Vanessa Grout knows Miami. As president of CMC Real Estate, she heads up sales and marketing at developer Ugo Colombo’s CMC Group. Her current project: Brickell Flatiron, a 549-unit, 64-story condominium tower under construction in the Brickell Financial District in downtown Miami (it’ll have a digital concierge and a rooftop pool). Scheduled to be complete in mid-2019, it’s more than halfway sold, and construction has begun.
A Florida native, Ms. Grout previously launched and led the South Florida market for Douglas Elliman as CEO.
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We chatted with her about what luxury means, why foreigners love Miami and much more.
Mansion Global: Describe your dream property.
Vanessa Grout: Condo living really can’t be beat. Especially these days when we all have such mobile lifestyles. The fact that you can lock the door and go, and have security while you’re gone, that’s amazing.
MG: What does luxury mean to you?
VG: It means not cutting corners. Spending time carefully selecting finishes. Making sure contractors are highly skilled in their crafts. Making the decision to do something the right way is what results in a luxury product. In order to build something that’s high quality, it takes time. You need to really think about how a person is going to live in a space and how they’ll use every corner. That doesn’t happen accidentally. The process is slow and sometimes painful, but it has the best results.
MG: What area do you think is the next hub for luxury properties?
VG: In Miami, traditionally it was the oceanfront, and that’s still true with resale values, but we’re definitely seeing a transition to the urban core, in downtown Miami.
MG: What’s the biggest surprise in the luxury real estate market now?
VG: We market to international buyers, from South America and Europe specifically, and what’s surprised us is that whatever’s going on with those economies, good or bad, Miami benefits. Safety and security — both physical and financial—are big draws here.
MG: Where are the best luxury homes in the world and why?
VG: Miami and Los Angeles. It’s hard to compete with those.
MG: Favorite part of your home?
VG: I love my dock. I can sit out there and read and look at the water.
MG: What best describes the theme to your home and why?
VG: I live in an Art Deco house and it was renovated recently. We renovated it to retain the architectural character Miami Beach is known for, but we’ve modernized it with smart home technology.
MG: What’s the most valuable amenity to have in a home right now?
VG: Smart home technology is invaluable for home monitoring. At this point, you can automate practically everything in your home. I can unlock my front door remotely to let someone in.
MG: Best piece of real estate advice?
VG: It’s easy to get emotional, but it’s important to keep your cool. Real estate also has to be a smart business decision. And any good decision can be ruined with poor timing. Leave yourself options; make sure you have a plan B.
MG: What’s going on in the news that will have the biggest impact on the luxury real estate market?
VG: Two things—certainly the U.S. presidential election. We’re seeing that some buyers are adopting a wait-and-see approach. What’s counteracting that is pending interest rate hikes. On one hand, people want to wait and see the outcome of the election, but on the other hand, there’s a fear that interest rates will go up, and they want to move quickly.
MG: What is the best area now for investing in luxury properties?
VG: There are a lot of up-and-coming areas in Miami, mostly the inland areas. Usually the neighborhoods have an artistic element, are cool, and become luxury.
MG: If you had a choice of living in a new development or a prime resale property, which would you choose and why?
VG: There’s something to be said about resale, because the property is proven, and you can see it and touch it. But if you want to practically customize your home, new construction is the way to go. You just need to buy in a new development where you trust the developer.
MG: What area currently has the best resale value?
VG: Traditionally it was the waterfront in Miami, but we’re seeing that transition to the urban core.