Publication: Metro Philadelphia
Date: July 2, 2008
Article: "Developing Situations: Murano Spreads Luxe Living West"
Author: Solomon D. Leach
The 43-story condominium tower at 21st and Market streets, which residents began moving into June 18, is the latest project to stretch luxury living west toward University City.
Though some interior work is still being done, 70 percent of the building's approximately 290 units are sold, according to the managing director of the company handling the sales.
"[The market] really has been better in Philadelphia from a new development standpoint, because there was very little new development
actually built," said Cliff Finn of Citi Habitat Marketing Group.
Finn said he doesn't expect any trouble selling off the other 30 percent, given the fact that two of four penthouses are already spoken for.
But last year there were 1,503 condos sold in the city out of more than 2,000 listed, according to data from Multiple Listing Service, which records most units that go on the market.
At the same time, two other major projects nearing completion – Residences at the Ritz-Carlton and 10 Rittenhouse – figure to make reaching capacity even tougher.
"It's definitely a challenging time," said Kevin Gillen, a Wharton economist and vice president of Econsult Corp. "All the developers are saying they've got to work to move the units. It's not like two years ago."
P and A Associates and Thomas Properties Group combined on the Murano, which offers one-bedroom units starting at $400,000, two-bedrooms beginning at $600,000, and three-bedroom starting at $1 million.