2006 Coldwell Banker(R) Home Price Comparison Index Reveals That $1.7 Million Separates Celebrity Glitz of Rodeo Drive From the Rugged Western Frontier of Rodeo Country

PARSIPPANY, N.J., Sept. 27 /PRNewswire/ -- What does it take to live among movie stars in Beverly Hills, Calif., who shop on Rodeo Drive and dine at the world renowned Spago? How much is needed to mingle with the high fashion set in Milan, Italy, against the majestic backdrop of the Duomo and evenings at La Scala opera house? According to the 2006 Coldwell Banker(R) Home Price Comparison Index (HPCI), an "apples to apples" comparison of similar homes sold in typical, middle management neighborhoods, it will take at least $1.8 million to buy a house in either of those markets. However, the cosmopolitan lifestyle may not be for everyone. For those who prefer to soak in wide open western spaces, Minot, N.D., home to Minot Air Force Base, is an alternative. A similarly sized home would cost only $132,333 in Minot where residents enjoy such classic Americana as the North Dakota State Fair, local ethnic festivals like the Norsk Hostfest and access to any number of rodeos and bull riding events.

The 2006 Coldwell Banker HPCI evaluated home prices in a total of 384 markets, including, for the first time, 42 international markets outside of North America. The study found that home prices (all figures in U.S. dollars) in Amsterdam, the Netherlands ($483,513) are comparable to those in Bend, Ore. ($482,750); Dubai, United Arab Emirates ($374,332) matches up to Portland, Maine ($375,500); prices in Warsaw, Poland ($317,586) are similar to those in Atlanta, Ga. ($322,210); and Sydney, Australia ($683,109) is on par with Bellevue, Wash. ($658,000). Interestingly, Vancouver ($887,762) is the most expensive city in Canada just as the West Coast leads the U.S. charts.

Serving as a "snapshot" study, the Coldwell Banker HPCI evaluated average home values for select 2,200 square foot single-family dwellings with four bedrooms, two and one-half baths, a family room (or equivalent) and a two-car garage(1) in 384 total markets across the United States, Puerto Rico, Canada and also key international markets where Coldwell Banker has a presence.

The cumulative average sales price of the homes surveyed in the 317 U.S. markets (and one in Puerto Rico) covered in the Coldwell Banker HPCI is $423,950, a 6 percent increase over $401,767 from the same period in 2005. The 2001 Coldwell Banker HPCI showed a national average price for the subject home to be $269,241, 57 percent below this year's survey result.

"While 2006 likely will be the third best year in real estate history according to the National Association of REALTORS(R), there has been a shift to a buyers market," says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corporation. "With a larger inventory to choose from, buyers are taking their time and exploring several different homes before choosing to make an offer. Sellers, on the other hand, are beginning to be more realistic in what the market will bear for their home. It is critical for these sellers to work with their sales associate to set a proper price.

"Looking at the data, in many markets you can buy a nice home with many amenities for a reasonable price," Gillespie said. "Twenty nine percent of the reporting markets indicated that their surveyed home averages were below the National Association of REALTORS median single family home price of $225,700. It is also interesting to note that a full 47 percent of the U.S. markets on our survey averaged below $300,000. Ultimately, the HPCI is designed as a guide for consumers to get a sense of how much a typical middle-management home may cost in various cities around the country and the globe," Gillespie adds.

Gillespie also indicated that through a comprehensive HPCI section on http://www.coldwellbanker.com/, consumers can calculate what their homes may be worth in other areas in the United States and gather preliminary intelligence about the affordability of housing from one market to another.

  2006 Coldwell Banker(R) HPCI -- Highlights and Top Market Lists

  -- Beverly Hills, Calif., replaces La Jolla, Calif., as the study's most
     expensive market in 2006 ($1.8 million). Minot, N.D. returns as the
     most affordable market, at $132,333. Minot also ranked as the most
     affordable market in 2004, at $130,300. In 2005, Killeen, Texas,
     replaced Minot as the most affordable market.

  -- The price difference between Beverly Hills and Minot is $1.67 million
     for a similar 2,200 square foot home. There is a $1.68 million
     difference between Milan, Italy and Minot.

