Fire-sale prices for luxury Center City condos

Check out Al Heaven's article in today's Philadelphia Inquirer. The Murano will be auctioning off 40 units on Saturday afternoon with a minimum bid price of $250,000, in an attempt to clear out some of their remaining inventory (about 124 out of 302 units have sold).

My comments in the article...
'Condo developer/broker Allan Domb said a onetime bulk sale at the Murano actually will be less painful than trying to sell 40 units over three years at lower prices.
"Maybe," Domb speculated, "the developer is looking at this as a method to stay alive for two years and revisit, hoping that there is a market then at 21st and Market Streets."'