Gulf Real Estate Properties, Inc. is a real estate firm located in southwest Flo
ID: 2757046 • Letter: G
Question
Gulf Real Estate Properties, Inc. is a real estate firm located in southwest Florida. The company, which advertises itself as an “expert in the real estate market,” monitors condominium sales by collecting data on location, list price, sale price, and the number of days it takes to sell each unit. Each condominium is classified as Gulf View if it is located directly on the Gulf of Mexico, or No Gulf View if it is located on the bay or a golf course (near but not on the Gulf). Sample data from the Multiple Listing Service in Naples, Florida, provided sales data for 40 Gulf View condominiums and 18 No Gulf View condominiums.
Gulf Real Estate Properties just signed contracts for two new listings: a Gulf View condominium with a list price of $589,000 and a No Gulf View condominium with a list price of $285,000. What is your estimate of the final selling price (based on the percent difference for the sale and list price) and number of days required to sell each of these units?
PLEASE show work or forumlas used to derive solution. Thank you!
Table 1: Gulf View Condominiums Descriptive Statistics List Price Sale Price Days to Sell Mean 537 516 149 Median 504.5 482.2 149 Standard Deviation 228.0 219.9 84.7 Range 835 797.8 256 Minimum 161 150.9 19 Maximum 996 948.7 275 Table 2: No. Gulf View Condominiums Descriptive Statistics List Price Sale Price Days to Sell Mean 213 206 194 Median 206.5 199.5 176 Standard Deviation 43.5 42.7 115.2 Range 155 156 321 Minimum 130 122.7 65 Maximum 285 278.7 386Explanation / Answer
Gulf View Condominiums Descriptive Statistics:
No. Gulf View Condominiums Descriptive Statistics:
Minimum: 0 Maximum: 996 Count: 32 Sum: 7309.7 Mean: 228.428125 Median: 116.85 Mode: 0 Standard Deviation: 307.94890991681 Variance: 94832.531118952Related Questions
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