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News : Property Last Updated: Feb 14, 2011 - 1:56 PM


International house price comparison index for 2007 ranks Dublin, Ireland and Beverly Hills, California for world's most expensive comparable management level family homes
By Finfacts Team
Aug 16, 2008 - 1:50 AM

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A Savills Property of the Week in August 2008 at Moyne Road, Ranelagh in South Dublin; €2,300,000/$3,450,000 - 5 bedrooms and only street parking, if available.
An international house price comparison index ranks Dublin, Ireland as the most expensive studied global market outside of North America where a management level family home in 2007, averaged $2.1 million US dollars (€1.56 million) compared with the $422,343 US average and the highest value comparable house in Beverly Hills, California was valued at $2.2 million. The 2007 Coldwell Banker Home Price Comparison Index (HPCI) charts a total of 13 markets outside of the United States which average more than $1 million, including Milan ($1.9 million), Rome ($1.7 million) and Paris ($1.7 million).  Bogotá, Colombia, ($140,100) is the most affordable foreign studied market. Several markets including Egypt’s Sharm El Sheikh ($144,896), Charlottetown, Canada, ($157,630) and Granada, Nicaragua, ($158,375) also average below $200,000. Warsaw ($417,760) in Poland is the foreign market closest to the $422,343 US average.

“There is greater movement of people around the world and it is not only American baby boomers and relocated workers moving outside the US,” says Jim Gillespie, President and CEO of US realtors Coldwell Banker Real Estate.  “The National Association of Realtors recently reported that 32% of all Realtors in the US had at least one international client during the last year.  Our HPCI serves as a guide for these world travelers and interested consumers to get a sense of how much a typical middle-management home may cost in various markets around the globe.” 

“Location. Location. Location.”  The age-old adage that defines home prices equates to a $2.1 million difference between America's most expensive and affordable housing markets according to the Coldwell Banker HPCI.  This annual “apples to apples” comparison of similar middle management homes in 317 US markets finds that Beverly Hills repeats as the most expensive market in the nation.  An average 2,200 square foot, 4 bedroom, 2 ½ bath home in Beverly Hills would cost $2.21 million. Yet, more than 1,400 miles away from the glitz of Rodeo Drive, the Beverly Wilshire Hotel and Spago sits Killeen, Texas, the nation’s most affordable studied market where a home with similar characteristics would cost $136,725.   Killeen residents rejoice in their fishing, hunting, boating and Friday Night Lights-type high school football passions while embracing their role as a support system for the family and troops based at Fort Hood.

Killeen is not the only military community to score well on the HPCI’s most affordable list.  In fact, six of the nation’s 10 most affordable markets are also home to or located in close proximity to major US military posts.

Serving as a “snapshot” study, the Coldwell Banker HPCI evaluates 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 garage1 in 394 markets across the United States, Puerto Rico, Canada and a sampling of countries/territories outside of North America where Coldwell Banker has a presence.

The cumulative average sales price of the homes surveyed in the 317 US markets (including one in Puerto Rico) covered in the Coldwell Banker HPCI is $422,343.   By comparison, the National Association of Realtors reports the median price for all existing homes sold in the US, regardless of type, is $218,200.  

“The real estate market has certainly changed over the last year,” says Jim Gillespie. “I continue to point out that we can not make national blanket statements about appreciation and inventory. Real estate is a local business; with each market having its own story to tell.”

“People continue to move for lifestyle; they did before, they are today and they will tomorrow,” Gillespie adds.

2007 Coldwell Banker HPCI – Highlights and Top Market Lists

  • Beverly Hills, Calif., repeats as the most expensive US market in the study ($2.2 million). Killeen, Texas, regains its 2005 crown as the nation’s most affordable market at $136,725.  Minot, N.D., the most affordable market in 2006, saw five percent appreciation for the subject home over the last year and drops to second on the most affordable list ($139,033). 

