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Gulf Real Estate PropertiesFernando GonzálezRicardo SillerTania ElizabethSantiestéban Treviño
Gulf Real Estate Properties Gulf Real Estate Properties, Inc., is a real state firm located inSouthwest Florida. The comp...
Descriptive Statistics (Gulf ViewCondominiums) List Price: Gulf ViewSample Size 40Minimum $169,900Maximum $975,000Range $...
Descriptive Statistics (No Gulf ViewCondominiums) List Price: No Gulf ViewSample Size 18Minimum $148,000Maximum $322,000R...
Comparison of the DescriptiveStatistics (1/2) List price: The Gulf View condos have a higher average listing price thanN...
Comparison of the DescriptiveStatistics (2/2) Sales Price: The Gulf View condos have a higher average sales price than N...
Confidence Interval. Sales Price (Gulf ViewCondominiums) Data:Sample Size (n) 40Sample Mean (X-bar) 454.2225Sample Standa...
Confidence Interval. Days to sell (Gulf ViewCondominiums) Data:Sample Size (n) 40Sample Mean (X-bar) 106Sample StandardDe...
Confidence Interval. Sales Price (No Gulf ViewCondominiums) Data: Interval (Small-Sample, s unknown) Population is norm...
Confidence Interval. Days to sell (No Gulf ViewCondominium) Data:Sample Size (n) 18Sample Mean (X-bar) 135Sample Standard...
Sample size. Sales Price (Gulf ViewCondominiums) 95% confidence level Margin of error: $40,000. E=40Sample Size (n) 40Sa...
Sample size. Sales Price (No Gulf ViewCondominiums) 95% confidence level Margin of error: $15,000. E=15nzE( )/ s22 22S...
Estimation New Gulf ViewCondominium A Gulf View condominium sells on average 4.2% below itslist price. The estimated sel...
Estimation New No Gulf ViewCondominium A No Gulf View condominium sells on average 4.5%below its list price. The estimat...
And That’s it! Thank you
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Gulf real state case v2

