Real Estate

Sweet liberty

It’s been a while since we checked in on the Philadelphia real estate scene, mostly because we’ve been concerned with our own. In fact, the City of Brotherly Love mirrors much of what’s going on in the Big Apple — with some new condo projects selling quite briskly, while others resort to price-slashing and even auctions to get product moving.

Here’s a look at what’s been happening of late in the Philly condo market.

The Residences at Two Liberty Place

This luxury condo, with residences starting on the 40th floor and going up to the 58th, has sold close to 50 percent of its 122 units since it went on the market in 2007, including two big sales in 2009: for $7.6 million and $7.5 million. Generating the most headlines is the $30 million, 10,000-square-foot duplex penthouse, currently the most expensive apartment in the city (and boasting the best perspective of it, with 360-degree panoramic views). Far more reasonable: a 42nd-floor, one-bedroom, two-bathroom, 1,200-square-foot unit that recently saw a $10,000 price cut to $699,900. The full-service building is smack dab in the middle of the city (location, location, location) and features a fitness studio with an “endless” indoor pool, spa treatment rooms and a pet care facility. twoliberty.com

The Murano

When the sales office of this 302-unit, glassy condo opened in early 2007, hopes were high that it would sell out quickly, with prices at around $500 to $600 per square foot. But by 2009, it was clear that the building was in trouble: 178 units had sat unsold for more than a year. An auction held last June of 40 of those apartments saw them going for about 25 percent off the last asking price, with one-bedrooms selling for as little as $335,000. Today, thanks to price adjustments, the building is looking much healthier, at 72 percent sold. (In April, a one-bedroom, 1½-bathroom went for $480,000, or about $440 per square foot; another one-bedroom went for $565 per square foot.) One-bedrooms now start at $405,000, two-bedrooms at $565,000 and three-bedrooms at $1.335 million — and these days, a parking spot (once an extra $45,000) is included. themuranocondominium.com

The Residences at the Ritz-Carlton

Philly is no stranger to luxury buildings (Robert A.M. Stern’s 10 Rittenhouse; the Barclay, a grand prewar hotel-turned-residence), but when the Ritz comes a-building, true opulence is ensured. Designed by Handel Architects, the 48-story, 270-unit tower opened in January 2009, right across from City Hall, with such amenities as a chauffeur-driven BMW sedan and a private gated park. You might also run into superstar chef Eric Ripert, who bought a condo in the building and owns the 10 Arts restaurant in the adjacent Ritz-Carlton hotel. Currently, the building is 40 percent sold; on the market is a one-bedroom, 1½-bathroom measuring 960 square feet for $594,130, and a 1,300-square-foot two bedroom, two-bathroom for $737,230. philadelphiaresidences.com

The Residences at Dockside

With a gorgeous waterfront setting (that would be the Delaware River), this former rental building on Penn’s Landing got a $2 million facelift in 2006 and went condo in 2007. Since then, 85 of its 242 units have sold, at around $350 to $400 per square foot. Recently, an 836-square-foot, one-bedroom, one-bathroom unit with stainless-steel appliances, hardwood floors and a parking spot went for $254,500. Studios to three-bedrooms are priced from $245,500 to $1,225,500, and all feature terraces and washer/dryers. In addition to spectacular views of the river and its bridges, the building offers an indoor swimming pool and hot tub, gym and indoor parking. docksidecondominiums.com