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Construction, Sales Booming In Edmond

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Real estate experts say the economy is recovering and that's led to a boom in construction and home sales in Edmond. Real estate experts say the economy is recovering and that's led to a boom in construction and home sales in Edmond.

By Bobbie Miller, News 9

EDMOND, Oklahoma -- Edmond real estate is breaking records. City officials said Edmond has weathered the worst of the economic storm and is experiencing a very active real estate market.

The market dramatically slowed in 2010 and 2011 due to the economic crisis, but permits for building have recently increased more than 50 percent. Not only has construction increased, but existing properties are selling, too. Commercial broker Susan Davis Jordan said she recently had five offers on one property, which is a rarity in this economic climate.

"We ended up having five people who wanted the property. We got a full-price offer on it, went to close with a back-up offer. It was land, which is rare. I haven't closed a piece of land in two years, " Jordan said.

Jordan said a large reason for the increased action in real estate is due to banks that are lending money again, which provides more of an opportunity to buy.

A financial expert also credited Oklahoma's economy, which is strong and on an up-swing. Large, new health care companies also boosted the economy in Edmond.

"We know it has a lot to do with the hospital," said financial expert Victoria Woods. "When you bring that, you bring residential. They recruit people from all over the country, and they bring those people in. They have to have grocery stores, restaurants. That's going to draw those numbers and more people to the area."

 

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