Affordable College Towns

Most affordable college football towns.

NEW YORK (CNNMoney.com) -- Muncie, Indiana, ranks as the most affordable big football town for housing in the United States, according to an annual survey released Tuesday by Coldwell Banker.

Home prices in Muncie, home to the Ball State University Cardinals, average $150,000 for a 2,200-square-foot single-family house with four bedrooms, two-and-a-half baths, family room and two-car garage.

The Coldwell Banker College Home Price Comparison Index looks at the hometowns of 119 Division 1-A college football programs to see how much the same type of house costs in each market of a middle-management type neighborhood.

"College towns remain a popular living destination - whether they are first time homeowners or alumni looking for great retirement spots," Jim Gillespie, Coldwell Banker's chief executive, said in a release.

"School spirit draws many alumni back to their alma mater and for others, continuing their education, pursuing jobs, enjoying cultural activities and following college sports make these communities ideal homes," he said.

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German Steeple Challenges Leaning Tower of Pisa

BERLIN (Reuters) - The Guinness Book of World Records has ruled that a church steeple in Germany, not the famous leaning tower of Pisa, is the most tilted tower in the world.

The 25.7-metre steeple tilts at an angle of 5.07 degrees, while the tower of Pisa tilts at just 3.97 degrees, said Olaf Kuchenbecker, head of Guinness's German edition.

"When you lay photos of the two next to each other you can see it relatively clearly," Kuchenbecker said.

The new record, scheduled to appear next autumn in the 2009 edition of the Guinness Book of World Records, could strip the Pisa tower of its iconic status, Kuchenbecker said.

The 15th century German church tower stands in Suurhusen, a small village near Emden in northwestern Germany. Although its tilt angle is greater than Pisa's tower, it has less than half the Italian tower's height and none of its ornate beauty.

Kuchenbecker will present the village with a certificate commemorating the record on Thursday.

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Why You Haven't Heard of Citigroup's New CEO

The CEOs of two of the largest financial institutions in the country have resigned in recent weeks: Stanley O'Neal of Merrill Lynch and Charles Prince of Citigroup. These rock-star CEOs, both undone by the festering fallout of the subprime mess, have been replaced by operating executives with far lower profiles. On Monday, when Prince stepped down, he was replaced as chairman by 1990s icon Robert Rubin and as chief executive officer by Win Bischoff, a European banking executive whom resurgent CNBC anchor Maria Bartiromo would probably not recognize. When O'Neal resigned from Merrill last week, the company didn't name a replacement CEO but instead named board member Alberto Cribiore, a private-equity executive who could walk anonymously onto the floor of the New York Stock Exchange, to be the interim non executive chairman.

In time, both firms will likely bring in high-profile CEOs, probably from outside the company, to right the ship. But in the meantime, both banks have swapped household names for no-names. Rubin aside, the new bosses are unknown quantities even to many within the investment banks. It would be like the Yankees firing Joe Torre and declaring that the best person to run the show on an interim basis is the manager of the Class A Staten Island Yankees.

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The Dangers of Banking on Risk

The resignation of Chuck Prince as chairman and chief executive of Citi­group, a week after that of Stan O’Neal at Merrill Lynch, shows just how much damage the credit squeeze is doing. The loss of two heads of Wall Street banks has turned 2007 into the industry’s most traumatic year since the 1987 crash.

Other downturns, including the bond upheaval of 1994 and the collapse of Long-Term Capital Management in 1998, prompted reappraisals of banks’ trading risks. But this year’s write-downs and resignations (or retirements, as they are termed in Mr Prince’s and Mr O’Neal’s case) will cast a longer shadow.

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Real Estate: Seven Smart Strategies

For millions of Americans approaching retirement, a big part of their fortune is tied up in something they might never want to sell: their homes.

Even with the recent drop in home prices, the real value of a single-family house in the U.S. has more than doubled in 10 years, according to the Standard & Poor's Case-Shiller index, and home values in some markets have tripled.

Many who bought midpriced houses in the mid-1990s now find themselves living in homes worth a small fortune. They could retire comfortably if they could somehow tap into that. But it's easier said than done.

Ya Gotta Live Somewhere

Unlike stocks and bonds, a home can't be sold quickly for a profit. The costs to sell a home and move are high, and the declining real estate market makes it doubly difficult these days. And even if you can find a buyer, many longtime homeowners simply don't want to sell. Too many memories and hard work are tied up in their houses. And after a sale, they know they'll still need a place to live.

