The document summarizes a pilot study that used regression analysis to examine the impact of various housing characteristics, including finished basement size, on the sale price of 1950s-era homes in Louisville, KY from 2001-2009. It found that having a partially finished basement added value, but value diminished above three-quarters finished. Neighborhood was also a significant factor. The analysis was limited by a lack of detailed characteristic data and could be improved with additional records.
this presentation contyain information about the second cold war betweend russia that has been started after us decision to deploy missiles in eastern europe countries. for more mail to mhasanyousaf@gmail.com
this presentation contyain information about the second cold war betweend russia that has been started after us decision to deploy missiles in eastern europe countries. for more mail to mhasanyousaf@gmail.com
Since becoming actively involved in improving the quality-of-life, public services and homeownership rate in its own West Philadelphia neighborhood, the University of Pennsylvania has seen the performance of this housing stock outpace that of Philadelphia as a whole.
This white paper describes the analysis and models developed to predict house prices in King County. Further, the models are compared and most effective and simple model is recommended.
The objective of the project was to develop an analytical model to predict the house prices at King County. This whitepaper describes in detail the data preprocessing, predictive models developed, recommendations and future plans for improvement.
In this keynote I will give you a business understanding of ML by going through key concepts and concrete use cases that illustrate its possibilities. I'll present new technology that makes ML more accessible, and I'll explain in simple terms the limitations to what can be achieved. Finally, I'll discuss pragmatic considerations of real-world applications and I'll give a sneak peak at the Machine Learning Canvas ā a framework for describing a predictive system that uses ML to provide value to its end user.
Our aim was to develop algorithms which use a broad spectrum of features to predict real prices. Algorithm applications rely on a rich dataset that includes housing data and macroeconomic patterns. An accurate forecasting model will allow Sber bank to provide more certainty to their customers in an uncertain economy.
A Study under Prof. Metin Cakanyildirim to understand the various factors involved in pricing of house and perform a Regression Analysis to understand their impact.
For the last number of decades, the real estate market has been broken down into seasons with spring reigning as the best time to sell a home. Traditionally, thatās how itās been. But thereās a big shift happening now.
Recent years have seen that seasonality blur as more and more people decide to buy or sell a home no matter what time of year it is.
What we do know is that while weāll probably see more homes hit the market this spring, supply is still too low to keep up with demand.
So, even if more homes do come on the market compared to previous months, there are plenty of willing and ready buyers waiting on the sidelines to scoop them up.
Full story at: www.westernmahomes.net
The presence of a natural gas pipeline does not affect the value of the surrounding property. Integra Realty Resources, a leading provider of real estate valuation and counseling services, conducted a rigorous study of properties in four separate areas of the country in 2015. The report, Pipeline Impact to Property Value and Property Insurability, prepared on behalf of the INGAA Foundation, shows that the presence of pipelines does not affect the value of a property, its insurability, its desirability or the ability to obtain a mortgage.
Qnt. 5040 ā Mini Report #1RegressionsDr. Phillip S. RokickiM.docxamrit47
Ā
Qnt. 5040 ā Mini Report #1
Regressions
Dr. Phillip S. Rokicki
Maximum Points: 5
Excel File Needed: The Prescott Housing Study
The Prescott County Housing Problem
Introduction:
The Prescott county mayor, Robert (Pete) Smith has been worried for some time that housing values in the county have been declining. Pete said to the county commission recently,
āOur housing stock is getting so old and tired, and Iām afraid that if we donāt start building new homes that our children will just move away to Orlando or even to, heaven forbid, to South Florida. I think that we need to study this situation, and do something about it right now!ā
What Pete did not say, but each of the commissioners knew, was that his brother-in-law, Bo Bradley is a developer who wants the commission to rezone 350 acres in the north county for a new development. This land is currently envisioned to be a county park, but old Bo want to develop it. Bo said recently, āWhat this county needs is my development, not some old park for the deer.ā Bo it seems is interested in making money more than he is in protecting undeveloped land.
In order to get this study going Pete has asked you to look at some recent sales of homes in the county to understand what is going on with the housing stock, and then to project out what kind of values that five typical housing could bring. What he is hoping is that the values will be so low that the commission will want to rezone those 350 acres for Boās development.
