Residential Tech, which holds an international portfolio of real estate properties, announced its sale of another luxury residential property. Located at 124 Parc Monceau on Palm Beach Island, Florida, the purchase of the home closed February 23rd for $15 million.
The home, built in 1962 by the late developer Clarence Mack, stands on a quarter-acre lot with a dock and 75 feet of frontage on the Intracoastal Waterway at the west end of Parc Monceau. It boasts 6 bedrooms, 9 baths, and an interior of 5,454 sq. ft. Amenities include a pool, wet bar, dining area, formal dining room, entrance foyer, and fireplace, plus high and vaulted ceilings.
Sitting on a strip of land surrounded by water, the enclave is commonly known as Billionaire’s Row. And with all Residential Tech properties, its appreciation potential has been upheld by this sale. Last purchased in October 2021 with a cost basis of $10.35 million, the investment returned $4.65 million in only 16 months.
“Our properties are located in some of the most highly sought-after ZIP codes in the United States, Mexico, and the Caribbean,” said Residential Tech founder Paul Gravette. “They include historic residences, luxury vacation getaways, and waterfront homes boasting the finest amenities and opulent fixtures.”
To differentiate Residential Tech from other investment and/or residential property firms, Gravette has a personal connection to each one. “We have lived in all our properties, so we know how special they are to those wishing to have a home with prestige and privacy.”