The Real Deal Miami

Bay Point development site trades for $6.9M

Buyers already have home in neighborhood
The home at 4375 Lake Road and a rendering of what could be built on the property

The home at 4375 Lake Road and a rendering of what could be built on the property

A home from the 1960s in Miami’s Bay Point neighborhood is headed for redevelopment after it was sold for $6.9 million.

The home, which was built in 1963 and measures 4,708 square feet, was sold for its half-acre lot that overlooks a sizable lagoon named Sabal Lake, according to a press release. 

Its previous owners, Richard Perillo and his wife Eileen, paid only $500,000 for the property at 4375 Lake Road in 1983. The two listed their home with Robert Ziehm and Shai Ben-Ami of Sterling Equity Realty, and the sale closed 100 days later.

Robert Ziehm and Shai Ben-Ami of Sterling Equity Realty

Robert Ziehm and Shai Ben-Ami of Sterling Equity Realty

“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,” Ben-Ami said in a statement. “We feel that the price we achieved demonstrates the desire for luxury and redevelopment opportunities in today’s market.”

The lot can house a structure with a maximum size of 11,469 square feet, which is more than the benchmark size for a mansion. Its 120 feet of water frontage can also fit a dock for up to a 60-foot yacht.

The new owners are Mark and Julie Paresky. Mark is the president and CEO of Crimson Peak, an investment management company, and Julie is a marketing consultant, according to the couple’s LinkedIn profiles.

The two already own a mid-century home in Bay Point at 4301 Gate Lane, which they bought for $2 million in April 2015, and a waterfront home at 5705 Granada Boulevard in Coral Gables that they purchased in 2005 for $3.4 million. That home is currently for sale, listed by Judy Zeder with EWM for $5.65 million.