How a French Developer Rebuilt Miami’s Luxury Market - One Spec Home at a Time with Pascal Nicolai

Pascal lands in Miami in 2008 with cash from selling French assets, right when everything's melting down. Most would think that's terrible timing, but he saw opportunity. He didn't even know he'd end up in construction. His specialty was buying, fixing, and flipping.

He starts buying distressed properties at courthouse auctions, then moves to buying non-performing notes from banks, essentially becoming the one who forecloses. By 2012, foreclosures dry up and he's thinking, maybe I should actually build something.

That first house in Miami Beach goes well. Really well. "I got decent price for the land, decent price for construction because nobody's building. I said, oh my God, this is good business now."

But Pascal isn't just another spec builder. He brings a completely different perspective from France on how houses should work.

The conversation gets into the differences between European and American construction.

"In France, the architect is the GC. The architect follows the project and takes responsibility if something's wrong inside. In Florida, the architect finishes when you get a permit, then you manage with the GC. If something's wrong, they provide change orders."

Pascal saw that gap and fixed it by becoming his own GC and internalizing construction. He imported European designers, brought construction techniques Florida hadn't seen, used materials and equipment that made local contractors stop by just to watch.

The focus isn't making everything white and shiny for snowbirds visiting three months a year. It's creating homes people want to live in full-time.

"When you want to live all year long, you want something more warm, cozy. Design changes, everything changes."

Quality control becomes obsessive after one early client, a Belgian clothing business owner, points out imperfections Pascal's own eyes couldn't see. That changes everything.

"I realized I was far away from perfection. It made me understand I need to work more, get more competencies."

Now there's a quality control manager who must sign off before any payment goes through. "We don't make a payment if quality control doesn't validate the work. Sometimes I'm redoing things completely because I want the perfect product."

The really smart part is how he handles risk. Every project has 50 percent equity minimum. When a house finishes, it goes into high-end rental configuration, fully furnished. They rent with a 60-day exit clause for when they sell. "We have income covering the carrying cost because we have low leverage. I don't want to sell my house at a discount. I prefer to rent and wait."

His portfolio runs from $20 million to $80-90 million homes, with six to eight projects going at different stages, plus custom builds. "Building high-end houses is a very big personal investment. Most developers prefer big buildings or volume. They're not in my niche because it's too complicated, too much resources."

The conversation circles back to something simple: he imagines living in every house he builds. "I don't just give the architect a project. I imagine myself living in this house."

The goal isn't impressing people or creating trophy properties. "My definition of luxury is freedom and the vibe. The purpose of the house is to live inside. A lot of people forget it. They try to impress. I want people to feel at home."

About Pascal Nicolai

Pascal Nicolai is the French-born founder of Sabal Development and Sabal Luxury Builder, two Miami-based firms setting new benchmarks in high-end residential construction. After a career that began in finance and evolved through European real estate, Pascal moved to Miami during the 2008 downturn and built his success one luxury spec home at a time. Today, Sabal's portfolio includes more than $225 million in sold homes and another $220 million in projects underway, blending European precision, Miami modernism, and financial discipline into every build. Known as a "spec-home specialist," Pascal's story is one of risk, vision, and relentless attention to detail.

Pascal Nicolai on LinkedIn:
  / pascal-nicolai-2ba82b61  

Sabal Development website:
https://www.sabaldev.com

Chapters:
00:00 Introduction
00:41 Sound Capital
02:52 Welcome
04:00 Starting a New Life in the US
05:32 First Steps in Real Estate Auctions
08:34 Transition to Development
11:04 Adapting to the American Market
17:25 Innovations and Competitive Edge
32:03 Risks and Investments
34:44 Art of Not Selling at a Discount
35:08 Relationships with Buyers
36:16 Importance of Quality and Service
38:15 Challenges of High-End Real Estate
39:13 Learning from Early Experiences
39:48 Perfection in Every Project
42:40 Hands-On Development
45:26 Educating and Managing Subcontractors
47:24 Philosophy of Luxury Living
49:13 Story Behind Sabal
50:28 Future Projects
53:21 Importance of Location and Design
56:15 Unique and Desirable Homes
01:02:48 Work and Personal Life
01:04:07 Final Thoughts