1# RECORD b633c49b2f5879640f919bdc54ae4390ee31d91d2# TITLE: Time-Geographically Weighted Regressions and Residential Property Value Assessment3# YEAR: 2019.0 VENUE: Journal of real estate finance and economics DOI: 10.1007/s11146-019-09718-84# AUTHORS: Jeffrey P. Cohen; Cletus C. Coughlin; Jeffrey E. Zabel5# PAGES: 27 CANDIDATE TABLE PAGES (1-based): [16, 18, 19, 24]6# ABSTRACT: nan789===== PAGE 1 (score 2, numeric-paren 0, table-words 0, var-words 2) =====1011Time-Geographically Weighted Regressions and Residential12Property Value Assessment13ECONOMIC RESEARCH14FEDERAL RESERVE BANK OF ST. LOUIS15WORKING PAPER SERIES16Authors17Jeffrey P. Cohen, Cletus C. Coughlin, and Jeffrey Zabel18Working Paper Number192019-005A20Creation Date21January 201922Citable Link23https://doi.org/10.20955/wp.2019.00524Suggested Citation25Cohen, J.P., Coughlin, C.C., Zabel, J., 2019; Time-Geographically Weighted26Regressions and Residential Property Value Assessment, Federal Reserve Bank of27St. Louis Working Paper 2019-005. URL https://doi.org/10.20955/wp.2019.00528Federal Reserve Bank of St. Louis, Research Division, P.O. Box 442, St. Louis, MO 6316629The views expressed in this paper are those of the author(s) and do not necessarily reflect the views of the Federal Reserve30System, the Board of Governors, or the regional Federal Reserve Banks. Federal Reserve Bank of St. Louis Working Papers31are preliminary materials circulated to stimulate discussion and critical comment.323334===== PAGE 16 (score 97, numeric-paren 72, table-words 4, var-words 9) =====353615 37 38 39Table 2: Town Fixed Effects Results 40Dependent Variable: logprice 41 42CT 43MA 44Log(living area sqft) 450.458*** 460.323*** 47 48(0.032) 49(0.010) 50Log(lotsize) 510.0921*** 520.063*** 53 54(0.011) 55(0.005) 562 bathrooms+ 570.0436*** 580.051*** 59 60(0.007) 61(0.003) 623 bathrooms+ 630.122*** 640.117*** 65 66(0.009) 67(0.008) 684 or more bathrooms 690.282*** 700.070*** 71 72(0.018) 73(0.012) 74Age>=10 and < 30 750.166*** 76-0.033*** 77 78(0.012) 79(0.006) 80Age>=30 and <=50 810.0588*** 82-0.127*** 83 84(0.008) 85(0.007) 86Age>=50 87-0.0248 88-0.177*** 89 90(0.013) 91(0.011) 922 bedrooms 930.0357** 940.010 95 96(0.030) 97(0.013) 983 bedrooms 990.0500*** 1000.019 101 102(0.030) 103(0.014) 1044 bedrooms 1050.0356** 1060.032** 107 108(0.028) 109(0.014) 1105 or more bedrooms 1110.0566*** 1120.006 113 114(0.026) 115(0.014) 1165 total rooms 117-0.0167* 1180.024*** 119 120(0.009) 121(0.005) 1226 total rooms 123-0.0210 1240.026*** 125 126(0.014) 127(0.007) 1287 total rooms 129-0.00341 1300.034*** 131 132(0.018) 133(0.008) 1348 total rooms 1350.0107 1360.064*** 137 138(0.022) 139(0.008) 1409 total rooms 1410.0293 1420.106*** 143 144(0.025) 145(0.009) 14610 to 14 total rooms 1470.0577** 1480.130*** 149 150(0.026) 151(0.011) 15215 or more rooms 1530.196*** 1540.107*** 155 156(0.050) 157(0.023) 1581 half bathroom 159- 1600.073*** 161 162- 163(0.002) 1642 or more half bathrooms 165- 1660.112*** 167 168- 169(0.007) 170171172===== PAGE 17 (score 8, numeric-paren 0, table-words 1, var-words 6) =====17317416 175 176R2 1770.844 1780.700 179N 180258,473 181609,123 182* p < 0.10, ** p < 0.05, *** p < 0.01, Clustered standard errors in parentheses 183Year dummies included 184+ For the CT results, the data from Warren Group are not broken up into 185half baths and full baths; rather, 2 bathrooms include 2 or 2.5 bathrooms 186and 3 bathrooms includes 3 or 3.5 