Luxury Branded Residential Collection Comprised of Montage Residences and Pendry Residences Marks Success Tripling Sales from Prior Year Across its $4.5+ Billion Global Portfolio
Montage International Reports $850 Million in Real Estate Sales in 2021
ORANGE COUNTY, Calif. (March 7, 2022) – Today, Montage Residences and Pendry Residences, a distinct portfolio of exclusive private Residences in storied settings across the U.S., Mexico, and Bahamas, announce a record year in 2021, with nearly $850 million in branded residential sales, multiple development announcements, and the introduction of a South Florida flagship residential sales gallery to service growing demand in the Southeast. With unique locales, incomparable amenities and gracious and attentive service, Montage and Pendry Residences experienced unprecedented interest throughout the year from discerning buyers and demonstrated record-breaking growth across a $4.5+ billion portfolio in branded residential real estate.
“We recognized remarkable growth of our branded residential business within all key metrics. Included within these 190 real estate transactions, we also recognized significant premiums with our average sales price in excess of $4.5 million at over $1,500 per square foot. Records were shattered around metrics not only in a pre-sale and developer environment but staggering appreciation within the resale sector within our respective markets,” said Tina Necrason, executive vice president of residential, Montage International. “We are continuing to see demand trends for branded residences as buyers are seeking a fully-serviced lifestyle, amenities, privacy and security within some of the most sought after destinations for their families to enjoy for generations”.
From national brand expansion to continued success among properties in development and new openings, 2021 was a pivotal year for the brand. The new South Florida flagship residential sales gallery in Fort Lauderdale services the demand on the East Coast with vibrant presales in the Abacos, Bahamas at The Residences at Montage Cay along with the launch of Pendry Residences Tampa. Properties such as Montage Residences Kapalua Bay fully sold out of developer Residences along with robust resale activity, combined, generated over $116 million in sales with record breaking prices, along with sell outs, record pricing and welcoming its’ first owners at Pendry Residences Park City and Montage Residences Big Sky.
Highlights of residential success from 2021 include:
National brand expansion
• South Florida Flagship Residential Sales Gallery, in October 2021, the brand celebrated the opening of a South Florida Real Estate Sales Gallery, further expanding their East Coast presence within a highly coveted market. The sales gallery is located within the renowned Las Olas Boulevard in Fort Lauderdale, Florida, and will serve as a new hub for domestic and international real estate sales.
Unique properties under development continue dynamic sales success
• The Residences at Montage Cay, the brand’s first ever private island and Caribbean development debuting in 2024 in The Abacos, Bahamas. Construction and infrastructure are well underway on the extraordinary 53-acre island. An exclusive release of oceanfront Residences have already been sold and a new Debut Collection of homes features an opportunity for owners to purchase a private marina membership, where Montage will look after the details of one’s vessel whether in residence or while away. Residences starting at $6.9 million.
• Pendry Residences Tampa, the brand’s newest edition, and the first of its kind in Florida, will become the epicenter of the vibrant downtown Tampa Riverwalk, along 2.4 miles of waterfront pathway linking the neighborhood’s vibrant cultural and entertainment attractions. Over $25 million in presales recognized in the first 30 days following the project announcement.
• Pendry Residences Natirar, located one hour outside of New York City in Somerset County, N. J., boasts a collection of just 24 private Estate and Farm Residences created for luxurious country-style living. Nearly sold out of Phase 1, with the first move-in scheduled in early 2022, buyers continue to seek privacy and exclusivity in this unique 500-acre setting.
Newly completed properties welcome residents in urban and mountain settings
• Pendry Residences West Hollywood by Montage Hotels & Resorts began welcoming owners in Spring 2021. Exceeding records for the highest price per square foot in Los Angeles, two Terrace Estates were purchased at groundbreaking prices, the highest of which sold at over $4,800 per square foot. Along the famed Sunset Boulevard, this property offers a limited collection of 40 private Residences with exclusive amenities such as private rooftop pool, lounge, garden deck, wine room and more.
• Pendry Residences Park City welcomed home its’ first residents, marking over $230 million in sales and was sold out of its’ 152 Residences prior to project completion.
• Montage Residences Big Sky, fully subscribed, the Residences located above Montage Big Sky enjoyed their first mountain retreat when the resort opened late 2021. Plans are well underway for future Residences located adjacent to the resort.
More established residential communities—Montage Residences Laguna Beach, Montage Residences Deer Valley, and Montage Residences Palmetto Bluff—continue to see significant resale appreciation as buyers are seeking effortless living in highly sought after destinations.
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,Deer Valley, Kapalua Bay, Palmetto Bluff, Los Cabos. A future collection of Montage Residences is planned for La Quinta, California; Healdsburg, California; Big Sky, Montana; and Bahamas, The Caribbean. For additional information on residential opportunities, please visit 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/.