We asked financial advisers for some tips on how to handle real estate as you approach retirement. Their advice is aimed at those age 55 to 65, but it can be used by anyone investing in real estate.

1. Figure out how much your home is worth—to you.

For most people, a home "becomes an integral part of their identity, of who they are," says Avani Ramnani, of New Jersey-based Athena Wealth Advisors. Their status in the community is linked to their home, which also holds memories of raising children and the "sweat and hard work" that went into improving it.

All this can make it difficult to sell, even if it's financially smart. Some people will pay almost any price to stay in their homes for as long as possible.

If you know you need to sell, Ramnani advises first going out and finding a new place where you'd love to live. That may make it easier to load up the moving trucks. While lamenting the home you're losing, you can also get excited about the one you'll be gaining.

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Size Matters

What Ann Arbor once was and what it is becoming can be found on ether side of Huron Street near the city's downtown.

The Ann Arbor of old, on the north side of Huron between Glen Ann and Main streets, is often referred to as the Old Fourth Ward. Resplendent with two- and three-story Victorian-era homes, it creates a quiet, quaint neighborhood composed of a mix of long-time residents and older graduate students at the nearby University of Michigan.

New Ann Arbor, on the other hand, is sprouting up around the fringes of the Old Fourth Ward in the form of new mid- and high-rise buildings. Adjacent to downtown, these high-density dwellings tower over the neighborhood, allowing more new residents and workers to take advantage of the city's thriving core. None is bigger than the university's 10-story North Quad development, which will loom over the Old Fourth Ward just outside its boundary at State Street and Huron. It will house 500 students in a university that is rapidly growing and constantly improving its building portfolio.

In theory these two worlds should coexist peacefully. In reality they clash, with one side saying the other is spoiling their neighborhood while the other responds that such obstructionism stands in the way of progress. This leaves Ann Arbor in the precarious spot of a college town trying to balance its small-town charm with the kind of blossoming downtown development that attracts companies like Google.

"There is a place for all of that," says Ann Arbor Mayor John Hieftje, who has voted both in favor of and against high-rise developments in downtown. "We certainly don't want to become overwhelmed by tall buildings, but there is a core area downtown that can stand a few tall buildings. There has to be a balance."

It's an issue that is starting to pop up in Metro Detroit's reviving suburban downtown areas now that developers are recognizing the demand for vertical, urban lifestyles. The problem is diversifying the metro area's largely horizontal housing stock while respecting the character that makes each city attractive in the first place.

"A 12-story building next to a two-story building can be problematic," says Will Wittig, an associate professor of architecture at the University of Detroit Mercy and the co-director of its masters of community development program. "A good design will take into account the context of the surrounding neighborhood."

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How Can I Sell My House?

Like I said, there are going to be op-ed pieces from me, so let's start with this question that was posed on an internet forum:

I have had my house for sale for eight weeks and have had ONE couple look at it. We are in a sought after neighborhood and we are the cheapest in the neighborhood. We hired a stager just for a consultation who said our house looked "amazing".

And here is my answer:

First of all, in this market, 8 weeks isn't that long. If you have a purchase agreement you have to honor, then 8 weeks is a long time. Second, I don't know where your general geographical location is. Each market is a little different. But the following is some good basic advice. I hope it helps.

Either the price isn't right, or the seller isn't doing a good job. If you are the seller, don't take it personally, what is is. If you are using an agent, tell him/her to step up the online marketing. Get your house listed all over the place! There are tons of resources for realtors and FSBO's alike. Most are even free! Spend a few bucks on an Adwords campaign. Open houses are a dinosaur.

Price: I don't know if you are buying a home that already exists, or a new build, but I have a feeling you're buying something at a really good deal. So think of your house more like a stock. You might be selling your current home for a 20-30% discount (and that hurts), but you're also buying the new home at a similar discount (and that feels good). When the market turns (and it will), you'll make just as much, if not more. Sell at the price the market gives, and buy the same way.

Then again, if you don't really need/want to move. Don't. Give it some time, the market will turn around. It always does. And trust me, the media is always the last in line. When they finally convince you it's real estate Armageddon, it's time to buy, because things are turning around.

I hope I helped. Good luck selling your home!