bathrooms 187 188 189190191===== PAGE 18 (score 28, numeric-paren 0, table-words 4, var-words 8) =====19219317 194 195Table 3a: Summary Statistics for Coefficient Estimates for 196Town-Level OLS, GWR, and TGWR: CT data, b=200 197 198Town-Level OLS 199 200GWR 201 202TGWR 203Variable 204Mean 205 SD 206Mean 207SD 208Mean 209SD 210Log(living area sqft) 2110.460846 2120.147036 2130.494622 0.214319 0.493798 0.194698 214Log(lotsize) 2150.087939 2160.05912 2170.098415 0.086663 0.097414 0.078184 218Age>=10 and < 30 2190.158827 2200.066766 2210.138405 0.162553 0.136647 0.126485 222Age>=30 and <=50 2230.056267 2240.052834 2250.043718 0.122411 0.042734 0.087073 226Age>=50 227-0.03772 2280.076631 229-0.03105 0.205574 230-0.03186 2310.09519 2322 bathrooms 2330.034511 2340.026955 2350.030772 0.202676 0.030297 0.138418 2363 bathrooms 2370.107408 2380.046833 2390.111545 0.227011 0.111214 0.129238 2404 or more bathrooms 2410.198859 2420.100188 2430.190862 0.272103 0.195438 0.242935 2442 bedrooms 245-0.00067 2460.068846 2470.827136 2.461339 0.199719 1.268229 2483 bedrooms 2490.000652 2500.066883 2510.830924 2.465192 0.199368 1.254315 2524 bedrooms 253-0.0081 2540.072914 2550.819265 2.468122 0.190706 1.258414 2565 or more bedrooms 257-0.03853 2580.074284 2590.772312 2.432396 0.160399 1.264407 2605 total rooms 261-0.01865 2620.077376 2630.099089 1.074278 264-0.0104 0.343364 2656 total rooms 266-0.01302 2670.08898 2680.099435 1.087259 269-0.01002 0.371523 2707 total rooms 2710.002402 2720.103602 2730.113502 1.107922 0.002799 0.359325 2748 total rooms 2750.013262 2760.114643 2770.122437 1.115686 0.011115 0.379564 2789 total rooms 2790.031008 2800.124483 2810.133033 1.119346 0.022335 0.391953 28210-14 total rooms 2830.022581 2840.130131 2850.124008 1.109783 0.015205 0.410715 28615 or more total rooms 287-0.0099 2880.266177 2890.054643 0.829567 290-0.06913 0.545862 291Constant 2927.692293 2930.959022 2946.850662 2.860154 7.611603 1.842803 295Note: Town-Level regressions include year dummies 296 297 298 299 300 301302303===== PAGE 19 (score 30, numeric-paren 0, table-words 4, var-words 9) =====30430518 306 307 308Table 3b: Summary Statistics for Coefficient Estimates for 309Town-Level OLS, GWR, and TGWR: MA data, b=200 310 311Town-Level OLS 312 313GWR 314 315TGWR 316Variable 317Mean 318 SD 319 320Mean 321SD 322Mean 323SD 324Log(living area sqft) 3250.315 3260.099 327 3280.309 3290.177 330 3310.302 3320.157 333Log(lotsize) 3340.070 3350.052 336 3370.078 3380.093 339 3400.079 3410.079 342Age>=10 and < 30 343-0.012 3440.077 345 346-0.008 3470.452 348 3490.019 3500.226 351Age>=30 and <=50 352-0.102 3530.094 354 355-0.092 3560.506 357 3580.108 3590.239 360Age>=50 361-0.153 3620.120 363 364-0.142 3650.521 366 3670.158 3680.250 3692 bathrooms 3700.057 3710.030 372 3730.055 3740.152 375 3760.052 3770.080 3783 bathrooms 3790.097 3800.065 381 3820.093 3830.247 384 3850.085 3860.153 3874 or more bathrooms 3880.054 3890.130 390 3910.043 3920.402 393 3940.027 3950.407 3961 half bathroom 3970.069 3980.052 399 4000.124 4010.779 402 4030.156 4040.962 4052 or more half bathrooms 4060.099 4070.079 408 4090.145 4100.812 411 4120.175 4130.984 4142 bedrooms 4150.039 4160.127 417 4181.621 4193.710 420 4210.805 4222.684 4233 bedrooms 4240.045 4250.124 426 4271.628 4283.708 429 4300.815 4312.684 4324 bedrooms 4330.059 4340.132 435 4361.637 4373.711 438 4390.826 4402.689 4415 or more bedrooms 4420.028 4430.137 444 4451.557 4463.666 447 