Can't get mex to work in R2014a on OSX Mavericks

I get the following error message:
>> mex -setup
Error using mex
No supported compiler or SDK was found. For options, visit http://www.mathworks.com/support/compilers/R2014a/maci64.
My environment:
- Matlab R2014a
- OSX Mavericks 10.9.2
- Xcode Version 5.0.2 (5A3005) with command line tools installed

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Asked:

on 25 Jun 2014

Answered:

on 26 Sep 2015

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