Philadelphia luxury condo project heads to sheriff's sale

Alan Heavens reported in yesterday's Inquirer that CREI's American Loft condominium in Northern Liberties will be going to sheriff's sale. The developer agreed to give the project back to the lender, Abington Bank, which is owed an outstanding balance of $15.1 million. According to the legal notice, the minimum the bank will accept for the property is $15,440,167.

I think that the price of $15 million the lender is asking for is too high. This is the first of many periperal condo jobs that are suffering due to the economy and location. There are just no buyers at their prices (CREI was asking between $329,000 and $1,479,000 for the units at American Loft).