Terranea Resort Announces Reduced Pricing of Rare Coastal Real Estate

Savings up to $2 Million on Oceanfront Casitas and Villas within World-Class Resort

RANCHO PALOS VERDES, Calif.--(BUSINESS WIRE)--Terranea Resort, Los Angeles County’s only oceanfront destination resort, has dramatically reduced pricing on its limited collection of Ocean Golf Villas and Oceanfront Casitas. Prices now start at $1,295,000, a $2 million reduction from 2009. The collection of 82 fully furnished Villas and Casitas offers owners access to all the amenities at the 102-acre Terranea Resort on California’s Palos Verdes Peninsula.

“There are some truly outstanding opportunities to purchase exceptional oceanfront property on one of the most dramatic pieces of land in Southern California.”

To re-introduce buyers to this rare opportunity to own coastal real estate, Terranea will hold a “Must-Sea Real Estate” opening from Sunday, October 17, 10-4 p.m., with tours of the Villas and Casitas.

“In conjunction with our financial partners, we have marked our real estate to market,” commented Matthew H. Walker, Senior Vice President, Lowe Destination Development Inc. “There are some truly outstanding opportunities to purchase exceptional oceanfront property on one of the most dramatic pieces of land in Southern California.” 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, starting 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.

The real estate at Terranea offers the opportunity to purchase whole-ownership 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.

“There are very few places for people to own a vacation property within a secluded oceanfront resort on the California coast,” said Ted Lennon, the Director of Sales and Marketing. “Terranea is so conveniently accessible to everything that people find desirable about Southern California. The Villas and Casitas provide an ideal environment to escape the hustle and bustle of LA and reconnect with family and friends. What we offer is your very own beach house with all the amenities and services of a world-class hotel.”

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.

To schedule a personalized tour of an Oceanfront Casita or Ocean Golf Villa at Terranea, please call [phone] or email [e-mail]. 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.