[CondoGuru]

It looks like a beautiful project but my only skepticism is its likelihood of actually being built with such unrealistically low prices. Construction costs have risen so dramatically in the last three years which is why so many other projects got canned. They can't sell units for less than what it costs to build them, that's obvious. 10 Rittenhouse had to start over because they undersold several units. They had to kill some contracts, reconfigure and reprice the building altogether. They're using the Marketing Directors from New York to manage their on-site sales and marketing now because they couldn't do it effectively on their own or with local brokers. Look around at the what? 3 or 4 highrises under construction, and you see starting prices well above $500K for a very good reason. Most of these buildings if they had to start over again, would never have been built today unless their prices were far higher to cover such increases in today's construction costs. Remember 1919 Market and how everyone went apeshit over 1BR + Dens for $250K? How'd that turn out? While it's a lovely idea to think one can get a new highrise condo for $360K, I just don't see how it's possible. Unless of course, you believe in Santa Claus and the Tooth Fairy.