Within the past 72 hours, some misinformation regarding the extension and expansion of the first-time home buyer tax credit has been disseminated through various media outlets. As of today, no formal bill regarding an amended tax credit program has been passed. On Wednesday, October 28, 2009, Senate leaders reached a tentative agreement to extend and expand the federal first-time home buyers' tax credit originally set to expire November 30. While the method for passage remains uncertain, the deal would extend the $8,000 credit for first-time buyers until April 30, by which point they must have sales agreements in hand. These buyers would have until June 30, however, to go to settlement. The agreement would also provide a $6,500 credit for current homeowners who purchase a new residence in this time frame. To qualify, the homeowners must have lived in their primary residence for five continuous years. Qualifying income limits would also be raised to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000.
The Senate has not yet agreed whether the extension will be put up for a vote as its own bill or in conjunction with other legislation. Once it passes the Senate, the measure must be voted on by the House and signed into law by President Obama. Stay tuned to www.njar.com and the Week in Review e-newsletter for further developments. Until then, NJAR® continues to urge its members to respond to the NATIONAL ASSOCIATION OF REALTORS® (NAR) Call for Action (CFA) if they have not already done so.
On Monday, October 26, 2009, shortly before the tax credit deal was made in the Senate, NJAR® joined Congressman Leonard Lance (NJ-07) at a press conference in support of the extension and expansion of the federal first-time home buyer tax credit for residents across the state through 2010. Earlier this month, Lance introduced the Homebuyer Tax Credit Fairness Act (H.R. 2779) which would specifically extend and expand the popular tax credit from $8,000 to $15,000 through December 1, 2010, and open it to all people buying a primary residence regardless of income or past homeownership. For more on the press conference, view the press release and read the Asbury Park Press and NJ 101.5 news pieces on the NJAR® “In the News” page.
Friday, October 30, 2009
Senate Makes Tentative Agreement to Extend and Expand Tax Credit
Here's the latest from NJAR (New Jersey Association of Realtors):
Friday, October 9, 2009
2009 Home Price Comparison Index
For Greater National Perspective on Real Estate Trends & Home Values
and/or to Obtain Local Market Interviews:
David Siroty Heather Roberts Kathleen Reynolds
Coldwell Banker Real Estate LLC Coldwell Banker Real Estate LLC CooperKatz & Co.
973.407.7199 973.407.5590 917.595.3031
David.Siroty@coldwellbanker.com Heather.Roberts@coldwellbanker.com kreynolds@cooperkatz.com
COLDWELL BANKER REAL ESTATE RELEASES ANNUAL HOME PRICE COMPARISON INDEX FOR united states and SELECT international MARKETS
$2 Million Difference Between Four-Bedroom Homes In Most Expensive Market of La Jolla, Calif., and Most Affordable Market, Grayling, Mich.
Singapore Tops International List as Most Expensive Foreign Market; Salinas, Ecuador Most Affordable
PARSIPPANY, N.J. (Sept. 23, 2009) – The 2009 Coldwell Banker®
Home Price Comparison Index (HPCI) released today found a price gap of more than $2 million between the most expensive and most affordable U.S. housing markets. In the annual comparison of similar 2,200-square foot homes in 310 U.S. housing 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.
"While price differentials are interesting to compare, I am most intrigued with the affordability levels now seen across much of the nation," says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC. "The four-bedroom, two-and-a-half bath home is one we deem 'aspirational' and usually purchased by move-up buyers experiencing lifestyle changes. Thirty percent of the markets show this type of home to be below $200,000, illustrating the opportunity to take advantage of price declines, interest rate levels and increased selection of homes. Encouraging these move-up buyers back into the market is a crucial next step toward helping to rejuvenate the housing industry and the overall U.S. economy."
A "Snapshot" of U.S. Home Affordability
Offering a "snapshot" of affordability across the United States, the Coldwell Banker HPCI evaluates average home values for select 2,200 square foot single-family homes with four bedrooms, two-and-one-half baths.1 The cumulative average sales price of the four-bedroom homes surveyed in the 310 U.S. markets (including one in Puerto Rico) covered in the Coldwell Banker HPCI is $363,460.
Through the comprehensive HPCI section on the Coldwell Banker web site (http://hpci.coldwellbanker.com), prospective homebuyers and sellers can calculate what similar homes may be worth in other areas and gather preliminary intelligence about the affordability of housing from one market to another.
