Puttin' Off the Ritz

The Philadelphia Inquirer is on a real tear with its coverage of Center City condominium buildings. This week's story by Alan Heavens concerns the The Residences at Ritz-Carlton, a 270-unit building that was just dedicated by developer Craig Spencer. Eighty units have been sold; 37 sales are pending, but Spencer feels 50% of those might not close due to inability to get financing or buyers being unable to sell their existing homes. According to the article, Mr. Spencer has been unwilling to discount prices, understandable as far as not wanting to undercut the prices early buyers paid, but not understandable given the realities of our present real-estate market. As one reader noted, buyers like to feel like they are getting a bargain, especially when they are able to choose from many competing projects in the city.