Andre Hakkak House $13.6M Coral Gables Mansion

Andre Hakkak bought a big house in Coral Gables, Florida. The house cost $13.6 million, which is a lot of money. It’s in a nice area where many rich people live. The house is very big and has lots of rooms.

The house has six bedrooms and nine bathrooms. It also has a big garage that can fit six cars. There’s a special kitchen outside for cooking in the nice Florida weather. The house was built in 2016, so it’s pretty new.

Andre Hakkak is a businessman who runs a company that helps other businesses with money. He and his wife moved from California to Florida. Many rich people are moving to Florida because they don’t have to pay as much in taxes there. This big house shows that they like living in Florida.

Meet the Buyers: Andre Hakkak and Marissa Shipman

Andre Hakkak is a prominent figure in finance. He co-founded and leads White Oak Global Advisors. The firm specializes in custom financing solutions. They cater to small and middle-market businesses. Hakkak’s expertise lies in strategic investments and financial advisory.

Marissa Shipman is an accomplished entrepreneur. She founded theBalm Cosmetics from her kitchen. The brand has since achieved global success. Shipman’s journey showcases her innovative spirit and business acumen. Her company stands out in the competitive beauty industry.

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Inside the Coral Gables Mansion

The mansion sits at 8950 Arvida Drive. It boasts an impressive 9,890 square feet of living space. The property spans nearly two acres of prime land. Built in 2016, it exemplifies modern luxury living.

With six bedrooms, the home offers ample space. It features nine full bathrooms and two half-baths. This layout ensures comfort and privacy for residents and guests. The design caters to both intimate family life and large-scale entertaining.

A floating staircase serves as a central design feature. It adds an element of architectural drama. The six-car garage is a car enthusiast’s dream. It provides ample space for a luxury vehicle collection.

Historical and Financial Insights

The property’s history reveals rapid value appreciation. It was initially purchased for $12.54 million in 2016. This was the year of its construction. Two years later, it hit the market at $17.5 million.

While it didn’t sell at that peak price, the final sale is still notable. The $13.6 million purchase price represents significant value. It’s one of the most expensive non-waterfront properties in Coral Gables. This transaction underscores the area’s desirability and market strength.

High-profile agents managed the sale. Representatives from One Sotheby’s International Realty were involved. Modern World Realty also played a role. Their participation highlights the prestige of the property.

The sale price reflects a moderate increase from the 2016 purchase. This suggests a stable luxury market in Coral Gables. It also indicates strong demand for high-end properties in the area.

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The Gables Estates Community

Gables Estates is among South Florida’s most exclusive neighborhoods. It’s known for its strict homeowners’ association rules. These regulations ensure a private and pristine community environment.

The area attracts CEOs and business magnates. Its residents value discretion and luxury equally. The neighborhood offers a secure environment for high-profile individuals. It’s a haven for those seeking privacy without sacrificing amenities.

Landscaping in Gables Estates is meticulously maintained. Lush greenery and manicured lawns are standard. This creates a park-like atmosphere throughout the community. The overall effect is one of tranquil elegance.

Outdoor Spaces and Landscaping

Outdoor spaces are areas outside of buildings. They can be gardens, parks, or playgrounds. These spaces let people enjoy nature and fresh air. Good outdoor spaces have trees, flowers, and places to sit and play.

Landscaping means making outdoor areas look nice. It uses plants and design to create beautiful spaces. Landscapers choose the right grass, shrubs, and rocks for each area. They also plan where to put paths and water features like fountains.

Taking care of outdoor spaces is important. This means watering plants and mowing lawns. It also means picking up trash to keep areas clean. Well-kept outdoor spaces make people happy and healthy. They give us places to relax and have fun outside.

Trends and Motivations in the Real Estate Market

The migration of wealthy individuals to Florida is a growing trend. Many come from high-tax states like California and New York. This movement is driven by a desire for tax efficiency and a lower cost of living.

Florida’s lack of state income tax is a major draw. For high earners, this can result in significant savings. The state’s favorable tax climate extends to other areas as well. These include estate taxes and business taxes.

The COVID-19 pandemic accelerated this trend. It highlighted the benefits of spacious homes with outdoor amenities. Florida’s year-round warm climate became even more attractive. The ability to work remotely made relocation easier for many executives.

Implications and Future Outlook

The purchase by Hakkak and Shipman signifies more than a single transaction. It represents a broader shift in American demographics. The movement of wealth and talent to Florida is reshaping communities.

Local economies stand to benefit from this influx. New residents bring investment capital and spending power. This can stimulate job creation and economic growth in the region.

The luxury real estate market in Florida is likely to remain strong. Continued demand from out-of-state buyers will support high property values. This could lead to further development of high-end communities.

Frequently Asked Questions

Who are Andre Hakkak and Marissa Shipman?

Andre Hakkak is CEO of White Oak Global Advisors. Marissa Shipman founded theBalm Cosmetics.

Where is the $13.6 million mansion located?

The mansion is at 8950 Arvida Drive in Coral Gables, Florida.

What are some key features of the mansion?

It has 9,890 square feet, 6 bedrooms, 9 bathrooms, and a 6-car garage.

Why are wealthy individuals moving to Florida?

Florida offers tax benefits, warm climate, and luxury living options.

How might this purchase impact Coral Gables real estate?

It may increase property values and attract more high-net-worth buyers to the area.

Conclusion

The purchase of the Coral Gables mansion by Andre Hakkak and Marissa Shipman is more than a luxury acquisition. It’s a barometer of broader economic and social trends. The transaction reflects the ongoing migration of wealth to Florida and the state’s growing appeal to business leaders.

Coral Gables, and particularly Gables Estates, stands to benefit from this influx. The area’s prestige and quality of life continue to attract high-net-worth individuals. This trend is likely to support property values and drive further community enhancements.