$2 Million Difference Between Four-Bedroom Homes In Most Expensive Market of La Jolla, Calif., and Most Affordable Market, Grayling, Mich.

Singapore Tops International List as Most Expensive Foreign Market; Salinas, Ecuador Most Affordable

PARSIPPANY, N.J. (Sept. 23, 2009) – The 2009 Coldwell Banker^® Home Price Comparison Index (HPCI) released today found a price gap of more than $2 million between the most expensive and most affordable U.S. housing markets. In the annual comparison of similar 2,200-square foot homes in 310 U.S. housing markets, La Jolla, Calif. led the list as the most expensive real estate market in the country with an average home price of $2,125,000. Grayling, Mich., also known as the “canoe capital of the world,” ranked as the most affordable market in America, where a similarly sized home costs $112,675.

La Jolla was joined on the most expensive list by 13 other California markets while Grayling was one of 20 Midwest communities on the most affordable list. Internationally, Singapore was the most expensive market for the same type of home, $1.9 million U.S. dollars, compared with Salinas, Ecuador, which at $69,375 U.S. dollars was the most affordable studied international market.

Differing from most housing reports that compare median prices, the annual Coldwell Banker HPCI, provides an apples-to-apples comparison of similar 2,200 square foot, four-bedroom, two-and-a-half bath homes in the United States, Puerto Rico, Canada and a sampling of countries/territories outside of North America where Coldwell Banker Real Estate has a presence.

”While price differentials are interesting to compare, I am most intrigued with the affordability levels now seen across much of the nation,” says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC. “The four-bedroom, two-and-a-half bath home is one we deem ‘aspirational’ and usually purchased by move-up buyers experiencing lifestyle changes. Thirty percent of the markets show this type of home to be below $200,000, illustrating the opportunity to take advantage of price declines, interest rate levels and increased selection of homes. Encouraging these move-up buyers back into the market is a crucial next step toward helping to rejuvenate the housing industry and the overall U.S. economy.”

A “Snapshot” of U.S. Home Affordability

Offering a “snapshot” of affordability across the United States, the Coldwell Banker HPCI evaluates average home values for select 2,200 square foot single-family homes with four bedrooms, two-and-one-half baths.¹ The cumulative average sales price of the four-bedroom homes surveyed in the 310 U.S. markets (including one in Puerto Rico) covered in the Coldwell Banker HPCI is $363,460.

Through the comprehensive HPCI section on the Coldwell Banker web site (http://hpci.coldwellbanker.com), prospective homebuyers and sellers can calculate what similar homes may be worth in other areas and gather preliminary intelligence about the affordability of housing from one market to another.

2009 Coldwell Banker HPCI – Highlights and Top Market Lists

• Affordable and Attractive: In addition to Grayling, Mich., the following are interesting tidbits about the other nine most affordable U.S. markets:
• Akron, Ohio ($121,885), won the All-American City award three times and is birthplace to the ice cream cone
• Fayetteville, N.C. ($130,875), a historic city known for its strong military ties
• Canton, Ohio ($131,867), birthplace of American professional football and home to the NFL Pro Football Hall of Fame
• Detroit, Michigan ($132,000), America’s automotive manufacturing and Motown music hub

• Arlington, Texas ($138,775), home to the Dallas Cowboys’ new stadium which will host the 2011 Super Bowl XLV, and the Texas Rangers' Ballpark
• Macon, Ga. ($139,007), hometown to many legendary soul and blues acts like Otis Redding, and home of the Georgia Music Hall of Fame
• Eau Claire, Wis. ($141,270), which has been named one of the 100 Best Communities for Young People by America's Promise in the past
• Port Charlotte, Fla. ($142,750), which is minutes away from the Gulf of Mexico and setting to some of the country’s best sunset views
• Wichita, Kans. ($144,625), home to more than 30 museums and a haven for art-lovers, theatre-goers and golfers alike

• Low Cost to Homeownership: In total, there are 84 U.S. markets in which the sample home price averages under $200,000. The monthly mortgage cost for homes in this price range could average less than $600, and down payments could amount to less than $4,000.

• Luxury Living: La Jolla, Calif. heads the list as the most expensive real estate market in the country ($2,125,000), beating out its California neighbor Beverly Hills, where the average home costs $1,981,750. Greenwich, Conn., whose average price of $1,519,250 places it as the most expensive market on the East coast, followed by Boston at No. 7 overall. In total, 11 U.S. markets exceeded the $1 million average price for the surveyed home. Note: Manhattan in New York City was not included in the study because of the lack of comparable single-family homes.

• On Average: The overall national average price of homes in the 2009 Coldwell Banker HPCI is $363,401.

• Canadian Prices Reach Record Levels: Canada’s brief market downturn is over, with record prices now seen throughout the resurgent market. Vancouver, BC leads the hot-again west coast at $1.17 million U.S. dollars for the studied home, nearly double that of nearby Burnaby BC at $611,243. Boomtown Fort McMurray at $593,340 surpasses Calgary as Alberta’s most expensive market. Canada’s largest city, Toronto, Ontario comes in at $766,643, while Charlottetown PEI remains the country’s most affordable market, priced at $147,560 U.S. dollars. ­­

• Most Expensive Internationally: The most expensive market outside the United States is Singapore, where an HPCI subject home averages $1.9 million U.S. dollars, ten percent lower than La Jolla. Coldwell Banker Real Estate compared a total of 57 markets in 29 countries outside of the United States, with those international home prices averaging $487,844 in U.S. dollars.

