Yes, balcony is a Scrabble word!
...and is worth 14 points in Scrabble, and 17 points in Words with Friends
balcony
Noun
1. An upper floor projecting from the rear over the main floor in an auditorium
2. A platform projecting from the wall of a building and surrounded by a balustrade or railing or parapet
What Scrabble words can I make with the letters in balcony?
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Words that can be created with an extra letter added to balcony:
R:carbonyl