  • Eight of the top 10 most expensive markets in the US are in California, but Greenwich, Conn., jumped from the eighth most expensive market a year ago to second this year ($2 million).  Boston  ($1.38 million) is the only other market outside of California to make the top 10 most expensive market list.  In all, 16 US markets exceed the $1 million average price for the surveyed home.  Joining Greenwich and Boston on that list outside of California are Wellesley, Mass. ($1.19 million) and Ridgewood, N.J. ($1.01 million).  Note:  Manhattan in New York City was not included in the study because of the lack of comparable single-family homes.  

  • Six of the most affordable US markets are home to or nearby major military bases: Killeen, Texas:  Fort Hood (Killeen) Minot, N.D.:  Minot Air Force Base (Minot) Arlington and Fort Worth, Texas:  Naval Air Station Joint Reserve Base (Fort Worth) Wichita, Kansas:  McConnell Air Force Base (Wichita) Grayling, Mich.: Camp Grayling (Grayling)

  • While the Northeast Corridor (from Maine to Washington, D.C.) and California combine for all but five of the most expensive 40 US markets, only two locations from those regions (Augusta, Maine, and Binghamton, N.Y.) appear among the top 40 most affordable markets. Texas, led by Killeen, has eight of the study’s 40 most affordable markets.

  • The cumulative average sales price of the homes surveyed in the 317 US markets (including one in Puerto Rico) covered in the Coldwell Banker HPCI is $422,343, which is only four-tenths of one percent lower than the 2006 average of $423,950.  This change only reflects homes matching HPCI specifications in surveyed markets and is not necessarily reflective of overall market conditions.  Although the HPCI focuses on a “snapshot” look at subject homes meeting study criteria and is not intended to show overall market conditions, a comparison of the 2007 and 2006 surveys indicates 148 markets saw a rise in value of the HPCI subject homes, compared to 139 that dipped. 

  • Markets that rank nearest to the HPCI national average sales price of $422,343 include Modesto, Calif., ($421,667), Minneapolis, Minn., ($415,767) and Frederick, Md., ($415,000)

  • Canada mirrors the US with its costliest market being on the West Coast.  Vancouver, British Columbia, tops the Canadian list where subject homes average $1,327,875.  The most affordable studied market in Canada is Charlottetown, Prince Edward Island ($157,630).  The price difference from Vancouver to Charlottetown is $1,170,245.

  • The most expensive studied international markets included (prices converted to US dollars as of Sept. 7, 2007): Dublin, Ireland ($2.13 million); Milan, Italy ($1.91 million); Rome, Italy ($1.79 million) and Paris, France ($1.67 million).  The most affordable international market tracked is Bogotá, Colombia, at $140,100.

TABLE 1
The top 10 most expensive and most affordable surveyed U.S. markets overall in 2007 are:


Rank
Most Expensive 2007 Avg. Sales Price Most Affordable 2007 Avg. Sales Price

1

Beverly Hills, Calif. $2,206,883 Killeen, Texas $136,725

2

Greenwich, Conn. $2,018,750 Minot, N.D. $139,033

3

La Jolla, Calif. $1,800,000 Arlington, Texas $139,175

4

Santa Monica, Calif. $1,785,000 Canton, Ohio $146,333

5

Palo Alto, Calif. $1,677,000 Muncie, Ind. $150,000

6

Newport Beach, Calif. $1,617,500 Topeka, Kan. $150,075

7

Santa Barbara, Calif. $1,599,667 Fort Worth, Texas $151,250

8

San Mateo, Calif. $1,498,023 Tulsa, Okla. $153,750

9

San Francisco, Calif. $1,451,250 Grayling, Mich. $155,000

10

Boston, Mass. $1,381,250 Wichita, Kansas $156,500

TABLE 2
The most expensive and most affordable surveyed U.S. markets within each state in 2007 were:


State
Most Expensive 2007 Avg.
Sales Price
Most Affordable 2007 Avg.
Sales Price
Variance
ALASKA Juneau

