A waterfront estate in North Miami changed hands for just under $24 million during the week ending July 27, 2026, making it South Florida's highest residential transaction for that period.

What sold and who were the parties involved?

A company managed by Darren Gerard sold the property at 11400 North Bayshore Drive in North Miami to a trust linked to Kymberly A. Foglia for just under $24 million, closing the week of July 27, 2026. Foglia is the daughter of Vince Foglia, founder of a medical-products company.

  • Address: 11400 North Bayshore Drive, North Miami, Miami-Dade County
  • Seller: entity managed by Darren Gerard
  • Buyer: a trust tied to Kymberly A. Foglia
  • Sale price: just under $24 million, against a $25 million asking price

What makes this property notable?

The home at 11400 North Bayshore Drive is a 2025-built, 8,100-square-foot residence offering seven bedrooms on the waterfront, representing among the newest luxury product available in North Miami's market.

  • Year built: 2025
  • Size: 8,100 square feet
  • Bedrooms: seven
  • Setting: direct waterfront access on Biscayne Bay

What does this sale signal about Miami-Dade's luxury market?

The near-asking-price close — $24 million against a $25 million list — indicates that buyer demand for newly constructed waterfront homes remains strong even in Miami-Dade County's secondary luxury corridors, away from traditional hotspots such as Miami Beach or Coral Gables.

North Miami has historically sat in the shadow of its more prominent neighbors, but the arrival of move-in-ready, large-format homes built to contemporary standards is drawing high-net-worth buyers willing to pay close to full ask. The gap between list and sale price of roughly $1 million — just four percent — underscores the limited negotiating leverage sellers are conceding on trophy waterfront product in the current environment.

Why does this deal matter for North Miami's residential profile?

Transactions at this price point elevate the comparable sales record for the North Miami waterfront corridor, potentially lifting valuations for neighboring properties and attracting further developer interest in a neighborhood that has long been underserved by high-end new construction.

  • Establishes a new benchmark for the North Bayshore Drive corridor
  • Demonstrates appetite for newly built product outside traditional luxury zip codes
  • Reflects the broader South Florida trend of ultra-high-net-worth buyers diversifying beyond Miami Beach and Coconut Grove

Original reporting by The Real Deal Miami.