Coldwell Banker Real Estate LLC

2006 COLDWELL BANKER® HOME PRICE COMPARISON INDEX REVEALS THAT $1.7 MILLION SEPARATES CELEBRITY GLITZ OF RODEO DRIVE FROM THE RUGGED WESTERN FRONTIER OF RODEO COUNTRY

Beverly Hills, Calif., and Minot, N.D., Rank As Most Expensive and Most Affordable U.S. Markets, Respectively, in the Annual Coldwell Banker Study -- New to the HPCI in 2006: Home Prices Evaluated in 42 International Markets

PARSIPPANY, N.J. (September 27, 2006) — What does it take to live among movie stars in Beverly Hills, Calif., who shop on Rodeo Drive and dine at the world renowned Spago? How much is needed to mingle with the high fashion set in Milan, Italy, against the majestic backdrop of the Duomo and evenings at La Scala opera house? According to the 2006 Coldwell Banker^®Home Price Comparison Index (HPCI), an "apples to apples" comparison of similar homes sold in typical, middle management neighborhoods, it will take at least $1.8 million to buy a house in either of those markets. However, the cosmopolitan lifestyle may not be for everyone. For those who prefer to soak in wide open western spaces, Minot, N.D., home to Minot Air Force Base, is an alternative. A similarly sized home would cost only $132,333 in Minot where residents enjoy such classic Americana as the North Dakota State Fair, local ethnic festivals like the Norsk Høstfest and access to any number of rodeos and bull riding events.

The 2006 Coldwell Banker HPCI evaluated home prices in a total of 384 markets, including, for the first time, 42 international markets outside of North America. The study found that home prices (all figures in U.S. dollars) in Amsterdam, the Netherlands ($483,513) are comparable to those in Bend, Ore. ($482,750); Dubai, United Arab Emirates ($374,332) matches up to Portland, Maine ($375,500); prices in Warsaw, Poland ($317,586) are similar to those in Atlanta, Ga. ($322,210); and Sydney, Australia ($683,109) is on par with Bellevue, Wash. ($658,000). Interestingly, Vancouver ($887,762) is the most expensive city in Canada just as the West Coast leads the U.S. charts.

Serving as a "snapshot" study, the Coldwell BankerHPCI evaluated 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 384 total markets across the United States, Puerto Rico, Canada and also key international markets where Coldwell Banker has a presence.

The cumulative average sales price of the homes surveyed in the 317 U.S. markets (and one in Puerto Rico) covered in the Coldwell Banker HPCI is $423,950, a 6 percent increase over $401,767 from the same period in 2005. The 2001 Coldwell Banker HPCI showed a national average price for the subject home to be $269,241, 57 percent below this year's survey result.

"While 2006 likely will be the third best year in real estate history according to the National Association of REALTORS^®, there has been a shift to a buyers market," says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corporation. "With a larger inventory to choose from, buyers are taking their time and exploring several different homes before choosing to make an offer. Sellers, on the other hand, are beginning to be more realistic in what the market will bear for their home. It is critical for these sellers to work with their sales associate to set a proper price.

"Looking at the data, in many markets you can buy a nice home with many amenities for a reasonable price," Gillespie said. "Twenty nine percent of the reporting markets indicated that their surveyed home averages were below the National Association of REALTORS median single family home price of $225,700. It is also interesting to note that a full 47 percent of the U.S. markets on our survey averaged below $300,000. Ultimately, the HPCI is designed as a guide for consumers to get a sense of how much a typical middle-management home may cost in various cities around the country and the globe," Gillespie adds.

Gillespie also indicated that through a comprehensive HPCI section on www.coldwellbanker.com, consumers can calculate what their homes may be worth in other areas in the United States and gather preliminary intelligence about the affordability of housing from one market to another.

2006 Coldwell Banker^®HPCI — Highlights and Top Market Lists

• Beverly Hills, Calif., replaces La Jolla, Calif., as the study's most expensive market in 2006
($1.8 million). Minot, N.D. returns as the most affordable market, at $132,333. Minot also ranked as the most affordable market in 2004, at $130,300. In 2005, Killeen, Texas, replaced Minot as the most affordable market.

