Real Estate

Katrina Peebles Flips $3.1M Home for $6.2M, Taps Wellington's Luxury Market

Peebles flips Wellington home for $6.2M, doubling her investment in luxury real estate market.

By Tal Alexander

7/10, 09:48 EDT
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Key Takeaway

  • Katrina Peebles is successfully flipping luxury homes in Wellington, selling a $6.2M home after buying it for $3.1M and renovating.
  • Her strategy focuses on undervalued properties in amenity-rich communities, catering to the specific needs of wealthy buyers.
  • Limited competition and high demand in Wellington's equestrian market provide a stable pool of affluent buyers, boosting her business prospects.

Peebles' Strategic Entry into Wellington's Luxury Market

Katrina Peebles, wife of developer Don Peebles and a principal at the Peebles Corporation, has embarked on a new venture in the luxury real estate market of Wellington, Florida. Leveraging her experience and connections, Peebles has successfully flipped high-end homes, capitalizing on the unique characteristics of this equestrian village. Her recent sale of a renovated property at 2650 Sheltingham Drive for $6.2 million, which she purchased for $3.1 million, exemplifies her ability to identify and transform undervalued real estate into lucrative investments.

The Recipe for Success

Peebles' approach to flipping homes is both strategic and efficient. She focuses on undervalued properties in amenity-rich, gated communities like the Palm Beach Polo & Country Club. Her renovations are swift yet substantial, avoiding major overhauls but ensuring significant upgrades to kitchens, bathrooms, and landscaping. By targeting her affluent peers as buyers, Peebles designs homes with features that cater to the luxury market, such as home gyms, catering kitchens, and wine storage. This method has proven successful, as evidenced by her rapid turnaround and substantial profits.

Wellington's Unique Market Dynamics

Wellington offers a stable and wealthy pool of buyers, making it an ideal market for Peebles' real estate ventures. The village's strict development restrictions preserve its equestrian character, limiting new construction and increasing demand for renovated properties. The Winter Equestrian Festival, a major event attracting affluent participants, further boosts the market. High-profile residents like Jennifer Gates and Georgina Bloomberg underscore the area's appeal to the wealthy, who are less affected by interest rate fluctuations due to their generational wealth.

Broader Implications for the Luxury Real Estate Market

Peebles' success in Wellington highlights broader trends in the luxury real estate market. Despite a slowdown in luxury home contracts in Miami-Dade County, as reported by Eklund-Gomes, Wellington's market remains robust. The limited supply and high demand for updated properties in exclusive communities create opportunities for savvy investors. Peebles' ability to quickly renovate and sell homes at significant profits demonstrates the potential for similar strategies in other niche markets with affluent buyers.

A Woman's Perspective in Real Estate

Peebles' entry into the male-dominated real estate industry brings a fresh perspective. She emphasizes the importance of understanding the needs of luxury buyers, a skill honed through her own experiences living in high-end homes. Peebles also highlights the challenges women face in accessing capital and breaking into the industry. Her success serves as an inspiration, showcasing how non-professional experiences can prepare women for careers in real estate and encouraging more women to pursue opportunities in this lucrative field.

Management Quotes

  • Katrina Peebles, Principal and Creative Director at the Peebles Corporation:

    "I saw undervalued real estate in a gated community."
    "I design homes pretending I’m the buyer. I’ve lived a very fortunate life, living in really beautiful homes myself."
    "I do know what somebody buying at a certain level wants... There’s just certain things that people look for."
    "I understand [buyers’] needs."
    "I don’t do major, major guts. But it isn’t lipstick either."
    "I think the opportunity exists because it is smaller, and the bigger players haven’t looked at it. Larger developers want to find a formula that works and do it many, many times."
    "[The Winter Equestrian Festival] is the longest, biggest horse show anywhere in the world. You compete from January to the end of March... That is a very large, captive market that needs a place to live."
    "The individuals who buy in Wellington are a very resilient group of people... It is often generational wealth which is more resilient to interest rates."

  • Katrina Peebles on women in real estate development:

    “We’re certainly equal consumers of real estate. We’re not generally equal participants in the industry, in its most meaningful, money-making forms.”
    “Banks aren’t making loans to people who can’t show a long history of W2s. They don’t care if you have assets... Access to capital I think is the biggest barrier for women going into business.”