Huskers win price war

Study: Homes worth more in Lincoln than in Lawrence

And you think the BCS is a mess.

Mike McGrew, vice chairman for Coldwell Banker McGrew Real Estate in Lawrence, is still scratching his head after learning the results of a study that ranked the prices of a similar-situated home in 59 major college towns nationwide.

Sure, Stanford is the most expensive.

OK, Texas Tech brings up the rear.

But Nebraska ranks second in the Big 12 Conference, while Kansas University checks in at No. 4?

Somebody check the polls, computer rankings or anything else that produced that result on the scoreboard.

“The garbage might have gone in and that might be why you’ve got garbage coming out,” said McGrew, who didn’t need another reason to get fired up for today’s big Nebraska-KU game at Memorial Stadium. “Lincoln’s, I’m sure, a wonderful place, but I can’t imagine that it’s that expensive. That would be surprising.”

Coldwell Banker’s national survey, released this week, compiled the sale price of a 2,200-square-foot home – four bedrooms, 2.5 baths, a family room and two-car garage – for each community that is home to a member of a major football conference. Each home was to be located in a neighborhood or area that would be appropriate for “corporate middle-management transferees.”

Most Expensive Top 10

The 10 most expensive college communities for buying a 2,200-square-foot home with four bedrooms, 2.5 bathrooms, a two-car garage and a family room in a neighborhood appropriate for middle-management transferees, according to a survey from Coldwell Banker:

1. Stanford (Palo Alto, Calif.), $1.55 million.

2. UCLA/USC (Los Angeles), $1.27 million.

3. California (Berkeley, Calif.), $1.19 million.

4. Boston College (Chestnut Hill, Mass.), $811,525.

5. Northwestern (Evanston, Ill.), $674,250.

6. Miami (Coral Gables, Fla.), $671,854.

7. Colorado (Boulder, Colo.), $546,350.

8. Maryland (College Park, Md.), $462,035.

9. Minnesota (Minneapolis, Minn.), $397,133.

10. Washington (Seattle), $386,600.

In the Big 12, Lincoln, Neb.’s price came in at $313,516, second only to Boulder, Colo.’s $546,250.

Lawrence ranked No. 4, at $237,237, behind Ames, Iowa’s $313,516.

McGrew figures that the room for debate – much like the BCS, which crunches computer polls, coaches’ votes and a new Harris Interactive poll to determine which two football teams will play in the Rose Bowl for the national championship – comes from the study’s varied inputs.

Coldwell Banker relies on each of its franchised offices to put together its own numbers, and that can lead to differences. Some offices may factor in basements while others might stick with ranchers or rely on split-level homes for comparables.

“It could be a $50,000 to $100,000 difference, even in the same neighborhood,” said McGrew, whose agency previously reported results for split-levels (which lowered the value) but this year included basements, because, “from our perspective, a middle manager would be more likely to have a home with basement than a home that doesn’t.”

The Coldwell Banker study’s results didn’t bother Doug Rotthaus, executive vice president for the Realtors Association of Lincoln.

While the average existing home in Lincoln sells for $146,965, and the average new home sells for $229,092, the Coldwell Banker number – $313,516 – probably makes some sense, he said, because the study’s comparable home is larger than the typical Lincoln home.

“You could probably find a 2,200-square-foot home for less money,” said Rotthaus, who used to manage a Coldwell Banker office in Lincoln a decade ago. “Whoever did the estimates must have weighed in that subjective part of the formula: the ‘corporate middle manager.’ That’s an interpretation.”

Ah, just like the BCS.

Most Affordable Top 10

The 10 most affordable college communities for buying a 2,200-square-foot home with four bedrooms, 2.5 bathrooms, a two-car garage and a family room in a neighborhood appropriate for middle-management transferees, according to a survey released this week by Coldwell Banker:

1. Texas Tech (Lubbock, Texas), $164,133.

2. Mississippi State (Starkville, Miss.), $169,433.

3. LSU (Baton Rouge, La.), $173,317.

4. Notre Dame (South Bend, Ind.), $173,600.

5. Tennessee (Knoxville, Tenn.), $175,250.

6. Clemson (Clemson, S.C.), $176,475.

7. Baylor (Waco, Texas), $178,500.

8. Mississippi (Oxford, Miss.), $179,550.

9. Kansas State (Manhattan), $185,850

10. South Carolina (Columbia, S.C.), $190,058.

As for today’s game, Rotthaus appears to have less confidence in his ‘Huskers than he does in the Coldwell Banker study. Rotthaus remembers attending the game when the Jayhawks last beat Nebraska – that’s right, in 1968 – and perhaps fears another Big Red loss.

“I’d be happy to have them bring home a win, let’s put it that way,” Rotthaus said Friday, from his Lincoln office. “We’ve had a long winning streak with Kansas. Every year we hold our breath and hope this is the time we don’t lose the streak.”

McGrew, meanwhile, is more confident in his Jayhawks.

“We’re going to beat Nebraska and beat the streak,” he said. “Book it. It’s time.”