2009 Coldwell Banker
HPCI – Highlights and Top Market Lists
- Affordable and Attractive: In addition to Grayling, Mich., the following are interesting tidbits about the other nine most affordable U.S. markets:
- Akron, Ohio ($121,885), won the All-American City award three times and is birthplace to the ice cream cone
- Fayetteville, N.C. ($130,875), a historic city known for its strong military ties
- Canton, Ohio ($131,867), birthplace of American professional football and home to the NFL Pro Football Hall of Fame
- Detroit, Michigan ($132,000), America's automotive manufacturing and Motown music hub
- Arlington, Texas ($138,775), home to the Dallas Cowboys' new stadium which will host the 2011 Super Bowl XLV, and the Texas Rangers' Ballpark
- Macon, Ga. ($139,007), hometown to many legendary soul and blues acts like Otis Redding, and home of the Georgia Music Hall of Fame
- Eau Claire, Wis. ($141,270), which has been named one of the 100 Best Communities for Young People by America's Promise in the past
- Port Charlotte, Fla. ($142,750), which is minutes away from the Gulf of Mexico and setting to some of the country's best sunset views
- Wichita, Kans. ($144,625), home to more than 30 museums and a haven for art-lovers, theatre-goers and golfers alike
- Akron, Ohio ($121,885), won the All-American City award three times and is birthplace to the ice cream cone
- Low Cost to Homeownership: In total, there are 84 U.S. markets in which the sample home price averages under $200,000. The monthly mortgage cost for homes in this price range could average less than $600, and down payments could amount to less than $4,000.
- Luxury Living: La Jolla, Calif. heads the list as the most expensive real estate market in the country ($2,125,000), beating out its California neighbor Beverly Hills, where the average home costs $1,981,750. Greenwich, Conn., whose average price of $1,519,250 places it as the most expensive market on the East coast, followed by Boston at No. 7 overall. In total, 11 U.S. markets exceeded the $1 million average price for the surveyed home. Note: Manhattan in New York City was not included in the study because of the lack of comparable single-family homes.
- On Average: The overall national average price of homes in the 2009 Coldwell Banker HPCI is $363,401.
- Canadian Prices Reach Record Levels: Canada's brief market downturn is over, with record prices now seen throughout the resurgent market. Vancouver, BC leads the hot-again west coast at $1.17 million U.S. dollars for the studied home, nearly double that of nearby Burnaby BC at $611,243. Boomtown Fort McMurray at $593,340 surpasses Calgary as Alberta's most expensive market. Canada's largest city, Toronto, Ontario comes in at $766,643, while Charlottetown PEI remains the country's most affordable market, priced at $147,560 U.S. dollars.
- Most Expensive Internationally: The most expensive market outside the United States is Singapore, where an HPCI subject home averages $1.9 million U.S. dollars, ten percent lower than La Jolla. Coldwell Banker Real Estate compared a total of 57 markets in 29 countries outside of the United States, with those international home prices averaging $487,844 in U.S. dollars.
TABLE 1
The top 10 most expensive and most affordable surveyed U.S. markets overall in 2009 are:
Rank | Most Expensive | 2009 Avg. Sales Price | Most Affordable | 2009 Avg. Sales Price | |
1 | La Jolla, Calif. | $2,125,000 | Grayling, Mich. | $112,675 | |
2 | Beverly Hills, Calif. | $1,981,750 | Akron, Ohio | $121,885 | |
3 | Greenwich, Conn. | $1,519,250 | Fayetteville, N.C. | $130,875 | |
4 | Palo Alto, Calif. | $1,489,726 | Canton, Ohio | $131,867 | |
5 | Santa Monica, Calif. | $1,460,912 | Detroit, Mich. | $132,000 | |
6 | San Francisco, Calif. | $1,363,250 | Arlington, Texas | $138,775 | |
7 | Boston, Mass. | $1,337,578 | Macon, Ga. | $139,007 | |
