A waterfront home in North Bay Village has sold for $12.5 million, making it the second-highest residential sale ever recorded in the island community and the most expensive on Treasure Island.
According to public records, Lavender Diamond Group, managed by Silvio Galvez Sr., was the seller of the property at 7520 West Treasure Drive. The buyer is a Florida entity named after the address and managed by Eddy Arteago Sile.
The current price record for North Bay Village was set in November with the $12.8 million sale of a waterfront home at 1331 Bay Terrace.
Galvez leads Lavender Diamond Group, which owns several homes in both North Bay Village and Coral Gables. He purchased the Treasure Drive residence for $7.3 million last November. Built in 2023 on a 0.2-acre lot, the house covers 4,700 square feet and features five bedrooms, five bathrooms, one half-bathroom, a pool, and a dock.
Galvez listed the property for $14 million earlier this year. It is currently available for rent at an asking price of $70,000 per month through Melissa Morales Ferrer of Diamond Realty Team.
This transaction comes as North Bay Village continues to attract luxury real estate development activity within Miami-Dade County. The area has seen increased interest from developers and investors recently, with thousands of new units planned or under construction across multiple projects.
Last month, Related Group—led by the Pérez family—and Macklowe Properties received initial approval to build two 43-story luxury condominium towers at 8000 East Drive and 7946 East Drive (https://therealdeal.com/miami/2024/07/18/related-macklowe-score-initial-approval-for-north-bay-village-condos/). Earlier this month, Shoma Group secured nearly $30 million in preconstruction financing for its Shoma Bay project—a planned 24-story building with 333 units at 1872 79th Street Causeway (https://therealdeal.com/miami/2024/07/10/shoma-group-secures-financing-for-north-bay-village-condo-project/). In March, developer Vivian Dimond took over development of Tula Residences at 7918 West Drive after previous delays (https://therealdeal.com/miami/2024/03/22/vivian-dimond-takes-over-stalled-north-bay-village-condo-project/).