Using the Excel data file that has been provided you are to completely answer the following questions:
1. What is the current status of the housing stock in the county?
a. To do this you will create a one-variable summary using StatTools and analyze the age of the recently sold homes, their average price sold, the number of bedrooms, bathrooms and number of cars that can be garaged.
b. What does the skewness and kurtosis tell you about these data?
c. Would it be better to use the Interquartile range to analyze this data (not a yes or no answer) and if so why, or why not?
2. Doing two Q-Q plots, do you consider the data for price and square footage to be normal or not, and why?
3. Doing a correlation in StatTools and using all six of the variables, how are each of these variables correlated to each other. Again be specific.
4. Doing a scatterplot of price versus square footage and adding a trend line to the plot, what does this tell you about the data?
a. Now do a scatterplot of price versus age and adding a trend line, what does this tell you about the question of new homes versus price?
5. Next do a multiple regression using price as the dependent variable, and all other variables as independent variables:
a. Do any of the variables have a t-value that is greater than the alpha (.05) for this assignment? If so, delete them and rerun the regression and compare and contrast the old regression versus the new regression without one or more of the variables.
b. Is the F-ratio ...
Has Milwaukee\'s Riverwest neighborhood reached a condo development saturation point? What is the impact of income and job growth on the sustainability of the condo building boom in this diverse area of Milwaukee?
Since becoming actively involved in improving the quality-of-life, public services and homeownership rate in its own West Philadelphia neighborhood, the University of Pennsylvania has seen the performance of this housing stock outpace that of Philadelphia as a whole.
This white paper describes the analysis and models developed to predict house prices in King County. Further, the models are compared and most effective and simple model is recommended.
The objective of the project was to develop an analytical model to predict the house prices at King County. This whitepaper describes in detail the data preprocessing, predictive models developed, recommendations and future plans for improvement.
In this keynote I will give you a business understanding of ML by going through key concepts and concrete use cases that illustrate its possibilities. I'll present new technology that makes ML more accessible, and I'll explain in simple terms the limitations to what can be achieved. Finally, I'll discuss pragmatic considerations of real-world applications and I'll give a sneak peak at the Machine Learning Canvas ā a framework for describing a predictive system that uses ML to provide value to its end user.
Our aim was to develop algorithms which use a broad spectrum of features to predict real prices. Algorithm applications rely on a rich dataset that includes housing data and macroeconomic patterns. An accurate forecasting model will allow Sber bank to provide more certainty to their customers in an uncertain economy.
A Study under Prof. Metin Cakanyildirim to understand the various factors involved in pricing of house and perform a Regression Analysis to understand their impact.
For the last number of decades, the real estate market has been broken down into seasons with spring reigning as the best time to sell a home. Traditionally, thatās how itās been. But thereās a big shift happening now.
Recent years have seen that seasonality blur as more and more people decide to buy or sell a home no matter what time of year it is.
What we do know is that while weāll probably see more homes hit the market this spring, supply is still too low to keep up with demand.
So, even if more homes do come on the market compared to previous months, there are plenty of willing and ready buyers waiting on the sidelines to scoop them up.
Full story at: www.westernmahomes.net
The presence of a natural gas pipeline does not affect the value of the surrounding property. Integra Realty Resources, a leading provider of real estate valuation and counseling services, conducted a rigorous study of properties in four separate areas of the country in 2015. The report, Pipeline Impact to Property Value and Property Insurability, prepared on behalf of the INGAA Foundation, shows that the presence of pipelines does not affect the value of a property, its insurability, its desirability or the ability to obtain a mortgage.