  -- Once again, nine of the top 10 most expensive markets in the U.S. are
     in California. Greenwich, Conn., is again the lone market in the top 10
     not in the Golden State, ranking eighth with an HPCI average sales
     price of $1.4 million. Other pricey areas outside of California
     include: Boston, Mass. ($1.28 million); Wellesley, Mass. ($1.19
     million); Ridgewood, N.J. ($1.01 million); Kihei, Maui, Hawaii
     ($935,000); Chicago ($916,667); and Katonah, N.Y. ($912,000). Note that
     the borough of Manhattan in New York City was not included in the study
     because of the lack of single-family homes.

  -- Markets that rank nearest to the HPCI national average sales price of
     $423,950 include Minneapolis, Minn., ($421,433) and Northampton, Mass.
     ($431,000). Bakersfield ($411,500) is the least expensive market in
     California, and a mere 3 percent below the national average.

  -- The most expensive international markets included (prices converted to
     U.S. dollar as of September 5, 2006): Milan, Italy ($1.81 million); St.
     Thomas, V.I. ($1.45 million); Bermuda ($1.44 million); Dublin ($1.41
     million); and, Rome ($1.26 million). The most affordable international
     market tracked was Bogota, Colombia, at $56,522.

  TABLE 1

The top 10 most expensive and most affordable surveyed U.S. markets overall in 2006 are:

  Rank Most Expensive       2006 Avg.   Most Affordable          2006 Avg.
                            Sales Price                          Sales Price
  1  Beverly Hills, Calif.  $1,800,000   Minot, N.D.             $132,333
  2  Santa Monica, Calif.   $1,766,666   Killeen, Texas          $140,310
  3  La Jolla, Calif.       $1,762,500   Arlington, Texas        $140,975
  4  Santa Barbara, Calif.  $1,700,000   Grayling, Mich.         $144,250
  5  Palo Alto, Calif.      $1,652,042   Topeka, Kan.            $148,050
  6  Newport Beach, Calif.  $1,566,250   Canton, Ohio            $148,333
  7  San Jose, Calif.       $1,410,662   Tulsa, Okla.            $148,575
  8  Greenwich, Conn.       $1,403,750   Billings, Mont.         $150,141
  9  San Mateo, Calif.      $1,366,139   Fort Worth, Texas       $151,250
  10 San Francisco, Calif.  $1,363,750   Cadillac, Mich.         $151,530

  TABLE 2

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

   State          Most         2006 Avg.   Most       2006 Avg.   Variance
                  Expensive    Sales Price Affordable Sales Price
   ALASKA         Juneau         $472,500  Anchorage   $303,750   $168,750
   ALABAMA        Mobile         $216,109  Huntsville  $204,300    $11,809
   ARIZONA        Scottsdale     $502,800  Mesa        $253,600   $249,200
   ARKANSAS       Fayetteville   $248,012  Fort Smith  $179,225    $68,787
   CALIFORNIA     Beverly                  Bakersfield $411,500 $1,388,500
                  Hills        $1,800,000
   COLORADO       Boulder        $536,000  Colorado
                                           Springs     $217,000   $319,000
   CONNECTICUT    Greenwich    $1,403,750  West
                                           Hartford    $393,000 $1,010,750
   DELAWARE       Wilmington     $384,000 *
   FLORIDA        Key West       $872,250  Pensacola   $272,133   $600,117
   GEORGIA        Atlanta        $322,210  Macon       $166,300   $155,910
   HAWAII         Kihei, Maui    $935,000  Honolulu,
                                           Hawaii      $858,750    $76,250
   IDAHO          Boise          $250,925  Coeur
                                           d'Alene     $248,853     $2,072
   ILLINOIS       Chicago        $916,667  Rockford    $186,626   $730,041
   INDIANA        Munster        $323,900  Evansville  $175,437   $148,463
   IOWA           Des Moines     $249,907  Sioux City  $184,000    $65,907
   KANSAS         Lawrence       $247,450  Topeka      $148,050    $99,400
   KENTUCKY       Lexington      $266,750  Florence    $210,697    $56,053
   LOUISIANA      New Orleans    $311,821  Shreveport  $218,641    $93,180
   MAINE          Portland       $375,500  Augusta     $156,125   $219,375
   MARYLAND       Bethesda       $879,100  Hagerstown  $332,750   $546,350
   MASSACHUSETTS  Boston       $1,275,000  Worcester   $308,833   $966,167
   MICHIGAN       Ann Arbor      $324,500  Grayling    $144,250   $180,250
   MINNESOTA      Edina          $438,662  Rochester   $218,084   $220,578
   MISSISSIPPI    Jackson        $235,750  Tupelo      $178,168    $57,582
   MISSOURI       St. Louis      $255,000  Springfield $188,318    $66,682
   MONTANA        Bozeman        $332,250  Billings    $150,141   $182,109
   NEBRASKA       Kearney        $212,250  North
                                           Platte      $187,750    $24,500
   NEVADA         Reno           $436,750  Las Vegas   $361,250    $75,500
   NEW HAMPSHIRE  Hanover        $510,000  Portsmouth  $308,000   $202,000
   NEW JERSEY     Ridgewood    $1,009,750  Cherry Hill $289,855   $719,895
   NEW MEXICO     Santa Fe       $593,750  Albuquerque $279,499   $314,251
   NEW YORK       Katonah        $912,000  Binghamton  $171,135   $740,865
   NORTH CAROLINA Wilmington     $335,725  Greensboro  $195,905   $139,820
   NORTH DAKOTA   Fargo          $211,500  Minot       $132,333    $79,167


