The Real Deal Miami

Financial planner lists waterfront Sunset Islands home for $14M

Home, built in 1949, sits on 20,500-square-foot lot

January 14, 2016 12:00PM
By Katherine Kallergis

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Sunset Island home and listing agents Fabian Garcia Diaz and Allan Keller

Sunset Island home and listing agents Fabian Garcia-Diaz and Allan Kleer

The owners of a waterfront home in Miami Beach’s Sunset Islands are listing their property for $13.9 million, or nearly $680 per square foot for the land.

The owners are looking to sell the 20,522-square-foot lot at 2805 Lake Avenue on Sunset Island 1, listing agent Allan Kleer told The Real Deal. Kleer, who is co-listing the property with fellow Fortune International Realty agent Fabian Garcia-Diaz, said it’s next to a lot owned by New York developer Steve Wickoff, as well as a 1-acre estate owned by Randall and Lana Whitman of Bal Harbour Shops’ Whitman Family Development.

Martin and Gladys Gelb own the 4,630-square-foot home, which was built in 1949 and includes 167 feet of water frontage, according to Miami-Dade County property records. The Gelbs paid $284,000 for the six-bedroom, six-bathroom home in 1979. Martin Gelb is senior vice president of the Miami Beach-based Gelb Group of Raymond James. 

The property is nine feet above sea level, according to the listing. It is being sold as-is or for redevelopment.

On Wednesday, the Miami Beach Commission rejected an ordinance that would have limited the lot coverage and unit size of new single-family homes built in Miami Beach. If the measure had passed, anyone trying to build a 5,000-square-foot-home on a 10,000-square-foot lot would have had to reduce the house’s size by 500 square feet. While they rejected the proposed ordinance, the commissioners did approve an amended ordinance that imposes front setbacks of 30 feet for new two-story homes as well as 10-foot setbacks between any new home built and its neighbor.