Panel A. Purchases | Local Buyers | Nonlocal Buyers | Represented | Unrepresented | ||||||||
Dependent | Buyer rep | Buyer rep | Nonlocal buyer | Nonlocal buyer | ||||||||
Variable | Coefficient | (Wald Χ2) | Coefficient | (Wald Χ2) | Coefficient | (Wald Χ2) | Coefficient | (Wald Χ2) | ||||
Constant | −0.629 | ** | (5.7) | 0.264 | (0.5) | −2.640 | *** | (39.1) | −2.850 | *** | (123.7) | |
ln(Land area) | 0.004 | (0.1) | 0.017 | (0.5) | 0.061 | ** | (5.8) | 0.047 | *** | (9.0) | ||
ln(Size) | 0.041 | ** | (6.0) | −0.030 | (1.5) | 0.213 | *** | (46.9) | 0.177 | *** | (92.5) | |
ln(Age) | −0.039 | ** | (5.3) | −0.060 | * | (3.7) | −0.070 | ** | (5.2) | 0.019 | (0.9) | |
Class A | −0.227 | *** | (9.8) | −0.170 | (2.6) | 0.016 | (0.0) | 0.042 | (0.4) | |||
Class B | 0.077 | ** | (6.0) | 0.029 | (0.2) | 0.010 | (0.0) | 0.030 | (0.5) | |||
Multi-tenant | −0.060 | ** | (4.2) | 0.038 | (0.4) | −0.080 | (1.9) | −0.100 | *** | (7.2) | ||
Buyer type | 22 indicators | 22 indicators | 21 indicators | 23 indicators | ||||||||
Calendar year | 17 indicators | 14 indicators | 11 indicators | 16 indicators | ||||||||
Sale conditions | 231 indicators | 143 indicators | 161 indicators | 216 indicators | ||||||||
Market | 135 indicators | 126 indicators | 137 indicators | 136 indicators | ||||||||
Pseudo-R2 | 13.6% | 25.5% | 32.6% | 37.4% | ||||||||
Observations | 12,103 | 5,054 | 5,821 | 11,336 | ||||||||
Panel B. Sales | Local Sellers | Nonlocal Sellers | Represented | Unrepresented | ||||||||
Dependent | Seller rep | Seller rep | Nonlocal seller | Nonlocal seller | ||||||||
Variable | Coefficient | (Wald Χ2) | Coefficient | (Wald Χ2) | Coefficient | (Wald Χ2) | Coefficient | (Wald Χ2) | ||||
Constant | 0.362 | (1.7) | 1.158 | *** | (10.7) | −2.634 | *** | (70.9) | 1.158 | *** | (44.0) | |
ln(Land area) | −0.049 | *** | (12.7) | −0.006 | (0.1) | 0.073 | *** | (23.0) | −0.006 | (0.1) | ||
ln(Size) | −0.050 | *** | (8.9) | −0.065 | *** | (6.8) | 0.151 | *** | (68.2) | −0.065 | *** | (52.4) |
ln(Age) | 0.016 | (0.9) | 0.010 | (0.1) | 0.086 | *** | (21.9) | 0.010 | ** | (4.5) | ||
Class A | 0.190 | *** | (7.3) | 0.273 | *** | (8.7) | 0.091 | (1.8) | 0.273 | (0.0) | ||
Class B | 0.026 | (0.6) | 0.102 | * | (2.9) | 0.073 | * | (3.5) | 0.102 | (0.1) | ||
Multi-tenant | −0.059 | * | (3.7) | −0.024 | (0.2) | −0.072 | ** | (4.3) | −0.024 | ** | (5.3) | |
Seller type | 23 indicators | 22 indicators | 21 indicators | 23 indicators | ||||||||
Calendar year | 14 indicators | 16 indicators | 11 indicators | 16 indicators | ||||||||
Sale conditions | 222 indicators | 172 indicators | 220 indicators | 162 indicators | ||||||||
Market | 134 indicators | 128 indicators | 136 indicators | 129 indicators | ||||||||
Pseudo-R2 | 13.8% | 20.5% | 28.5% | 29.3% | ||||||||
Observations | 11,540 | 5456 | 11,362 | 5634 |