On December 1st, several RE/MAX Realtors were invited to visit Terranea Resort in Rancho Palos Verdes. The resort is scheduled for completion around June 2009 and some of the features are:
- 400 Room hotel comprised of luxurious Guest Rooms and Suites and 20 two-bedroom Ocean Bungalows
- 82 Spacious two and three bedroom Villas and Casitas
- 25,000 Square foot Montage spa and fitness center
- Three swimming pools
- Signature gourmet restaurant and casual all-day dining + the Point Bar
- 75,000 Square feet of outdoor event space
- Boutique resort shops and full concierge services
- Children's Center and Nature Concierge
- 60,000 Square feet of meeting and event space including an 18,000 square foot ballroom
- The Casitas and Golf Course Villas are for sale :
- The Villas range in price from $2.55 million -$4.5 million- Owners can use them for 90 days per year with a maximum time period of 29 day increments
- The Casitas range in price from $2.25 million - $4.2 million- Owners can only use them for 60 days per year with a maximum time period of 29 day increments
- The projected management fees for the units range from $1500-$2300 per month.
- If you own a Villa or Casita, you are entitled to use all of the facilities of the resort year round.
- According to the sales manager 50 out of 82 units have already sold.
- All areas of the resort are open to the public except for the pools. The spa is available for a fee.
My impression of the resort as I walked through the models was my wonderment at who could afford a "vacation" home for $2.2 million+?
This was particularly puzzling since I had sold my waterfront listing on a half acre with 7500 sq. ft. only one block away for $4,500,000 7 months ago! By comparison, that property was a bargain when you consider how little you get at this resort for the money.
Personally, I am looking forward to the beach walks on this 2 mile stretch of coastline when it opens to the public. Terranea is "building" a sandy beach below the bluffs that should provide incredible views both north and south.
Right now, you have to use a little imagination to visualize the final product. However, I had a wonderful tour that day. I wore a hard hat for the first time. Got some chocolates for my effort and a $5 Starbucks card. Now, what more could you ask for?
