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Luxury homebuilder flips Palm Beach teardown for $6M
M2B Properties bought the home in May for $5.3M
A luxury homebuilder flipped a Palm Beach property marketed as a potential teardown for $6.2 million — almost $1 million more than its purchase price less than a year ago.
M2B Properties LLC, managed by Mary Frances Garrett, sold the house at 257 Fairview Road to 257 Fairview Road LLC for $6.2 million, records show.
Garrett’s M2B Homes, based in Atlanta, designs and builds luxury custom homes. Her husband, Tom Garrett, is founder and CEO of Atlanta-based GPS Hospitality, which serves as a franchisee for fast-food restaurants such as Popeyes and Burger King.
The buying entity is managed by Atlanta-based Buckhead Development L.L.C.
Realtor.com lists the property as a teardown or renovation project.
Elizabeth DeWoody with Compass represented both the buyer and seller.
M2B purchased the property in May for $5.3 million, and financed it in part with a loan from First Republic Bank for $3.2 million, records show.
Built in 1951, the 2,263-square-foot house sits on just over a quarter acre and has three bedrooms and four full bathrooms, according to records.
The sale underscores the continued strength of South Florida’s residential market. The number of home and condo sales in South Florida — including in Palm Beach — of more than $1 million, from December 2020 to November 2021, surpassed the total from the two prior years combined.
Earlier this month, Naples homebuilder Stock Development sold an oceanfront spec mansion at 916 South Ocean Boulevard for $57 million to MAWA 916 LLC, a company managed by Louis L. Hamby III, an attorney and shareholder with Alley, Maass, Rogers & Lindsay. The true buyer is unknown.
In December, New York private equity chief Jeffrey T. Leeds and his wife, Elizabeth Leeds, paid $35.6 million for the renovated mansion at 134 El Vedado Road, using an entity named after the address. Randolph De Lano and Tamara De Lano, both as individuals and as trustees of the Delano Family Revocable Trust, sold the property.
Also in December, an oceanfront spec mansion changed hands for the princely sum of $41 million. An entity managed by Jagbir Singh sold the mansion at 1700 South Ocean Boulevard to a likewise named LLC managed by real estate attorney Robert S. Raynes Jr.