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Housing Price Structure In Mid city

Housing Price Structure In Mid city - more traditional...

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CASE Housing Price Structure In Mid city Sales of single-family houses have been brisk in Mid City this year. This has especially been true in older, more established neighborhoods, where housing is relatively inexpensive compared to the nes homes beding built in the newer neighborhoods. Nevertheless, there are also many familied who are willing to pay a higher price for the prestige of living in one of the newer neighborhoods. For each sale, the file shows the neighborhood (1,2,or 3) in which the house is located, the number of offers made on the house, the square footage, whether the house is made primarily of brick, the number of bathrooms, the number of bedrooms, and the selling price. Neighborhoods 1 and 2 are
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Unformatted text preview: more traditional neighborhoods, whereas neighborhood 3 is a newer, more prestigious, neighborhood. Use regression to estimate and interpret the pricing stuctrue of houses in Mid City. Here are some considerations. 1 Is there a “premium” for a brick house, everything else being equal? 2 Is there a “premium” for a brick house, everything else being equal? 3 Is there an extra premium for a brick house in neighborhood 3, in addition to the usual premium for a brick house? 4 For purposes of estimation and prediction, could neighborhoods 1 and 2 be collapsed into a single “older” neighborhood?...
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