Costa Rica Real Estate

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

Wednesday September 27, 6:52 am ET

Beverly Hills, Calif., and Minot, N.D., Rank As Most Expensive and Most Affordable U.S. Markets, Respectively, in the Annual Coldwell Banker Study

New to the HPCI in 2006: Home Prices Evaluated in 42 International Markets

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® 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®, 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 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® 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® 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®
Since 1906, the Coldwell Banker® 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® 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 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 - News), the world's largest real estate franchisor. Coldwell Banker® 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® 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 www.oanda.com.
Source: Coldwell Banker

posted by Coldwell Banker Costa Rica @ 6:09 PM