   OHIO           Columbus       $251,364  Canton      $148,333   $103,031
   OKLAHOMA       Oklahoma City  $193,500  Tulsa       $148,575    $44,925
   OREGON         Bend           $482,750  Salem       $304,000   $178,750
   PENNSYLVANIA   Philadelphia   $518,700  Erie        $188,975   $329,725
   RHODE ISLAND                           Providence  $565,000 *
   SOUTH CAROLINA Charleston     $361,250  Columbia    $191,666   $169,584
   SOUTH DAKOTA   Rapid City     $199,600  Sioux Falls $170,775    $28,825
   TENNESSEE      Chattanooga    $232,817  Knoxville   $184,933    $47,884
   TEXAS          Dallas         $288,278  Killeen     $140,310   $147,968
   UTAH           Salt Lake City $341,250  Provo       $320,000    $21,250
   VERMONT        Burlington     $371,725  Rutland     $287,500    $84,225
   VIRGINIA       Alexandria     $805,000  Lynchburg   $262,325   $542,675
   WASHINGTON     Bellevue       $658,000  Tri-Cities  $221,850   $436,150
   WEST VIRGINIA  Charleston     $187,750  Beckley     $152,000    $35,750
   WISCONSIN      Milwaukee      $331,725  Eau Claire  $161,531   $170,194
   WYOMING                                Cheyenne    $213,166 *


  The 2006 average price in the District of Columbia:
  DISTRICT OF COLUMBIA               $791,750 *

  The 2006 average price in the Commonwealth of Puerto Rico:
  PUERTO RICO               San Juan suburbs $316,250 *


  TABLE 3

The most expensive and most affordable markets (in U.S. dollars) within each province in Canada(3)are:

   Province     Most       2006 Avg.     Most         2006 Avg.     Variance
   /Territory   Expensive  Sales Price   Affordable   Sales Price
   ALBERTA       Calgary   $420,652      Edmonton     $324,436       $94,216
   BRITISH
    COLUMBIA     Vancouver $887,762      Burnaby      $534,715      $353,047
   MANITOBA                            Winnipeg $255,645 *
   NEW BRUNSWICK                       Moncton $190,462 *
   NEWFOUNDLAND                       St. John's $185,059 *
   NOVA SCOTIA                         Halifax $207,781 *
   ONTARIO       Toronto   $654,602      Brantford    $235,139      $419,463
   PRINCE EDWARD
    ISLAND                           Charlottetown $133,245 *
   QUEBEC                              Montreal $218,860 *
   SASKATCHEWAN                       Saskatoon $226,818 *
   YUKON                             Whitehorse $258,879 *

  * Only one market included in the study.



  TABLE 4

A sampling of the most expensive and most affordable surveyed international markets(3) (in U.S. dollars and local currency are):

