Mocca Group sells Coral Gables spec mansion for $21M
Deal marks area record for non-waterfront homes
Coral Gables waterfront is not the only game in town for high-end real estate deals.
Alex Pirez’s Mocca Acquisitions LLC sold a spec mansion for a non-waterfront area record of $21 million. The buyer is unknown, according to records.
Pirez, the broker-owner of Mocca Realty, had the Hammocks Lake listing, and Julian Johnston of the Corcoran Group brought the buyer.
In addition to being a broker, Pirez is also a developer and investor in the Miami area. His Mocca Group bought a partially completed Gables Estates spec home for $12.3 million in 2020. He has brokered deals for prominent trial attorney and real estate investor John Ruiz, as well as some of the Gables’ priciest deals, including a waterfront teardown that sold for $27.5 million in May.
Pirez bought the 0.9-acre Hammock Lake Drive gated-community property for $1.8 million in 2014, according to property records. He tore down the existing home and built a 13,000-square-foot mansion with seven bedrooms, 7.5 bathrooms and a pool, according to the listing. Property records have not been updated with full details of the new house.
Demand for South Florida’s gated luxury communities has boomed in recent years, with more and more buyers prioritizing privacy and security.
Price growth for non-waterfront South Florida properties surged during the pandemic. But the market has since cooled, while waterfront estates landed Coral Gables’ priciest sales in recent months.
Shoe magnate Carlos Musso sold his waterfront Coral Gables home to spec developers for $22 million earlier this month. Also this month, Bird founder Travis VanderZanden sold his waterfront mansion for $26 million, after first listing it for $39.9 million over a year ago.