Debdutta Choudhury- 1111252
Moushumi Daimari- 1111271
S. Vishwas- 1111291
V.Balakrishnan - 1111311
Description of 236 Ellery Street Condominium
| Five(two bedroom, one bath)
| 1040 square feet of interior space
Monthly Condominium Fee
Annual Property Taxes
Put on market
| April 11,1994
Rent Control Status
| In the event that owner wishes to let condominium, restrictions apply on monthly rent owner may charge
In order to obtain the optimum price that Reyem Affiar should pay for the two-bedroom condominium at 236 Ellery Street a regression model was required. A total of 456 data points( of the past 5 years) and 17 variables were provided , namely-Street Address, Unit, Area, Area Code, First Price, Last Price, Sale Price, First Date, Close Date, Days, Interior, Bed (rooms), Bath (rooms), Rooms, Condo, Tax and RC. A regression model analysis was carried out using SPSS with Sale Price as the dependant variable and the rest as independent variables.
Removing redundant variables ie. Area & Area Code, an initial regression sans outliers showed First Price (sig=0.000), Last Price (sig=0.000), Days (sig=0.000), Tax (sig=0.000) and RC (sig=0.236) to be the relevant variables (significance level <= 0.025) with an R^2 value of 0.955 and an Adjusted R^2 value of 0.954.
On analyzing regression coefficients and trend lines for individual variables in scatter plots, three clear outliers were identified and removed-75 Cambridge Pky( Sale Price-875,000), 205 Richdale Ave ( Sale Price-124,000). Further analysis using Mahalanobis distance, Cook’s distance and Leverage values removed 19 more data points. Required...
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