Gulf Real Estate Properties, Inc. is a real estate firm located in southwest Flo
ID: 407186 • 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. The complete data set is in the file named Real Estate, linked at the bottom of the page.
Managerial Report
Prepare a report (see below) that summarizes your assessment of the nature of the housing market in southwest Florida. Be sure to include the following seven (7) items in your report.
Descriptive statistics (mean, median, range, and standard deviation) to summarize each of the three variables for the 40 Gulf View condominiums. Are there any outliers in the data set for any of the three variables? If there are any outliers in any category, please list them and state for which category they are an outlier. Describe which method you used to make your determination.
Descriptive statistics (mean, median, range, and standard deviation) to summarize each of the three variables for the 18 No Gulf View condominiums. Are there any outliers in the data set for any of the three variables? If there are any outliers in any category, please list them and state for which category they are an outlier. Describe which method you used to make your determination.
Compare your summary results from #1 and #2. Discuss any specific statistical results that would help a real estate agent understand the condominium market.
Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for Gulf View condominiums. Interpret your results.
Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for No Gulf View condominiums. Interpret your results.
Assume the branch manager requested estimates of the mean selling price of Gulf View condominiums with a margin of error of $40,000 and the mean selling price of No Gulf View condominiums with a margin of error of $15,000. Using 95% confidence, how large should the sample sizes be for each?
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?
Write a report that adheres to the Written Assignment Requirements under the heading “Expectations for CSU-Global Written Assignments” found in the CSU-Global Guide to Writing and APA Requirements. As with all written assignments at CSU-Global, you should have in-text citations and a reference page. An example paper is provided in the MTH410 Guide to Writing with Statistics, linked at the bottom of the page.
Your report must contain the following:
A title page in APA style.
An introduction that summarizes the problem.
The body of the paper should answer the questions posed in the problem by communicating the results of your analysis. Include results of calculations, as well as charts and graphs, where appropriate.
A conclusion paragraph that addresses your findings and what you have determined from the data and your analysis.
Submit your Excel file in addition to your report.
Gulf View Condominiums No Gulf View Condominiums List Price Sale Price Days to Sell List Price Sale Price Days to Sell 926 895.4 20 130 122.7 345 625 601.9 216 162 160.2 169 600 559.8 196 197 185.2 189 322 314 72 242 237.2 145 743 729.6 251 195 183.9 91 610 575.8 158 182 180 66 640 593.3 79 285 265.6 81 417 402.4 259 262 253.9 65 281 279.9 272 184 171.5 100 449 439.1 96 279 278.7 326 331 307.5 243 201 192.4 183 603 577.7 249 216 207.1 102 187 173.7 239 212 206.5 345 473 464.5 55 237 234.6 290 666 625.4 69 257 242.6 350 407 402.1 198 245 244.3 386 480 445.4 134 178 173.7 188 271 270.2 40 162 159.4 71 897 884.4 205 828 793.2 23 584 549.5 263 996 928.3 229 373 365.2 62 974 948.7 74 581 554.3 101 295 291.2 96 733 732.3 98 161 150.9 189 738 712.9 203 529 499.9 140 827 812.1 19 229 215.9 175 385 379.2 209 452 438 247 848 807.3 109 445 419.2 27 224 212.4 113 571 529.3 275 326 302.2 218 456 447.8 25Explanation / Answer
Answer:
Gulf View Condominiums No Gulf View Condominiums List Price Sale Price Days to Sell List Price Sale Price Days to Sell 926 895.4 20 130 122.7 345 625 601.9 216 162 160.2 169 600 559.8 196 197 185.2 189 322 314 72 242 237.2 145 743 729.6 251 195 183.9 91 610 575.8 158 182 180 66 640 593.3 79 285 265.6 81 417 402.4 259 262 253.9 65 281 279.9 272 184 171.5 100 449 439.1 96 279 278.7 326 331 307.5 243 201 192.4 183 603 577.7 249 216 207.1 102 187 173.7 239 212 206.5 345 473 464.5 55 237 234.6 290 666 625.4 69 257 242.6 350 407 402.1 198 245 244.3 386 480 445.4 134 178 173.7 188 271 270.2 40 162 159.4 71 897 884.4 205 828 793.2 23 584 549.5 263 996 928.3 229 373 365.2 62 974 948.7 74 581 554.3 101 295 291.2 96 733 732.3 98 161 150.9 189 738 712.9 203 529 499.9 140 827 812.1 19 229 215.9 175 385 379.2 209 452 438 247 848 807.3 109 445 419.2 27 224 212.4 113 571 529.3 275 326 302.2 218 456 447.8 25 Mean = 537.075 515.7975 148.65 212.5556 205.5278 194 Median = 504.5 482.2 149 206.5 199.45 176 Range = 835 797.8 256 Std Dev = 227.9634 219.8749 84.70932 43.49878 42.6689 115.1679 765.0384 735.6724 233.3593 256.0543 248.1967 309.1679 309.1116 295.9226 63.94068 169.0568 162.8589 78.83209 Outliers 13 13 16 4 5 7Related Questions
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