                                   2006 Price in      2006 Price in
  Country           Market         U.S. Dollars #     Local Currency #

  AUSTRALIA        Sydney             $683,109         887,200 Dollars
  BAHRAIN          Manama-Muharraq    $196,688          74,000 Dinars
  BELIZE           San Pedro          $587,913       1,125,000 Dollars
  BERMUDA          Bermuda          $1,442,813       1,425,000 Dollars
  CHINA            Beijing             $63,994         507,569 Yuan Renminbi
                   Shanghai            $65,297         517,905 Yuan Renminbi
                   Zhejing             $68,268         541,465 Yuan Renminbi
  COLOMBIA         Bogota              $56,522         141,111 Pesos
  COSTA RICA       San Jose           $322,999     161,144,650 Colones
  EGYPT            Sharm El Sheikh    $121,619         693,022 Pounds
  FRANCE           Paris            $1,423,632       1,107,075 Euros
                   Nice               $632,227         491,646 Euros
  INDIA            Rajkot              $78,09        3,617,875 Rupees
  INDONESIA        Jakarta            $253,690   2,300,000,000 Rupiahs
  IRELAND          Cork County        $671,904         522,500 Euros
                   Dublin           $1,406,497       1,093,750 Euros
                   Galway County      $821,394         638,750 Euros
                   Limerick County    $549,739         427,500 Euros
  ITALY            Milan            $1,814,461       1,411,000 Euros
                   Naples           $1,170,848         910,500 Euros
                   Rome             $1,258,614         978,750 Euros
  JAPAN            Tokyo              $785,818      91,458,888 Yen
  MEXICO           Mexico City        $295,087       3,206,250 Pesos
  NETHERLANDS      Amsterdam          $483,513         376,000 Euros
  NICARAGUA        San Juan del Sur   $320,328       5,279,750 Oro
  PANAMA           Panama City        $174,000    USD $174,000
  POLAND           Cracow             $291,637         899,157 Zloty
                   Gdansk             $260,318         802,596 Zloty
                   Warsaw             $317,586         979,161 Zloty
  PORTUGAL         Algarve            $358,456         278,750 Euros
                   Cascais            $491,872         382,500 Euros
                   Lisbon             $983,744         765,000 Euros
  SAUDI ARABIA     Riyadh             $100,937         386,000 Riyals

  SINGAPORE        Singapore          $758,430       1,190,000 Dollars
  SPAIN            Madrid           $1,061,762         825,670 Euros
                   Sevilla            $779,682         606,313 Euros
                   Valencia           $707,421         550,120 Euros
  ST. CROIX        Christiansted      $872,500    USD $872,500
  ST. THOMAS       St. Thomas       $1,453,750  USD $1,453,750
  TURKS AND CAICOS Turks and Caicos   $566,250    USD $566,250
  UNITED ARAB
   EMIRATES        Dubai              $374,332       1,374,531 Dirhams
  VENEZUELA        Caracas            $113,462         243,807 Bolivar

  # Prices converted to U.S. dollar as of September 5, 2006

  Methodology -- 2006 Coldwell Banker(R) Home Price Comparison Index:

Coldwell Banker Real Estate Corporation conducted its Home Price Comparison Index study by compiling survey data from Coldwell Banker offices throughout the United States, Puerto Rico, Canada and other countries where the Coldwell Banker system has a presence. Companies within the Coldwell Banker system submitted data based on the average sales price of sold listings through July 2006 or a comparative market analysis of homes previously evaluated for the 2005 HPCI. The criteria for the HPCI subject home is: single-family dwelling, 2,200 square feet (approximately)(2), 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(R)

Since 1906, the Coldwell Banker(R) organization has been a premier provider of full-service real estate. In 2005, Franchise Times magazine's prestigious Top 200 issue ranked the Coldwell Banker system number one in real estate and number nine among all franchisors. The Coldwell Banker System has more than 4,000 residential and commercial real estate offices and 127,700 Sales Associates in 30 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 properties through its Coldwell Banker Previews International(R) division. It is a pioneer in consumer services with its Coldwell Banker Concierge(R) Service Program and award-winning Web site, http://www.coldwellbanker.com/. Coldwell Banker Mortgage is one of the largest telephone/web based lenders in the country. Coldwell Banker Real Estate Corporation is a subsidiary of Realogy Corporation (NYSE: H) , the world's largest real estate franchisor. Coldwell Banker(R) is a registered trademark licensed to Coldwell Banker Real Estate Corporation. Each office is independently owned and operated except for offices owned and operated by NRT Incorporated.

(1) The Coldwell Banker(R) Home Price Comparison Index (HPCI) is not intended and should not be deemed to be a definitive determination of price for any particular real estate. While the HPCI offers insight into housing costs, Coldwell Banker Real Estate Corporation recommends that potential homebuyers and sellers conduct additional research and work with a reputable real estate professional on their specific needs.

(2) 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.

(3) Currency exchange rates were calculated as of September 5, 2006 on http://www.oanda.com/.