Qnt. 5040 ā Mini Report #1RegressionsDr. Phillip S. RokickiM.docxamrit47
Ā
Qnt. 5040 ā Mini Report #1
Regressions
Dr. Phillip S. Rokicki
Maximum Points: 5
Excel File Needed: The Prescott Housing Study
The Prescott County Housing Problem
Introduction:
The Prescott county mayor, Robert (Pete) Smith has been worried for some time that housing values in the county have been declining. Pete said to the county commission recently,
āOur housing stock is getting so old and tired, and Iām afraid that if we donāt start building new homes that our children will just move away to Orlando or even to, heaven forbid, to South Florida. I think that we need to study this situation, and do something about it right now!ā
What Pete did not say, but each of the commissioners knew, was that his brother-in-law, Bo Bradley is a developer who wants the commission to rezone 350 acres in the north county for a new development. This land is currently envisioned to be a county park, but old Bo want to develop it. Bo said recently, āWhat this county needs is my development, not some old park for the deer.ā Bo it seems is interested in making money more than he is in protecting undeveloped land.
In order to get this study going Pete has asked you to look at some recent sales of homes in the county to understand what is going on with the housing stock, and then to project out what kind of values that five typical housing could bring. What he is hoping is that the values will be so low that the commission will want to rezone those 350 acres for Boās development.
Using the Excel data file that has been provided you are to completely answer the following questions:
1. What is the current status of the housing stock in the county?
a. To do this you will create a one-variable summary using StatTools and analyze the age of the recently sold homes, their average price sold, the number of bedrooms, bathrooms and number of cars that can be garaged.
b. What does the skewness and kurtosis tell you about these data?
c. Would it be better to use the Interquartile range to analyze this data (not a yes or no answer) and if so why, or why not?
2. Doing two Q-Q plots, do you consider the data for price and square footage to be normal or not, and why?
3. Doing a correlation in StatTools and using all six of the variables, how are each of these variables correlated to each other. Again be specific.
4. Doing a scatterplot of price versus square footage and adding a trend line to the plot, what does this tell you about the data?
a. Now do a scatterplot of price versus age and adding a trend line, what does this tell you about the question of new homes versus price?
5. Next do a multiple regression using price as the dependent variable, and all other variables as independent variables:
a. Do any of the variables have a t-value that is greater than the alpha (.05) for this assignment? If so, delete them and rerun the regression and compare and contrast the old regression versus the new regression without one or more of the variables.
b. Is the F-ratio ...
Has Milwaukee\'s Riverwest neighborhood reached a condo development saturation point? What is the impact of income and job growth on the sustainability of the condo building boom in this diverse area of Milwaukee?
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
Visit - magarpattacity.developerprojects.in
Recent Trends Fueling The Surge in Farmhouse Demand in IndiaFarmland Bazaar
Ā
Embarking on the journey to acquire a farmhouse for sale is just the beginning; the real investment lies in crafting an environment that contributes to our mental and physical well-being while satisfying the soul. At Farmlandbazaar.com, Indiaās leading online marketplace dedicated to farm land, farmhouses, and agricultural lands, we understand the importance of transforming a humble farmland into a warm and inviting sanctuary. Let's explore the fundamental aspects that can elevate your farmhouse into a tranquil haven.
Brigade Insignia offers meticulously designed apartments with modern architecture and premium finishes. The project features spacious 3,3.5,4 and 5 BHK units, each thoughtfully planned to provide maximum comfort, natural light, and ventilation.
https://www.newprojectbangalore.com/brigade-insignia-yelahanka-bangalore.html
Need MCA leads? No sweat! MCAs are great for small biz funding. Learn how to snag top-notch leads: businesses needing cash, with repayment ability, decision-makers, and accurate contacts. Use content, social ads, lead platforms, partnerships, and capture processes for quality leads.
https://www.leadgeneration.media/blog/b/streamline-your-mca-sales-process-with-pre-qualified-leads
Lixin Azarmehr, a Los Angeles-based real estate development trailblazer, co-founded JL Real Estate Development (JL RED) in 2015 and serves as its CEO. Her expertise has propelled the firm to specialize in luxury residential and mixed-use commercial projects, with a portfolio that features upscale retail spaces and sophisticated care facilities.
Total Environment Tangled Up In The Green - Residential Plots Where Nature an...JagadishKR1
Ā
Embark on a journey where lush landscapes and contemporary living converge at Total Environment's Tangled Up In The Green Residential Plots in Devanahalli, Bangalore. Surrounded by verdant expanses, these plots offer an idyllic setting for your dream home. Immerse yourself in the serenity of nature while enjoying the finest amenities and design, where every moment is a harmonious blend of luxury and tranquility.
Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Ā
Sense Levent offers a luxurious living experience in the heart of Istanbulās vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The buildingās elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbulās average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkeyās licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
Sense Levent is more than just a residence; itās a place where dreams and opportunities come to life. Contact us today to secure your place in this exclusive development and experience the best of Istanbul living. Sense Levent: Sense the Opportunity. Live the Dream.
https://listingturkey.com/property/sense-levent/
Investing In The US As A Canadianā¦ And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
Ā
=== Investing In The US As A Canadianā¦ And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big placeā¦ if youāre interested in investing in the US, you probably have a lot of questions, like:
āļø Specifically WHERE should you invest?
āļø What are the best markets to invest in and why?
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āļø What is cashflow like?
āļø Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
āļø What ownership structure should I use?
āļø What are the tax implications?
āļø Can I get financing?
āļø What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is āMaking Real Estate Investing Great Againā!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
The SVNĀ® organization shares a portion of their new weekly listings via their SVN LiveĀ® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Rams Garden Bahcelievler - Istanbul - ListingTurkeyListing Turkey
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Implemented by Rams Global in Bahcelievler, the Rams Garden Bahcelievler Apartments includes 796 residences of different types from 2+1 to 5+1.
Next to the project, which will have 33 thousand square meters of green area, there will be 42 thousand 300 square meters of woodland. There will also be a 210-meter-long pond in the landscape of the project. There are 94.5 square meters of green space per flat.
Rams Garden Bahcelievler Apartments, which has 8 times more green space than the average of Istanbul with its 33 thousand square meters of green area located within a total of 75 thousand square meters, offers various housing options from 2+1 to 5+1.RAMS Garden has brought a lifeline to the construction industry.
Rams Global, which has signed projects in many places from Dubai to Phuket and delivered more than 20 thousand residences, is now starting new projects in Istanbul.
Rams Garden Bahcelievler is located 9 minutes from Metroport AVM, 5 minutes from Marmara Forum AVM, 12 minutes from KazlıƧeÅme beach, 9 minutes from Yıldız Technical University, 7 minutes from Istinye University, 9 minutes from Ramada Hotel and Medicana Hospital.
https://listingturkey.com/property/rams-garden-bahcelievler-apartments/
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One FNG by Group 108 is launching a new commercial project in Sector 142 Noida. Office space and high street retail shops on the FNG and Noida Expressway. For more information visit the website https://www.onefng.com/
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
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Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
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The location of Tersane Suites Residences is also unbeatable, with easy access to the cityās main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Omaxe Sports City Dwarka stands out as a premier residential and recreational destination, offering a blend of luxury and sports-centric living. Located in the thriving area of Dwarka, this project by Omaxe Limited is designed to cater to modern lifestyle needs while promoting a healthy, active living environment.
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1. Pilot Study: Use of Regression to Identify, Quantify and Interpret
Property Values In Louisville, KY
Prepared for
Donna Hunt
Chief Deputy of the Jefferson County PVA
By
Margaret Maginnis
May 2010
An Analysis of Sales in 2000-2009 for
1950s Housing Stock in Jefferson County, Kentucky
12/15/2017
2. The Research Question:
1. What is the effect on sale price of 1950s housing stock in Louisville, KY when a finished basement is
added? Does it matter how much of the basement is finished? Is there a point of diminishing returns? What
is the effect of location in different neighborhoods?
Using a simple linear regression model, sale values of 1950s housing for the period 2001 through 2009 were
examined based on selected characteristics.
Pilot Study: Property Values of 1950s Housing stock
Introduction
The regression analysis identified lot size, number of stories, finished size, number of bathrooms, finished basement area,
garages and neighborhood location to be the most significant characteristics to impact a homeās sale price. We found that
having some portion of a basement finished certainly added value to the home, but that value diminished when the
basement was more than 3/4s finished. The most significant indicator of home value was often the neighborhood in which
the home was located, as the results show in the following write up.
