Gulf Real Estate Properties
Gulf Real Estate Properties, Inc. is a real estate firm located in southwest Florida. The company, which advertises itself as “expert in the real estate market,” monitors condominium sales by collecting data on location, list price, sale price, and number of days it takes to sell each unit. Each condominium is classified as Gulf View if it located directly on the Gulf of Mexico or No Gulf View if it 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 recent sales data for 40 Gulf View condominiums and 18 No Gulf View condominiums. * Prices are in thousands of dollars. The data are shown in Table 8.7
Please provide a Managerial Report that includes:
- Appropriate descriptive statistics to summarize each of the three variables for the forty Gulf View condominiums
- Appropriate descriptive statistics to summarize each of the three variables for the eighteen No-Gulf View condominiums
- Comparison of your summary results from #1 & #2. Discuss any specific statistical results that would help a real estate agent understand the condominium market.
- A 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for Gulf View condominiums. Also, interpret the results.
- A 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for No-Gulf View condominiums. Also, interpret the results.
Also, consider the following scenario and include your responses in your Report:
- 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 ease in calculating the data, you can enter the data into Excel. Your Report should include introduction and a conclusion paragraphs, and be two to four pages double-spaced.