4480.786 4492.683 4505 total rooms 4510.025 4520.070 453 4540.354 4551.818 456 4570.178 4581.254 4596 total rooms 4600.041 4610.076 462 4630.393 4641.879 465 4660.196 4671.257 4687 total rooms 4690.055 4700.084 471 4720.410 4731.887 474 4750.211 4761.263 4778 total rooms 4780.077 4790.089 480 4810.433 4821.890 483 4840.235 4851.270 4869 total rooms 4870.105 4880.099 489 4900.455 4911.884 492 4930.260 4941.271 49510-14 total rooms 4960.109 4970.114 498 4990.441 5001.856 501 5020.252 5031.254 50415 or more total rooms 5050.055 5060.270 507 5080.075 5090.791 510 5110.074 5120.946 513Constant 5149.723 5150.675 516 5178.114 5184.240 519 5209.162 5213.233 522Note: Town-Level regressions include year dummies 523 524 525 526527528===== PAGE 20 (score 6, numeric-paren 0, table-words 1, var-words 0) =====52953019 531 532Table 4: Summary Statistics for COD and PRD 533b=200 534variable 535mean 536sd 537min 538max 539CT data 540OLS 541COD 5423.44 5433.41 544-7.43 54512.36 546PRD 5471.04 5480.05 5490.94 5501.14 551GWR 552COD 5535.75 5541.76 5552.84 55612.77 557PRD 5581.00 5590.001 5601.00 5611.01 562GWR with Time 563COD 5646.29 5651.97 5663.03 56713.42 568PRD 5691.02 5700.03 5710.99 5721.09 573MA data 574OLS 575COD 57611.89 5773.47 5785.60 57928.02 580PRD 5811.11 5820.03 5831.06 5841.27 585GWR 586COD 5876.53 5882.13 5891.18 59014.98 591PRD 5921.05 5930.02 5941.02 5951.15 596GWR with Time 597COD 5986.06 5992.17 6000.04 60115.05 602PRD 6031.02 6040.01 6051.00 6061.07 607 608 609 610611612===== PAGE 24 (score 22, numeric-paren 0, table-words 7, var-words 2) =====61361423 615 616Table 7a: Summary Statistics for Percent Absolute 617Prediction Error: CT Data, TGWR 618 619 620 Bandwidth 621 622Statistics 623200 624500 6251000 626Mean 62718.928 62820.522 62922.518 630Standard Dev 63135.247 63239.247 63340.186 634Minimum 6350 6360 6370 6381st percentile 6390.19 6400.248 6410.289 6425th percentile 6431.065 6441.27 6451.49 64610th percentile 6472.187 6482.553 6492.987 65025th percentile 6515.644 6526.455 6537.574 65450th percentile 65512.187 65613.516 65715.853 65875th percentile 65921.956 66023.618 66126.695 66290th percentile 66337.9 66439.872 66542.114 66695th percentile 66755.831 66859.05 66961.046 67099th percentile 671122.055 672133.425 673139.354 674Maximum 6754145.135 6765116.346 6775575.472 678 679 680 681 682 683Table 7b: Summary Statistics for Percent 684Absolute Prediction Error: MA Data, TGWR 685 686 Bandwidth 687Statistics 688200 689500 690Mean 69118.291 69220.824 693Standard Dev 69432.995 69535.477 696Minimum 6970.000 6980.000 6991st percentile 7000.175 7010.268 7025th percentile 7030.989 7041.34 70510th percentile 7062.065 7072.716 70825th percentile 7095.386 7106.883 71150th percentile 71211.566 71314.235 71475th percentile 71520.315 71623.704 71790th percentile 71832.729 71935.617 72095th percentile 72149.104 72251.699 72399th percentile 724155.713 725166.152 726Maximum 7271384.39 7281533.289 729Note for Table 7b: Some estimates here differ slightly from those in Table 5 because sample sizes differ 730due to being conditional on observations where PAPE is observed for all methods. In Table 7b it is 731TGWR for 200 and 500 bandwidths. In the MA results in Table 5, it is OLS, GWR and TGWR for 200 732bandwidth. 733 734 735736737===== PAGE 25 (score 0, numeric-paren 0, table-words 0, var-words 0) =====73873924 740 741Figure 1: COD Values – OLS 742 743 744 745Figure 2: COD Values – GWR (200) 746 747