Boston’s soon-to-be tallest residential building will also include some of its priciest condos, but local residents are having no problem getting over the sticker shock.

One Dalton, an ultra-luxurious hotel and residential tower, is selling units from $2.5 million to $40 million, which would be the most for a condo in Boston’s history. Though units in high-end condo towers are generally gobbled up by wealthy foreign buyers in cities like Miami and New York, Boston’s newest and priciest building will be inhabited mostly by locals, its developer said.

“People think it’s filled with foreigners,” Richard Friedman, CEO of Carpenter and Co. and developer behind the project, said in an interview with Bloomberg. “Probably 90 percent of the buyers are American, and almost all of them are Bostonians.”

The fact that locals have no problem paying those price tags shows two things: that housing prices in the area won’t be trending down, and that the market for top-tier housing in Boston is robust. It also shows that foreign investment is not buoying home sales stats – Boston’s status as a red-hot housing market is due almost entirely to locals, as Curbed Boston points out.

Boston’s historic inventory shortage has caused housing prices to skyrocket. Condos have even eclipsed single-family homes in average selling price, thanks to there being even less condos on the market than homes. The numbers show that more homes, and, in particular, condos, are needed in the area, and they’re needed at all price points.

Located in Back Bay, the 61-story, 740-foot One Dalton will be the area’s tallest residential tower and the third tallest building in the city, Friedman said. It will have 160 units on top of a Four Seasons Hotel and is expected to be completed in the Fall of 2018.

“Boston is now ready for a fantastic project like this,” Friedman said. “The response has been extraordinary.”