Philadephia High-end condos near top?

The Philadephia Inquirer reports:

"Many Realtors take a million-dollar property on and off the MLS database a few times to make it appear like a fresh listing," Angstadt said. "In turn, this causes the days-on-market number to be inaccurate."

Rumors are rife about condo projects or plans that have been shelved. Only one - Old City 205 - has been officially canceled. But veteran downtown developers report being approached to take over projects.

"Most developers are loath to ever admit they're going to cancel a project," said Kevin Gillen, an economist at the University of Pennsylvania's Wharton School who tracks real estate sales and trends. "So they constantly talk about 'how things are moving forward behind the scenes,' when in fact they're just waiting to see how the market shakes out before deciding whether... to break ground."

For a city that's losing population,one really has to have faith in Philadephia.Since most people with money have children, the market for these high end condos is rather small.The kinky nature of those MLS statistics should give one pause.