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World of Change | Peggy Olin On The Transformation of Luxury Real Estate
April 1, 2020
By Katie Jackson
“I consider myself so lucky to be doing what I love every single day,” says Peggy Olin, president and CEO of OneWorld Properties. “I live in a state of gratitude.
“I started in this business by accident,” says Peggy Olin of her wildly successful real estate career. “I thought I was going to be a banker.” But it was at a job at Northern Trust Bank in Brickell in 2001 where she had her aha moment. “I dealt with a lot of international and high-net-worth clients who bought and sold real estate,” she says. “In one of those transactions, I saw a HUD statement for the first time, and I realized that someone out there was making my yearly salary in one transaction. I said to myself, ‘There is something here I need to learn.’” Fast-forward to today and she’s the leader of OneWorld Properties, a brokerage firm that offers elite services for luxury properties, as well as sales and marketing for residential developments. The company’s portfolio includes high-profile projects like Paramount Miami Worldcenter, YotelPad and Legacy. Here, Olin talks trends and how she stays motivated.
Paramount Miami Worldcenter
What are brokers and buyers looking for when investing in real estate in South Florida?
Essentially, everyone is looking for a sound investment and long-term appreciation. We have the benefit of appealing not only to the foreign buyers (who are no longer just in South America) but also to our own upper Northeast and Midwest. I always refer to Miami as the Hong Kong of the West. We have all the characteristics: banking institutions, multicultural, proximity and easy access to Europe and the Americas. Everyone wants to be here.
What is the most overrated amenity you are seeing in South Florida real estate?
I find that developers are being very mindful of their offerings, focusing on social spaces where their residents can truly benefit. I find that cigar and wine rooms are a thing of the past. Instead, a gym with Peloton or Pilates Reformer and a juice bar would do the trick.
What is the most underrated amenity you would like to see more of?
Meditation and mindfulness spaces. And a great outdoor space where someone can go and stretch or practice yoga. It does not cost much and goes a long way.
What other trends are you seeing in the current luxury real estate market?
Smaller spaces, but very efficient in great locations where they could be affordable. Bigger is not necessarily better, but location is always golden.
How do you think the real estate market has changed within the last decade? And what do you think can we expect to see in the next 10 years?
I see people wanting to spend less time in their vehicles; they want a place where they can have walkability. Time is our most precious asset and people are very mindful of that right now. We are going to see a bigger sense of community where people want to be living, working, shopping and playing without having to go far.
A rendering of the upcoming YotelPad development project.
Downtown Miami has really become a live, work and play neighborhood. Can you speak to this transformation?
Wow! That’s the first thought that comes to my mind. I remember back in 2010, I was traveling internationally doing a presentation on the future of Miami. I was speaking about how we just opened the Adrienne Arsht Center, and how PAMM, the Frost Museum, Brightline and all the new retail destinations were coming. Today that is a reality. Our downtown is thriving and there is so much more to do. This is a perfect example of walkability. In what other city can you go see a Broadway show, a concert, an NBA basketball game and go to a great restaurant, all within walking distance? Even if you lived in New York, you couldn’t do that.
What’s a development you are most looking forward to seeing come to life?
I cannot wait for all the wonderful retail that will be announced for Miami Worldcenter. We saw Paramount come to life in the last six months, and it has been incredible. I also cannot wait to see YotelPad come to life. It will bring a very forward-thinking approach to living. YotelPad will be the first to showcase the micro-unit concept in Downtown Miami.
How do you stay motivated?
I visualize a lot. I always keep a vision of how I want to see myself in the next year or two. I never lose track of my ultimate goal, whether it’s in business or personal. I am constantly looking to learn and to grow. I consider myself so lucky to be doing what I love every single day, and I live in a state of gratitude.
What is your mantra?
Someone told me a saying once: ‘All that your ancestors had to go through for you to be here... and you doubt yourself? How dare you. You come from a legacy of survival that is to never be questioned.'
A rendering of the upcoming Legacy development project.