calgary

Private Compound Is Canada's Most Expensive Real Estate Sale In 2009

Filed under: Estates

Canada's most expensive residential sale so far this year occurred last month. Falkridge, a luxury retreat in the Calgary region, sold for $13.1 million after being on the market just a few weeks. It was listed for $12.9 million and sold for $13.1 million to an unnamed Calgary oil and gas entrepreneur. It was owned by U. S.-based Haworth Inc., a manufacturing company but was originally built by the Smed family of Calgary. The compound is 27,000 square feet and has a main residence, guest house, gazebo and water tower. The main residence is 15,000 square feet and has seven guest suites, an industrial chef kitchen, dining room, lounge and a media room that accommodates more than 20 people.The 12,000-square-foot guest house has six separate suites,a lounge with fireplace, and a training and conference area.

Gallery: Falkridge

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Tags: calgary, canada, falkridge, real estate, RealEstate

Work Stops On Major Calgary Condo Tower

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

A year ago the Calgary condo market was booming but now one of the major residential condominium projects has been put on hold as the developer seeks bankruptcy protection. Calgary developer John Torode told the Calgary Herald that work has stopped on the second tower of the Arriva condo project. A limited partnership which is the owner of that site has been put into the CCAA (Companies' Creditors Arrangement Act) which is a federal act that allows financially troubled corporations to restructure their affairs. The project is seeking new financing.

The first Arriva tower is 34 stories and is close to sold out. The second tower is 42 stories and about 60 percent sold. The third tower, which was going to be more condos will now be a hotel.

This isn't the first condo project to be stopped in the area. The City of Calgary is monitoring nine condo projects halted due to the economy. The Calgary Real Estate Review blog has an excellent post rounding up projects that have been postponed, scaled back or scrapped.It's a long list and one that may grow as condo prices also are falling in the area.

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Tags: arriva, calgary, condominiums, condos

Calgary Gets A $10 Million Condo

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

A couple of months ago I wrote about Calgary's expanding condo market and since then it has continued to grow. A new record has been set with the listing of a two-story 4,400-square-foot luxury penthouse condo for $10 million at the Astoria on Tenth tower. The penthouse will be available in either a classic or contemporary style. It will have 1,200 square feet of outdoor space spread out over five balconies. The apartment will have top-of-the-line finishes, limestone fireplaces and crystal chandeliers. The apartment will include a large private wine vault, media room, billiards room, built-in cappuccino machine and a library. An interior finishing package will be sold for $1 million with $500,000 for home automation and a high-end audio-visual system.

The Astoria will have 225 suites more than half of which have already been sold. The 35-story tower will also have commercial space, with retail space on the main level and mezzanine. Occupancy is planned for 2010.

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Tags: astoria on tenth, calgary, canada, condo, real estate, RealEstate

Calgary Condo Market Still Growing

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

The Canadian luxury condo market continues to surge. According to the National Post, Concord Pacific Inc. is planning a new luxury development in the hot Calgary market. The project will be located in the Eau Claire area and Terry Hui, Concord Pacific's president and chief executive, says that the project will be the most high-end building the city has ever seen. The 14-floor condominium will contain 185 grand luxury suites ranging between 1,000 square feet to 5,000 square feet. The project will be designed by Canadian architects Arthur Erickson and Peter Busby. Can Calgary support a project with units of a $1-million to $5-million selling price? Local condo watchers say yes. Check out this recent article by Richard White in the Calgary Herald. He got his hands on a copy of independent condo market research firm MPC Intelligence's newly released Calgary Condominium Market Report which shows that Calgary is still going strong, although it's not as hot as it was in 2005/2006 when projects would sell out in a couple of days.

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Tags: calgary, condominiums, development