Palm Beach house sold in December for $7 million resold $11 million

A pair of Palm Beach real estate investors just flipped, for $11 million, a North End house their company bought in December for $7 million, according to the prices recorded at the courthouse.

A Florida limited liability company sold the house — built in 1965 — at 216 Tradewind Drive in an off-market deal recorded Friday. The company is associated with Richard True and David G. Lambert, who have each developed and sold houses in Palm Beach.

Palm Beach Gardens-based Sabatello Cos. will build a new house on speculation on the property to replace the one that just changed hands, company President Carl Sabatello said Monday.

“We are still in the design phase,” he added.

Palm Beach’s booming real estate market lately has resulted in a tight market for buildable land. Amid escalating prices, developers are facing stiff competition for available properties, real estate observers say.