Findings
22/15/2017
Source Data: PVA 3/25/2010
Limitations of the Data and Next Steps
Limitations of the analysis included insufficient data on housing characteristics such as square footage of porches, decks,
and garages. The lack of such detailed information prevents the model from being as robust and reliable it might be
otherwise. Next steps would be to obtain more detailed data from the REMF_CHAR database and rerun the rgressions. In
order to do this, we need to obtain a variable ādictionaryā of the codes used in the REMF_CHAR database. Using the
REMF_Master merged with the REMF_char data, we could rerun the regressions and compare predicted values to actual
sales values.
3. Pilot Study: Property Values of 1950s Housing stock
The initial query of parcels from the REMF Master consisted of all single-family houses - a database of
218,376 records with information on PVA assessments and sales, but no information on housing characteristics. These
records were then linked to valid sales for the period 2001 through 2009 with a resulting file of approximately 50,000
records containing detailed information on housing characteristics.
The parameters for the pilot study were 1950s-era single-family housing with full basements. The decision to
use 1950s housing was predicated on the fact that there is a large supply of homes from that era in Louisville and the
sample would be relatively homogeneous. In fact, Louisville Metro has 45,848 homes built during the 1950s. Of these,
approximately 49% (22,504) include some sort of basement, with an average size (basement) of 700 square feet. After
merging the data with valid sales, the number of homes built in the 1950s with full-sized basements comprised slightly over
4,200 records. Selecting for single-family residences with full basements, built in the 1950s, with valid sale transactions
that occurred between 2001-2009, the final study included 1,481 records.
Records were examined first in Excel, then frequencies, comparison of means and regression models were
run in SPSS. The following section highlights the exploratory phase of analysis.
Methodology
32/15/2017
Source Data: PVA 3/25/2010
4. Pilot Study: Property Values of 1950s Housing stock
Exploratory Results
Typical characteristics of 1950s housing stock include:
* quarter acre (or less) lot
* 1 to 1.5 stories
* 1 bathroom
* small front porch or stoop
* 1200 sq ft with full basement
* one-third of the basement area finished
* detached garage
42/15/2017
Source Data: PVA 3/25/2010
5. Pilot Analysis: Property Values of 1950s Housing stock
Exploratory Results
Figure 1. Location of homes included in the analysis.
Most of the 1950s housing used in this analysis was built directly inside the Watterson Expressway or just outside of it. In
the Southwest portion of the city, many homes were built in and just south of Shively. In the East End, 1950-era homes
were built inside the Watterson in the smaller incorporated cities of Kingsley and Wellington, St Mathews, Brownsboro
Village, Indian Hills, Rolling Fields, Beechwood and Woodlawn Park, and in the Louisville neighborhoods of Brownsboro-
Zorn, Clifton, Rock Creek, Gardiner Lane, Highlands-Douglas, Hawthorne, Belknap and Bowman. In addition, homes built in
the 1950s just east of the Watterson in St Regis Park, J-Town and Bon Air are included.
N = 1,481
52/15/2017
Source Data: PVA 3/25/2010
6. Pilot Study: Property Values of 1950s Housing stock
Exploratory Results
Figure 3.
Median Sale Price by Year; 1950s Houses with Full Basement.
Between 2001 and 2009, the median cost of a 1950s home rose approximately 17%.
$115,000
$119,950
$126,275
$127,500
$132,500
$135,100
$137,500
$130,070
$134,000
$100,000
$105,000
$110,000
$115,000
$120,000
$125,000
$130,000
$135,000
$140,000
2001 2002 2003 2004 2005 2006 2007 2008 2009
Median Sale Price by Year of Sale
62/15/2017
Source Data: PVA 3/25/2010
N=546
N=496
N=624
N=539
N=573
N=471
N=299
N=394
N=310
Average number of sales per year = 473
Total number of sales of 1950s housing with basements = 4,252
7. Pilot Study: Property Values of 1950s Housing stock
Exploratory Results
To look further at the data, we divided the
records into 3 categories according to the percent of
finished basement.
We then examined sale price by year based on those three
categories.
