Just as foreign and out-of-state buyers continue flooding the market to purchase Miami's leftover condo inventory, developers are gearing up to build once again. New projects like Newgard Development Group's $170 million, 374-unit BrickellHouse and the Related Group's MyBrickell are just two projects now in the works by developers who are seeking to capitalize on the demand for urban living that is far outpacing supply.

According to Bilzin Sumberg real estate partner Jim Shindell, two years ago there were more than 20,000 unsold units in downtown Miami. Today, that figure hovers just under 2,500 units. Foreign cash buyers account for the majority of these sales taking place, bringing Miami towards recovery years faster than was previously expected and taking the region from one of the most over-leveraged markets in the country to among the most under-leveraged.

GlobeSt.com caught up with Shindell to discuss how developers are working swiftly to get new projects out of the ground, as well as what will be different this time around. One thing that won’t change: overbuilding.