Florida Investor Buys Pinecrest House for $14 Million

Photo byMiami Brokers Group

It’s not every day that we get to report on a record-breaking real estate deal, but Pinecrest is making headlines this week. A recent sale has set a new benchmark for luxury living in the Miami suburb, proving that high-end buyers are expanding their horizons beyond the typical South Beach and Coral Gables hotspots.

Andre Hakkak, a prominent portfolio manager at White Oak, just dropped a staggering $14.3 million on a newly built mansion in Pinecrest. This deal not only makes it the priciest property ever sold in the area but also highlights a growing trend of affluent buyers looking for opulence in this quieter corner of Miami.

So, what does $14.3 million get you in Pinecrest? The property at 8900 SW 64th Court is nothing short of a dream home. Spanning 15,000 square feet, it features seven bedrooms and over a dozen bathrooms. There’s a gym, a four-car garage, and an impressive 86-foot swimming pool—perfect for those sunny Miami days. Hakkak snagged the home in July 2023, even before construction was finished, according to Michael Diaz, the broker behind the deal.

Hakkak isn’t new to Miami’s luxury real estate scene. Back in 2020, he purchased a Coral Gables property for $13.6 million and later sold it for a whopping $27.5 million. With this latest Pinecrest purchase, it’s clear he’s got an eye for high-value investments.

Photo byMiami Brokers Group

Diaz, who’s been in the real estate game for nearly 30 years, notes a notable shift towards Pinecrest. "It’s definitely a pattern I’m seeing," he said. "Everyone is looking at Pinecrest right now." The appeal? Pinecrest offers large properties and a family-friendly atmosphere at a fraction of the cost of more traditional luxury areas like Coral Gables.

The home was bought from Frederico Dionicio, a developer who acquired the expansive 50,000-square-foot lot back in 2017 for $1.25 million. Since then, it’s been transformed into a top-tier residence, thanks to the new owner’s vision and investment.

Interestingly, Pinecrest has become a hot spot for buyers from outside Florida, including folks from California, the Northeast, and South America. It’s also been home to celebrities like NBA stars Dwyane Wade and Lamar Odom. Diaz attributes the area’s rising popularity to its blend of "big properties" and a “family-oriented” vibe.

Photo byMiami Brokers Group

This record-setting sale surpasses the previous high of $13.9 million, set earlier this year when Inter Miami’s Jorge Mas sold his estate to the Village of Pinecrest. The village plans to convert that property into a park, with Mas generously donating $3.9 million back to Pinecrest for naming rights.

Pinecrest is also making waves as one of the top 50 wealthiest suburbs in the country, with a median income of nearly $180,000, reflecting a 5% increase from the previous year. So, if you’re dreaming of a slice of Miami’s luxury real estate, Pinecrest might just be the place to watch!