Premiere Luxury Condo Sets Latest Records for Sale Price
The River, a luxury condominium in Mission, has managed to pull off what many thought would be impossible in Calgary’s current real estate market with the sale of two record-setting units!
Selling for $8.4 and $5.2 million, the 5,000 and 3,000 square foot condos hold title for the highest prices paid in the city over the past three years.
Back in 2012 the same condo development set an all-time record high for price after selling a penthouse suite for $8.99 million.
- Developed by 26th Avenue River holdings Inc.
- Community of Mission, SW Calgary
- Address – 135 26th Avenue SW
- Riverfront property along the Elbow River
- Inner city location – minutes to the beltline and downtown
- 38 total condominiums and townhomes
- Only few new units (four) remain for sale by the developer
Luxury Condo Sales
This new comes as a surprise to many in the industry with condominiums taking the brunt of sales activity and benchmark price drops due to economic conditions over the past several months.
Condo sales over the $700,000 range have dropped by nearly half year-to-date compared to the same time frame in 2015 – with only 17 total sales accumulated by the end of June.
None of those 17 units sold year-to-date had been over $2.5 million either, compared to 4 units that were over this price range during the same time frame last year.
On a positive note, overall sales for all properties over the $1 million marker – including condominiums, semi-detached and detaches homes, has risen 8.6 percent by the end of June in 2016 compared to the same time frame the previous year when 317 units sold.
Lower benchmark prices across the board are giving luxury buyers more room to maneuver and time to find that perfect property that fits their wants, needs and lifestyle best – and for a better price at that.
Calgary Luxury Buyers Tips
See our in-depth guide to buying luxury real estate at our Calgary Luxury Home Buyers Guide today!
Questions about The River Condos?
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