A residential home in a swanky Florida area recently shattered a record for the highest-priced residential property recorded in the neighborhood.
Broker Michael Diaz of the Miami Brokers Group sold a 10,501-square-foot home in Pinecrest, Florida, for $14.3 million.
The seven-bedroom, 11 full-bathroom home is located just 9 miles from downtown Miami, Florida, in a neighborhood known for being one of the nation’s 20th wealthiest communities.
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Diaz said in a press release that the sale "highlights the growing demand for luxury properties in this exclusive area and reflects high-net-worth individuals' confidence in the value and prestige of Pinecrest."
The more than 50,000-square-foot lot, located at 8900 SW 64th Court, also includes an 86-foot pool, an entertaining pavilion, a four-car garage and well-maintenance gardens throughout, according to the Miami Brokers Group.
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Prior to this home, the most expensive sale in the Pinecrest community was $13.9 million. The property belonged to businessman Jorge Mas and was purchased last year.
Diaz was recognized in a press release for finding the buyer of the $14.3 million property prior to the home’s completion.
The modern mansion was designed by architect Cesar Molina of CMA Design Studio and was developed by Dionicio Investment Group, according to Miami Brokers Group.
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Other unique aspects of the property include a secluded entrance with a private driveway, a state-of-the-art kitchen, an outdoor kitchen, sliding glass doors throughout the home for natural light and more.
The home also has a theater room, a gym and a guest house.
Diaz told FOX Business that the area has "experienced tremendous growth in its real estate market, highlighted by my recent $14.3 million residential property sale."
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He added, "This transformative milestone not only elevates Pinecrest's reputation as a premier destination for sophisticated living but also reflects its upward trajectory towards cementing a world-renowned position in the global real estate market."
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The news comes shortly after another highest-priced sale was achieved in Santa Rosa Beach — a beach town in the western part of Florida.
That home, located in the high-priced WaterColor's Gulf District, sold for $8.55 million. The property was 4,000 square feet, and boasted five bedrooms and six bathrooms.
A recent Zillow report looked at the 550 cities in the United States where home values were averaging at $1 million or more — and the Miami-Fort Lauderdale area was one of them.
David Palmer, a Redfin Premier agent based in Seattle, told FOX Business that "people with the means to buy high-end homes are jumping in now because they feel confident prices will continue to rise."
He added, "They’re ready to buy with more optimism and less apprehension. It’s a similar sentiment on the selling side: Prices continue to increase for high-end homes, so homeowners feel it’s a good time to cash in on their equity."
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FOX Business' Christopher Murray contributed to this report.
