Table 7. List of Regression Variables
Dependent Variable:
LNPRICE Natural logarithm of the sale price
Exchange Variables:
EXRELQ Binary variable set equal to one if transaction represents sale of a
 relinquished property
EXREPL Binary variable set equal to one if transaction represents purchase of a
 replacement property
RELQ REPL Binary variable set equal to one if transaction represents both sale of a
 relinquished property and purchase of a replacement property

Building Characteristics:
AGE Age of the buildings) in years
SQFT Total improvements square footage in thousands
FLOORS Number of floors
UNITS Number of units
CONDITION, Physical condition of the property based on inspection. The categories
 include below average, average, and above average. The omitted category
 is average.
PARKING Number of parking spaces
SUBSIDIZED Binary variable set equal to one if property use is subsidized multi-family
SENIOR Binary variable set equal to one if property use is senior multi-family
CONDO Binary variable set equal to one if property use is multi-family
 condominium


Year Dummies:
YR,


Yearly time periods from 1999 through 2005. Each year is included as a
binary variable except 1999, which is suppressed.


Site and Location Characteristics:
LANDSQFT Log of square footage of land in thousands
X Latitude of property
Y Longitude of property
SDUM, Binary variable signifying the submarket in which the property is located,
 as defined by CoStar
{ l, Y} X, Y polynomial, where k,l >0, k+l<= 3

Deal Characteristics:
BUYEROUT Binary variable set equal to one if buyer lives out of state
CONDOCONV Binary variable set equal to one if the transaction was motivated by condo-
 conversion
SALELEASEBACK Binary variable set equal to one if transaction was part of sale-leaseback
PORTSALE Binary variable set equal to one if transaction was part of portfolio sale