Xcode 7 Unable to determine compiler to use

Question

I get the following errors in Xcode 7 when opening my OS X app:

Unable to determine compiler to use - the abstract compiler specification is missing from this Xcode installation.

and

Unexpected tool settings, missing default value for VFS output path

I've tried rebooting as this post suggests, but to no avail. I'm running OS X 10.10.4

EDIT Here is a screenshot:

Answer 1

Very lucky.

And I got this error this morning.

Everything worked fine until yesterday and I didn´t change any settings. Just GUI changes. I switched between Yosemite an ELCap and the error occurs on both systems.

Answer 2

I had same problem when Xcode location was in /Application/Subfolder/Xcode.app

After moving to /Application problem is gone.