The Real Deal Miami

National market report

Commercial and residential real estate news from the most active U.S. markets
July 23, 2009 05:12PM

From the July New York issue: Craig Spencer, developer of the Residences at Ritz-Carlton at 15th
Street and South Penn Square, has not let the downturn in the luxury
real estate market change his plans for his 270-unit project. Spencer
said he turned down an offer from a potential buyer who asked for a
$50,000 price cut on a unit. The project cost developer Arden Group
about $300 million, and unit prices range from the $500,000s to $12
million, the Philadelphia Inquirer reported. So far, 80 units in the
project have closed, and Spencer expects half of the 37 pending
contracts to fall through. Compiled by Sara Polsky