Yep, that is about average for replacement of the IABS control module.
There are a few options:
If you don't mind a bike with no ABS, a few have removed the ABS module and purchased new brake lines etc to have conventional brakes. This would be a DIY project as no BMW dealer will likely touch it.
Another option is buying a used IABS module from a wrecked bike. Try
beemerboneyard as one source for used parts.
Last thing for the really fearless, is to take apart the IABS module and try and repair it. Sometimes the pressure sensors stop working in the module. There was a guy on Adventure Rider that did this and it worked for him.
Unfortunately, no easy solutions for you.
Good Luck!