Commercial Property Valuation : Methods and Case Studies.
Morri, Giacomo.
Commercial Property Valuation : Methods and Case Studies. - 1st ed. - 1 online resource (242 pages) - Wiley Finance Series . - Wiley Finance Series .
Cover -- Title Page -- Copyright -- Contents -- About the Authors -- Foreword -- Foreword -- Preface -- Chapter 1 Introduction to Property Valuation -- Determining the Valuation Requirement -- The Subject of the Valuation -- Purpose of the Valuation -- Value to Be Estimated -- Valuation Date -- Definitions of Value -- Market Value -- Investment Value -- Valuation Associations, Codes and Standards -- Notes -- Chapter 2 Economic Characteristics and Elements of Risks of Properties -- Characteristics of Property Investments -- Building and Land -- Use of Space and Investment Asset -- Owners and Users -- Business Perspective -- Location -- Categories of Property Investments -- Development Projects -- Income-Producing Properties -- Trading Operations -- Skills in Asset and Investment Management -- Economic Classification of Properties -- Property Classification Criteria -- Macro Categories of Properties -- A Simple Definition of Risk -- Common Risk Elements in Real Estate Investment -- Capital Market -- Liquidity -- Financial Structure -- Regulatory -- Location -- Intended Use and Type of Properties -- Development Projects -- Authorisation -- Environmental -- Construction‐Related -- Market -- Income-Producing Properties -- Physical and Technical Features -- Management and Market -- Rental and Contractual Situation -- Notes -- Chapter 3 Market Analysis -- Economic Analysis -- Analysis of the Property Market -- Comparative Data and Valuation Method -- Characteristics of the Comparative Factors and Information Sources -- Notes -- Chapter 4 A New Simple Classification of Valuation Methods -- Choice of Valuation Method -- Depreciated Cost Approach Methods -- Introduction -- Description -- Use, Advantages, and Limitations of the Depreciated Cost Approach -- Notes -- Chapter 5 Sales Comparison Approach Methods -- Approach and Application Criteria. Direct Comparison Approach -- Hedonic Pricing Model -- Notes -- Chapter 6 Income Capitalisation Comparison Approach Methods -- Approach and Application Criteria -- Direct Capitalisation Approach -- The Direct Capitalisation Approach Calculation Algorithm -- Profit and Loss Account of an Income-Producing Property -- Use, Advantages, and Limitations of the Direct Capitalisation Approach -- Application of the Direct Capitalisation Approach -- Discounted Cash Flow Approach -- Choosing the Time Horizon -- Estimating the Cash Flows -- Estimating the Terminal Value -- Discounting the Cash Flows and Calculating the Asset Value -- Use, Advantages, and Limitations of the Discounted Cash Flow Approach -- Residual Value Methods -- Introduction -- Single Period Residual Value Approach -- Multiple Periods Residual Value Approach -- Notes -- Chapter 7 Property Return Rates -- Measuring the Return on a Property Investment -- Rates and Capital Market -- Cap Rate -- Definition and Description of the Cap Rate -- Going-In and Going‐Out Cap Rate -- Discount Rate -- Definition and Description of the Discount Rate -- Consistency Between Discount Rate and Cash Flow -- The Components of the Discount Rate -- How to Estimate Property Return Rates -- Market Extraction -- Determining the Discount Rate from the Cap Rate -- Build‐Up Approach -- Analysing the Opinions of Market Players on the Return Expected -- Notes -- Chapter 8 Structure of the Valuation Report -- Executive Summary -- Preamble -- Description of the Property -- Market Analysis -- Valuation -- Conclusions -- Appendices -- Notes -- Chapter 9 Office Property Appraisal -- Description of the Property1 -- Choice of Valuation Method -- Market Analysis -- Valuation -- Choosing the Time Horizon -- Estimating the Cash Flows -- Determining the Terminal Value -- Determining the Discount Rate. Calculating the Market Value of the Property -- Notes -- Chapter 10 High Street Retail Unit Appraisal -- Description of the Property -- Choice of Valuation Method -- Market Analysis -- Estimating the ERV -- Estimating the Cap Rate -- Estimating Vacancy and Leasing Time -- Estimating Refurbishment Costs -- Valuation -- Notes -- Chapter 11 Hotel Appraisal -- Description of the Property -- Choice of Valuation Method -- Market Analysis -- Macroeconomic Climate -- Supply and Demand Analysis -- Forecast of Average Rate and Occupancy -- Projection of Income and Expenses -- Valuation -- Notes -- Chapter 12 Development Project Appraisal -- Description of the Property -- Choice of Valuation Method -- Market Analysis -- Valuation of the Development Project -- Choosing the Time Horizon -- Estimating the Cash Flows -- Determining the Discount Rate -- Calculating the Market Value of the Development Project -- Notes -- Glossary -- Bibliography -- Index -- EULA.
