News Releases
Terranea Resort Reports Strong Response to Dramatically Reduced Pricing on Real Estate
Savings up to $2 Million on Oceanfront Casitas and Villas Within World-Class Resort
RANCHO PALOS VERDES, Calif. – Terranea Resort, Los Angeles County’s only oceanfront destination resort, recently announced dramatically reduced pricing for its limited collection of Ocean Golf Villas and Oceanfront Casitas on Sunday, October 17. Prices now start at $1,295,000, with price reductions up to $2 million from 2009. The new pricing represents an unprecedented opportunity for coastal resort real estate in Los Angeles County.
The collection of 82 fully furnished, two- and three-bedroom Villas and Casitas offers owners access to all the amenities at the 102-acre Terranea Resort on California’s Palos Verdes Peninsula.
“The response to our unveiling of new pricing has been overwhelming,” said Ted Lennon, Senior Vice President of Lowe Destination Development and Director of Sales and Marketing. “Over 200 potential buyers toured the models on our debut weekend, and since then we’ve experienced a continual stream of visitors and interested buyers. It’s clear that the market recognizes this is a compelling opportunity to own coastal resort real estate at prices up to one-half off what they were two years ago.”
The real estate at Terranea offers the opportunity to purchase whole-ownership second home resort condominiums within an incomparable oceanfront destination. Terranea features a 360-room luxury resort hotel, 20 bungalows, three swimming pools, a 25,000-square-foot oceanfront spa and fitness facility overlooking the Pacific, a nine-hole golf course, children's interactive center, shoreline parks, trails and overlooks, and a wide array of casual and fine dining outlets. Terranea also sits within a coastal preserve which is teeming with wildlife. There have been hundreds of blue whale sightings this year, and the cove below the Resort is home to scores of dolphins, seals and sea lions that are enjoyed by kayakers, paddle boarders and scuba divers.
The Oceanfront Casitas – on the Resort’s east- and west-facing bluffs – offer three bedrooms, three baths and 2,040 square feet of living space, all oriented to superb views of the Pacific. The Ocean Golf Villas overlook the open, rolling fairways of the Resort’s award-winning nine-hole golf course, with living spaces from 1,850 to 2,800 square feet. All Terranea real estate owners enjoy the benefits of the Resort, including room service, comprehensive housekeeping, dry-cleaning and laundry, concierge and in-resort transportation.
These resort amenities, the incomparable, coastal location, and the stylish architecture of the furnished Villas and Casitas are an undeniable draw for buyers, especially when combined with the dramatically reduced pricing.
“In conjunction with our financial partners, we have adjusted our prices to reflect current market conditions,” commented Matt Walker, Executive Vice President, Lowe Destination Development Inc. “This is a truly outstanding opportunity to purchase the perfect beach house with all the services and amenities of a world-class resort on one of the most dramatic pieces of land in Southern California. Given Terranea’s unique topography, you can watch the sun rise and set over the ocean, all in the same day.” The new real estate pricing announcement follows the recently completed $100 million capital investment into the Resort, which puts Terranea in a solid financial position.
More than $120 million in sales occurred in just a few hours during the initial offering in 2005, with prices starting at $2 million. By 2009, prices had risen to more than $4 million. Reflecting the new real estate and economic environment, the Villas and Casitas are now available starting at $1,295,000. In addition, the Resort ownership expects to announce shortly closings on existing sales contracts at the new pricing levels.
To schedule a personalized tour of an Oceanfront Casita or Ocean Golf Villa at Terranea, please call toll-free (866) 998-3772, or email TerraneaRealEstate@LoweEnterprises.com. Find out more about Terranea real estate online at www.TerraneaRealEstate.com.
About Lowe Enterprises
Terranea Resort was developed by an affiliate of Los Angeles-based Lowe Enterprises, a leading national real estate investment, development and management firm. Over the past 38 years, it has developed, acquired or managed more than $16 billion of real estate assets nationwide. Lowe is currently responsible for more than $5 billion of commercial, hospitality and residential assets. In addition to its Los Angeles headquarters, Lowe Enterprises maintains regional offices in Southern California, Northern California, Denver and Washington, D.C. For further information on Lowe’s activities, please visit: www.LoweEnterprises.com
Terranea Resort is managed by Lowe’s hospitality management subsidiary, Destination Hotels & Resorts, is consistently rated one of the top 10 independent hospitality management companies in the United States with more than 30 luxury and upscale hotels, resorts and conference centers. In addition to Terranea, Destination operates properties in key metropolitan areas and resort markets including Washington, D.C., Denver, San Diego, Santa Fe, Aspen, Palm Springs, Houston and Lake Tahoe. For more information on Destinations properties, visit: www.destinationhotels.com
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Sales Contact:
Ted Lennon
Director of Sales and Marketing
Terranea Resort – Real Estate
(310) 802-7418 (direct)
(760) 285-8295 (mobile)
Media Contacts:
Jack Skelley / Bryan DeSena
Paolucci Communication Arts | Public Relations