• The price difference between Beverly Hills and Minot is $1.67 million for a similar 2,200 square foot home. There is a $1.68 million difference between Milan, Italy and Minot.

• Once again, nine of the top 10 most expensive markets in the U.S. are in California. Greenwich, Conn., is again the lone market in the top 10 not in the Golden State, ranking eighth with an HPCI average sales price of $1.4 million. Other pricey areas outside of California include: Boston, Mass. ($1.28 million); Wellesley, Mass. ($1.19 million); Ridgewood, N.J. ($1.01 million); Kihei, Maui, Hawaii ($935,000); Chicago ($916,667); and Katonah, N.Y. ($912,000). Note that the borough of Manhattan in New York City was not included in the study because of the lack of single-family homes.

• Markets that rank nearest to the HPCI national average sales price of $423,950 include Minneapolis, Minn., ($421,433) and Northampton, Mass. ($431,000). Bakersfield ($411,500) is the least expensive market in California, and a mere 3 percent below the national average.

• The most expensive international markets included (prices converted to U.S. dollar as of September 5, 2006): Milan, Italy ($1.81 million); St. Thomas, V.I. ($1.45 million); Bermuda ($1.44 million); Dublin ($1.41 million); and, Rome ($1.26 million). The most affordable international market tracked was Bogotá, Colombia, at $56,522.

TABLE 1

The top 10 most expensive and most affordable surveyed U.S. markets overall in 2006 are:

Rank

Most Expensive

2006 Avg. Sales Price

Most Affordable

2006 Avg. Sales Price

1

Beverly Hills, Calif.

$1,800,000

Minot, N.D.

$132,333

2

Santa Monica, Calif.

$1,766,666

Killeen, Texas

$140,310

3

La Jolla, Calif.

$1,762,500

Arlington, Texas

$140,975

4

Santa Barbara, Calif.

$1,700,000

Grayling, Mich.

$144,250

5

Palo Alto, Calif.

$1,652,042

Topeka, Kan.

$148,050

6

Newport Beach, Calif.

$1,566,250

Canton, Ohio

$148,333

7

San Jose, Calif.

$1,410,662

Tulsa, Okla.

$148,575

8

Greenwich, Conn.

$1,403,750

Billings, Mont.

$150,141

9

San Mateo, Calif.

$1,366,139

Fort Worth, Texas

$151,250

10

San Francisco, Calif.

$1,363,750

Cadillac, Mich.

$151,530

TABLE 2

The most expensive and most affordable surveyed U.S. markets within each state are:

