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Residential Pipeline Hits New Highs at Montage International

Last year was a record one for Montage International on more than one occasion.

In addition to the $641 million benchmark sale of the Montage Laguna Beach in November, 2022 was also a record year for the brand’s residential business.

The company recorded $1.1 billion in sales volume last year, up 38% from 2021. That’s ahead of the OC market, which saw luxury sales volume slip last year from the year prior, according to Business Journal research.

A nearly $30 million sale within the company’s flagship residential community—Montage Ocean Estates in Laguna Beach—helped the brand reach that record.

The $29.8 million sale of 7 Montage Way last February marked the highest-ever sales transaction for Montage’s residential portfolio, which is set to reach even new highs this year as the company doubles its footprint in the U.S. and overseas.

About 500 homes are under construction as part of seven Montage and Pendry hotel projects in varying stages of development; upon completion, the projects will bring Montage’s portfolio to 1,000 homes with a value topping $5 billion.

No new homes are in the works for Orange County, but that doesn’t mean the region is missing out on new activity, with Pendry preparing to open its first local hotel outpost this summer in Newport Beach, and residential shoppers looking for sales openings in Laguna Beach.

“People are constantly calling, looking for something to buy,” Tina Necrason, executive vice president of Montage Residential, said. “Our wish list would be to have more real estate in Orange County.”

Notable residents in Montage Ocean Estates include billionaire Mark Cuban and Montage’s very own Alan Fuerstman, who founded the luxury hospitality brand in 2003.

$40M Listing

The 27 homes at the Montage Laguna Beach include 11 Montage Way, which is available for $39.7 million; John Stanaland of Douglas Elliman of California has the listing along with his son, Tyler Stanaland of the Oppenheim Group.

The 9,305-square-foot home counts five bedrooms and eight bathrooms and was built in 2010.

The Montage residential team also serves as a broker for certain deals within its communities; Necrason’s team represented the undisclosed buyers in the nearly $30 million sale of 7 Montage Way last year.

National, Overseas Expansion

All of the Montage hotel properties—seven in total in five states and Mexico—have a residential component, while five of the seven total Pendry properties count homes as part of the development.

The company has six hotels in the pipeline across both brands; its largest residential project currently underway is 207 luxury condominium homes at the Pendry Tampa, slated to open in 2025.

The project has already drawn $160 million in sales contracts, “the most successful luxury condominium launch in Tampa for 2022,” Montage said.

Expect to see more homes built as part of Montage’s international expansion.

The firm has signed 11 new management contracts in the past year with a growing focus on Mexico, and new sights set on the Caribbean.

Next year, Montage will open the Montage Cay in the Bahamas.

“Orange County is a big feeder market for the rest of our portfolio. We even have a buyer from Newport Beach looking at homes about to come online in our Bahamas project,” Necrason said.

Most buyers use their Montage property as a vacation home.

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Sonia Chung
Sonia Chung
Sonia Chung joined the Orange County Business Journal in 2021 as their Marketing Creative Director. In her role she creates all visual content as it relates to the marketing needs for the sales and events teams. Her responsibilities include the creation of marketing materials for six annual corporate events, weekly print advertisements, sales flyers in correspondence to the editorial calendar, social media graphics, PowerPoint presentation decks, e-blasts, and maintains the online presence for Orange County Business Journal’s corporate events.
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