Wednesday, June 03, 2009

Condos, Cheap

Developers had crazy ideas about what people would be willing to pay for condos. You can still get a whole house for comparable prices.

Price break on luxury condos in striking glass tower in Center City. Best offers over $250,000 considered.

That's the strategy for moving 40 of the 178 units still unsold at the Murano at 21st and Market Streets, to be sold at auction for sums 50 percent below their original list price later this month.

Take the 1,405-square-foot, 23d-floor unit originally listed at $995,000. It could go for $485,000, less than what it would cost to build today, said Jon Gollinger, president of Accelerated Marketing Partners, of Boston, which is handling the sale for Murano's developer, Thomas Properties Group Inc.