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 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 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 A.

Requirements:

1. Develop a 98% confidence interval estimate of the population mean sales price and population mean

number of days to sell for Gulf View condominiums. Interpret your results.

2. Develop a 98% 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.

Table. A

Gulf View Condominiums No Gulf View Condominiums List Price Sale Price Days to Sell List Price Sale Price Days to Sell 495.0 475.0 130 217.0 217.0 182 379.0 350.0 71 148.0 135.5 338 529.0 519.0 85 186.5 179.0 122 552.5 534.5 95 239.0 230.0 150 334.9 334.9 119 279.0 267.5 169 550.0 505.0 92 215.0 214.0 58 169.9 165.0 197 279.0 259.0 110 210.0 210.0 56 179.9 176.5 130 975.0 945.0 73 149.9 144.9 149 314.0 314.0 126 235.0 230.0 114 315.0 305.0 88 199.8 192.0 120 885.0 800.0 282 210.0 195.0 61 975.0 975.0 100 226.0 212.0 146 469.0 445.0 56 149.9 146.5 137 329.0 305.0 49 160.0 160.0 281 365.0 330.0 48 322.0 292.5 63 332.0 312.0 88 187.5 179.0 48 520.0 495.0 161 247.0 227.0 52 425.0 405.0 149 675.0 669.0 142 409.0 400.0 28 649.0 649.0 29 319.0 305.0 140 425.0 410.0 85 359.0 340.0 107 469.0 449.0 72 895.0 875.0 129 439.0 430.0 160 435.0 400.0 206 235.0 227.0 91 638.0 618.0 100 629.0 600.0 97 329.0 309.0 114 595.0 555.0 45 339.0 315.0 150 215.0 200.0 48 395.0 375.0 135 449.0 425.0 53 499.0 465.0 86 439.0 428.5 158