TABLE 1

The top 10 most expensive and most affordable surveyed U.S. markets overall in 2009 are:

TABLE 2

The most expensive and most affordable surveyed U.S. markets within each state in 2009 are:

The 2009 average price in the District of Columbia:

DISTRICT OF COLUMBIA

$642,962 *

The 2009 average price in the Commonwealth of Puerto Rico:

PUERTO RICO

$311,750 *

*Only one market included in the study.

TABLE 3

The most expensive and most affordable markets (in U.S. dollars²) within selected provinces/territories in Canada are:

Province/Territory	Most Expensive	2009 Avg. Sales Price		Most Affordable	2009 Avg. Sales Price	Variance
ALBERTA	Fort McMurray	$593,340		Edmonton	$401,993	$191,347
BRITISH COLUMBIA	Vancouver	$1,174,241		Burnaby	$611,243	$562,998
MANITOBA	Winnipeg $363,042*
NEW BRUNSWICK	Moncton $256,843 *
NEWFOUNDLAND	St. John’s $324,338*
NOVA SCOTIA	Halifax $257,891*
ONTARIO	Toronto	$766,643		Brantford	$222,968	$543,675
PRINCE EDWARD ISLAND	Charlottetown $147,560 *
QUEBEC	Montreal $436,403 *
SASKATCHEWAN	Saskatoon $355,237*
YUKON	Whitehorse $341,775*

* Only one market included in the study.

TABLE 4

All surveyed international markets 2009:

Country	Market	2009 Avg. Sales Price in U.S. $
ARUBA	Aruba	$ 314,000
AUSTRALIA	Brisbane	$ 217,071
BAHAMAS	Nassau	$ 458,906
BELIZE	San Pedro	$ 244,300
BERMUDA	Hamilton	$ 1,348,813
CAYMAN ISLANDS	Cayman Islands	$ 526,250
CHINA	Shanghai	$ 1,386,750
	Chongqing	$ 340,776
COLOMBIA	Pereira	$ 151,884
	Bogotá	$ 182,926
	Cartagena	$ 454,102
COSTA RICA	Escazu	$ 293,750
	Heredia	$ 265,000
	Jaco Beach	$ 385,500
	San Jose	$ 269,500
ECUADOR	Guayaquil	$ 101,250
	Samborondon	$ 154,250
	Salinas	$ 69,375
EGYPT	Cairo	$ 273,393
	6th October	$ 859,625
GUATEMALA	Guatemala City>	$ 207,175
HONDURAS	Roatan	$ 299,500
	San Pedro	$ 220,000
	Tegucigalpa	$ 228,166
INDONESIA	Bandung	$ 112,367
	South Jakarta	$ 494,252
	Tangerang	$ 146,551
IRELAND	Cork	$ 534,360
	Dublin	$ 1,127,843
	Galway	$ 746,874
ITALY	Florence	$ 1,612,224
	Rome	$ 1,261,740
	Milan	$ 1,636,758
LEBANON	Beirut	$ 512,000
MEXICO	Mexico City	$ 207,020
	Monterrey	$ 188,435
NICARAGUA	Granada	$ 239,750
	Managua	$ 221,000
PANAMA	Panama City	$ 239,750
ROMANIA	Ploiesti	$ 402,778
	Brasov	$ 300,764
	Bucuresti	$ 1,371,528
SINGAPORE	Singapore	$ 1,898,500
ST. CROIX	Christiansted	$ 602,500
TURKEY	Istanbul	$ 669,000
	Ankara	$ 351,000
	Gaziantep	$ 173,500
	Izmir	$ 315,000
TURKS AND CAICOS	Providenciales	$ 872,225
UNITED ARAB EMIRATES	Dubai	$ 1,077,703
VENEZUELA	Caracas	$ 165,615
	Maracaibo	$ 118,461
	Porlamar	$ 151,653
VIETNAM	Ho Chi Min City Dist 1	$ 341,099
	Hanoi	$ 166,470
	DaNang	$ 172,900

Methodology – 2009 Coldwell Banker^® Home Price Comparison Index:

Coldwell Banker Real Estate LLC conducts its Home Price Comparison Index study by compiling survey data from Coldwell Banker offices throughout the United States, Puerto Rico, Canada and a sampling of other countries where the Coldwell Banker system has a market presence. Companies within the Coldwell Banker system submit data based on the average sales price of comparable listings through July 2009, a comparative market analysis of homes previously evaluated for the 2008 HPCI. The criteria for the HPCI subject home is: single-family dwelling, 2,200 square feet (approximately) four bedrooms, two and one-half baths, family room (or equivalent) and two-car garage in neighborhoods/zip codes within a market that is typical for corporate middle-management transferees.

About Coldwell Banker Real Estate

Since 1906, the Coldwell Banker^® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,500 residential real estate offices and approximately 100,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International^® division. It is a pioneer in consumer services with its Coldwell Banker Concierge^® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker^® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

1 2,200 square feet was the baseline figure used as size criteria for the HPCI subject homes. However, it is possible that in certain markets the size of the subject homes varied.
 
2 The Canadian dollar to U.S. dollar conversion rate was $.93. The date of conversion was 9/15, and http://www.bank-banque-canada.ca was used to convert the figures.

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