Table 15. Continued
 Riverside San
Market /San Sacramento Diego Seattle Tampa Tucson Washington
 Diego
 Bernardino

 YR2002 0.367 0.218 0.113 0.160 -0.153 0.018 0.301
 0.02 0.07 0.33 0.03 0.14 0.85 0.00
 YR2003 0.454 0.276 0.240 0.181 0.045 -0.060 0.302
 0.00 0.02 0.03 0.02 0.71 0.54 0.00
 YR2004 0.677 0.317 0.389 0.236 0.120 0.146 0.418
 0.00 0.02 0.00 0.00 0.26 0.07 0.00
 YR2005 0.747 0.530 0.609 0.428 0.296 0.107 0.523
 0.00 0.00 0.00 0.00 0.09 0.32 0.00
 CONST 11.735 13.410 14.151 12.887 12.900 12.579 13.722
 0.00 0.00 0.00 0.00 0.00 0.00 0.00
 SDUMi (not
 reported)
 R-squared 0.84 0.85 0.90 0.87 0.88 0.86 0.92
 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, i I / "_FT Square footage of land;
LANDSQFT2 Square footage of land squared; PARKING Parking, defined as number of parking spaces; FLOORS Number
of floors; 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;
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; YR, Yearly time periods from 1999 through 2005. Each year is included as
a binary variable except 1999, which is suppressed; SDL I Binary variable signifying the submarket in which the property is
located, as defined by CoStar brokers.