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Gulf real state case v2

  1. 1. Gulf Real Estate PropertiesFernando GonzálezRicardo SillerTania ElizabethSantiestéban Treviño
  2. 2. Gulf Real Estate Properties Gulf Real Estate Properties, Inc., is a real state firm located inSouthwest Florida. The company, which advertises itself as“expert in the real state market,” monitors condominiumsales by collecting data on location, list price, and numberof days it takes to sell each unit. Each condominium is classified as Gulf View if its locateddirectly on the Gulf of Mexico or No Gulf View if its locatedon th bay or a golf course, near but not on the Gulf. Sampledata from the Multiple Listing Service in Naples, Florida,provided recent sales data for 40 Gulf View Condominiumsand 18 No Gulf View condominiums. Prices are in thousands of dollars. The data are shown in thebook page 325.
  3. 3. Descriptive Statistics (Gulf ViewCondominiums) List Price: Gulf ViewSample Size 40Minimum $169,900Maximum $975,000Range $805,100Median $437,000Mean $474,007.50St. Dev. $197,290.03 Sales Price: Gulf ViewSample Size 40Minimum $165,000Maximum $975,000Range $810,000Median $417,500Mean $454,222.50St. Dev. $192,517.75 Days to Sell: Gulf ViewSample Size 40Minimum 28Maximum 282Range 254Median 96Mean 106.00St. Dev. 52.22
  4. 4. Descriptive Statistics (No Gulf ViewCondominiums) List Price: No Gulf ViewSample Size 18Minimum $148,000Maximum $322,000Range $174,000Median $212,500Mean $212,805.56St. Dev. $48,945.28 Sales Price: No GulfViewSample Size 18Minimum $135,500Maximum $292,500Range $157,000Median $203,500Mean $203,188.89St. Dev. $43,891.72 Days to Sell: No GulfViewSample Size 18Minimum 48Maximum 338Range 290Median 126Mean 135.00St. Dev. 76.30
  5. 5. Comparison of the DescriptiveStatistics (1/2) List price: The Gulf View condos have a higher average listing price thanNo Gulf View Condos ($474,007.50 vs. $212,805.56). The Gulf View condos also have a higher median listing pricethan No Gulf View Condos ($437,000 vs. $212,500). The data for the Gulf View condos are more variable than thedata for the No Gulf View condos (larger range and standarddeviation).
  6. 6. Comparison of the DescriptiveStatistics (2/2) Sales Price: The Gulf View condos have a higher average sales price than NoGulf View Condos ($454,222.50 vs. $203,188.89). The Gulf View condos also have a higher median sales price than NoGulf View Condos ($417,500 vs. $203,500). The data for the Gulf View condos are more variable than the datafor the No Gulf View condos (larger range and standard deviation). Conclusions: The Gulf View condos seem to be in higher demandthan the No Gulf View condos as evidenced by their higherprices and shorter time to sell.
  7. 7. Confidence Interval. Sales Price (Gulf ViewCondominiums) Data:Sample Size (n) 40Sample Mean (X-bar) 454.2225Sample StandardDeviation (S)192.5177Confidence level (%) 95%Alpha (α) 0.05Degrees of freedom (n-1) 39Z value (0.9750) 1.96 Interval (Large-Sample, s unknown) Conclusion: With a 95% confidencewe can expect that populationmean of sales price (gulf viewcondominium) is within this rangex zsn /2Interval(392.65, 515.79)
  8. 8. Confidence Interval. Days to sell (Gulf ViewCondominiums) Data:Sample Size (n) 40Sample Mean (X-bar) 106Sample StandardDeviation (S)52.2160Confidence level (%) 95%Alpha (α) 0.05Degrees of freedom (n-1) 39Z value (0.9750) 1.96 Interval (Large-Sample, s unknown) Conclusion: With a 95% confidencewe can expect that populationmean of days to sell (gulf viewcondominium) is within this rangex zsn /2Interval(89.30, 122.70)
  9. 9. Confidence Interval. Sales Price (No Gulf ViewCondominiums) Data: Interval (Small-Sample, s unknown) Population is normally distributed and sunknown Conclusion: With a 95% confidence we canexpect that population mean of sales price (no gulf view condominium) is within thisrangeSample Size (n) 18Sample Mean (X-bar) 203.1888Sample StandardDeviation (S)43.8917Confidence level (%) 95%Alpha (α) 0.05Degrees of freedom (n-1) 17T-value (0.025, 17) 2.110nstx 2/Interval(181.36, 225.02)
  10. 10. Confidence Interval. Days to sell (No Gulf ViewCondominium) Data:Sample Size (n) 18Sample Mean (X-bar) 135Sample StandardDeviation (S)76.2997Confidence level (%) 95%Alpha (α) 0.05Degrees of freedom (n-1) 17T-value (0.025, 17) 2.110 Interval (Small-Sample, s unknown) Population is normally distributed and sunknown Conclusion: With a 95% confidence we canexpect that population mean of days to sell (no gulf view condominium) is within thisrange.nstx 2/Interval(97.06, 172.94)
  11. 11. Sample size. Sales Price (Gulf ViewCondominiums) 95% confidence level Margin of error: $40,000. E=40Sample Size (n) 40Sample Mean (X-bar) 454.2225Sample StandardDeviation (S)192.5177Confidence level (%) 95%Alpha (α) 0.05Degrees of freedom (n-1) 39Z value(0.975) 1.96E zn s/2nzE( )/ s22 22n size88.98 = 89
  12. 12. Sample size. Sales Price (No Gulf ViewCondominiums) 95% confidence level Margin of error: $15,000. E=15nzE( )/ s22 22Sample Size (n) 18Sample Mean (X-bar) 203.1888Sample StandardDeviation (S)43.8917Confidence level (%) 95%Alpha (α) 0.05Degrees of freedom (n-1) 17Z value(0.975) 1.96E zn s/2n size32.89 = 33
  13. 13. Estimation New Gulf ViewCondominium A Gulf View condominium sells on average 4.2% below itslist price. The estimated selling price is $589,000 x .958 = $564,262.Using the mean days, it is estimated to sell in about 106days.
  14. 14. Estimation New No Gulf ViewCondominium A No Gulf View condominium sells on average 4.5%below its list price. The estimated selling price is $285,000 x .955 = $272,175.Using the mean days, it is estimated to sell in about 135days.
  15. 15. And That’s it! Thank you

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