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 |