Miami investor drops $14 million on a Pinecrest home. Take a look at the deal
A millionaire made history in Pinecrest, dropping the largest amount of money ever seen in the area. The deal proves deep-pocketed homebuyers are willing to go big on their residential purchases beyond just South Beach and Coral Gables.
A newly built home in Pinecrest was just sold for a record breaking $14.3 million, making it the most expensive property sold in the Miami suburb. The home was purchased by Andre Hakkak, a portfolio manager at White Oak, an investment advisory firm.
What $14.3 million buys you in Pinecrest
The 15,000-square-foot property at 8900 SW 64th Ct. features a new home with seven bedrooms and over a dozen bathrooms. Developed by the Dionicio Investment Group, the home also boasts a gym, a four-car garage and an 86-foot swimming pool.
Hakkak purchased the newly developed property in July, before construction was complete, said Michael Diaz, the broker on the deal.
This isn’t Hakkak’s first experience in Miami’s high-end real estate market. Hakkak purchased a Coral Gables home in 2020 for $13.6 million, according to the Real Deal. Just four years later, Hakkak sold the same property for $27.5 million, just before purchasing the Pinecrest property.
Diaz, who has been working in real estate for almost 30 years, says this record sale is part of a larger trend of “high net worth individuals” moving to Pinecrest.
“It’s definitely a pattern I’m seeing,” Diaz said. “Everyone is looking at Pinecrest right now.”
Hakkak purchased the house from Francisco Dionicio, a Homestead-based developer, who bought the over 50,000-square-foot lot in 2017 for $1.25 million, according to property records. Though Hakkak purchased the property before the home was finished, Diaz confirmed that construction has since been completed.
Why buyers want houses in Pinecrest
Diaz said that many of the prospective buyers looking for homes in Pinecrest are from outside Florida, specifically California, the Northeast and South America. Pinecrest is no stranger to high-profile homeowners. Previous residents include NBA stars Dwyane Wade and Lamar Odom.
When asked why these people were looking specifically at Pinecrest, Diaz attributed it to the village’s “big properties” and “family oriented” atmosphere. In addition, Diaz elaborated in an email to the Miami Herald, writing that Pinecrest has become a neighborhood where buyers looking for “both opulence and value” can find properties “at a fraction of the cost of areas like Coral Gables.” Of course, this record-setting sale could mean that Pinecrest home prices might soon rival those of Coral Gables.
The sale to Hakkak broke the record set in January, when Inter Miami soccer team owner Jorge Mas sold his estate to the Village of Pinecrest for $13.9 million, according to property records. The village plans to turn the five-acre property into a park, with Mas donating $3.9 million back to Pinecrest in exchange for naming rights, according to the Real Deal.
Pinecrest was just ranked among the top 50 wealthiest suburbs in the entire country, according to a list released by Go Banking Rates. The median income in Pinecrest is nearly $180,000 a year, up over 5% when compared to the year before, according to U.S. Census data from 2022.
This story was originally published August 19, 2024 at 5:00 AM.