Real estate appraisal: from value to worth
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Oxford
Blackwell Publ.
2006
|
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025218150&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Beschreibung: | Includes bibliographical references and index. - Formerly CIP |
| Umfang: | X, 340 S. graph. Darst. |
| ISBN: | 140510001X 9781405100014 |
Internformat
MARC
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| 245 | 1 | 0 | |a Real estate appraisal |b from value to worth |c Sarah Sayce .... |
| 264 | 1 | |a Oxford |b Blackwell Publ. |c 2006 | |
| 300 | |a X, 340 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Includes bibliographical references and index. - Formerly CIP | ||
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Datensatz im Suchindex
| _version_ | 1819299355730903040 |
|---|---|
| adam_text | Contents
Preface
ix
Acknowledgements
xi
About the authors
xii
1
Introducing concepts of value and worth
1
1.1
Real estate: an introduction to the economic concepts
1
1.2
Aims of the book
4
1.3
New influences on the real estate market
5
1.4
Structure of the book
9
1.5
Worth v. price v. value: definitions
10
1.6
Conventional approaches to establishing value
12
1.7
Additional approaches to appraisal
16
1.8
An introduction to the drivers for DCF
19
1.9
Summary
21
2
Introduction to the purchase decision
24
2.1
Introduction
24
2.2
Criteria for purchase: the investment purchaser
25
2.3
Criteria for purchase: occupational property
28
2.4
The purchase transaction process
29
2.5
The regulatory framework
31
2.6
Due diligence and legal issues
36
2.7
Summary
36
3
Property investment: placing property within the multi-asset
investment spectrum
39
3.
1 Introduction
39
3.2
A comparative analysis of investment media
39
3.3
An introduction to investment analysis and pricing
43
3.4
Definitions and simple examples of financial return
43
3.5
Property yields and returns
46
3.6
Yield and return distinguished
48
3.7
Compounding and discounting
51
3.8
Discounted cash flow
(
DCF)
53
3.9
An introduction to the imperfections of the property market
as compared with the equities and bonds market
56
3.10
Property as an asset class compared with gilts and equities
57
3.11
The place of property within the multi-asset portfol
io
58
3.12
Summary
59
vi
Contents
4
The market appraisal approach: rental value
62
4.1
Introduction
62
4.2
Types of rent
62
4.3
Assessing rental value
64
4.4
Establishing rental value
70
4.5
The principle of rental value established through comparison
71
4.6
Challenges in assessing with reference to comparison
71
4.7
Non-standard leases
76
4.8
Establishing rental value where headline rents are used
78
4.9
The comparative approach: a reservation
83
4.10
Continental European leases-an overview of the differences
85
4.11
Conclusion
86
5
Assessing capital value: analysing discount rates
89
5.1
Introduction
89
5.2
The valuation yield
89
5.3
The years purchase multiplier
91
5.4
Gilt yields
92
5.5
Index-linked gilts and strips
95
5.6
Property yields relative to gilts yields: the risk premium calculation
96
5.7
Property equity analysts approach
102
5.8
Risk adjusted discount rate
102
5.9
Unbundling a valuation yield to derive the implied rate of
rental growth
103
5.10
The individual investor s required rate of return or choice of
discount rate
103
5.11
Pay back and discounted pay back 1
05
5.12
Certainty equivalent
105
5.
1
3
Risk adjusted discount rate v. certainty equivalent
105
5.14
Freehold valuation approaches
106
5.15
Summary
113
6
Issues of leasehold appraisal
114
6.
