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 Viewif it is located directly on the Gulf
of Mexico or No Gulf Viewif 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 8.7.