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 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.

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.

1.Use appropriate descriptive statistics (5-number summary, mean, mode, 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 determine if there were or not.

2.Use appropriate descriptive statistics (5-number summary, mean, mode, 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 determine if there were or not.

3.Compare your summary results from #1 and #2. Discuss any specific statistical results that would help a real estate agent understand the condominium market.

4.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.

5.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.

6.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?

7.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.

Be sure that your report contains the following:

•A title page

•An introduction

•A body of the paper that answers the questions posed in the problem and calculations and graphs associated with this problem.

•A conclusion paragraph that addresses your findings and what you have determined from the data and your analysis.

Be sure to submit your Excel file as well.

**If the data below doesn’t format let me know and I can resend.

This is needed by Saturday July, 5th.

Gulf View Condominiums No Gulf View Condominiums

List Price Sale Price Days to Sell List Price Sale Price Days to Sell

862 799.1 243 167 165.2 160

396 368.7 226 291 283.1 239

611 603.7 263 217 214.2 369

351 335.9 217 275 270.1 103

997 976.1 38 198 195.6 373

744 700.8 52 178 175.7 164

765 748.9 237 274 263.6 214

178 165 196 230 223.6 42

831 782 281 183 177.9 309

309 305 219 164 155.3 143

248 232.6 84 271 267.2 112

417 415.3 125 284 272.1 83

911 865.5 97 184 181.6 243

596 567.4 149 242 239.1 244

792 777 292 278 276.6 341

230 222 278 216 213.2 206

873 855.5 262 258 249.7 262

193 190.5 276 230 218.3 238

151 150.8 263

902 877.6 117

644 598.3 201

302 292.9 130

719 707.5 291

931 900.3 251

901 873.1 83

559 538.9 108

541 523.7 52

219 218.8 148

822 800.6 270

563 527.5 56

505 488.8 45

930 860.3 130

455 425.9 269

803 790.2 259

207 199.8 132

385 368.1 283

795 783.9 32

331 324.7 131

367 348.7 91

278 270.2 234