Developer Todd Michael Glaser renovated and flipped two waterfront Palm Beach homes for a combined $70 million, $20 million more than he and his partners paid for them last year.
Glaser’s entity, 1320 N Lake Way, sold the seven-bedroom, 6,266-square-foot home at 1320 North Lake Way for $44.4 million, he said. It previously sold in November for $33.4 million, records show. The house, built in 2002, includes a pool and dock and sits on a 0.6-acre property.
In a separate deal, his 576 Island Drive LLC sold the five-bedroom, 5,558-square-foot house at 576 Island Drive for about $25.8 million. His investors in that flip included Miami Beach brokers and developers Scott Robins and Jonathan Fryd. It last sold in April 2021 for $16.3 million. The 0.4-acre property includes a pool and dock as well, and the house was built in 1968.
Land trusts, which are often used to hide buyers’ identities, purchased both properties. Glaser declined to identify the buyers.
Lawrence Moens of Lawrence A. Moens Associates was the listing broker for both deals.
Glaser, a longtime Miami Beach spec home builder, pivoted from mostly ground-up construction to renovations last year to take advantage of heightened demand for luxury homes in Palm Beach.
He doubled down on Palm Beach during the pandemic, and has bought and sold a number of properties. Among the most high-profile: the entire Tarpon Island in Palm Beach, which Glaser and his partners are redeveloping and at one point was asking more than $200 million; and the former home of convicted sex offender and financier Jeffrey Epstein, which Glaser demolished and sold to venture capitalist David Skok last year for $26 million.
A number of buyers have taken advantage of the hot residential market and flipped their properties for substantial profits. But pricing of waterfront homes is starting to reach its peak, brokers say.
Though it’s not a true flip, fashion designer Tomas Maier and his husband, businessman Andrew Preston recently sold their renovated mansion at 102 Jungle Road in Palm Beach for $72.9 million, more than four times its last sale price eight years ago. The property previously belonged to Ivana Trump.