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$8.4M Calgary condo sets three-year price record

The exterior of The River, a riverfront condominium development in Calgary. therivercalgary.com

A riverfront development in Calgary has bucked the recent downward trend in luxury condominium sales in the city, after selling a unit for $8.4 million.

Sotheby’s International Realty Canada said Monday that the sale of the 5,000-square-foot condo, along with the $5.2-million sale of a 3,000-square-foot condo in the same building, are the highest prices paid for units in the city for three years.

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The two condos are part of The River, an upscale real estate development in the city’s Mission neighbourhood, where the penthouse suite set an all-time record price for a condo in Calgary after selling for $8.99 million in 2012.

Interior design at The River, a riverfront condominium development in Calgary. therivercalgary.com

The high-end sales are something of an outlier in the city. Condo sales over $700,000 having dropped by more than half so far this year compared with last year, totalling 17 as of the end of June.

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Of those 17 sales, none had sold for more than $2.5 million, compared with four units that exceeded that sale price by the end of June last year.

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But overall sales for homes in excess of one-million dollars, including condos and semi-detached and detached houses, have climbed 8.6 per cent this year compared with last year when 317 sold by the end of June.

Interior design at The River, a riverfront condominium development in Calgary. therivercalgary.com

 

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