State

Most Expensive

2006 Avg.
Sales Price

Most Affordable

2006 Avg.
Sales Price

Variance

ALASKA

Juneau

$472,500

Anchorage

$303,750

$168,750

ALABAMA

Mobile

$216,109

Huntsville

$204,300

$11,809

ARIZONA

Scottsdale

$502,800

Mesa

$253,600

$249,200

ARKANSAS

Fayetteville

$248,012

Fort Smith

$179,225

$68,787

CALIFORNIA

Beverly Hills

$1,800,000

Bakersfield

$411,500

$1,388,500

COLORADO

Boulder

$536,000

Colorado Springs

$217,000

$319,000

CONNECTICUT

Greenwich

$1,403,750

West Hartford

$393,000

$1,010,750

DELAWARE

Wilmington $384,000 *

FLORIDA

Key West

$872,250

Pensacola

$272,133

$600,117

GEORGIA

Atlanta

$322,210

Macon

$166,300

$155,910

HAWAII

Kihei, Maui

$935,000

Honolulu, Hawaii

$858,750

$76,250

IDAHO

Boise

$250,925

Coeur d'Alene

$248,853

$2,072

ILLINOIS

Chicago

$916,667

Rockford

$186,626

$730,041

INDIANA

Munster

$323,900

Evansville

$175,437

$148,463

IOWA

Des Moines

$249,907

Sioux City

$184,000

$65,907

KANSAS

Lawrence

$247,450

Topeka

$148,050

$99,400

KENTUCKY

Lexington

$266,750

Florence

$210,697

$56,053

LOUISIANA

New Orleans

$311,821

Shreveport

$218,641

$93,180

MAINE

Portland

$375,500

Augusta

$156,125

$219,375

MARYLAND

Bethesda

$879,100

Hagerstown

$332,750

$546,350

MASSACHUSETTS

Boston

$1,275,000

Worcester

$308,833

$966,167

MICHIGAN

Ann Arbor

$324,500

Grayling

$144,250

$180,250

MINNESOTA

Edina

$438,662

Rochester

$218,084

$220,578

MISSISSIPPI

Jackson

$235,750

Tupelo

$178,168

$57,582

MISSOURI

St. Louis

$255,000

Springfield

$188,318

$66,682

MONTANA

Bozeman

$332,250

Billings

$150,141

$182,109

NEBRASKA

Kearney

$212,250

North Platte

$187,750

$24,500

NEVADA

Reno

$436,750

Las Vegas

$361,250

$75,500

NEW HAMPSHIRE

Hanover

$510,000

Portsmouth

$308,000

$202,000

NEW JERSEY

Ridgewood

$1,009,750

Cherry Hill

$289,855

$719,895

NEW MEXICO

Santa Fe

$593,750

Albuquerque

$279,499

$314,251

NEW YORK

Katonah

$912,000

Binghamton

$171,135

$740,865

NORTH CAROLINA

Wilmington

$335,725

Greensboro

$195,905

$139,820

NORTH DAKOTA

Fargo

$211,500

Minot

$132,333

$79,167

OHIO

Columbus

$251,364

Canton

$148,333

$103,031

OKLAHOMA

Oklahoma City

$193,500

Tulsa

$148,575

$44,925

OREGON

Bend

$482,750

Salem

$304,000

$178,750

PENNSYLVANIA

Philadelphia

$518,700

Erie

$188,975

$329,725

RHODE ISLAND

Providence $565,000 *

SOUTH CAROLINA

Charleston

$361,250

Columbia

$191,666

$169,584

SOUTH DAKOTA

Rapid City

$199,600

Sioux Falls

$170,775

$28,825

TENNESSEE

Chattanooga

$232,817

Knoxville

$184,933

$47,884

TEXAS

Dallas

$288,278

Killeen

$140,310

$147,968

UTAH

Salt Lake City

$341,250

Provo

$320,000

$21,250

VERMONT

Burlington

$371,725

Rutland

$287,500

$84,225

VIRGINIA

Alexandria

$805,000

Lynchburg

$262,325

$542,675

WASHINGTON

Bellevue

$658,000

Tri-Cities

$221,850

$436,150

WEST VIRGINIA

Charleston

$187,750

Beckley

$152,000

$35,750

WISCONSIN

Milwaukee

$331,725

Eau Claire

$161,531

$170,194

WYOMING

Cheyenne $213,166 *

The 2006 average price in the District of Columbia:

DISTRICT OF COLUMBIA

$791,750 *

The 2006 average price in the Commonwealth of Puerto Rico:

PUERTO RICO

San Juan suburbs $316,250 *

TABLE 3

The most expensive and most affordable markets (in U.S. dollars) within each province in Canada³are:

Province/Territory

Most Expensive

2006 Avg.
Sales Price

Most Affordable

2006 Avg.
Sales Price

Variance

ALBERTA

Calgary

$420,652

Edmonton

$324,436

$94,216

BRITISH COLUMBIA

Vancouver

$887,762

Burnaby

$534,715

$353,047

MANITOBA

Winnipeg $255,645*

NEW BRUNSWICK

Moncton $190,462 *

NEWFOUNDLAND

St. John's $185,059 *

NOVA SCOTIA

Halifax $207,781*

ONTARIO

Toronto

$654,602

Brantford

$235,139

$419,463

PRINCE EDWARD
ISLAND

Charlottetown $133,245 *

QUEBEC

Montreal $218,860 *

SASKATCHEWAN

Saskatoon $226,818 *

YUKON

Whitehorse $258,879 *

* Only one market included in the study.