$465,000

Anchorage

$340,302

$124,698

ALABAMA Mobile

$232,375

Huntsville

$212,183

$20,192

ARIZONA Scottsdale

$525,667

Mesa

$257,467

$268,200

ARKANSAS Fayett
eville

$252,950

Fort Smith

$183,950

$69,000

CALIF
ORNIA
Beverly Hills

$2,206,883

Sacramento

$380,625

$ 1,826,258

COLORADO Boulder

$615,000

Colorado Springs

$197,500

$417,500

CONNE
CTICUT
Greenwich

$2,018,750

West Hartford

$365,000

$1,653,750

DELAWARE

Wilmington $414,500 *

FLORIDA Key West

$929,818

Port Charlotte

$239,100

$690,718

GEORGIA Atlanta

$324,000

Macon

$165,440

$158,560

HAWAII Kihei, Maui

$963,000

Honolulu

$843,750

$119,250

IDAHO Boise

$250,400

Coeur d’Alene

$250,370

$30

ILLINOIS Chicago

$732,333

Rockford

$199,875

$532,458

INDIANA Munster

$341,667

Muncie

$150,000

$191,667

IOWA Des Moines

$260,275

Sioux City

$184,000

$76,275

KANSAS Lawrence

$232,300

Topeka

$150,075

$82,225

KENTUCKY Louisville

$238,000

Florence

$209,579

$28,421

LOUIS
IANA
New
Orleans

$310,875

Shreveport

$225,750

$85,125

MAINE Portland

$354,000

Augusta

$157,400

$196,600

MARYLAND Bethesda

$950,000

Hagerstown

$316,450

$633,550

MASSA
CHUSETTS
Boston

$1,381,250

Worcester

$286,000

$1,095,250

MICHIGAN Ann Arbor

$303,750

Grayling

$155,000

$148,750

MINNESOTA Edina

$434,975

Rochester

$211,329

$223,646

MISSISS
IPPI
Jackson

$244,000

Tupelo

$179,125

$64,875

MISSOURI Kansas City

$238,875

Springfield

$189,650

$49,225

MONTANA Bozeman

$341,212

Billings

$168,542

$172,670

NEBRASKA Norfolk

$212,250

North Platte

$195,762

$16,488

NEVADA Reno

$384,500

Las Vegas

$362,188

$22,312

NEW HAMPSHIRE Hanover

$496,000

Portsmouth

$283,000

$213,000

NEW JERSEY Ridgewood

$1,006,250

Cherry Hill

$287,167

$719,083

NEW MEXICO Santa Fe

$640,062

Albuquerque

$317,319

$322,743

NEW YORK Katonah

$904,750

Binghamton

$193,382

$711,368

NORTH CAROLINA Wilmington

$339,082

Greensboro

$182,178

$156,904

NORTH DAKOTA Fargo

$217,890

Minot

$139,033

$78,857

OHIO Cincinnati

$250,530

Canton

$146,333

$104,197

OKLAHOMA Oklahoma City

$193,750

Tulsa

$153,750

$40,000

OREGON Medford

$433,250

Salem

$311,567

$121,683

PENN
SYLVANIA
Phila
delphia

$515,225

Erie

$205,475

$309,750

RHODE ISLAND

Providence $483,333 *

SOUTH CAROLINA Charleston

$389,750

Columbia

$198,967

$190,783

SOUTH DAKOTA

Rapid City $197,600 *

TENNESSEE Nashville

$238,333

Memphis

$191,936

$46,397

TEXAS Dallas

$302,198

Killeen

$136,725

$165,473

UTAH Salt Lake City

$408,125

Provo

$363,975

$44,150

VERMONT Burlington

$373,475

Rutland

$291,718

$81,757

VIRGINIA Alexandria

$771,500

Lynchburg

$275,269

$496,231

WASH
INGTON
Bellevue

$763,667

Tri-Cities

$228,988

$534,679

WEST VIRGINIA Charleston

$176,625

Parkersburg

$164,333

$12,292

WISCONSIN Milwaukee

$324,750

Eau Claire

$158,650

$166,100

WYOMING

Cheyenne $225,956*


TABLE 4
All surveyed international markets; conversions through September 7, 2007:

Country

Market

2007 Avg. Sales Price in U.S. $*

2007 Average Sales Price in Local Currency*

ARUBA Aruba

$236,250

418.163 AWG

AUSTRALIA Brisbane

$657,464

742,750 AUD

Sydney

$874,553

998,000 AUD

Perth

$750,850

848,250 AUD

BAHRAIN Manama-Muharraq

$230,500

86,500 BD

BELIZE San Pedro

$697,500

1,395,000 BZD

CHINA Beijing

$709,687

5,372,121 CNY

Hangzhou

$870,996

6,604,235 CNY

Shanghai

$774,799

5,865,000 CNY

Suzhou

$241,275

1,825,000 CNY

COLOMBIA Bogotá

$140,100

281,600,000 COP

COSTA RICA San Jose

$389,900

206,545,626 CRC

EGYPT Cairo

$328,719

1,900,000 EGP

Sharm El Sheikh

$144,896

837,500 EGP

FRANCE Lyon

$650,485

468,656 EUR

Marseilles

$547,039

394,126 EUR

Nice

$563,080

405,683 EUR

Paris

$1,677,878

1,208,863 EUR

HONDURAS Tegucigalpa

$377,500

7,182,881 HNL

IRELAND Cork County

$1,630,061

1,187,500 EUR

Dublin

$2,133,891

1,562,500 EUR

Galway County

$1,124,987

823,750 EUR

Limerick County

$1,091,283

795,000 EUR

ITALY Milan

$1,917,195

1.441.500 EUR

Florence

$1,352,167

1.016.667 EUR

Rome

$1,793,838

1.348.750 EUR

JAMAICA St. Andrew

$273,061

18,431,625 JMD

JAPAN Tokyo

$780,346

90,059,560 JPY

MALTA Attard

$274,200

84,952 MTL

Marsascala

$294,250

91,164 MTL

VSt. Julians

$255,500

79,159 MTL

MEXICO Guadalajara

$246,522

2,746,810 MXN

Mexico City

$277,213

3,088,777 MXN

Monterrey

$274,043

3,053,456 MXN

NETHERLANDS Amsterdam

$537,148

387,000 EUR

NICARAGUA Granada

$190,000

3,616,080 NIO

PANAMA Panama City

$201,333

204,655 PAB

POLAND Cracow

$368,527

1,028,750 PLN

Gdansk

$283,792

792,500 PLN

Warsaw

$479,000

1,337,500 PLN

PORTUGAL Algarve

$383,878

278,750 EUR

Cascais

$526,758

382,500 EUR

Lisbon

$1,053,584

765,000 EUR

ROMANIA Bucharest

$607,200

1,372,000 RON

SINGAPORE Singapore

$1,039,545

1,572,000 SGD

SPAIN Madrid

$1,135,351

829.798 EUR

Seville

$906,009

662.094 EUR

Valencia

$774,613

566.073 EUR

ST. CROIX Christiansted

$702,500

US$702,500

TURKEY Istanbul

$417,760

543088 TRY

UNITED ARAB EMIRATES Dubai

$1,127,459

4,126,500AED

* Conversions done on oanda.com as of September 7, 2007; All currencies listed are local to each country/territory

Methodology – 2007 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 system has a market presence. Companies within the offices throughout the United States, Puerto Rico, Canada and a sampling of other countries where the Coldwell BankerColdwell Banker system submit data based on the average sales price of sold listings through July 2007 or a comparative market analysis of homes previously evaluated for the 2006 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.

Finfacts Report:International House Price Comparisons 1970-2006: Irish price growth in 36-year period third highest among 18 Developed Countries

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