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South Florida

Bay Point development site trades for $6.9M

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

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“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.