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Terranea Resort Drops Prices on Its Villas and Casitas

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Images of villas and casitas In case you were wavering on whether to drop $1 million plus for a villa at Terranea Resort at Rancho Palos Verdes, maybe this bit of news will influence you. The resort, which got a some new funding last week, has chopped prices, and the units now start at $1.295 million for a two-bedroom, 1,800 square villa.

Overall, prices are about $2 million less than asking prices in 2009, according to the press release. The most expensive unit is a $2.6 million, 2,800 square foot, three-bedroom villa. As for the difference between the casitas and the villas (both of which are really condos), we're told the villas are more spacious and more like "homes" because they have multiple entrances, while the casitas are closer to the ocean. Meanwhile, owners have access to all the amenities at the 102-acre resort and the unit management fees are $2,000 a month. Two units have closed, and 47 are in contract, although some buyers are expected to drop out. Given the price range and the golf course, we thought the buyers would be of the well-to-do Centrum Silver set, but are told it's family and executives, too.
· Terranea Resort Announces Reduced Pricing of Rare Coastal Real Estate [PR Newswire]
· Struggling Terranea Resort Gets New Cash, New Investors [Curbed LA]