Expert in the real estate market

Assignment Help Other Subject
Reference no: EM13335866

Gulf Real Estate Properties

Gulf Real Estate Properties, Inc., is a real estate firm located in southwest Florida. The company, which advertises itself as an “expert in the real estate market,” monitors condominium sales by collecting data on location, list price, sales price, and number of days it takes to sell each unit. Each condominium, is classified as Gulf View if it is located directly on the Gulf of Mexico or No Gulf View if it is located on the bay or a golf course, but not on the Gulf. Sample data from the Multiple Listing Service in Naples Florida, provided recent sales data for 40 Gulf View condominiums and 18 No Gulf View condominiums. Prices are in thousands of dollars. The data are provided.

Managerial Report

1. Use appropriate descriptive statistics to summarize each of the three variables for the 40 Gulf View condominiums.

2. Use appropriate descriptive statistics to summarize each of the three variables for the 18 No Gulf View condominiums.

3. Compare your summary results. Discuss any specific statistical results that would help a real estate agent understand the condominium market.

4. Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for a Gulf View condominium. Interpret your results.

5. Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for a No Gulf View condominium. Interpret your results.

6. Assume the branch manager requested estimates of the mean selling price of Gulf View condominiums with a margin of error of $40,000 and the mean selling price of No Gulf View condominiums with a margin of error of $15,000. Using 85% confidence, how large should the samples be?

7. Gulf Real Estate Properties just signed contracts for new listing: a Gulf View condominium with a list price of $589,000 and a No Gulf View condominium with a list price of $285,000. What is your estimate of the final selling price and number of days required to sell each of these units?

Gulf View Condominiums No Gulf View Condominiums

List Price Sale Price Days to Sell List Price Sale Price Days to Sell

495.0 475.0 130 217.0 217.0 182

379.0 350.0 71 148.0 135.5 338

529.0 519.0 85 186.5 179.0 122

552.5 534.5 95 239.0 230.0 150

334.9 334.9 119 279.0 267.5 169

550.0 505.0 92 215.0 214.0 58

169.9 165.0 197 279.0 259.0 110

210.0 210.0 56 179.9 176.5 130

975.0 945.0 73 149.9 144.9 149

314.0 314.0 126 235.0 230.0 114

315.0 305.0 88 199.8 192.0 120

885.0 800.0 282 210.0 195.0 61

975.0 975.0 100 226.0 212.0 146

469.0 445.0 56 149.9 146.5 137

329.0 305.0 49 160.0 160.0 281

365.0 330.0 48 322.0 292.5 63

332.0 312.0 88 187.5 179.0 48

520.0 495.0 161 247.0 227.0 52

425.0 405.0 149

675.0 669.0 142

409.0 400.0 28

649.0 649.0 29

319.0 305.0 140

425.0 410.0 85

359.0 340.0 107

469.0 449.0 72

895.0 875.0 129

Gulf View Condominiums No Gulf View Condominiums

List Price Sale Price Days to Sell List Price Sale Price Days to Sell

499.0 465.0 86

439.0 428.5 158

439.0 430.0 160

435.0 400.0 206

235.0 227.0 91

638.0 618.0 100

629.0 600.0 97

329.0 309.0 114

595.0 555.0 45

339.0 315.0 150

215.0 200.0 48

395.0 375.0 135

449.0 425.0 53

Reference no: EM13335866

Questions Cloud

Natural tendency to breakdown : Give some reason why collusions have a natural tendency to breakdown? and show how behavior of its own members may threaten the survival of a cartel. Show how the behavior of outsiders may threaten it.
Conducting business on a global scale : Identify the two legal systems in the world of business. Why is it important to appreciate the legal systems of other countries when conducting business on a global scale.
Explain the purpose of using stock-outs to control inventory : Explain the purpose of using stock-outs to control inventory. What are the costs associated with using stock-outs? What is the demand for stock-outs? Explain in detail the ways to measure product availability. Explain the importance of the level of p..
What is the yield to maturity on these bonds : Radoski Corporation's bonds make an annual coupon payment of 7.35% every year. The bonds have a par value of $1,000, a current price of $970, and mature in 12 years. What is the yield to maturity on these bonds?
Expert in the real estate market : Gulf Real Estate Properties, Inc., is a real estate firm located in southwest Florida. The company, which advertises itself as an “expert in the real estate market,” monitors condominium sales by collecting data on location, list price, sales price, ..
Responsible end user of information systems : How can a manager demonstrate that he or she is a responsible end user of information systems? Give several examples.
Important historical figures : What steps do you believe Samuel Adams and Thomas Hutchinson took toward becoming individuals and which steps ultimately made them such important historical figures?
Compare and contrast the social contract theories : Compare and contrast the social contract theories' of Thomas Hobbes and John Rawls. Which theory is more persuasive? Be sure to explain what Rawls means by the original position,' and the veil of ignorance,' and why those concepts do not figure in Ho..
Who is paying the taxes in this case : In effect, The CRA and actions of Fannie Mae and Freddie Mac acted to subsidize home purchases by people who would otherwise not have purchased houses. All subsidies must be financed by taxes, implicit or explicit, on someone. Who is paying the "taxe..

Reviews

Write a Review

 

Other Subject Questions & Answers

  Explain synergistic approach decision making in organization

Explain decision made in your organization which included Administration, Staff, and Medical Staff which did or should have required synergistic approach as described by Pareto.

  Carbon dioxide will impact global warming

Briefly summarize Happer’s explanation of how increases in carbon dioxide will impact global warming? What does he say may happen with water vapor and cloud cover in the atmosphere as a result of increased carbon dioxide?

  Explain different way language is used in different cultures

Paper on the topic of your choice associated to language and culture. Using Web or ProQuest Online Library, find the article about differences in way language is used in different cultures.

  Online learning

I have a research argument paper which talk about " Online learning", I agree the Online learning, I do not know how to write a strong and clear thesis statement and introduction.

  Eriksons psychosocial development theory

What are key concepts of Psychosocial and humanistic theories based on Erikson's psychosocial development theory/erikson's psychosocial crisis life cycle model - the eight stages of human development).

  Explain how the body maintains homeostasis of serum

Explain how the body maintains homeostasis of serum (blood calcium) levels through the use of the thyroid and parathyroid glands.

  Bureaucracy and administration similar

In what ways are weber's and fayol's ideas about bureaucracy and administration similar? in what wayss do they differ?

  Receive counseling services through the lrc

What are the two ways that students may receive counseling services through the LRC?  What heading are the Health Tools and Health Challenges found under?  Where is the Assess Your Health tool located?

  Adolescents to the young adult stages

This aligns with the process of development in which maturity occurs from adolescents to the young adult stages. I am interested to hear your take on this?

  Methods of assessing service line productivity

What are two methods of assessing service line productivity? Explain the differences between the two methods.

  Creating a multiple regression equation

You have been assigned the task of creating a multiple regression equation of at least three variables that explains Microsoft’s annual sales. Consider using a time series of data of at least 10 years. You can search for this data using the Internet.

  Quality of health care

Based on your research and experience regarding mergers, do you feel they contribute to improved quality of health care? If so why? If not, why? 20-50 words please.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd