally, or emerging markets slow more than expected, Miami’s high-end real-estate market could also suffer.

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