A waterfront home in North Bay Village has sold for $12.5 million, making it the second-most expensive residential sale in the history of the island community and the highest ever on Treasure Island. The property, located at 7520 West Treasure Drive, was sold by Lavender Diamond Group, led by Silvio Galvez Sr., to a Florida entity managed by Eddy Arteago Sile.
The previous record for North Bay Village was set last November with the $12.8 million sale of a waterfront home at 1331 Bay Terrace.
Silvio Galvez Sr., who heads Lavender Diamond Group, oversees a portfolio that includes properties in both North Bay Village and Coral Gables. Records indicate Galvez purchased the Treasure Drive home for $7.3 million in November. Built in 2023, the house sits on 0.2 acres and measures 4,700 square feet. It features five bedrooms, five bathrooms, one half-bathroom, a pool, and a dock.
Galvez listed the property for $14 million earlier this year, according to Zillow. The home is also available for rent at an asking price of $70,000 per month. Melissa Morales Ferrer with Diamond Realty Team is handling the listing.
This transaction comes as North Bay Village continues to attract attention from developers and buyers interested in luxury real estate. In recent years, several major projects have been announced or approved in the area. Last month saw initial approval granted to Related Group and Macklowe Properties for two planned 43-story luxury condominium towers at 8000 East Drive and 7946 East Drive.
Additionally, Shoma Group secured nearly $30 million in preconstruction financing earlier this month for its Shoma Bay project—a proposed 24-story building with over 300 units—while developer Vivian Dimond took over a stalled condo development at another site on West Drive.
“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.
