A waterfront home in North Bay Village was recently sold by a member of the Simkins family to investor Pawan Singh, who has been actively purchasing homes in the area. According to The Real Deal’s analysis of property records, Singh has spent $61.5 million acquiring 11 houses, many with waterfront access, on Terrace Drive in North Bay Village. Through purchases under his name and associated LLCs, Singh has assembled at least 2.5 acres of land and controls more than 500 feet of water frontage, though not all of it is contiguous.
Singh serves as CEO of NavX Consulting, a management and technology consulting firm based in Vienna, Virginia. He was previously a principal at Deloitte, according to his LinkedIn profile. Singh did not respond to a request for comment.
The most recent acquisition is the largest Singh has made since starting his buying activity on the island in 2022. Last week, he purchased a five-bedroom, four-bathroom house at 1365 Bay Terrace for $13.5 million through an LLC based in Falls Church, Virginia. The property features 215 feet of waterfront, a pool, and a dock. Simkins had acquired the house for just over $3 million in 2016; it was originally built in 1942.
Singh’s first purchase took place in 2022 when he bought a four-bedroom house at 1480 South Treasure Drive for $3.9 million. This home spans 2,556 square feet on a 0.2-acre lot with 60 feet of waterfront and was built in 1950. Mark Stephan from Engel & Voelkers brokered that transaction.
Singh has also listed at least one property for rent: a three-bedroom house at 7401 Miami View Drive is currently asking $8,000 per month and is listed by Douglas Elliman’s Elizabeth Gazay.
In comparison to other high-value transactions in the region, July saw spec home developer Todd Michael Glaser and the Posner Group pay $105 million for an estate at 5940 North Bay Road in Miami Beach. They plan to either flip it for $169 million or rent it out for nearly half a million dollars monthly while also considering developing a spec mansion that could be listed for up to $300 million.
North Bay Village homeowners include figures such as developer Alexandra Eichner; Anatomy Fitness co-owner Marc Megna; owners of Farrey’s Lighting & Bath; and several real estate agents including Sam Heskial, Sari Libben Shapiro, and Chris Wands.
Wands—an agent with Douglas Elliman—explained why he chose to move to North Bay Island with his wife: “I felt it was undervalued with the connectivity to the beach and the mainland. Without traffic, I’m in the Design District or beach in 10 minutes,” he said. “My wife loved the idea that it had its own municipalities, police and fire.”
Last month marked one of North Bay Village’s most expensive deals when a Miami businessman sold his waterfront home at 7520 West Treasure Drive for $12.5 million—the highest price recorded on Treasure Island.
Several major condo and mixed-use projects are planned locally by developers including Related Group and Macklowe Properties; Sunbeam Properties led by the Ansin family; partnerships involving Vivian Dimond; Continuum Company run by the Eichners; and Riviera Horizons led by Mikael Hamaoui.
