An Investment in Leisure Time Annual Study Reveals Nation's Most Expensive, Most Affordable Vacation Home Markets

Business Wire, June 7, 2000

Business Editors

PARSIPPANY, N.J.--(BUSINESS WIRE)--June 7, 2000

$2.15 Million Dollars Separate The Nation's Most Expensive Resort

Area, Aspen, Colo. & Nation's Most Affordable, Grayling, Mich.

Coldwell Banker Real Estate Corporation (Coldwell Banker(R)) recently compiled its annual Resort Pricing Guide which provides average home costs for more than 280 resort markets within the United States, Canada and the Caribbean.

The study provides a low-, medium- and high-price range for each market and classifies them into the four resort market categories; ocean/shoreline, mountain, lake/stream and desert.

For the second year, Aspen, Colo., is the nation's most expensive resort area with a medium price range of $2.2 million and Grayling, Mich., is now the most affordable with a medium-price range of $51,000. The full study can be viewed at www.coldwellbanker.com.

With vacation season under way, many families will be adding house hunting to their weekend plans. With a strong economy, low unemployment and increase in consumer confidence, homeowners are investing in second homes at their favorite vacation spot.

"Many consumers, especially those in the baby boom generation are purchasing vacation homes within areas surrounded by their favorite leisure activity. The home can serve as weekend getaways today and as primary residence upon retirement," said Alex Perriello, president and CEO of Coldwell Banker. "This is a trend that Coldwell Banker has been expecting over the last few years, and now our affiliates are also beginning to see younger buyers looking to resort markets for investment opportunities as well." According to Perriello, there is a wide range of home prices available within each resort category, making second home ownership affordable to many people.

The following list details the most expensive and most affordable vacation homes in select market areas included in the study:

Nation's Most Expensive/Most Affordable by Category

Category: Most Expensive: Most Affordable: ---------------------------------------------------------------------- Ocean/ Shoreline: Rancho Santa Fe, CA-$1,500,000 Fort Myers, FL - $115,000

Mountain: Aspen, CO - $2.2 million Ironwood,MI - $75,000

Cherokee Village,AZ - $75,000

Lake/ Stream: Sun Valley, ID - $650,000 Grayling, MI - $51,000

Desert: Scottsdale, AZ - $500,000 Bullhead City,AZ - $125,000

Most Expensive/Most Affordable in Each State Covered by the Study

State: Most Affordable: Most Expensive: -------------------------------------------------------------------- AK

(1) Juneau/Haines -$110,000 AR Cherokee Village - $75,000 Hot Springs - $145,000 AZ Bullhead City - $125,000 Scottsdale - $500,000 CA Running Springs - $90,000 Rancho Santa Fe - $1,500,000 CO Estes Park - $219,000 Aspen - $2,200,000 DE (1)Bethany-Rehoboth Beach - $155,000 FL Sebring - $85,000 Longboat Key/

St.Armands - $600,000 GA Savannah - $145,000 Lake Lanier - $375,000 HI Maui, Kihei - $245,000 Lahaina - $550,000 ID McCall - $150,000 Sun Valley - $650,000 IL Wonder Lake - $149,000 Sandwich/

Lake Holiday - $180,000 IN Angola - $127,000 Warsaw - $130,000 KY Cadiz/Lake Barley - $88,000 Danville - $120,000 MA Cape Cod - $180,000 Martha's Vineyard - $300,000 MD Ocean City - $150,000 Deep Creek Lake,

Garrett County - $300,000 ME Sebago Lake - $200,000 York Harbor - $325,000 MI Grayling - $51,000 Glen Arbor - $430,000 MN Grand Rapids - $90,000 Garrison - $180,000 MO Pomme De Terre - $59,000 the Ozarks - $130,000 MS Ocean Springs - $125,000 Gulfport - $165,000 MT Whitefish - $150,000 Red Lodge - $225,000 NC Banner Elk - $102,000 Highlands - $355,000 NH Hanover - $150,000 Laconia - $206,000 NJ Jersey Shore Region - $283,000 Stone Harbor/Avalon - $400,000 NM Ruidoso - $125,000

Taos - $250,000 NV Las Vegas - $140,000 Incline Village - $560,000 NY Lake Ontario - $90,000 Hamptons - $600,000 OH Apple Valley - $120,000 Sandusky - $225,000 OR Klamath Falls - $100,000 Black Butte Ranch - $288,000 PA (1)Mountain Regions, Poconos - $125,000 SC Myrtle Beach - $135,000 Wild Dunes - $350,000 TN (1)Gatlinburg - $138,000 TX Lake Texoma/Pottsboro - $150,000 Galveston - $177,000 UT St. George - $147,000

Deer Valley Park City - $482,000 VA (1)Smith Mountain Lake - $300,000 VT Ludlow - $145,000 Skiing - $200,000 WA Ocean Shores - $115,000 Friday Harbor - $380,000 WI Webster - $85,000 Lake Geneva - $247,000 WV (1)Greenbrier Resort - $400,000 WY Buffalo - $150,000 Jackson Hole - $750,000