The 2009 Coldwell Banker Home Price Comparison Index (HPCI) found a price gap of more than $2 million between the most expensive and affordable U.S. markets.
In the annual comparison of similar 2,200-square foot homes in 310 U.S. 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.
http://www.coldwellbanker.com/servlet/News?action=viewNewsItem&contentId=14527705&customerType=News
what you think Jim? Is this a reflection of LaJolla being separate from the rest of San Diego or even the nation due to a unique buyer pool and international appeal? Or is it just last to correct, and a downturn is coming?
If you ever get to Grayling, Michigan, stop by Ray’s Canoes! …good fishing too!
🙂
Grayling is a great place — now you just have to get a job and work in Michigan.
La Jolla being #1, and Rancho Santa Fe not in the Top Ten just shows how ridiculous the survey was, measuring 2,200sf houses.
Carlsbad is the #1 most-expensive market in America, measuring houses only on streets named Babilonia.