The River luxury development sells three units for $3.59 million each
Anne Clarke is the director of sales for The River residential development in Mission. She was photographed near the condo project.
The appetite for luxury homes in Calgary’s resale housing market may be waning these days but The River condo development along the Elbow River seems to be bucking the trend.
Anne Clarke, director of sales at The River in the Mission district, said the project has sold three multi-million dollar units at $3.59 million each — and at full list price — over the past few weeks.
“Over the last I’d say month and a half I’ve been smoking busy with more showings than I’ve had in a very long time which is so interesting,” said Clarke.
“Although there’s a lot of development going on in Calgary … people are starting to discover there really isn’t a lot out there that offers that larger footprint where you can truly transition from an estate home into an estate condominium lifestyle.”
Four homes out of a total of 38 remain in the development nearing completion which includes a tower and a low-rise building consisting of condos and town houses.
One of the remaining units for sale is a sub-penthouse suite, located on the 14th floor of the 15-storey tower, with a list price of $7.99 million.
Possession for the project is expected this fall.
The project, along the Elbow River on 26th Ave. S.W., is being developed by 26th Avenue River Holdings Inc., an affiliate of Ledcor Properties. A 5,600-squarefoot penthouse unit in the tower sold for a condo record $8.99 million in May 2012.
Calgary’s resale luxury home market has seen a significant decline in sales compared with the record-setting pace it established last year.
“In the $1-million-plus homes, there’s no question that sales activity is not as strong as what we’ve previously seen. It doesn’t come as a surprise given the fact that we’ve seen a pull back in employment. Most of that employment has been in the energy sector. It tends to be the higher-paying sector. So that influences what happens in the luxury home (market) as well,” said Ann-Marie Lurie, chief economist with the Calgary Real Estate Board.
She said that the luxury home market’s share of MLS sales last year was over three per cent but it has dropped to 2.7 per cent this year.
According to CREB, there have been 217 MLS sales for properties at $1 million or above in the city this year until the end of May which is a decline of 39 per cent from the same period a year ago. There were 612 listings at that price point at the end of May.
The $1 million-plus sales this year have included 194 in the detached home market, 12 attached properties and 11 apartments. Detached sales are down by 38.6 per cent compared with the same period last year while attached sales are off by 63.6 per cent. However, apartment sales are 83.3 per cent higher than a year ago.