A waterfront home in North Bay Village has sold for $12.5 million, making it the second-highest residential sale in the history of the island community and setting a new record for Treasure Island. The property, located at 7520 West Treasure Drive, was sold by Lavender Diamond Group, managed by Silvio Galvez Sr., to an entity managed by Eddy Arteago Sile.
The previous record for North Bay Village was set in November when a home at 1331 Bay Terrace sold for $12.8 million.
Silvio Galvez Sr., who leads Lavender Diamond Group, has a portfolio that includes homes in both North Bay Village and Coral Gables. He purchased the Treasure Drive property for $7.3 million last November. Built in 2023 on a 0.2-acre lot, the house measures 4,700 square feet and features five bedrooms, five bathrooms, one half-bathroom, a pool, and a dock.
Galvez listed the home for $14 million earlier this year according to Zillow. The property is also available for rent with an asking price of $70,000 per month. Melissa Morales Ferrer of Diamond Realty Team holds the listing.
The transaction reflects ongoing interest from developers and buyers in North Bay Village’s luxury real estate market. In recent years, development activity has increased significantly with thousands of new units planned or under construction on the island.
Last month saw initial approval granted to Related Group and Macklowe Properties for their project involving two 43-story luxury condo towers at 8000 East Drive and 7946 East Drive (https://therealdeal.com/miami/2024/07/15/related-macklowe-score-initial-approval-for-north-bay-village-condo-towers/). Earlier this month, Shoma Group secured nearly $30 million in preconstruction financing for its planned Shoma Bay condo tower at 1872 79th Street Causeway (https://therealdeal.com/miami/2024/08/01/shoma-group-scores-30m-preconstruction-loan-for-north-bay-village-condo-project/). In March, Vivian Dimond took over development of Tula Residences at 7918 West Drive (https://therealdeal.com/miami/2024/03/22/vivian-dimond-takes-over-stalled-north-bay-village-condo-project/) after delays stalled progress on the project.
