Residences At Ritz-Carlton Opens In Philadelphia

by Deidre Woollard (RSS feed)
Jun 10th 2009 at 6:01AM

This week a dedication ceremony was held to mark the official opening of The Residences at the Ritz-Carlton in Philadelphia. The 48-story, 270-residence building is being called the most luxurious residential project ever built in the city. The residences have five-star Ritz Carlton amenities and the building includes a restaurant by celebrity chef Eric Ripert in the lobby. Units are listed from $500,000 to $12 million and offer amazing views like the one shown above.

Residences at Ritz-Carlton developer Craig Spencer told the Philadelphia Inquirer that he turned down a "$1.3 million all-cash sale from a buyer who wanted me to cut the price by $50,000." Spencer, whose Arden Group poured around $300 million into the project isn't planning to let the current economy dim his outlook. He says that 80 units have closed but that he'll likely lose half of 37 pending agreements for a variety of reasons, including the main issue plaguing so many top-tier luxury condos, the fact that jumbo mortgages have become scarce. Spencer says he can afford to wait, unlike other developers who have just a whisper of a cushion between projected sales and possible disaster, he has five years to completely sell out the building. The building is located on One Meridian Plaza where three firefighters died and 24 were injured in a fire in 1991 and a memorial will be placed by the entrance.

Thee 10,000-sq.-ft., $12 million penthouse will be a contender for the the most expensive condominium ever sold in Philadelphia. The current record is $7.678 million for a unit on the 46th floor of the Two Liberty complex. It's main competition will be the duplex at Two Liberty that is on the market for $30 million. Hopefully they will have better luck than the Ritz-Carlton residences in Boston are currently experiencing.

Tags: condominium, condos, philadelphia, real estate, RealEstate, ritz-carlton

Filed under: Real Estate Developments

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Reader Comments (Page 1 of 1)

dean wolfe Jun 12th 2009 2:58PM

to all the readers, 50,000.00 at this level of play,it is not about value, it is about position and respect. The value above is 3% of the overall value, which is half of the usual total commission paid in a normal Penna. real estate transaction. This
is not a normal transaction, I would assume in this cash deal of this value, the buyer is acting as their own agent and would like their share of a normal commission. However Mr.Spencer is probably not offering to pay an outside commission. And the buyer wants their share of that normal commission. Thus the offer for 50,000 less. One must always remember, when playing cards in camelot. one needs to control, the aces, the kings, the queens, and especially
the jacks.
....respectfully: a well taught card player.
....p.s. there is a way to play,