Luxury Center City Condominium Achieves Landmark Sales Figures
The Residences at The Ritz-Carlton, Philadelphia has surpassed the 80 percent sold mark and $230 million in sales of these luxury residences, reported by the developer AGC Partners, L.P. This achievement represents the highest sales volume of high-end luxury condominiums in a residential building in Philadelphia’s history. The landmark sales figure includes the recently closed $12 million 48th floor raw space penthouse at $1,600 per square-foot. With only 54 condominiums remaining to be sold, The Residences continue to attract discerning buyers who seek extraordinary quality and a unique service-oriented lifestyle provided by The Ritz-Carlton.
The Residences offer central access to the best the city has to offer, and are recognized by some of Center City’s most notable real estate brokerages for their incredible city skyline views. Moreover, residents remark that living at The Residences affords them the luxury of being within walking distance of the city’s finest restaurants and retail, a welcoming and attentive staff, unrivaled services and amenities, including two chauffeur driven cars, easy access to transit, and exceptional privacy, comfort and convenience.
Five impressive designer models appointed with nearly $2 million in furnishings have been instrumental in helping new owners realize the full potential of these residences. Many owners compare living at The Residences to checking into a luxury hotel they never have to check out of, but with the luxury of choice of home size and view. The Residences include Sub-Zero, Viking and Miele appliances, luxurious finishes, floor-to-ceiling operable windows, wide-plank hardwood floors, and a few of the homes include private terraces and balconies.
The Residences have seen an increase in sales year-over-year since 2011, and while it is 80 percent sold, the properties that remain available are some of the most sought after, larger residences on the highest floors with the most expansive city skyline and river views. “Reaching $230 million in sales is clearly a noteworthy achievement and marks a milestone in Philadelphia real estate,” said Craig A. Spencer, president and CEO of Arden Group, who developed the property along with The Ritz-Carlton hotel next door. “This property is a Philadelphia success story, and illustrates the increased demand for luxury living in Center City.