Sale Year
Homes with less
than 30% finished
basement
Homes
between 30%
and 75%
finished
basement
Homes with
more than 75%
finished
basements
2001 $117,000.00 $115,000.00 $117,500.00
2002 $118,750.00 $122,900.00 $119,000.00
2003 $127,250.00 $127,450.00 $116,000.00
2004 $123,000.00 $131,000.00 $135,200.00
2005 $130,000.00 $137,500.00 $139,000.00
2006 $132,000.00 $137,500.00 $139,830.00
2007 $134,200.00 $140,000.00 $143,750.00
2008 $123,900.00 $138,500.00 $126,320.00
2009 $129,950.00 $141,750.00 $132,400.00
Median Sale Price
Although sale prices started to fall by 2008, between 2001 and
2009, median home prices rose 23% for homes with 1/3 to 3/4
finished basement, and 13% for those with full-finished
basements (i.e., 75% or more finished).
7
Frequency Percent
1 794 53.6
2 534 36.1
3 153 10.3
Total 1481 100.0
Valid
Above Grade Price per Square Foot, 1950s Homes with Full
Finished Basements
Sale Year
Homes with less
than 30% finished
basement
Homes
between 30%
and 75%
finished
basement
Homes with
more than 75%
finished
basements
2001 $91.71 $95.17 $94.56
2002 $95.87 $102.13 $99.78
2003 $100.05 $102.82 $98.79
2004 $102.34 $106.99 $114.52
2005 $104.67 $112.24 $114.13
2006 $105.47 $111.44 $116.70
2007 $110.86 $113.70 $119.93
2008 $108.20 $115.36 $127.09
2009 $107.92 $112.32 $110.80
Average Sale Price Per Square Foot (Above Grade)
Homes with 1/3 to 3/4s of the basement finished did better in
the marketplace in 2001-2003, but this trend began to change in
2004 when finished basements fetched a higher price per square
foot (until 2009).
2/15/2017
Source Data: PVA 3/25/2010
8. Pilot Study: Property Values of 1950s Housing stock
Exploratory Results
Average Sale Price per Square Foot in 1950s Homes with Full Basements,
Varying by Percent of Basement Finished
Figure 4.
Average sale price per square foot in 1950s homes with full basements.
While sales
were higher for
houses with
75% or more of
the basement
finished, Sale
prices for 1950s
homes with a
third to three-
quarters
finished
basement rose
at a higher rate,
on average 3%
annually until
2008.
Homes with less
than 30% of the
basement
finished-the
majority of the
study sample-
rose steadily
until 2008 when
prices began to
fall.
$95
$100 $99
$115 $114
$117
$120
$127
$111
$95
$102
$103
$107
$112 $111
$114 $115 $112
$92
$96
$100 $102
$105 $105
$111 $108 $108
$60
$70
$80
$90
$100
$110
$120
$130
$140
2001 2002 2003 2004 2005 2006 2007 2008 2009
> 75% finishedbasement
30%-75% finishedbasement
< 30% finishedbasement
N = 1,481
82/15/2017
Source Data: PVA 3/25/2010
9. Pilot Study: Property Values of 1950s Housing stock
Statistical Modeling in Valuation
AVMs incorporating mass appraisal models use data based on geographical/neighborhood identity and finds appropriate
ācomparableā properties. In the case of assessorās models, often more than 20 independent variables are compared
against the selling price of a home. Regression is often run to derive values relative to a specific home. The process
usually includes all properties in the given area because the assessorās job is to properly value all properties and distribute
the tax burden evenly.
Some AVMs on the other hand value properties one at a time, like a fee appraisor. The process may be progressive
wherein the valuation algorithm is data-driven and starts with the identification of the subject property. Or the process
can be retrospective, based on predetermined valuation equations (much like assessorās models.)
Pros and Cons to both:
1) Prospective method is cumbersome and blind to problems, but is also dynamic and can be more current than the
retrospective method.
2) The retrospective method has the advantage that it can be verified up to a point. Outliers can be seen in advance
before the information is released to the public.
The following things need to be explained in detail in the appraisal report whenever AVM output is used:
1. number of sales
2. sales not used and reasons why
3. sample size(does the sample represent the whole population or market?
4. method used to derive value---regression, artificial intelligence, expert system, etc.
