Though the Miami market seems awash in new construction, Ugo Colombo has announced yet another condominium project.

There may be 160 new condominium towers already planned for South Florida, but that’s done little to stop Ugo Columbo, the veteran developer behind the latest announced condominium in Miami Beach.

According to the latest report from Condo Vultures, the condominium, dubbed “Beach House 8,” will be developed on the 3600 block of Collins Avenue, and will join the 1,080 units that have already been proposed for the Miami Beach housing market.

A Condo Blitzkrieg in South Florida

It’s all part of what has been a hurricane of new construction activity here in South Florida. Some particularly impressive numbers:

• Overall in South Florida, developers have so far proposed more than 21,850 new construction units for the tri-county region of Miami-Dade, Broward and Palm Beach.
• Since 2007, two condominium projects have been completed in tri-county – 23 Biscayne Bay and 4001 North Ocean – but a whopping 35 additional high rises are in the works.
• Those include such projects as Faena House and One Ocean in Miami Beach, 400 Sunny Isles in Sunny Isles Beach, and 1100 Millecento Residences, Brickell Citycentre, BrickellHouse, Habitat II, ICON Bay, MyBrickell and Nine At Mary Brickell Village in Miami’s downtwn.

An Answer to Low Inventory Blues

The surging construction, Condo Vultures noted, is a direct response to the shortage of quality inventory in South Florida. Since 2003, foreign buyers and investors have gobbled up 89 percent of the nearly 5,600 units that were built in South Beach alone, and of the nearly 49,000 units that were built in South Florida’s seven largest coastal markets (Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood/Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton/Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island), less than 2,150 remain unsold.

One detail worth noting, though, involves South Florida’s extensive shadow inventory. According to Condo Vultures’ Bulk Deals Database, there are still more than 8,000 units that were purchased in bulk by investment groups, yet have not yet been listed.