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Miami real estate news

A spec mansion in Coral Gables has just set a new record for non-waterfront area sales, fetching a staggering $21 million. This sale is a testament to the strength and allure of the Coral Gables real estate market, particularly in the luxury segment.

The Mansion's Sale: A New Benchmark

The property, located at 4940 Hammock Lake Drive, was sold by Alex Pirez’s Mocca Acquisitions LLC. The identity of the buyer remains undisclosed. This sale marks a significant milestone, as it sets a record for non-waterfront properties in the area.

The Players Involved

Alex Pirez, the broker-owner of Mocca Realty, personally held the Hammocks Lake listing. Julian Johnston of the Corcoran Group represented the buyer. Pirez, known for his dual role as a broker and developer in the Miami area, has been involved in several high-profile deals, including some of Coral Gables' priciest transactions.

The Property's Journey

Pirez acquired the 0.9-acre property within a gated community on Hammock Lake Drive for $1.8 million in 2014. He then embarked on a transformative journey, demolishing the existing home to construct a lavish 13,000-square-foot mansion. The residence boasts seven bedrooms, 7.5 bathrooms, and a pool. The property records have yet to be updated with the full details of this new house.

The Appeal of Gated Luxury Communities

The demand for gated luxury communities in South Florida has seen a significant uptick in recent years. Buyers are increasingly prioritizing privacy and security, making these communities highly sought-after. This trend is reflected in the high price fetched by the Hammock Lake Drive property.

Market Dynamics

While the market for non-waterfront properties in South Florida surged during the pandemic, it has since cooled down. However, this record-breaking sale indicates that there is still robust interest and value in luxury properties outside the waterfront category.

Comparisons with Waterfront Sales

It's interesting to note that despite the cooling market for non-waterfront properties, this sale nearly rivals recent high-profile waterfront transactions in Coral Gables. For instance, shoe magnate Carlos Musso's waterfront home was sold to spec developers for $22 million earlier this month, and Bird founder Travis VanderZanden's waterfront mansion fetched $26 million.

This landmark sale at 4940 Hammock Lake Drive is a clear indicator of the enduring appeal and value of luxury properties in Coral Gables, whether waterfront or not. As a real estate expert with deep roots in Miami, I am excited to see such dynamic movements in our market.

If you're considering investing in Coral Gables or have any questions about the current real estate landscape, feel free to text me. I'm here to provide you with expert advice and insights tailored to your specific needs. Stay tuned for more updates on the vibrant Miami real estate market. Remember, for all your real estate inquiries, text me!

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