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Old Posted Feb 3, 2015, 10:07 PM
jsbrook jsbrook is offline
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Join Date: Aug 2014
Location: Bala Cynwyd
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Quote:
Originally Posted by Londonee View Post
Emmons should probably get out of the suburbs and come into town and do some additional research. The building next door to this property is now commanding $1,000 per sf.
Emmons is probably talking about homes as in townhomes (that particular quote was regarding the Naval Square development). They sell for considerably less per square foot than condos. Compare the forthcoming Rittenhouse Estates to, say, 10 Rittenhouse. Of course, that only seems more reason to branch out into the world of condos. There is obviously a Phily market for luxury condos which command higher price per square foot. The only question is how deep it runs.

As far as the basis for their reluctance to build highrises...it's true that the Murano, 10 Rittenhouse, and Waterfront Square all ran into issues. By they are products of a particular time and place. I think it's a different market today.