Condo at The River Brings Record $8.3 Million Price

Posted by Alan Zunec on Wednesday, February 8th, 2012 at 6:48am.

The exclusive complex known as The River has just made Calgary real estate history. A condo that takes up the entire 12th floor and offers 5,260 square feet of living space just sold for $8.3 million, setting a new record. The towered complex fronts the Elbow River, and is at 135 26th Ave. S.W.

The luxury property has seen eight sales already, with three more pending, and construction won’t even start until April. These sales have brought in $5.7 million, $5.5 million with other units at around the $3 million mark. All sales have been to local business leaders, anxious to snap up what is some of the last waterfront property in Calgary. Completion date is scheduled for early in 2014.

Homes at The River start at $1.8 million and go up to $4.3 million. The tower condos start at $870,000 with a top price of $9 million, so there is a potential for another record breaker. That $9 million condo is the penthouse tower unit. What makes this condo development different from most others in Calgary is that the condos are all large units. Other developments in the city tend to add a limited number of spacious luxury units in their projects. Recent focus groups have shown that there is a growing demand for these types of high-end, larger sized condos in Calgary.

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