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|Thursday, February 01, 2007|
BANDON — Home sales typically suffer the winter blahs, but not in Bandon. It’s as if the world-famous Bandon Dunes golf course turned this sleepy town into real-estate gold — especially when you can see the Pacific Ocean from the living room couch.
Getting the big view will cost between $1 million and $2 million this year. That’s the going rate now for reservations at The Colony at Bandon Cove, 18 luxury townhouses going up nine miles from the links. Six buyers have already made down payments and David L. Davis Real Estate broker Penny Allen expects to be sold out before the 2,200-square-foot units are completed in June.
“People are tired of the rat race,” she says. “The oceanfront has gone really wild.”
Home sales in Bandon jumped from $14 million a year in 2000 to $59 million in 2005, with average prices increasing 70% to $333,717. Meanwhile, appreciation of Cannon Beach homes increased at least 25% annually since 2003. The average price of a home there jumped 35% from $587,497 in 2005 to $798,330 in 2006.
Years of intense growth and new arrivals have created additional stress on the small coastal communities. Seaside is seeking a bond levy to pay for a new sewage system.
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