9781119512134
Commercial real estate-Valuation.
Electronic books.
Commercial Property Valuation : Methods and Case Studies. - 1st ed. - 1 online resource (242 pages) - Wiley Finance Series . - Wiley Finance Series .
Cover -- Title Page -- Copyright -- Contents -- About the Authors -- Foreword -- Foreword -- Preface -- Chapter 1 Introduction to Property Valuation -- Determining the Valuation Requirement -- The Subject of the Valuation -- Purpose of the Valuation -- Value to Be Estimated -- Valuation Date -- Definitions of Value -- Market Value -- Investment Value -- Valuation Associations, Codes and Standards -- Notes -- Chapter 2 Economic Characteristics and Elements of Risks of Properties -- Characteristics of Property Investments -- Building and Land -- Use of Space and Investment Asset -- Owners and Users -- Business Perspective -- Location -- Categories of Property Investments -- Development Projects -- Income-Producing Properties -- Trading Operations -- Skills in Asset and Investment Management -- Economic Classification of Properties -- Property Classification Criteria -- Macro Categories of Properties -- A Simple Definition of Risk -- Common Risk Elements in Real Estate Investment -- Capital Market -- Liquidity -- Financial Structure -- Regulatory -- Location -- Intended Use and Type of Properties -- Development Projects -- Authorisation -- Environmental -- Construction‐Related -- Market -- Income-Producing Properties -- Physical and Technical Features -- Management and Market -- Rental and Contractual Situation -- Notes -- Chapter 3 Market Analysis -- Economic Analysis -- Analysis of the Property Market -- Comparative Data and Valuation Method -- Characteristics of the Comparative Factors and Information Sources -- Notes -- Chapter 4 A New Simple Classification of Valuation Methods -- Choice of Valuation Method -- Depreciated Cost Approach Methods -- Introduction -- Description -- Use, Advantages, and Limitations of the Depreciated Cost Approach -- Notes -- Chapter 5 Sales Comparison Approach Methods -- Approach and Application Criteria. Direct Comparison Approach -- Hedonic Pricing Model -- Notes -- Chapter 6 Income Capitalisation Comparison Approach Methods -- Approach and Application Criteria -- Direct Capitalisation Approach -- The Direct Capitalisation Approach Calculation Algorithm -- Profit and Loss Account of an Income-Producing Property -- Use, Advantages, and Limitations of the Direct Capitalisation Approach -- Application of the Direct Capitalisation Approach -- Discounted Cash Flow Approach -- Choosing the Time Horizon -- Estimating the Cash Flows -- Estimating the Terminal Value -- Discounting the Cash Flows and Calculating the Asset Value -- Use, Advantages, and Limitations of the Discounted Cash Flow Approach -- Residual Value Methods -- Introduction -- Single Period Residual Value Approach -- Multiple Periods Residual Value Approach -- Notes -- Chapter 7 Property Return Rates -- Measuring the Return on a Property Investment -- Rates and Capital Market -- Cap Rate -- Definition and Description of the Cap Rate -- Going-In and Going‐Out Cap Rate -- Discount Rate -- Definition and Description of the Discount Rate -- Consistency Between Discount Rate and Cash Flow -- The Components of the Discount Rate -- How to Estimate Property Return Rates -- Market Extraction -- Determining the Discount Rate from the Cap Rate -- Build‐Up Approach -- Analysing the Opinions of Market Players on the Return Expected -- Notes -- Chapter 8 Structure of the Valuation Report -- Executive Summary -- Preamble -- Description of the Property -- Market Analysis -- Valuation -- Conclusions -- Appendices -- Notes -- Chapter 9 Office Property Appraisal -- Description of the Property1 -- Choice of Valuation Method -- Market Analysis -- Valuation -- Choosing the Time Horizon -- Estimating the Cash Flows -- Determining the Terminal Value -- Determining the Discount Rate. Calculating the Market Value of the Property -- Notes -- Chapter 10 High Street Retail Unit Appraisal -- Description of the Property -- Choice of Valuation Method -- Market Analysis -- Estimating the ERV -- Estimating the Cap Rate -- Estimating Vacancy and Leasing Time -- Estimating Refurbishment Costs -- Valuation -- Notes -- Chapter 11 Hotel Appraisal -- Description of the Property -- Choice of Valuation Method -- Market Analysis -- Macroeconomic Climate -- Supply and Demand Analysis -- Forecast of Average Rate and Occupancy -- Projection of Income and Expenses -- Valuation -- Notes -- Chapter 12 Development Project Appraisal -- Description of the Property -- Choice of Valuation Method -- Market Analysis -- Valuation of the Development Project -- Choosing the Time Horizon -- Estimating the Cash Flows -- Determining the Discount Rate -- Calculating the Market Value of the Development Project -- Notes -- Glossary -- Bibliography -- Index -- EULA.
9781119512134
Commercial real estate-Valuation.
Electronic books.