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 |