A newly built waterfront estate in North Miami changed hands for just under $24 million, making it the most expensive residential sale reported across South Florida on July 27, 2026. The transaction highlights continued demand for newly constructed luxury homes in sought-after waterfront communities, despite broader economic uncertainty.
Key takeaways
- A company managed by Darren Gerard sold the North Miami property for nearly $24 million.
- The buyer was a trust tied to Kymberly A. Foglia, daughter of medical-products entrepreneur Vince Foglia.
- The 8,100-square-foot home includes seven bedrooms, eight bathrooms and two powder rooms.
- The property’s final asking price was nearly $25 million.
The sale at 11400 North Bayshore Drive led a group of notable South Florida residential transactions. Built last year, the waterfront residence attracted a buyer willing to pay a premium for its size, age and location, closing just below its latest asking price.
Details of the North Miami property
The estate spans approximately 8,100 square feet and offers seven bedrooms, eight full bathrooms and two additional powder rooms. Its recent construction and waterfront setting place it among the region’s high-end inventory, where buyers continue to compete for large, turnkey homes.
The property was marketed by Joel Lusky and Shneur Shapira of The Brokerage South Florida. William McClain Jr. of The McClain Group represented the buyer.
Other major South Florida sales
The North Miami deal was one of several high-value waterfront transactions reported in the same period. In Miami Beach, a home at 6065 Pine Tree Drive sold for $13 million, below its most recent $14.9 million asking price. The five-bedroom residence measures about 4,700 square feet.
Another North Miami waterfront home, at 13000 North Bayshore Drive, sold for $12.5 million. The newly built, roughly 6,200-square-foot property has six bedrooms and nine and a half bathrooms. Its latest asking price was just under $13 million.
These sales show that North Miami is competing with Miami Beach and other established luxury markets for high-dollar residential demand.
What the deal says about the market
The transaction comes as buyers and sellers navigate inflation, elevated energy costs and geopolitical uncertainty. Even with mixed signals, luxury properties with waterfront access and modern construction continue to draw substantial interest.
Broader housing data also points to firm pricing. The median U.S. home sale price reached $408,776 in June, a 2.2 percent increase from a year earlier, while 22 percent of homes sold above their original list prices. The North Miami transaction reflects the stronger end of that market, where limited inventory and distinctive properties can command prices near or above expectations.
Sources
- South Florida Top Real Estate Deals: July 27, 2026, The Real Deal.