TABLE 4

A sampling of the most expensive and most affordable surveyed international markets³
(in U.S. dollars and local currency are):

Country

Market

2006 Price in U.S. Dollars #

2006 Price in Local Currency #

AUSTRALIA

Sydney

$683,109

887,200 Dollars

BAHRAIN

Manama-Muharraq

$196,688

74,000 Dinars

BELIZE

San Pedro

$587,913

1,125,000 Dollars

BERMUDA

Bermuda

$1,442,813

1,425,000 Dollars

CHINA

Beijing

$63,994

507,569 Yuan Renminbi

Shanghai

$65,297

517,905 Yuan Renminbi

Zhejing

$68,268

541,465 Yuan Renminbi

COLOMBIA

Bogotá

$56,522

141,111 Pesos

COSTA RICA

San Jose

$322,999

161,144,650 Colones

EGYPT

Sharm El Sheikh

$121,619

693,022 Pounds

FRANCE

Paris

$1,423,632

1,107,075 Euros

Nice

$632,227

491,646 Euros

INDIA

Rajkot

$78,099

3,617,875 Rupees

INDONESIA

Jakarta

$253,690

2,300,000,000 Rupiahs

IRELAND

Cork County

$671,904

522,500 Euros

Dublin

$1,406,497

1,093,750 Euros

Galway County

$821,394

638,750 Euros

Limerick County

$549,739

427,500 Euros

ITALY

Milan

$1,814,461

1,411,000 Euros

Naples

$1,170,848

910,500 Euros

Rome

$1,258,614

978,750 Euros

JAPAN

Tokyo

$785,818

91,458,888 Yen

MEXICO

Mexico City

$295,087

3,206,250 Pesos

NETHERLANDS

Amsterdam

$483,513

376,000 Euros

NICARAGUA

San Juan del Sur

$320,328

5,279,750 Oro

PANAMA

Panama City

$174,000

USD $174,000

POLAND

Cracow

$291,637

899,157 Zloty

Gdansk

$260,318

802,596 Zloty

Warsaw

$317,586

979,161 Zloty

PORTUGAL

Algarve

$358,456

278,750 Euros

Cascais

$491,872

382,500 Euros

Lisbon

$983,744

765,000 Euros

SAUDI ARABIA

Riyadh

$100,937

386,000 Riyals

SINGAPORE

Singapore

$758,430

1,190,000 Dollars

SPAIN

Madrid

$1,061,762

825,670 Euros

Sevilla

$779,682

606,313 Euros

Valencia

$707,421

550,120 Euros

ST. CROIX

Christiansted

$872,500

USD $872,500

ST. THOMAS

St. Thomas

$1,453,750

USD $1,453,750

TURKS AND CAICOS

Turks and Caicos

$566,250

USD $566,250

UNITED ARAB EMIRATES

Dubai

$374,332

1,374,531 Dirhams

VENEZUELA

Caracas

$113,462

243,807 Bolivar

# Prices converted to U.S. dollar as of September 5, 2006

Methodology — 2006 Coldwell Banker^® Home Price Comparison Index:

Coldwell Banker Real Estate Corporation conducted its Home Price Comparison Index study by compiling survey data from Coldwell Banker offices throughout the United States, Puerto Rico, Canada and other countries where the Coldwell Banker system has a presence. Companies within the Coldwell Banker system submitted data based on the average sales price of sold listings through July 2006 or a comparative market analysis of homes previously evaluated for the 2005 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.

HPCI Findings for 2006

2006 COLDWELL BANKER® HOME PRICE COMPARISON INDEX REVEALS THAT $1.7 MILLION SEPARATES CELEBRITY GLITZ OF RODEO DRIVE FROM THE RUGGED WESTERN FRONTIER OF RODEO COUNTRY

Beverly Hills, Calif., and Minot, N.D., Rank As Most Expensive and Most Affordable U.S. Markets, Respectively, in the Annual Coldwell Banker Study -- New to the HPCI in 2006: Home Prices Evaluated in 42 International Markets