A Miami businessman sold a waterfront North Bay Village home for $12.5 million, marking one of the most expensive homes ever sold in the island community.
Records show Lavender Diamond Group, managed by Silvio Galvez Sr., sold the home at 7520 West Treasure Drive to a Florida entity named for the address and managed by Eddy Arteago Sile.
It is the second-most expensive home ever sold in the small town, and the most expensive ever sold on North Bay Village’s Treasure Island.
The village’s price record was set in November, when the waterfront home at 1331 Bay Terrace sold for $12.8 million.
Galvez is the longtime head of Lavender Diamond Group, a Florida entity with a portfolio of homes in North Bay Village and Coral Gables, records show.
Galvez bought the Treasure Drive home for $7.3 million in November. It was built in 2023 on 0.2 acres, and spans 4,700 square feet, with five bedrooms, five bathrooms, one half-bathroom, a pool and a dock.
Galvez listed it for $14 million in February, Zillow shows. The home is listed for rent asking $70,000 per month. Melissa Morales Ferrer with Diamond Realty Team has the listing.
The sale is the latest sign of North Bay Village’s emergence within the Miami area’s luxury real estate market. North Bay Village became a magnet for developers in recent years, and thousands of units are in the pipeline for the island community. Last month, the Pérez family’s Related Group and Harry Macklowe’s Macklowe Properties scored initial approval for their planned two 43-story tower luxury condo project at 8000 East Drive and 7946 East Drive.
Earlier this month, Masoud and Stephanie Shojaee’s Shoma Group secured $29.9 million in preconstruction financing for their Shoma Bay project, a 24-story, 333-unit luxury condo planned at 1872 79th Street Causeway. In March, developer Vivian Dimond took over the stalled 54-unit Tula Residences planned for 7918 West Drive.
