Cannot build or run after updating Titanium to latest

Hi, I am currently unable to build or run any old or new projects. This started just upgrading to the latest Titanium release, namely build: 2.1.2.201208131642

Here is the trace log:

[INFO] One moment, building ...
[INFO] XCode 4.3+ likely. Searching for developer folders.
[TRACE] app property, ti.android.fastdev : true
[TRACE] app property, ti.android.threadstacksize : 65536
Traceback (most recent call last):
  File "/Library/Application Support/Titanium/mobilesdk/osx/2.0.2.GA/iphone/builder.py", line 1581, in <module>
    main(sys.argv)
  File "/Library/Application Support/Titanium/mobilesdk/osx/2.0.2.GA/iphone/builder.py", line 690, in main
    link_version = check_iphone_sdk(iphone_version)
  File "/Library/Application Support/Titanium/mobilesdk/osx/2.0.2.GA/iphone/builder.py", line 50, in check_iphone_sdk
    output = run.run(["xcodebuild","-showsdks"],True,False)
  File "/Library/Application Support/Titanium/mobilesdk/osx/2.0.2.GA/iphone/run.py", line 9, in run
    proc = subprocess.Popen(args, stderr=subprocess.STDOUT, stdout=subprocess.PIPE)
  File "/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/subprocess.py", line 672, in __init__
    errread, errwrite)
  File "/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/subprocess.py", line 1202, in _execute_child
    raise child_exception
OSError: [Errno 2] No such file or directory

Looks like it can't find the developer folder in the new /Applications location. I reverted the installation in the preferences to the one before that to no avail. I also upgraded XCode to 4.4.1. Both were done after experiencing these issues. The simulator runs fine and I can debug and run apps from XCode.

I also tried the fix proposed here, I remember having to do this when upgrading to 4.3, but it hasn't worked for me this time

sudo xcode-select -switch /Applications/Xcode.app/Contents/Developer

Anyone know how to fix this?

Any help would be greatly appreciated. Thanks.

Spot on! I had a beta too. Reinstalling the version from the website solved this problem. Thanks a lot.

For those who got caught by this one like me, after reinstalling, make sure you remove all the nightly builds from Preferences/Install-Update/Available Software Sites and only leave the "stable" urls.