Sample

Local Buyers

Nonlocal Buyers

Represented

Unrepresented

Variable

Coefficient

t-stat

Coefficient

t-stat

Coefficient

t-stat

Coefficient

t-stat

Constant

6.525

***

33.2

6.884

***

16.1

6.290

***

23.3

6.884

***

26.6

ln(Land area)

−0.007

−0.9

−0.088

***

−5.5

−0.076

***

−5.6

−0.075

***

−6.5

ln(Size)

−0.200

***

−19.9

−0.049

***

−2.7

−0.079

***

−4.7

−0.068

***

−5.0

ln(Age)

−0.146

***

−15.2

−0.153

***

−7.9

−0.162

***

−10.0

−0.179

***

−11.8

Class A

0.532

***

10.5

0.435

***

6.3

0.421

***

7.0

0.477

***

9.5

Class B

0.150

***

8.5

0.129

***

3.0

0.115

***

3.6

0.112

***

3.6

Multi-tenant

−0.037

**

−2.3

−0.154

***

−4.0

−0.109

***

−3.6

−0.123

***

−4.4

ln(Market time)

−0.032

***

−4.7

−0.051

***

−3.4

−0.059

***

−4.8

−0.051

***

−4.9

Seller rep

−0.027

−1.0

0.183

**

2.5

0.055

0.8

0.073

**

2.2

Same rep

−0.107

***

−5.3

−0.081

**

−2.0

−0.066

**

−2.6

Buyer rep

0.107

***

6.5

0.020

0.6

Nonlocal

0.071

***

3.0

0.078

***

3.1

Buyer type

21 indicators

20 indicators

20 indicators

21 indicators

Calendar year

6 indicators

6 indicators

6 indicators

7 indicators

Sale conditions

117 indicators

61 indicators

62 indicators

79 indicators

Market

127 indicators

92 indicators

137 indicators

118 indicators

Adjusted R2

56.7%

56.5%

62.2%

53.5%

Observations

9024

2618

2618

7490