Comparing The Value of Properties in East Meadow and Farmingdale (Essay Sample)

GROUP ASSIGNMENT
Student Names:
1.0: Introduction
Property management has become a development area in the recent past. It has been seen to evolve over the years with radical changes in its structuring and management. Most property management agents are engaged in residential, commercial, and real estate’s including apartments and detached houses (Lees, 2001).
In management, property manager are able to run business from management of large amount of businesses and apartments. Therefore, creating a need for firms to evaluate most crucial factors that they should ensure are looked into for increased profitability. It has been stipulated, that possible factors could include; the lot size, number of rooms, number of bedrooms, and type of parking and architectural style. However, there has not been a single literature that has looked into the question carefully to help property managers locate their business in areas of business growth (Lees, 2001). In addition, little has been done in assessment of the most critical factors which lay bases to the current study. Therefore, the current study will be undertaken to fulfil the following objectives;
1 To compare the value of property in East Meadow and Farmingdale.
2 To find out whether there is an association between architectural style of property and geographical location.
3 To find out whether there is a relationship between lot size of property and number of rooms.
To achieve the first objective, the analysis will be conducted through descriptive statistics. First histogram for both geographical locations will be presented, after which an independent t-test will be conducted to assess whether there exists any significant difference in value between the two geographical regions.
Objective 2 will be captured through a first simple bar graph which will present the distribution of architectural styles. Then a cluster bar which cross tabulations will be presented to assess the associations between geography and architecture. Finally, a chi-square test will be assessed to assess significant difference in the associations.
To achieve the third objective correlations will be run to assess association between lot size and the number of rooms. Further a regression will be run to assess the effect of the lot size on the number of room an apartment would have.
2.0: Objective 1: comparing value in East Meadow and Farmingdale.
2.1: Descriptive statistics for appraisal value in East Meadow and Farmingdale
Variable

Number of observations

Mean

Standard deviation

Min

Max

East Meadow

59

213.00

37.62

155

310

Farmingdale

50

191.8

30.29

115

305

Looking at the means, it is possible to tell that East Meadow has a higher value compared to Farmingdale. The mean vale for property in East Meadow is $213,000 while the mean vale of property in Farmingdale is $191,800. From the analysis, out of the 300 responses, 59 of properties came from East Meadow, and 50 from Farmingdale. This composed of 19.67% and 50% of the total sample respectively. The minimum value for property in East Meadow is $155,000 and the maximum value is $310,000. On the other hand, the minimum value of property in Farmingdale is $115,000 and the maximum value is $305,000. This is an indication that on average people in East Meadow afford to pay for apartments worth $213,000, while those in Farmingdale afford to pay for apartments worth $191,800.