Coldwell Banker® Study Compares High-rise Condominium Prices

New York the Most Expensive Market Surveyed; Warsaw the Most Affordable

PARSIPPANY, N.J. (Thursday, December 01, 2005) - City living brings to mind a fast-paced lifestyle, culture, fine dining and, of course, high-rise buildings that make for gorgeous skylines. But how much money does it take to live in the big city?


To provide some context for residential real estate prices using a sampling of major cities worldwide, the Coldwell Banker® organization has issued its first Global Metropolitan Condominium Home Price Comparison Study (HPCS)1. Conducted between July and October 2005, the study found that New York City tops the list, ranking as the most expensive metropolitan city surveyed, with an average condominium apartment price of $1,448,000. The most affordable of the markets surveyed was Warsaw, Poland, where the average price was USD$123,257.


The Global Metropolitan Condominium HPCS snapshot study evaluated average prices in 34 metropolitan markets worldwide for condominium apartments 1,400 square feet in size, featuring two bedrooms and two and one-half bathrooms, in buildings with at least 10 stories and a doorman.2


“Increased recreational travel and career opportunities abroad have made the world a smaller place,” says Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate Corporation. “There is an ongoing exchange of Americans moving overseas and vice versa. This study, which provides an ‘apples-to-apples’ comparison of metropolitan condominium apartments globally, revealed that ownership in 15 of the markets evaluated would cost less than USD$350,000, and that includes such major cities as Montreal, Shanghai and Valencia, Spain.”





The top five most expensive cities in the study include:


(Currency exchange rate as of 11/30/05, 12:43 p.m. EST)



Market

2005 Price in U.S. Dollars

2005 Price in Local Currency

New York, New York
$1,448,000


Boston, Massachusetts
$981,250


San Francisco, California
$975,500


Paris, France
$966,089
820,000 euros

Seattle, Washington
$712,000





The five most affordable cities in the study include:



Market

2005 Price in U.S. Dollars

2005 Price in Local Currency

Warsaw, Poland
$123,257

409,256 Polish zlotych

Jakarta, Indonesia
$130,537
1.26 billion Indonesian rupiahs

Caracas, Venezuela
$133,656
287 million Venezuelan bolivares

Mexico City, Mexico
$175,122
1.85 million Mexican pesos

Montreal, Canada
$176,306
205,890 Canadian dollars





Key International Markets (currency exchange rate as of 11/30/05, 12:43 p.m. EST)


Market

2005 Price in U.S. Dollars

2005 Price in Local Currency

New York, New York
$1,448,000


Boston, Massachusetts
$981,250


San Francisco, California
$975,500


Paris, France
$966,089
820,000 euros

Seattle, Washington
$712,000


Los Angeles, California
$674,000


Atlanta, Georgia
$589,750



Market

2005 Price in U.S. Dollars

2005 Price in Local Currency

Philadelphia, Pennsylvania
$582,500


Madrid, Spain
$582,219
493,908 euros

Washington, D.C.
$569,475


Singapore
$569,418
963,000 Singapore dollars

Sydney, Australia
$512,326
693,000 Australian dollars

Amsterdam, The Netherlands
$470,226
399,000 euros

Chicago, Illinois
$467,375


Seville, Spain
$459,548
389,969 euros

Miami, Florida
$443,750


The Hague, The Netherlands
$419,907
356,330 euros

Rotterdam, The Netherlands
$385,733
327,330 euros

Brisbane, Australia
$364,607
493,125 Australian dollars

Vancouver, Canada
$351,398 *
408,667 Canadian dollars

Toronto, Canada
$339,189
396,125 Canadian dollars

Shanghai, China
$321,862
2.6 million RMB (China yuan Renminbi)

Houston, Texas
$321,092


Valencia, Spain
$320,328
271,822 euro

Dallas, Texas
$302,333


Gdansk, Poland
$228,633
758,333 Polish zlotych

Krakow, Poland
$228,633
758,333 Polish zlotych

Mumbai, India
$207,152
9.5 million Indian rupees

Beijing, China
$185,690
1.5 million RMB (China yuan Renminbi)

Cairo, Egypt
$178,587
1.03 million Egyptian pounds

Montreal, Canada
$176,306
205,890 Canadian dollars

Mexico City, Mexico
$175,122
1.85 million Mexican pesos

Caracas, Venezuela
$133,656
287 million Venezuelan bolivares






Market

2005 Price in U.S. Dollars

2005 Price in Local Currency

Jakarta, Indonesia
$130,537
1.26 billion Indonesian rupiahs

Warsaw, Poland
$123,257
409,256 Polish zlotych




* Exchange rate as of 12/2/05 at 9:20 a.m. (Eastern)


Methodology — 2005 Coldwell Banker® Global Metropolitan Condominium Home Price Comparison Study:

Coldwell Banker Real Estate Corporation conducted its Global Metropolitan Condominium Home Price Comparison Study by compiling survey data from Coldwell Banker® offices throughout the world. Companies within the Coldwell Banker system submitted data based on the average sales price of sold listings from July through October 2005. Cairo and Paris were recorded from Coldwell Banker office Web site listings on Nov. 11, 2005. The criteria for the Global Metropolitan Condominium HPCS subject home is: condominium apartments 1,400 square feet in size, featuring two bedrooms and two and one-half bathrooms, in buildings with at least 10 stories and a doorman.









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 3,900 residential and commercial real estate offices and 126,000 Sales Associates in 29 countries and territories. The Coldwell Banker System is a leader in the industry in residential real estate, and in niche markets such as resort, new homes 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 and the Coldwell Banker Commercial® network is an industry leader in providing commercial real estate solutions that serve the needs of tenants, landlords, sellers and buyers in the leasing, acquisition, disposition and management of all property types. Coldwell Banker Real Estate Corporation is a subsidiary of Cendant Corporation (NYSE: CD). © 2006 Coldwell Banker Real Estate Corporation Coldwell Banker® licensed to Coldwell Banker Real Estate Corporation. Each office is independently owned and operated except for offices owned and operated by NRT Incorporated.

View all Coldwell Banker Press Releases

This article has been read 256 times.

Printed From:
http://www.thefranchisemall.com/news/articles/13179-0.htm