5. independent variables tested, used and not used in the model
6. area analyzed
7. statistics that measure model accuracy
8. outcome measures (independent/dependant values)
9. clear rationale of the model
10. any other information that may affect reliability of the model. ( I.e., source of sales data, source of property data,
description of editing process)
NOTE: Itās more important to have the simplest most straightforward model with only a small set of variables that can
reliably predict value.
92/15/2017
Source Data: PVA 3/25/2010
Automated Valuation Models (AVMs) and Appraisal
10. 102/15/2017
Source Data: PVA 3/25/2010
Pilot Study: Property Values of 1950s Housing stock
Statistical Modeling in Valuation
Location, size of home, number of bedrooms and bathrooms are the most important variables used to determine sale
value. Other primary variables may include year built, house style, subdivision, number of car spaces, lot size and
basement finished square footage. However, the particular set of primary variables will differ from market to
market.
Most buyers have an upper-limit price constraint, AND a certain minimum level of amenities they prefer. Examples would
be a preference for quality, view, new kitchen and/or yard size.
Primary Variables
Secondary Variables
Fireplaces, garage type, pool and air conditioning may be considered secondary variables important enough to the
homebuyer to include in a model. These variables have some market impact but are less often significant in a
regression model. They can be important though when there is little difference in variation among the primary
variables.
For example, if a neighborhood has homes all built within a 2- year period and all between 1400-1600 square feet of living
area , then 2 primary variables can be excluded from the model ---age and gross living area---and other factors such
as size of garage, fireplaces, or floor plan may be included.
Other Variables
A third set of variables such as location of the laundry area, guest closet, fencing, flooring, patio or deck may influence
some buyers or have small value relative to the overall decision to buy. Variables at this third level tend to be subjective
or calculated by another method: construction quality, physical condition or functional utility for example.
11. Pilot Study: Property Values of 1950s Housing stock
Regression Results
Following the exploratory analysis, two regression models were run. The first model included a
dependent variable of sale price, and independent variables of lot size, above-grade square footage of the home, and
square footage of enclosed porches, open porches, decks, basements, finished basements, and attached and detached
garages.
The descriptive statistics in Model 1 indicate that the average sale price of a 1950s home with full basement over the
years 2001 through 2009 was around $135,000. Lot sizes are almost Ā¼ acre (0.205), basements are roughly 1/3 finished.
Note: the data is currently insufficient in measuring square footage.
Model 1.
112/15/2017
Source Data: PVA 3/25/2010
12. Pilot Study: Property Values of 1950s Housing stock
Regression Results
The independent variables in Model 1 explain approximately 69% of the dependent variable-median sale price.
Model 1.
The variables in Model
1 that are significant
and help to explain the
sale price of 1950s
homes include those
circled in column 1 at
right, with t-scores
greater than 1.96
122/15/2017
Source Data: PVA 3/25/2010
13. Pilot Study: Property Values of 1950s Housing stock
Regression Results
Model 1. Interpretation of the data:
Independent variables that influence market price. Market Value
Lot size $66,501
Number of stories $12,412
Finished size of home per square foot (above grade) $56
Half-Bathroom $6,373
Full Bathroom $11,037
Basement area per square foot $37
Finished basement area per square foot $5
Attached garage per square foot $16
Detached garage per square foot $7
SaleYear $3,334
The results of the regression in Model 1 suggest that the lot size contributes $66,500 per acre to the total
property value. The above grade finished size of the home is worth $56 per square foot, a half-bathroom
would be $6,000, with additional half baths at $1500-$2000. A full bathroom is worth $11,000, with
additional full baths roughly $3000-$4000. Basement area is worth $37 per square foot and finished
basements add $5-$10 per square foot to the overall cost. An attached garage is worth $16 per square
foot, and a detached garage worth $7 need to recalculate the model to get better numbers.
132/15/2017
Source Data: PVA 3/25/2010
According to Rick, this would
be more like $15-$16 per
square foot.
Land value usually accounts for
~20% of total cost so the $66,000
is very high for a median price of
%135,000.
14. Pilot Study: Property Values of 1950s Housing stock
Regression Results
Model 2.
142/15/2017
Model 2 was run with the same dependent variable of sale price, and the same independent variables, but with urban
neighborhoods added to the model as independent variables. With neighborhoods added the model is a better fit for
the data and explains 82% of results.
