While Tom Brady is gearing up for his first season as an NFL announcer ... his ex-wife, Gisele Bündchen, is enjoying herself by water-biking with her man, Joaquim Valente -- and interestingly enough, they rode right by the former quarterback's house!!
The 44-year-old model was spotted out on the Miami waters alongside her jiu-jitsu instructor-turned-boyfriend ... and their route led them through the waters near TB12's pad.
Of course, the exes are neighbors of sorts ... as Gisele's $11 million home is pretty close to Tom's.