Table 11. Continued


San San
Diego Francisco


San Jose Seattle Tucson


CONDOCONV


PORTSALE


YR2000


YR2001


YR2002


YR2003


YR2004


YR2005


SDUMi (not
reported)
CONST


R-squared


-0.345
0.07
0.026
0.79
0.111
0.17
0.261
0.00
0.345
0.00
0.474
0.00
0.724
0.00
1.002
0.00
0.000
0.64
-0.001
0.67
-0.001


3.215


-0.066 0.152


0.81


0.143


0.02


-0.807 -0.252


0.00
0.144
0.07
0.217
0.01
0.474
0.00
0.620
0.00
0.852
0.00
0.876
0.00
0.000
0.89
0.000
0.73


0.15
0.046
0.33
0.209
0.00
0.441
0.00
0.664
0.00
0.907
0.00
0.848
0.00
0.000
0.00
0.000
0.02


-0.160
0.00
0.208
0.00
0.317
0.00
0.366
0.00
0.379
0.00
0.463
0.00
0.506
0.00
0.000
0.00
0.000
0.00


-0.555 0.093 0.124


0.15
0.107
0.00


-0.008 -0.118
0.88 0.19


0.351 0.024 -0.028


0.00


0.77


0.368 0.078 0.037


0.00


0.69


0.381 0.149 0.071
0.00 0.01 0.43
0.399 0.167 0.129
0.00 0.00 0.14
0.374 0.306 0.319


0.00


0.00


0.000 0.001 0.000
0.10 0.00 0.03
0.000 0.007 0.000
0.28 0.00 0.07


 0.009
 0.00



28.361 -9.089 -18.833 -8.118 20.801 28.200


0.36


0.60
0.85


0.69


0.85


All standard errors are adjusted for potential heteroskedasticity. P-values are reported under the coefficient estimates and are in
bold and italics. Dependent Variable is LNPRICE Log of selling price; EXREPL Binary variable set equal to one if
transaction represents sale of a replacement property. EXRELQ Binary variable set equal to one if transaction represents sale of
a relinquished property; RELQ_REPL Binary variable set equal to one if transaction represents both sale of relinquished
property and purchase of a replacement property. AGE Age of the buildings) in years; AGE2 Age squared; SQFT Square
footage of total improvements; SQFT2 Square footage of total improvements squared; LANDSQFT Square footage of land;
LANDSQFT2 Square footage of land squared; PARKING Parking, defined as number of parking spaces; 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; BUYEROUT Binary variable set equal to
one if buyer lives out of state; SENIOR Binary variable set equal to one if property use is senior multi-family; SUBSIDIZED
Binary variable set equal to one if property use is subsidized multi-family; CONDO Binary variable set equal to one if property
use is multi-family condominium; CONDOCONV- Binary variable set equal to one if transaction was part of condo conversion;
PORTSALE Binary variable set equal to one if transaction was part of portfolio sale; YR, Yearly time periods from 1999
through 2005. Each year is included as a binary variable except 1999, which is suppressed; SD \ I Binary variable signifying
the submarket in which the property is located, as defined by CoStar brokers; X- latitude of property; Y longitude of property.


Market


Riverside
 /San
Bernardino


Sacrame
 nto