8 | Newport Beach, Calif. | $1,315,505 | Eau Claire, Wis. | $141,270 | |
9 | Palos Verdes, Calif. | $1,237,041 | Port Charlotte, Fla. | $142,750 | |
10 | San Mateo, Calif. | $1,090,000 | Wichita, Kans. | $144,625 |
TABLE 2
The most expensive and most affordable surveyed U.S. markets within each state in 2009 are:
State
| Most Expensive
| 2009 Avg. Sales Price |
| Most Affordable
| 2009 Avg. Sales Price | Variance |
ALASKA | Juneau | $375,667 |
| Anchorage | $339,311 | $36,356 |
ALABAMA | Huntsville | $267,314 |
| Mobile | $183,696 | $83,618 |
ARIZONA | Flagstaff | $385,057 |
| Phoenix | $199,111 | $213,373 |
ARKANSAS | Fayetteville | $216,125 |
| Little Rock | $171,684 | $44,441 |
CALIFORNIA | La Jolla | $2,125,000 |
| Lancaster | $165,205 | $1,959,795 |
COLORADO | Boulder | $622,000 |
| Colorado Springs | $200,002 | $421,998 |
CONNECTICUT | Greenwich | $1,519,250 |
| West Hartford | $354,375 | $1,164,875 |
DELAWARE | Wilmington* | $376,250 | ||||
FLORIDA | Key West | $815,750 |
| Port Charlotte | $142,750 | $673,000 |
GEORGIA | Atlanta | $287,250 |
| Macon | $139,007 | $148,243 |
HAWAII | Honolulu | $712,500 |
| Kihei Maui | $540,044 | $172,456 |
IDAHO | Boise | $215,432 |
| Coeur d'Alene | $204,518 | $10,914 |
ILLINOIS | Chicago | $768,333 |
| Joliet | $176,536 | $591,797 |
INDIANA | Munster | $336,000 |
| Muncie | $144,996 | $191,004 |
IOWA | Des Moines | $221,625 |
| Sioux City | $150,060 | $71,565 |
KANSAS | Overland Park | $230,317 |
| Wichita | $144,625 | $85,692 |
KENTUCKY | Florence | $212,720 |
| Lexington | $188,017 | $24,703 |
LOUISIANA | New Orleans | $255,066 |
| Lafayette | $194,939 | $60,127 |
MAINE | Portland | $310,500 |
| Lewiston | $212,250 | $98,250 |
MARYLAND | Bethesda | $759,664 |
| Hagerstown | $237,946 | $521,718 |
MASSACHUSETTS | Boston | $1,337,578 |
| Worcester | $242,769 | $1,094,809 |
MICHIGAN | Mount Pleasant | $195,014 |
| Grayling | $112,675 | $82,339 |
MINNESOTA | Edina | $392,647 |
| Rochester | $191,982 | $200,665 |
MISSISSIPPI | Jackson | $238,000 |
| Gulfport/Biloxi | $186,500 | $51,500 |
MISSOURI | St. Louis | $228,852 |
| Springfield | $156,225 | $72,627 |
MONTANA | Bozeman | $297,488 |
| Great Falls | $151,100 | $146,388 |
NEBRASKA | Kearney | $212,100 |
| Norfolk | $187,350 | $24,750 |
NEVADA | Reno | $272,309 |
| Las Vegas | $213,120 | $59,189 |
NEW HAMPSHIRE | Hanover | $555,222 |
| Nashua | $281,250 | $273,972 |
NEW JERSEY | Ridgewood | $801,250 |
| Haddon Heights | $238,448 | $562,802 |
NEW MEXICO | Santa Fe | $362,602 |
| Albuquerque | $215,059 | $147,543 |
NEW YORK | Queens | $793,500 |
| Syracuse | $171,711 | $621,789 |
NORTH CAROLINA | Winston-Salem | $279,241 |
| Fayetteville | $113,701 | $165,540 |
NORTH DAKOTA | Fargo | $224,426 |
| Minot | $157,167 | $67,259 |
OHIO | Columbus | $307,250 |
| Akron | $121,885 | $185,365 |
OKLAHOMA | Oklahoma City | $164,250 |
| Tulsa | $154,800 | $9,450 |
OREGON | Salem | $335,840 |
| Medford | $276,367 | $59,473 |
PENNSYLVANIA | Philadelphia | $472,396 |
| Erie | $206,500 | $266,193 |
RHODE ISLAND | Providence* | $290,217 | ||||
SOUTH CAROLINA | Charleston | $338,726 |
| Myrtle Beach | $188,123 | $150,123 |
TENNESSEE | Nashville | $235,336 |
| Chattanooga | $161,975 | $73,661 |
TEXAS | Dallas | $332,375 |
| Arlington | $138,775 | $193,600 |
UTAH | Salt Lake City | $291,152 |
| Provo | $213,000 | $78,152 |
VERMONT | Burlington | $352,000 |
| Rutland | $237,600 | $114,400 |
VIRGINIA | Vienna | $645,946 |
| Winchester | $209,750 | $436,196 |
WASHINGTON | Bellevue | $781,825 |
| Tri-Cities | $224,475 | $557,350 |
WEST VIRGINIA | Charleston | $203,528 |
| Parkersburg | $155,000 | $48,528 |
WISCONSIN | Madison | $298,000 |
| Eau Claire | $141,270 | $156,730 |
The 2009 average price in the District of Columbia:
DISTRICT OF COLUMBIA | $642,962 * |
The 2009 average price in the Commonwealth of Puerto Rico:
PUERTO RICO | $311,750 * |
*Only one market included in the study.
