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September 27, 2004
Eagle -- Real estate sales in Eagle County totaled nearly $204 million last month, pushing purchases in the resort county near its yearly record set in 2000.
August was the 13th straight month when sales exceeded the previous year's totals. There were $122.6 million in sales in August 2003.
For the year, real estate sales have totaled $1.28 billion. The yearly record of $1.7 billion was set in 2000.
Real estate broker Led Gardner, of Sonnenalp Real Estate, said the boom also was occuring at other high-end resort areas around the world.
"Luxury buyers seem to have decided that resort real estate is as good a spot as any in which to spend their money," he said. "High-end buyers who have been sitting on the sidelines are now coming out in force."
Housing costs have steadily increased in the area, pushing the average real estate purchase to $639,600. Nearly half of real estate dollars spent in August went for properties that cost $1 million of more.
But sales of homes that cost $500,000 or less also have grown, with 187 such purchases in the county last month.
Veteran real estate broker Bob West said all the activity this year is peaking the interest of real estate developers, who were absent in the area over the last few years.
"There's a number of people who have come around and are interested," West said. "It's about to happen. You're going to see a tremendous amount of development happening in Avon."
© Copyright 2004 by YourMountainBroker.com
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