Miami Oversupply is Overblown, Says Brokerage Chief, But Deals Abound

In 2008, during the U.S.’s recession and real estate downturn, Cuban-born Mayi de la Vega bucked the trend and founded One Sotheby’s International Realty, a brokerage firm in South Florida. The firm, which has grown to include 750 agents and 15 offices, is now run by Ms. de La Vega and her son, Daniel, who is the company’s president.

The company has formed partnerships with Sotheby’s in Brazil, Argentina, Mexico, Russia, Peru, and soon Panama.

Ms. de la Vega, who lives in Miami Beach, is also an avid art collector. She spoke to Mansion Global about how she chooses her art, why she thinks Miami condos are still a great investment and more.

Mansion Global: Describe your dream property.

Mayi de la Vega: A midcentury modern home facing the ocean with a lot of green surrounding it, made of natural materials—stones and woods. I like a home with a great soul.

MG: Do you have a real estate property that got away?

MD: I wish I had bought on the water in Florida a long time ago. Even when we had the big downturn in 2010. I couldn’t do it then, because I was building my company, but looking back, I wish I had bought.

I wish I had bought something in Coconut Grove or Gables Estates—a nice big waterfront space. There were great deals out there.

MG: What does luxury mean to you?

MD: To me, it doesn’t mean a particular brand. Luxury is about an experience. It doesn’t have to be the most expensive thing on the market, but it has to feel luxurious to you.

A luxurious home is about the textures, the colors, and the balance.

MG: What area do you think is the next hub for luxury properties?

MD: Fort Lauderdale is starting to pick up a lot of attention on the global scene.

You’re seeing more Brazilians going there, and more people from the northeast

Fort Lauderdale price points have always been lower than Miami-Dade County, but now you’re seeing more high-end developments.

More:A Florida-Based Interior Designer Loves the Challenge of Decorating an Older Property

MG: Where are the best luxury homes in the world and why?

MD: Palm Beach, South Florida, Malibu, the Hamptons. For me, places by the water. Being by the mountains is great, too. There are some gorgeous homes in Aspen.

MG: What’s your favorite part of your home?

MD: My view on the terrace of the downtown skyline. The sunsets are to die for. I don’t get tired of it. I’m always taking pictures of it.

MG: What best describes the theme to your home and why?

MD: It’s chill. There’s a good vibe. It’s contemporary, overall, but I have a farmhouse-style dining table. It’s about tranquility and coming home to a haven. I have a library with all the books that I love, and a TV room with a big sofa, where I love to read.

More:Developer Bruce Eichner is Seeing Less-than-Impressive $20 Million Apartments

MG:  What’s the most valuable thing in your home?

MD: My art. It’s valuable because it’s meaningful. Every piece I have bought is either from someone who was my mentor, who I’ve learned from, or from a place where I went to visit and met the artist.

I buy what I like, not to make an investment. I try to research the work, and it’s often a great investment, but sometimes I buy a piece just because I like it.

MG: What’s the most valuable amenity to have in a home right now?

MD:  To me, it would be an incredible view.

Also, a gym, massage and meditation room. Those are all incredible.

MG: What’s your best piece of real estate advice?

MD: Don’t be afraid of the cycles in the market. Because ultimately, real estate is a solid investment in the long term. It’s a great holding to have. You can see it, you can feel it, and you can enjoy it. It’ll be up and down, but it’s important to know your investment is strong.

More:High-End Buyers Are Becoming More Socially Conscious, Says Sydney Architect

MG: What’s going on in the news that will have the biggest impact on the luxury real estate market?

MD: The tax plan—what’s going to be approved, what it’ll mean for Florida, New York and California especially.

MG: What is the best area now for investing in luxury properties?

MD: There are some great deals in some of the condos in Miami, because the press made such a big deal of an oversupply, which there really isn’t. But the perception is there, and the hurricane slowed us down, too

There are some great deals at Turnberry Ocean Club [in Sunny Isles], One Thousand Museum [designed by Zaha Hadid] and at Brickell City Centre. I wish I could buy 10 condos at Turnberry, and buying a condo at One Thousand Museum is like buying a piece of art.

More:Click to Read More Luxury Real Estate Professionals Share Their Insights

MG: If you had a choice of living in a new development or a prime resale property, which would you choose and why?

MD: Now, I’d live in a new development, because there are a lot of upsides. And you’re going to see a lot of price appreciation because of those deals.

MG: What area currently has the best resale value?

MD:  Brickell’s downtown corridor, once all the inventory is absorbed. I think Sunny Isles, too. Eventually it’ll all get absorbed in the next two years, and then there’s no more land on the ocean in Sunny Isles, and the prices start going up.