A newly built mansion on a 1.1-acre lot in Pinecrest's Bay Ridge Estates has gone into contract at its full $16.3 million asking price, standing out as the single biggest deal in a Miami-Dade luxury market that otherwise cooled considerably over the past week. The 11,700-square-foot spec home at 6290 Chapman Field Drive comes with eight bedrooms, ten bathrooms and two half-baths, a pool, and a sky terrace.
The sale was reported by The Real Deal, which covers Miami-Dade's weekly luxury contract activity using Douglas Elliman's Eklund-Gomes team report, tracking listings asking $4 million and above. The home is owned by FKAC 1 LLC, an entity linked to Fouad Kraishan, who built the property after acquiring the land for $1.3 million in 2023. Juan Annicchiarico is the listing agent on the deal.
A Slower Week for Miami-Dade's Top-Tier Deals
The Chapman Field Drive contract anchored a broader slowdown across the county's luxury tier. Per the same account, Miami-Dade's luxury market recorded just 12 contracts between Aug. 24 and Aug. 30, with combined asking volume of $83.4 million — a steep drop from the previous week's 22 contracts totaling $249.4 million in asking volume. Eight of those deals were pending single-family homes, which averaged $7.1 million in contract price and $1,221 per square foot, spending an average of 108 days on market. Condo contracts made up the other four, averaging $6.7 million with $26.7 million in combined asking volume and $2,600 per square foot, spending an average of 99 days on market. Across all luxury properties tracked, the average time on market ran 105 days.
Pinecrest's persistent scarcity of large residential lots helps explain why a project like the Chapman Field Drive spec home can still command top dollar even as broader contract counts thin out. The village enforces EU-1 estate zoning requiring a minimum of one gross acre per dwelling unit, a rule US Beach Life notes has shaped the area's low-density character since Pinecrest incorporated in March 1996 across 7.54 square miles, in the wake of recovery efforts following Hurricane Andrew's 1992 landfall. Inland enclaves like Pinecrest, with their oversized lots and access to top-rated schools, continue to draw buyers as an alternative to waterfront properties, according to Drew Kern Real Estate.
Another Pinecrest Home Also in Contract
A second Pinecrest home also went under contract during the same reporting window: a 6,800-square-foot house at 6060 Southwest 118th Street, built in 2023, with seven bedrooms and eight bathrooms plus one half-bath, a pool, and a private tennis court. It carried an asking price of $9.6 million, or $1,400 per square foot. The home is owned by Daphne Assali Martino and Jeffrey G. Martino, who paid $1.1 million for the property in 2020. Kameel Jiwa and Mario Beltran Tolosa held the listing.
Even amid the slowdown, active Pinecrest inventory remains steep. As of August, active single-family listings in the village carried a median list price of $4.75 million, or $948 per square foot, with 22 properties asking $10 million or more, per PinecrestAddress. Separate market analysis has found that Pinecrest's luxury single-family sales in 2025 typically closed around 91% to 93% of original list price as carrying periods stretched longer, according to the David Siddons Group — a pattern that makes the Chapman Field Drive home's full-price contract notable by comparison.
A Miami Beach Condo Rounds Out the Week
On the condo side, a 3,700-square-foot duplex known as Beach House 200, located at 321 Ocean Drive in Miami Beach's South of Fifth neighborhood, also entered contract. The unit has four bedrooms, four-and-a-half bathrooms, and direct ocean views, and was asking $10.4 million, or $2,800 per square foot. It's owned by Mindy Nam Dehnert, who paid $9 million for the unit in 2022. David Pulley and Michael Duchon held the listing. The boutique 321 Ocean building was completed in 2015 and holds just 21 residences across two low-rise towers designed by architect Enrique Norten, with courtyard landscaping by Enzo Enea, according to CondoBlackBook.
The condo contract fits into a wider countywide divergence between housing types. Single-family home inventory across Miami-Dade sat at just 4.8 months in July, while condominium inventory swelled to 12 months, according to Echo Fine Properties, which also put the county's overall average days on market at 64 across residential property types. That imbalance has been giving condo buyers more room to negotiate even as single-family sellers in tight submarkets like Pinecrest continue to see strong demand.
Tax Rules Could Shift for Buyers Ahead
For buyers closing on non-homestead properties like spec mansions or secondary luxury homes, Florida's existing tax framework caps annual property assessment increases at 10%, with that cap resetting to full market value upon a change in ownership, per the Miami-Dade County Property Appraiser. A statewide constitutional amendment on November's ballot, Amendment 3, would lower that cap to 5% starting in 2027, according to Ballotpedia — a change that could affect carrying-cost calculations for out-of-state and investor buyers moving into Miami-Dade's luxury market. Whether buyer leverage keeps expanding into the rest of 2026, and how any tax changes might factor into future purchases, remain open questions as the market continues to shift.
Countywide, cash has continued to dominate high-end deals. Miami-Dade logged 847 closed sales priced at $1 million or above during the first quarter of 2026, with cash transactions accounting for roughly 58% of those luxury purchases, according to data cited by Charlotte Gonzalez. That cash-heavy backdrop has helped keep pressure on tight single-family inventory in enclaves like Pinecrest, even as the overall pace of weekly luxury contracts across Miami-Dade eased going into the end of August.