1 The nature of leasehold interests
114
6.2
Leasehold value: the profit rent 11
5
6.3
Inherent disadvantages of leasehold interest compared to
a freehold interest
116
6.4
A wasting asset and the need for replacement of capital
1
і
7
6.5
Establishing capital value for a leasehold interest
1 [ 8
6.6
The conventional or historic perspective
124
6.7 Summare 132
7
Structuring investment appraisals to determine investment worth
04
7.1
Introduction
134
7.2
The efficient market hypothesis 1
35
7.3
The efficient market hypothesis in a property market context
135
7.4
The worth approach-discounted cash flow analysis
137
7.5
Introduction to property discounted cash flows
139
Contents
vii
7.6
Discounted cash flow analysis in practice
140
7.7
The DCF appraisal outputs
147
7.8
A summary of factors affecting cash flow data
147
7.9
Forecasting the variables
147
7.10
Cash flow modelling: useful practical pointers
150
7.11
The DCF appraisal report
151
7.12
Summary
152
8
Risk within the appraisal and worth process
155
8.1
Introduction
155
8.2
Quantitative v. qualitative risk approaches
157
8.3
Quantitative risk analysis: building a risk analysis continuum
159
8.4
Risk analysis in a practical context
160
8.5
Sensitivity analysis
161
8.6
Scenarios
163
8.7
Simulation
166
8.8
Prioritising the key variables for risk management
183
8.9
Geared property investments
184
8.10
Decision trees and associated sensitivity analysis
186
8.11
The analysis
continuum
187
8.12
Data handling
188
8.13
Summary
188
9
Occupational
propert
y:
decision-making and appraisal
190
9.1
Introduction
190
9.2
Property as a corporate asset
191
9.3
Criteria for purchase or lease
193
9.4
Criteria for building selection
197
9.5
Appraising property for corporate decision-making
204
9.6
Appraising for financial statements
205
9.7
Corporate property: fund managers and equity analysts attitudes
210
9.8
Appraisals for corporate decision-making: the hold/sell/tinance
decision
211
9.9
Summary
212
10
Funding and financial structures
216
10.1
Introduction
216
10.2
Debt
217
10.3
Equity
218
10.4
The impact of gearing
220
10.5
Financing property transactions
224
10.6
Lending terminology
229
10.7
Mezzanine finance and participating loans
231
10.8
Interest rates
232
10.9
Management of interest rate risks
232
10.10
Corporate finance
235
1
0.1
1 Property investment vehicles and structures
238
10.12
Summarv
248
LI
Measuring return
11.1
Introduction
11.2
Simple return
1.3
Money-weighted returns
1.4
Time-weighted returns
1
1.5
Aggregation of individual assets returns
1.6
Further return calculation issues
1.7
Indices and return
1.8
Establishing benchmarks
1.9
Summary
viii
Contents
250
250
250
252
255
258
259
264
271
272
12
Handling risks within the portfolio
275
12.1
Introduction
275
1
2.2
The nature of risk in financial assets
276
12.3
Portfolio management under modern portfolio theory (MPT)
278
12.4
The evolution of finance theory
283
12.5
The move towards new finance: expected return factor models
289
12.6
Expected return factor models
—
application to property portfolios
293
12.7
Other approaches to portfolio construction
293
12.8
Summary
294
13
Forecasting
297
13.1
Introduction
297
13.2
Forecasting and appraisals
298
13.3
Aims of forecasting
298
13.4
Methods of forecasting
299
13.5
Forecasting using linear regression models
300
13.6
Correlation
305
13.7
Ordinary least squares and multiple regression
307
13.8
Diagnostic tests
310
13.9
The use of forecasts
310
13.10
Forecast equations and their calibration
310
13.
1
1
Property market barometers and lead indicators
311
13.12
The role of forecasts in financial and property lending markets
-
value at risk
312
13.13
Basle Capital Accord
314
13.14
Summary and conclusions
315
Appendix A: Valuation and finance formulae
317
Introduction
317
The formulae
318
Appendix B: Worked examples in the chapters: how to download
spreadsheets from the web site
330
Index
331
|
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| id | DE-604.BV040364390 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T16:13:29Z |
| institution | BVB |
| isbn | 140510001X 9781405100014 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-025218150 |
| oclc_num | 636191932 |
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| owner | DE-355 DE-BY-UBR |
| owner_facet | DE-355 DE-BY-UBR |
| physical | X, 340 S. graph. Darst. |
| publishDate | 2006 |
| publishDateSearch | 2006 |
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| publisher | Blackwell Publ. |
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| spellingShingle | Sayce, Sarah 1950- Real estate appraisal from value to worth Immobilienmarkt (DE-588)4123416-9 gnd Immobilienbewertung (DE-588)4127531-7 gnd Marktmechanismus (DE-588)4139127-5 gnd |
| subject_GND | (DE-588)4123416-9 (DE-588)4127531-7 (DE-588)4139127-5 (DE-588)4006432-3 |
| title | Real estate appraisal from value to worth |
| title_auth | Real estate appraisal from value to worth |
| title_exact_search | Real estate appraisal from value to worth |
| title_full | Real estate appraisal from value to worth Sarah Sayce .... |
| title_fullStr | Real estate appraisal from value to worth Sarah Sayce .... |
| title_full_unstemmed | Real estate appraisal from value to worth Sarah Sayce .... |
| title_short | Real estate appraisal |
| title_sort | real estate appraisal from value to worth |
| title_sub | from value to worth |
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