A waterfront home in North Bay Village has sold for $12.5 million, making it one of the most expensive residential transactions in the island community’s history.
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 sale represents the second-highest price ever paid for a home in North Bay Village and sets a new record for Treasure Island within the village. The overall village record was established last November when 1331 Bay Terrace sold for $12.8 million.
Galvez leads Lavender Diamond Group, which owns several homes in both North Bay Village and Coral Gables. He acquired the Treasure Drive property for $7.3 million last November. Built in 2023 on a 0.2-acre lot, the house covers 4,700 square feet and includes five bedrooms, five bathrooms, one half-bathroom, a pool, and a dock.
The property was listed for sale at $14 million earlier this year on Zillow and is currently available for rent at $70,000 per month through Melissa Morales Ferrer with Diamond Realty Team.
North Bay Village has seen increased interest from developers recently as luxury real estate activity grows across Miami-Dade County. Several large-scale projects are underway or have received approval in the area. Last month, Related Group led by Jorge Pérez and Macklowe Properties headed by Harry Macklowe received initial approval to build two luxury condominium towers at 8000 East Drive and 7946 East Drive.
Earlier this month, Shoma Group secured nearly $30 million in preconstruction financing for its planned Shoma Bay project—a proposed 24-story tower with over 300 units—at 1872 79th Street Causeway. In March, Vivian Dimond took control of Tula Residences at 7918 West Drive after previous delays stalled progress on that development.
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