8

All Properties

Properties that Sold 4 or More Times During Period

% D in Sales Price

Current Days on Market

% D in Sales Price

Current Days on Market

coefficient

t-stat

coefficient

z-stat

coefficient

t-stat

coefficient

z-stat

Initial square footage

2.78 × 10⁻³

8.46

***

1.24 × 10⁻²

12.66

***

3.15 × 10⁻³

3.16

***

1.35 × 10⁻²

2.96

***

Additional square footage

1.15 × 10⁻²

4.81

***

2.66 × 10⁻²

3.70

***

1.88 × 10⁻²

6.30

***

4.81 × 10⁻²

1.77

*

Age of property

0.15

7.00

***

−0.53

−4.69

***

8.31 × 10⁻²

1.12

0.25

0.51

Age of property squared

−2.33 × 10⁻⁴

−1.07

5.38 × 10⁻³

6.52

***

5.00 × 10⁻⁴

0.79

3.23 × 10⁻³

0.86

Distance (in feet) to nearest Wal-Mart

1.06 × 10⁻⁴

0.88

−1.08 × 10⁻⁴

−0.26

3.95 × 10⁻⁴

1.82

*

1.11 × 10⁻³

0.98

Arrival of new Wal-Mart between sales

0.90

1.96

**

−0.70

−0.43

−0.09

−0.07

0.16

0.03

Interaction of distance and arrival of new Wal-Mart

1.14 × 10⁻⁴

1.78

*

3.00 × 10⁻⁴

1.25

Distance (in feet) to nearest Best Buy

8.38 × 10⁻⁴

4.35

***

1.78 × 10⁻⁴

0.19

2.45 × 10⁻³

0.63

−4.30 × 10⁻²

−2.29

**

Arrival of new Best Buy between sales

0.98

2.87

***

−3.50

−1.91

*

2.67

0.33

−2.60

−0.57

Interaction of distance and arrival of new Best Buy

−2.01 × 10⁻⁴

−3.81

***

9.38 × 10⁻⁵

0.30

Days since new store opened

1.26 × 10⁻²

9.61

***

1.15 × 10⁻³

0.17

1.51 × 10⁻²

3.90

***

6.36 × 10⁻²

2.16

**

Distance (in feet) to nearest K-Mart

1.14 × 10⁻⁴

2.53

**

−2.22 × 10⁻⁴

−1.00

1.78 × 10⁻⁴

1.10

−4.41 × 10⁻⁴

−0.46

Distance (in feet) to nearest Target

−3.68 × 10⁻⁵

−0.62

3.54 × 10⁻⁵

0.13

−2.66 × 10⁻⁵

−0.13

3.61 × 10⁻⁴

0.30

School District 11

−2.61

−6.58

***

−5.41

−2.68

***

−2.34

−1.44

−7.60

−0.93

School District 12

6.06

6.20

***

−5.68

−1.39

8.28

1.59

−4.29

−0.15

School District 20

−5.21

−9.04

***

−12.92

−4.34

***

−4.24

−1.95

**

0.54

0.05

School District 49

−2.07

−3.73

***

−2.29

−0.76

−1.63

−0.79

−0.12

−0.01

Initial sale year 1995

−7.91

16.10

***

7.32

2.12

**

−10.37

−5.44

***

−31.10

−1.72

*

Initial sale year 1996

−15.84

−31.20

***

4.51

0.81

−18.25

−9.65

***

−59.56

−2.20

**

Initial sale year 1997

−19.77

−35.28

***

8.58

1.28

*

−22.00

−10.75

***

−60.42

−1.88

*

Initial sale year 1998

−24.55

−43.43

***

9.78

1.20

−22.84

−10.76

***

−55.09

−1.67

*

Initial sale year 1999

−30.39

−50.55

***

6.45

0.64

−28.22

−12.21

***

−79.64

−2.02

**

Initial sale year 2000

−37.33

−58.61

***

−5.59

−0.47

−35.40

−15.23

***

−112.74

−2.34

**

Initial sale year 2001

−46.21

−69.52

***

−16.72

−1.12

−41.53

−15.91

***

−140.51

−2.49

**

Initial sale year 2002

−49.14

−65.04

***

−11.87

−0.76

−46.60

−16.30

***

−140.36

−2.21

**

Initial sale year 2003

−46.98

−50.34

***

−7.82

−0.50

−44.46

−14.10

***

−116.74

−1.92

*

Initial sale year 2004

−43.83

−41.17

***

−14.58

−1.02

−37.49

−9.86

***

−128.38

−2.45

**

Initial sale year 2005

−44.14

−27.36

***

7.53

0.48

−33.73

−6.30

***

−100.60

−2.08

**

Subsequent sale year 1995

7.94

4.44

***

−23.02

−1.73

**

6.27

1.25

−57.59

−1.71

*

Subsequent sale year 1996

10.90

6.29

***

−24.92

−1.88

**

8.98

1.81

*

−52.11

−1.48

Subsequent sale year 1997

9.51

5.11

***

−21.84

−1.60

**

7.37

1.41

−53.05

−1.41

Subsequent sale year 1998

8.84

4.16

***

−29.06

−2.07

**

6.10

0.99

−75.65

−1.87

*

Subsequent sale year 1999

9.26

3.79

***

−22.13

−1.47

4.09

0.58

−75.04

−1.64

*