Table 20. Continued


 Dallas/
Chicago Fort
 Worth


 Ft.
Denver Detroit t.
 Lauderdale


Houston


Las Los
Vegas Angeles


0.090 -0.146 0.175 0.176 0.077


0.07 0.16


0.14 0.03 0.41


0.182 -0.013 0.202 0.091 0.177


0.00 0.89


0.09 0.28 0.10


0.326 -0.001 0.371 0.288 0.478
0.00 0.99 0.00 0.00 0.00
0.551 0.057 0.466 0.390 0.605
0.00 0.59 0.00 0.00 0.00
0.549 0.029 0.547 0.467 0.811


0.00 0.83


0.00 0.00 0.00


YR2001


YR2002


YR2003


YR2004


YR2005


COST


0.285 -0.057 0.128


0.04


0.67


0.345 -0.081 0.233
0.01 0.54 0.00
0.419 0.106 0.454
0.00 0.43 0.00
0.584 0.185 0.646
0.00 0.15 0.00
0.943 0.145 0.829
0.00 0.36 0.00
13.095 13.186 15.023
0.00 0.00 0.00
0.81 0.78 0.78


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; RELQREPL 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; CONDITIONi 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; YRn Yearly time periods from 1999 through 2005. Each year is included as a
binary variable except 1999, which is suppressed; SDUMi Binary variable signifying the submarket in which the property is
located, as defined by CoStar brokers.


Market


14.289 13.467 13.890 12.646 13.519
0.00 0.00 0.00 0.00 0.00
0.71 0.83 0.84 0.73 0.81


R-sauared