TABLE 3
The most expensive and most affordable markets (in U.S. dollars2) within selected provinces/territories in Canada
are:
Province/Territory | Most Expensive | 2009 Avg. Sales Price |
| Most Affordable | 2009 Avg. Sales Price | Variance |
ALBERTA | Fort McMurray | $593,340 |
| Edmonton | $401,993 | $191,347 |
BRITISH COLUMBIA | Vancouver | $1,174,241 |
| Burnaby | $611,243 | $562,998 |
MANITOBA | Winnipeg $363,042* | |||||
NEW BRUNSWICK | Moncton $256,843 * | |||||
NEWFOUNDLAND | St. John's $324,338* | |||||
NOVA SCOTIA | Halifax $257,891* | |||||
ONTARIO | Toronto | $766,643 |
| Brantford | $222,968 | $543,675 |
PRINCE EDWARD ISLAND | Charlottetown $147,560 * | |||||
QUEBEC | Montreal $436,403 * | |||||
SASKATCHEWAN | Saskatoon $355,237* | |||||
YUKON | Whitehorse $341,775* | |||||
* Only one market included in the study.
TABLE 4
All surveyed international markets 2009:
Country | Market | 2009 Avg. Sales Price in U.S. $ |
ARUBA | Aruba | $ 314,000 |
AUSTRALIA | Brisbane | $ 217,071 |
BAHAMAS | Nassau | $ 458,906 |
BELIZE | San Pedro | $ 244,300 |
BERMUDA | Hamilton | $ 1,348,813 |
CAYMAN ISLANDS | Cayman Islands | $ 526,250 |
CHINA | Shanghai | $ 1,386,750 |
| Chongqing | $ 340,776 |
COLOMBIA | Pereira | $ 151,884 |
| Bogotá | $ 182,926 |
| Cartagena | $ 454,102 |
COSTA RICA | Escazu | $ 293,750 |
Heredia | $ 265,000 | |
Jaco Beach | $ 385,500 | |
San Jose | $ 269,500 | |
ECUADOR | Guayaquil | $ 101,250 |
| Samborondon | $ 154,250 |
| Salinas | $ 69,375 |
EGYPT | Cairo | $ 273,393 |
| 6th October | $ 859,625 |
GUATEMALA | Guatemala City> | $ 207,175 |
HONDURAS | Roatan | $ 299,500 |
San Pedro | $ 220,000 | |
Tegucigalpa | $ 228,166 | |
INDONESIA | Bandung | $ 112,367 |
South Jakarta | $ 494,252 | |
Tangerang | $ 146,551 | |
IRELAND | Cork | $ 534,360 |
| Dublin | $ 1,127,843 |
| Galway | $ 746,874 |
ITALY | Florence | $ 1,612,224 |
| Rome | $ 1,261,740 |
| Milan | $ 1,636,758 |
LEBANON | Beirut | $ 512,000 |
MEXICO | Mexico City | $ 207,020 |
| Monterrey | $ 188,435 |
NICARAGUA | Granada | $ 239,750 |
Managua | $ 221,000 | |
PANAMA | Panama City | $ 239,750 |
ROMANIA | Ploiesti | $ 402,778 |
| Brasov | $ 300,764 |
| Bucuresti | $ 1,371,528 |
SINGAPORE | Singapore | $ 1,898,500 |
ST. CROIX | Christiansted | $ 602,500 |
TURKEY | Istanbul | $ 669,000 |
| Ankara | $ 351,000 |
| Gaziantep | $ 173,500 |
| Izmir | $ 315,000 |
TURKS AND CAICOS | Providenciales | $ 872,225 |
UNITED ARAB EMIRATES | Dubai | $ 1,077,703 |
VENEZUELA | Caracas | $ 165,615 |
Maracaibo | $ 118,461 | |
Porlamar | $ 151,653 | |
VIETNAM | Ho Chi Min City Dist 1 | $ 341,099 |
| Hanoi | $ 166,470 |
| DaNang | $ 172,900 |
Methodology – 2009 Coldwell BankerÒ Home Price Comparison Index:
Coldwell Banker Real Estate LLC conducts its Home Price Comparison Index study by compiling survey data from Coldwell Banker offices throughout the United States, Puerto Rico, Canada and a sampling of other countries where the Coldwell Banker system has a market presence. Companies within the Coldwell Banker system submit data based on the average sales price of comparable listings through July 2009, a comparative market analysis of homes previously evaluated for the 2008 HPCI. The criteria for the HPCI subject home is: single-family dwelling, 2,200 square feet (approximately) 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
Real Estate
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate
provider. In 2008, Franchise Times magazine's prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,500 residential real estate offices and approximately 100,000 sales associates in 47 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 award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.
1 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.
2 The Canadian dollar to U.S. dollar conversion rate was $.93. The date of conversion was 9/15, and http://www.bank-banque-canada.ca was used to convert the figures.
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