Exclusive Bay Point Estate Lot Trades For $6.9 Million

Robert Ziehm, Broker and Owner of Sterling Equity Realty, LLC, along with Sterling Equity Realty agent Shai Ben-Ami, represented owners Richard B. and Eileen S. Perillo in the sale of an exclusive 23,895-square-foot Bay Point lot.

After just more than 100 days on the market, the site, which currently contains a 4,708-square-foot home built in 1963, sold on August 7 for
$6,945,000, or approximately $291 per square foot. It was purchased by Mark & Julie Paresky.
The property last sold in 1983 for $500,000.
 

“Due to the high profile nature of this property and the close proximity to trendy Wynwood, the Design District and Edgewater, we were easily able to attract a purchaser interested in redeveloping the site.  We feel that the price we achieved demonstrates the desire for luxury and redevelopment opportunities in today’s market,” commented Ben-Ami.

Located at 4375 Lake Road, within the walled and gated bayfront community known as Bay Point, the property includes 120 feet of direct waterfront and sea wall, with access to Biscayne Bay and the open ocean, with no fixed bridges.  A new dock and lift will accommodate a 60’ boat with an 8’ draft.
The site allows for a maximum structure of 11,469 square feet.
The renderings below demonstrate the scale and scope of the endless redevelopment possibilities of the site in one of Miami’s most exclusive, secure and private waterfront neighborhoods.