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

      (1) Properties that are listed in between the most expensive and
most affordable columns indicate that only one market was researched
in that area.

                             INTERNATIONAL

Bermuda                    (1)Bermuda - $2,592,500
BWI       Cayman Brac - $600,000       Grand Cayman - $750,000
Canada    Cape Brenton Island - $38,000  Southwest Alberta - $275,000
Central America             (1)Costa Rica - $260,000
Mexico    Lake Chapala - $150,000      Cabo San Lucas - $550,000
Puerto Rico   Suan Juan - $136,000     Humacao/
                                       Plmas Del Mar Resort - $350,000