Recently The Vancouver Sun featured an article about a condo in Calgary that sold for $8.3 million! Edmonton’s high end condo market isn’t quite there yet, but with the revitalization of our Downtown area the market is certainly growing. Right now the Paranych Luxury Team is marketing a $1.1 million dollar Edmonton Penthouse property downtown in the brand new Quest condo building near Grant MacEwan’s campus.

With Edmonton’s growth, someday in the future we will also have luxury high rise properties like this fantastic feature property in Calgary.

To read the full article, visit The Vancouver Sun’s website.

Calgary condo sales have reached new heights after a luxury unit fetched a record $8.3 million, before construction has begun.

The 5,260-square-foot condo will cover the entire 12th floor of the 15-storey development called The River, located along the Elbow River, which flows through the southern portion of the city.

Already, more than $30 million in real estate has been spoken for in the project, which includes 38 residences — 27 units in the tower and 11 town houses.

Anne Clarke, director of sales for The River, said eight sales have been completed and three deals are pending.

“These (buyers) are business leaders. They are leaders in not only business, but in our community,” Clarke said.

Other sales in The River have included units for $5.7 million and $5.5 million.

The top-floor tower unit is listed at $9 million.

“It signifies we really do have a need for this type of product,” Clarke said.

The buyer of the $8.3-million condo was not identified, but is described as a longtime Calgary oil and gas executive.

The highest MLS condo sale previously in Calgary was $4.1 million in 2011.

The most ever paid for a single-family home was $10.3 million, in 2009.

The River concept is luxury estate condominiums that offer the benefits of an estate home without the challenges of security and maintenance, said Clarke.

Tags: alberta luxury homes, calgary, edmonton, million dollar homes, penthouse