coefficients with the apartment models. The lowest estimated significant coefficient is in

Las Vegas 0.14, while the highest estimated coefficient for replacement exchanges is

observed, just as with the office regressions, in the Chicago model 0.37. This represents

additional evidence that buyers of replacement properties are paying statistically

significant price premiums in the markets examined in the regressions.

 The coefficient estimates of the variable representing a sale as part of a

relinquished exchange, EXRELQ, are positive in 13 models and significant in 7 markets.

However, these coefficient estimates generally are significantly smaller than coefficient

estimates on the variable, indicating a sale that is part of a replacement exchange,

EXREPL. These results are similar to the findings with office regressions.

 The coefficients on the variable representing a sale part of the seller's relinquished

exchange and the buyer's replacement exchange, RELQ REPL, are positive and

generally of higher magnitude than the coefficients on the variable representing a

replacement exchange only (EXREPL). The coefficients are positive and significant in 11

out of the 15 markets.

 The coefficient on the variable representing a purchase by out-of-state buyer,

BUYEROUT, is significant in all five of the markets with highest percentage of out-of-

state buyers: Las Vegas, 52 percent; Phoenix, 47 percent; Tucson, 30 percent;

Dallas/Forth Worth, 29 percent; and Houston, 27 percent. This coefficient is also

significant in Denver, Detroit, Seattle and Chicago. Thus, the coefficient on the variable

representing a purchase by an out-of-state buyer is significant in 9 of the 11 markets with

large number of sales to out-of-state buyers. These findings present strong evidence that

out-of-state buyers are associated with a price premiums.