A $10 million condominium on the market in Calgary is making headlines around the world and internet for its luxury and, of course, price.

The luxury condo development known as the Astoria on Tenth, now has a 2-story, 4,400 square foot unit with 1,200 square feet of balconies, will overlook the city and water views from the top floor on the 35-story high-rise.

So what do you get for a $10 million condo? How about your own personal wine vault, a library, media and billiard rooms. Is it too much for a condo – well, it’s only the third highest priced condo sold in Canada. A unit in Vancouver sold for $18 million, but the record price goes to a condo in Toronto for $25 million earlier this year.

"We're noticing through multi-family and single-family that there's high demand for very high-end homes. So there's communities that have just opened up starting at $6 million homes and they're selling like crazy," says Gerry Mendyk, president and director of Arcus Developments, which is building the luxury condo tower. "So there's definitely money here for high-end product and I think the economy here can support it."

Whoever purchases the unit still has a $1-million interior finishing package to choose from, as well as a $500,000 home automation and advanced audio-visual system.

Published: August 25, 2008

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Mr. Carr is an award-winning real estate broker in Northern Virginia and authored "Real Estate Investing Made Simple: a commonsense approach to building wealth." He also contributed to Donald Trump’s book, "The Best Real Estate Advice I Ever Received," and is an active trainer and coach of top producers in the Washington DC market. As a sought-after expert on real estate, Mr. Carr has been featured on CNN, various broadcast outlets and was the former real estate editor for The Washington Times. He accepts questions at his blog www.RealEstateOlogy.org.