MORE THAN THOUSAND HOUSEHOLDS, WHO OWNED CONDOMINIUM BEFORE OR AFTER THE RAPID INCREASE OF LAND PRICE IN THE LATE 80'S, WERE COLLECTED TO CALIBRATE UTILITY FUNCTIONS FOR RESIDENTIAL ENVIRONMENT. WE EXAMINED THE DIFFERENCE OF THE FUNCTIONS AMONG THE SEGMENTATIONS BY SOME DEMOGRAPHIC CHARACTERISTICS. THE ESTIMATION RESULTS INDICATE THE EXISTANCE OF PREFERENTIAL HETEROGENEITY IN THE MARKET.
