RE/MAX Real Estate Blog

There has bean a lot of chatter surrounding the many and varied condo development projects going on in Edmonton’s core. In the spring we posted an interesting blog on the sheer volume of buildings in development, as well as timelines and price ranges.

One project however, Symphony Tower, has consistently been in the spotlight. Just this fall the Edmonton Journal has reported multiple times on the record breaking sale prices of it’s units. In September it had been reported that the sale of a unit had broken MLS records for highest sale price. The unit sold for 2.65 Million, surpassing the previous 2007 record of 2.6 Million.

Expected to be completed in 2017, the 27 story Symphony Tower will have 143 suites, is situated near the legislature grounds, and boasts spectacular views of the river valley and University of Alberta grounds.

Photo Gallery Excerpt from SymphonyTower.ca

Symphony Tower has recently been in the spotlight again, after developers hosted an official ribbon cutting ceremony held in late October. They are planning to break ground in a matter of weeks, with an expected move-in date for residents two years from now. In talks with Allen Wasnea, the project’s developer, the likelihood of rising sale prices after construction began was touched on. If this is indeed the case, then some of Tower’s the luxury penthouse-eque suites are contenders for breaking the sales record yet again.

Of the 143 suites, 70% are priced at over $500,00, with 6 suites so far selling for over one million, and 3 suites breaking the two million dollar mark. Wasnea believes the value of these suites lies not in the towers choice location, but the exceptional views that the luxury suites boast, “We are facing what I consider to be the finest landscape in the province,” says Wasnea. “A lot of people are able and happy to pay for the view. God is not making river valley lots anymore.”

For those buying primarily with this view in mind, marketing manager Sherri Beauchamp explains the security of this investment, “Obviously the view is quite spectacular… It’s a protected river valley view, so nothing will ever be built in front of it.”

The Symphony Tower, which has yet to begun construction is already half sold, with approximately 85% owner occupancy rates. All units come with a parking stall, thought units over $800, 00, receive two, and additional spaces can be purchased for $45,000.

Wether you’re interested in an extravagant suite or a moderately priced home, CLICK HERE to search for properties available in your area.