Tour the 6,665-square-foot home in photos.

CALGARY — The highest priced MLS sale in Calgary this year of over $5 million took place recently for a property in the Elbow Park/Glencoe neighbourhood and was the fifth highest sale ever in the city.

John Hripko, realtor for Royal LePage Foothills who listed the property, said he defines the “luxury� market as homes priced over $3 million and “it’s extremely active so far as for the number of inquiries, showings and interest in the product.�

“It’s just a matter of the public finding the home that fits their needs,� he said. “Many of them don’t want to go through the process of a two to three year cycle of construction. But they’re buying existing newer homes. I almost find that, personally, in the last six months virtually unprecedented demand or contact for this type of product.�

The Elbow Park/Glencoe property, which had a list price of $5,590,000, sold on December 10 for $5,050,000 and was on the market for 101 days.

The listing described it as a detached single-family three-storey home with a total of five bedrooms with four above grade, three half baths and six full baths. The executive home built by Empire Custom Homes in 2007 has 6,665 square feet finished above grade and an additional 2,519 square feet finished below grade.

The top floor includes a 1,599-square-foot loft and the lower level has a massive rec room, exercise room, glass panelled wine cellar and media room with tiered cinema-styled seating.

According to the Calgary Real Estate Board, so far this year from January to November there have been 25 MLS condo sales over $1 million compared with 19 for the same period in 2010.

Year-to-date, there have been 406 single-family sales at that price point, up from 326 a year ago.

The record number of luxury home sales in the Calgary market took place in 2007 with 431 single-family sales over $1 million and 30 condo sales in that price bracket.

The highest priced MLS sales ever in Calgary are: $10.3 million for a single-family two storey home in Elbow Park/Glencoe in 2009; $7.5 million for a single-family three-storey home in Crescent Heights in 2008; $5.3 million for a single-family two-storey home in Elbow Park/Glencoe in 2010; and $5.3 million for a single-family two-storey home in Bel Aire in 2010.

“Many people have benefited from Calgary’s growing economy, which has been mainly supported by the increased activity in the energy sector,� said Richard Cho, senior market analyst in Calgary for Canada Mortgage and Housing Corp. “Growth in earnings, more job creation and low mortgage rates are contributing to the increase in sales for luxury homes.

“However, the rise in sales is not limited to the luxury home market. We are also seeing an increase in single-family sales for a majority of price ranges in the city of Calgary. Many housing demand factors have improved from the previous year and (that) is benefiting a number of different areas in the housing market.�

According to CREB, the top sale prices for single-family homes in Calgary this year, besides this recent sale, have been $4.525 million in Rideau Park, $3.995 million in Elbow Park/Glencoe and $3.8 million in Aspen Woods.

Top selling condos this year have been $4.1 million in Eau Claire, $2.935 million in Eau Claire and $2.05 million in Victoria Park.

“There’s some offshore money coming in,� said Hripko. “There’s a number of senior executives who are moving into the city, taking over from other individuals and/or starting up Calgary operations and they want to have prestigious homes. So they’re acquiring these (luxury homes).�

mtoneguzzi@calgaryherald.com

TOP TEN EVER HIGHEST PRICED CALGARY MLS SALES

1. $10,300,000, single-family two-storey, Elbow Park/Glencoe, 2009

2. $7,500,000, single-family three-storey, Crescent Heights, 2008

3. $5,300,000, single-family two-storey, Elbow Park/Glencoe, 2010

4. $5,300,000, single-family two-storey, Bel Aire, 2010

5. $5,050,000, single-family three-storey, Elbow Park/Glencoe, 2011

6. $4,850,000, 10-acre lot, Aspen Woods, 2008

7. $4,812,500, single-family bungalow, Mount Royal, 2008

8. $4,550,000, single-family two-storey split, Bowness, 2005

9. $4,525,000, single-family two-storey, Rideau Park, 2011

10. $4,500,000, single-family two-storey, Pump Hill, 2006

11. $4,450,000, single-family bi-level, Aspen Woods, 2008

Source: Calgary Real Estate Board