Fueled by a New Market Mentality, Montage and Pendry Luxury Branded Residential Collection Achieves Highest Yearly Sales To-Date Across its $5 Billion Global Portfolio, Setting Records in Major Markets
ORANGE COUNTY, Calif., March 9, 2023 /PRNewswire-PRWeb/ -- Today, Montage Residences and Pendry Residences, a distinct portfolio of exclusive private Residences in storied settings across the U.S., Mexico, and the Caribbean, announces $1.1 billion in branded residential sales transactions in 2022. With record-breaking sales in two major California markets—Laguna Beach and West Hollywood—in addition to strong momentum across new development projects such as The Residences at Montage Cay and Pendry Residences Tampa, Montage International celebrates a milestone year at the forefront of a new era of real estate investment.
"We experienced incredible success this past year for our growing real estate portfolio that offers highly personalized living plus the expertise in preserving buyers' assets for generations," said Tina Necrason, executive vice president, residential. "Our branded offering has proven highly resilient during economic uncertainty due in part to our 20-year tenure in the market. There is significant value in our legacy locations, not only for early-stage projects but also for the impactful appreciation over time."
Necrason cited a new market mentality in driving the demand for distinct luxury branded residences in prime lifestyle locations. "The concept of a 'second home' has shifted dramatically in recent years," she said. "Buyers want and expect more out of these residences than in years past, with considerations ranging from service and security to wellness and the overall ability to enhance the quality of family life for the long term. Whether it's for multiple generations or a young couple, Millennials or Baby Boomers, we are witnessing a pronounced expansion of 'second home collectors' around the globe, all with a common motive: to create foundations for a life well lived."
Fueled in part by this emerging mindset, Montage and Pendry Residences sales have surged across the portfolio, from urban projects to more nascent destinations. A record-breaking oceanfront Estate home, with over 8,000 square feet of living space at the flagship Montage Laguna Beach location traded in the first month of 2022 for $29.8 million, the highest ever sales transaction in the portfolio.
At Pendry Residences West Hollywood, a one-of-a-kind, design-ready Penthouse spanning 6,300 square feet and the entire 10th floor sold for $21.5 million in July—setting the record for the most expensive L.A. condo sale price in 2022 and the fourth highest sale price in history. This iconic location on the Sunset Strip, designed by EYRC Architects and Martin Brudnizki, epitomizes the luxury market's focus on location, comfort, service, and exclusivity. A dedicated staff, sizable outdoor terraces, and private residential amenities make this the most desirable address in Los Angeles.
Residential sales activity has been robust in Tampa, Florida, where Pendry Residences Tampa is currently under development on the 2.6-mile Riverwalk in the heart of downtown. The residences are comprised of a 38-story tower that includes 207 fully-serviced condominiums with iconic views of the city. Over $160 million in residential sales contracts were completed making this the most successful luxury condominium launch in Tampa for 2022.
Other signature projects such as The Residences at Montage Cay, Montage's first private island resort, located in the Abacos Islands, Bahamas, have experienced similar demand as construction commenced late 2022. Set to debut in 2024, Montage Cay will offer just 47 turn-key, private oceanfront Residences ranging from two-to-six bedrooms, of which the initial collection are nearly subscribed. The 53-acre oasis is complete with a Marina Club, resort, Spa Montage and more.
Following the opening of Montage Residences Big Sky in Montana, where 39 private Residences located above the hotel were completed, a second enclave of Mountain Homes were also announced and fully pre-sold in 2022. A new offering, The Inn Residences, has since been unveiled with fully furnished three-and four bedroom Residences located adjacent to Montage Big Sky, a unique and final opportunity to own a second home in the area with access to all of the resort's amenities and services along with membership at Spanish Peaks Mountain Club.
Montage Residences Healdsburg sold out of its turn-key Harvest Homes and announced the early release of a new real estate offering marking the last remaining ownership opportunity that will break ground in early 2023. In addition, showcased within the community, will be a residents-only suite of amenities including a pool, fitness area, lounge, fire pits and pickleball courts, all overlooking the rolling vistas and vineyards. Presently under construction, this will be the ultimate gathering place within this exclusive neighborhood to enhance the luxury living at Montage Healdsburg.
Montage and Pendry Residences bears witness to emerging trends and motivators in the second home market, as the branded residential category sees no slowing. "A trusted brand provides an extension of the service, amenities, and overall loyalty that top-tier buyers desire," notes Necrason. "At Montage International, we are grateful to have the opportunity to build long-lasting relationships that provide meaningful satisfaction to the many families in our communities."
For additional information on residential opportunities across the collection, please visit http://www.distinctlivinghome.com. To learn more about Montage Hotels & Resorts, please visit http://www.montagehotels.com and follow @montagehotels on social. To learn more about Pendry Hotels & Resorts, please visit http://www.pendryhotels.com and follow @pendryhotels on social.
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About Montage Residences
Montage Residences is the esteemed collection of residential communities within Montage Hotels & Resorts, the ultra- luxury hospitality management company founded by Alan J. Fuerstman in 2002. Designed to serve affluent and discerning homeowners, Montage Residences offers a distinctive lifestyle that embodies the authenticity of each coveted destination paired with sophisticated touches tailored to each resident's personal desires and individual tastes. Living spaces reflect distinguishing characteristics captured through stunning locations and genuine sense of place, while signature services and amenities are seamlessly delivered to provide the most carefree lifestyle for every resident. The Montage Residences portfolio includes: Laguna Beach, CA, Deer Valley, UT, Kapalua Bay, HI, Palmetto Bluff, SC, Healdsburg, CA, Los Cabos, MX and Big Sky, MT. A future collection of Montage Residences is planned for La Quinta, CA and The Abacos, Bahamas. For additional information on residential opportunities, please visit http://www.montageresidences.com.
About Pendry Residences
Pendry Residences is a bespoke collection of private, whole ownership residential offerings at select Pendry Hotels & Resorts, a new luxury hospitality brand from Montage International. Pendry combines inspired design with a celebration of culture and authentic service. Created for cultured and discerning homeowners, each residential offering infuses a unique perspective on contemporary style that blends with the arts and local community. The Pendry Residences portfolio includes: West Hollywood, California and Park City, Utah. Projects under development include: Natirar, New Jersey; La Quinta, California; and Tampa, Florida. For additional information on residential opportunities, please visit https://www.pendry.com/residences/.
Media Contact
Ali Ostridge, C&R, 1 (310) 926-3253, [email protected]
Kacey Bruno, Montage International, (949) 715-6117, [email protected]
SOURCE Montage Residences
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