Sample

Local Sellers

Nonlocal Sellers

Represented

Unrepresented

Variable

Coefficient

t-stat

Coefficient

t-stat

Coefficient

t-stat

Coefficient

t-stat

Constant

5.286

***

12.3

6.138

***

8.2

6.277

***

17.5

6.225

***

4.2

ln(Land area)

0.026

1.3

0.034

1.1

0.007

0.5

0.039

0.5

ln(Size)

−0.010

−0.4

−0.005

−0.2

−0.020

−1.2

−0.030

−0.4

ln(Age)

−0.126

***

−5.5

−0.031

−0.8

−0.120

***

−6.8

−0.090

−0.9

Class A

−0.464

***

−4.2

−0.509

***

−3.6

−0.370

***

−5.5

0.076

0.2

Class B

0.055

1.3

0.106

1.3

0.052

1.5

0.227

1.2

Multi-tenant

0.052

1.3

−0.091

−1.3

−0.070

**

−2.2

0.168

1.0

ln(Sale price)

−0.148

***

−4.7

−0.151

***

−2.7

−0.180

***

−7.2

−0.230

*

−2.0

Buyer rep

0.162

***

3.7

0.174

**

2.4

0.121

***

3.9

0.111

0.5

Same rep

−0.242

***

−4.2

−0.088

−0.9

−0.150

***

−4.0

Seller rep

0.183

***

3.7

0.245

***

2.9

Nonlocal

−0.040

−1.6

0.048

0.3

Seller type

19 indicators

20 indicators

20 indicators

14 indicators

Calendar year

9 indicators

6 indicators

7 indicators

8 indicators

Sale conditions

81 indicators

87 indicators

112 indicators

38 indicators

Market

115 indicators

107 indicators

121 indicators

85 indicators

Adjusted R2

14.6%

25.8%

15.6%

34.4%

Observations

8106

3162

7750

3162