Lowe Destination Development Closes on $200 Million in Luxury Real Estate in the First Six Months of 2008
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Lowe Destination Development Closes on $200 Million in Luxury Real Estate in the First Six Months of 2008
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Category: Worldwide - Industry economy -
Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2008-07-31
Lowe Destination Development, a leader in resort and luxury real estate development, reported today that, as of the first half of 2008, it has closed on more than $200 million worth of luxury real estate at its condominium residences. The company cited better than projected sales at three of its newest projects, Stowe Mountain Lodge in Stowe, Vt., The Lodge at Suncadia in Cle Elum, Wash., and The Village at Wild Dunes in Charleston, S.C.
"Lowe Destination Development has been developing resort communities for more than 35 years, which gives us a unique perspective on the challenges of the current economy," said Rob Lowe, CEO of Lowe Destination Development. "This perspective also helps us to develop products that are attractive to buyers, even in a challenging market. Our success during the past six months illustrates our philosophy that well-positioned real estate products in desirable-yet-driveable locations with family-friendly programming and amenities will continue to have strong market appeal."
At Stowe Mountain Lodge, Lowe Destination Development closed on its first 75 condominiums beginning in May 2008 for sales totaling $40 million. Ranging from $349,000 to $1.5 million, residential offerings at the Lodge appeal to buyers who seek an ideal year-round retreat. Stowe Mountain Lodge, which opened in June 2008, features a Cooper Wellness spa and fitness center. Owners also receive privileged access to Stowe's Alpine Concierge program, which offers extensive services and amenities typically found at luxury ski resorts in the West.
At Lowe Destination Development's new 380,000-square-foot Lodge at Suncadia, which opened in April 2008, the company has closed on 145 of 162 residences - a 90 percent closing ratio. Located 80 miles east of Seattle, Suncadia is a four-season resort offering owners cross country skiing, snowshoeing and sledding in the winter and horseback riding, hiking and fly-fishing in the warmer months. Residents also have access to The Glade Spring Spa, a 9,600-square-foot luxury destination spa. Prices for studio, one- and two-bedroom residences range from $385,000 to $970,000.
Sales at The Village at Wild Dunes, an oceanfront resort located less than 30 minutes from historic downtown Charleston, topped $82 million in the first half of 2008. More than 90 percent of buyers closed on their contracts. The Village features luxury condominiums ranging from studio to three-bedrooms and lavish penthouses, ranging in price from $400,000 to $2 million. Buyers receive a Wild Dunes Club membership with access to the resort's 36-holes of championship golf, 17 tennis courts, swimming pools, a variety of dining options and award-winning Island Adventures family recreational programs. The Village at Wild Dunes also offers exclusive services such as 24-hour concierge and housekeeping service, gourmet room service and designated owner's hotline.
All three properties are managed by Lowe Destination Development's sister company, Destination Hotels & Resorts. Lowe Destination Development has an additional $2 billion of development underway at projects in North America, including Terranea, a $440 million resort and real estate project in Rancho Palos Verdes, Calif., which opens in June 2009, and at projects in Sunriver, Ore., Palm Desert, Calif. and near Lake Tahoe outside of Truckee, Calif.
Lowe Destination Development - Lowe Destination Development (LDD) is dedicated to the development and redevelopment of world-class hotels, resorts and resort residential communities nationwide. The company is currently developing in excess of $2 billion in hospitality properties. LDD is a wholly owned subsidiary of Los Angeles-based Lowe Enterprises, a leading national real estate development, investment and management firm. Over the past 36 years, Lowe has developed, acquired or managed more than $9.5 billion of real estate assets nationwide. For more information on LDD and its projects, visit www.lowedestinations.com.
Company Continues to See Strong Demand Despite Current Market
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