Montage International Reports A Record Year In 2021 With $850M Sold And New Developments On The Horizon
Montage Residences, founded by Alan J. Fuerstman in 2002, is an ultra-luxury residential community under the Montage Hotels & Resorts umbrella intended to help affluent homeowners find desirable properties. A newer luxury brand within Montage international, Pendry Residences shares a similar goal, revealing residential offerings at the Pendry Hotel and Resorts to buyers. Pendry Residences are currently located in West Hollywood, California and Park City, Utah, with three more developments underway.
Their image revolves around providing residents with an authentic and customizable experience. On their website Montage boasts, “each Montage Residence has been designed and artfully constructed to create a sophisticated yet relaxed sanctuary catering to each Resident’s personal desires and distinctive tastes.”
After a sales boom resulting in a record year of $850 million in branded residential sales, Montage Residences and Pendry Residences are setting their sights on South Florida to target the area’s growing demand. The brand opened its South Florida Flagship Residential Sales Gallery, located on Las Olas Boulevard, in October of 2021 to help facilitate both domestic and international real estate sales. Florida isn’t the only area Montage is honing in on; they have announced many upcoming and newly opened projects across the country and beyond.
“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”.
Montage and Pendry Residence’s sizeable growth has opened up more development opportunities, so they have a lot of unique properties in the works to continue to add to their portfolio. One of Montage’s most prominent projects is their Bahamas property, The Residences at Montage Cay. This development is set to debut in 2024 and will be the brand’s first private island and Caribbean development.
Other properties currently under development include the Pendry Residences of Tampa, located in the bustling downtown Riverwalk area, and The Pendry Residence in Natirar, located just an hour outside of New York City and is nearly sold out of Phase I. The Tampa location has received a considerable amount of attention as well. Despite being the brand’s newest edition, they amassed over $25 million in presales within the first 30 days of announcing the development.
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