Change is underway at Compass in Florida, as the firm looks to expand in the luxury market and new development business. Two longtime executives left the brokerage, two people were promoted and one former Douglas Elliman senior vice president was hired.
Compass tapped Nikol Solares as its senior managing director of new development marketing. Solares was a senior vice president of sales at Elliman’s development marketing arm in Miami for nearly seven years.
Compass promoted Adam Vellano to principal broker and managing director of the South Florida market, and promoted Erika Sheridan to senior director of marketing and operations for the Southeast. Sheridan joined Compass in 2018.
The shifts come as Beth Butler, regional director of new development for the Southeast, retired at the end of 2024. Mercedes Saewitz, principal broker, also left Compass. Saewitz joined Lake Mary-based Aperture Lifestyle Real Estate, a division of LPT Holdings, as senior vice president of operations. Butler joined Compass in 2015 and opened its first office in Florida. Saewitz also joined about the same time as a founding agent.
At Elliman, Solares led sales of a number of condo projects, including Akoya Miami Beach; the Residences at Ritz-Carlton, Miami Beach; Arte Surfside; and the Standard Residences, Midtown Miami, according to a release. Elliman, one of the top firms for new development sales in South Florida, has been under the microscope following the sudden resignation of Chairman and CEO Howard Lorber in October.
Solares oversaw new developments totaling more than $2 billion worth of inventory, according to the release.
Solares said she was approached by Compass a few months ago. At first, she said she was hesitant and not looking to move, but she “saw the tremendous potential Compass has to expand new development” and “make a dent in the market.”
Dozens of new condo projects are planned across South Florida and throughout the state.
Compass’ acquisition of Christie’s International Real Estate also played a role in her decision to join the company, Solares said. Compass announced in December that it reached an agreement to acquire @properties and Christie’s International Real Estate in a deal valued at $444 million.
Vellano, who added principal broker to his existing title of managing director, said his promotion is more of a formalization of his role. He’s based out of Compass’ Naples office and he oversees Miami-Dade, Broward and Palm Beach counties.
His position includes “making sure our agents are protected and are getting the training and education in this sort of turbulent market,” Vellano said, referring in part to changes brought by the National Association of Realtors’ settlement regarding how commissions are paid.
“We’re in a world where you have to be better at what you do than you used to be,” he added.
Compass is the No. 1 brokerage in Miami-Dade County, according to The Real Deal’s 2024 ranking of residential firms based on on-market dollar volume. The firm closed nearly $3.2 billion in dollar volume between May 2023 and May 2024, excluding off-market deals.
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