Many individuals and corporations often end up paying more or getting less in a property deal due to limited ken of factors that decide the market value of the Property. For any individual or corporation it is therefore important to understand how particular parameters/characteristics of a property drive its ultimate market value. Very few concrete studies have been done to find which factors eventually decide the value of the property. This study, which is based on the New York City property valuation data, is an attempt to figure out governing factors for the actual market value of the property. Based upon this data and socio-demographic data derived from zip codes, JMP ® Pro 11 is used for prediction of the market value of the property in New York City.
Authors:
- Girish Shirodkar, MS in Management Information Systems, Oklahoma State University
- Gaurav Pathak, MS in Management Information Systems, Oklahoma State University
