Parc Rittenhouse "Star Performer" in June, Murano Auction Fails to Ignite Condo Market

The postmortem on the Murano auction that was held on June 27 seems to be that it was good for the building in the long run, but did not spark the Center City condo market as a whole.  Check out Al Heaven's article from this morning's Inquirer.  As I've said from day one, the building lacks the most fundamental rule of real estate (for a luxury condominium): location.  However, even in this market, we see that for a low enough price point, buyers are willing to accept locations like this.  

Al Heaven's article also points out that Parc Rittenhouse, the luxury condominium on Rittenhouse Square, was one of Delta Associate's  "star performers" in June with a monthly sales pace of 5.4 units at $825 per square foot.  Not to sound redundant, but all I can say is: location, location, location.