Coldwell Banker® 2007 College Market Home Price Comparison Index

COLDWELL BANKER® 2007 COLLEGE MARKET HOME PRICE COMPARISON INDEX REVEALS MUNCIE, IND., HOME TO THE BALL STATE CARDINALS, IS NATION'S MOST AFFORDABLE COLLEGE TOWN

STATE COLLEGE'S AVERAGE SALES PRICE IS $307,500 AND RANKS AS ONE OF THE NATION'S MORE EXPENSIVE COLLEGE TOWNS

PARSIPPANY, N.J. (November 14, 2007) - College towns bring together academic minds, alumni, students and sports enthusiasts, especially in the fall when football fans flock to reconnect with the nostalgia of happy college years. The reasons they come - pageantry, culture, tradition and idealic settings - are also the reason many want to stay and become homeowners in towns like State College.

According to the third annual Coldwell Banker® College Home Price Comparison Index (HPCI), while Ohio State may be leading the nation in the football polls, it is the Ball State Cardinals and Stanford Cardinal that hold the distinction of being located in the nation's most affordable and expensive college towns, respectively.

The Coldwell Banker College HPCI finds that Muncie, Ind., home to Ball State University, ranks as the most affordable college town in the U.S., where a 2,220-foot, 4 bedroom 2.5 bath home with a family room and two car garage², would average $150,000. For the third straight year Palo Alto, Calif., home to Stanford University, is the nation's most expensive college town where a similar home would cost $1,677,000.

This year, the Coldwell Banker College HPCI also found that State College is one of the more expensive college towns in the Big Ten Conference, with home prices in 2007 averaging $307,500. State College ranks comparably with other college towns such as Ann Arbor, MI.

The Coldwell Banker College Market HPCI examines the markets that are home to 119 Football Bowl Subdivision (I-A) schools. Additional information about the entire HPCI study, which ranked more than 300 markets across the United States and Puerto Rico in affordability for the same 2,200 square-foot subject home, is available at www.coldwellbanker.com.

Coombs also points out that the survey can be a guide for parents interested in buying homes for their college-aged sons and daughters. "Real estate professionals have been doing this for years. Once their child is able to live off-campus, they do so in the family-owned home with classmates paying rent as roommates. Over time, the home appreciates in value and the family can keep it or sell it with the proceeds going towards the college payments," Coombs says. And lately, many parents of Penn State students are foregoing paying room and board, preferring to own a home for their child to live in and collect rent from their roommates to apply to the mortgage.

Reference:

Methodology - 2007 Coldwell Banker® College Market Home Price Comparison Index:

Coldwell Banker Real Estate LLC conducted its College Home Price Comparison Index study by compiling survey data from Coldwell Banker® offices throughout the United States. Companies within the Coldwell Banker system submitted data based on the average sales price of sold listings in 2007 or a comparative market analysis of homes previously sold. Because no Coldwell Banker offices serve Tuscaloosa, Ala.; Stillwater, Okla.; Lincoln, Neb.; Charlottesville, Va.; Morgantown, W. Va., Bowling Green, Ohio; Athens, Ohio; Laramie, Wyo.; Troy, Ala.; and Ames, Iowa, the average prices reflected in the study were from local Multiple Listing Service data collected on Oct. 2, 2007. The criteria for the College 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 full-service real estate provider. In 2007, Franchise Times magazine's prestigious Top 200 issue ranked the Coldwell Banker system number one in real estate for the eighth straight year and 12th among all franchisors. The Coldwell Banker System has approximately 3,800 residential real estate offices and more than 120,000 sales associates in 42 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 awardwinning Web site, www.coldwellbanker.com. Coldwell Banker Mortgage is one of the largest telephone/web based lenders in the country. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocations services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.