Those neighborhoods that significantly impacted sale price include the following:
Algonquin, Auburndale, Audubon, Avondale, Bashford Manor, Beechmont, Belknap, Bon Air, Bowman, Brownsboro,
Camp Taylor, Cherokee Gardens, Cherokee Seneca, Chickasaw, Cloverleaf, Hazelwood, Highland-Douglas, Jacobs,
Kenwood Hill, Klondike, Park DuValle, Poplar Level, Portland, Prestonia, Rock creek, St Joseph, Shawnee, South
Louisville, Southland Park, Southside, Taylor-Berry and Tyler Park.
The Bar Chart in Figure 5 shows the neighborhoods listed according to the number of homes sold between 2001 and
2009. The Table included in Figure 5 shows the value added or subtracted from a given house based on neighborhood
location.
Source Data: PVA 3/25/2010
15. Source Data: PVA 3/25/2010
Pilot Study: Property Values of 1950s Housing stock
Regression Results
15
1
1
2
2
2
2
2
3
4
5
5
6
8
8
9
9
9
10
10
11
11
12
12
14
16
16
16
22
22
25
26
30
31
31
37
39
49
50
53
69
70
87
95
117
136
259
CHSENECA
MERRIWETHER
ALGONGUIN
PARKDUVALLE
PORTLAND
SCHNITZELBURG
SOUTHLOUISVILLE
TYLERPARK
CHGARDENS
DEERPARK
GERMANTOWN
AUBURNDALE
JACOBS
SHAWNEE
CAMPTAYLOR
CRESCENTHILL
WYANDOTTE
HAZELWOOD
TAYLORBERRY
REMAINDERCITY
SAINTJOSEPH
CLIFTONHEIGHTS
HAYFIELDDUNDEE
HILANDDOUGLAS
CHICKASAW
PRESTONIA
SOUTHSIDE
IROQUOIS
SOUTHLANDPARK
BROWNSBORO
BEECHMONT
GARDINERLANE
BELKNAP
HAWTHORNE
BOWMAN
ROCKCREEK
KENWOODHILL
POPLARLEVEL
IROQUOISPARK
AUDUBON
CLOVERLEAF
BASHFORD
HIKESPOINT
KLONDIKE
AVONDALE
BONAIR
N= 1,454
2/15/2017
Figure 5.
Number of Homes Sold by Neighborhood 2001-2009
Neighborhood
Value Added to
Sale Based on
Neighborhood
LocationsAlgonquin $50,180
Auburndale $33,662
Audubon $10,711
Avondale $14,581
Bashford Manor $28,058
Beechmont $34,952
Belknap $12,575
Bon Air $18,829
Bowman $11,511
Brownsboro $16,323
Camp Taylor $25,422
Cherokee Gardens $63,693
Cherokee Seneca $71,350
Chickasaw $51,233
Cloverleaf $28,574
Hazelwood $39,948
Highland-Douglas $62,944
Jacobs $45,009
Kenwood Hill $36,746
Klondike $20,104
Park DuValle $67,488
Poplar Level $17,973
Portland $50,710
Prestonia $33,477
Rock Creek $31,934
St Joseph $15,549
Shawnee $50,212
South Louisville $42,269
Southland Park $35,217
Southside $38,684
Taylor-Berry $45,528
Tyler Park $67,223
The Bar Chart (left) in
Figure 5 shows the
neighborhoods listed
according to the
number of homes sold
between 2001 and
2009. The Table (right)
shows the value added
or subtracted from a
given house based on
neighborhood location.
(Numbers in red
indicate negative
values.)
Given houses
with identical
characteristics,
the sale price
could be
roughly
$60,000 more
than the
median of
$135,000 in
Cherokee
Gardens, and
$50,000 less
than the
median in
neighborhoods
such as
Algonquin,
Chickasaw,
Portland or
Shawnee.
16. 2/15/2017 16
Conclusions
This study found that having some portion of the basement finished certainly added value to the home, but that value diminished
when the basement was more than 3/4s finished. The more significant indicator of home value was neighborhood.