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By Robyn A. Friedman, Ocean Drive Magazine
With a $1 billion portfolio that includes Paramount Fort Lauderdale Beach and Paramount Miami Worldcenter, OneWorld properties’ Peggy Fucci is attracting international buyers and brokers to South Florida.
Peggy Fucci opened OneWorld Properties in 2008—at the height of the Great Recession triggered by the housing crash. Within 18 months, she had sold $50 million in real estate-owned assets and helped her clients reposition projects throughout Florida. In the past two years alone, OneWorld has sold more than 2,500 units totaling $2.5 billion. Now the Miami-based real estate titan is traveling to 16 cities in 11 countries to attract foreign buyers and brokers. Here she gives Ocean Drive an exclusive inside look at her business.
What types of deals does OneWorld handle?
Eighty percent of my business is new-construction development sales. Twenty percent is very high-end brokerage.
How is the market now?
The market has changed. We really have to hustle. You have to bring in three times the amount of traffic to close half the number of sales you did last year. We’re seeing more buyers from China and Turkey as well as the US.
What’s selling now?
Ultra-luxury is suffering a bit, but properties between $700,000 and $2 million are moving. Places that offer a complete lifestyle are selling— not cookie-cutter units designed for rental income. What strategies are you using now to sell units? We have to be flexible. If you buy today, you have to give a 30 percent deposit, 10 percent when we reach the sixth floor, and 10 percent when we top off.
Which areas are hot?
The Brickell area in downtown Miami and anything waterfront continues to sell. Fort Lauderdale has gained phenomenal momentum.
What will the future bring?
2016 will continue to be strong. In 2017 we will see more buyers from countries like Turkey and France, who want security.
What have you seen recently that surprised you?
At Paramount, we had a 2,800-square-foot unit, and we noticed that some Chinese buyers wanted more two-bedroom options, so we added more 1,150-square-foot units instead.
Tell us about your Luxury Estate Portfolio at OneWorld Properties.
I have a $16 million listing in Bay Point that’s a teardown; it’s a bayfront, 54,000-square-foot lot. Celebrities are looking at it. I sold a $6.7 million unit in Miami Beach in Apogee. I probably do five of these deals a year, but they’re pretty substantial.
What’s the latest news at Paramount Miami Worldcenter?
We are over 50 percent sold. We have buyers from 37 different countries, and we’re moving full steam ahead with construction.
Why is it important for you to be involved in the local community?
I am a board member of Miami Bridge, an emergency shelter. I went through a lot of hardship and want to show these kids hope. As an immigrant mother of three, I have a great story of survival, achievement, and now involvement in the community. I want to pass that along. 3020 NE 32nd Ave., Ste. 117, Fort Lauderdale, 954-514-7492; 1221 Brickell Ave., Ste. 1460, Miami, 786-536-5770