房地产金融与投资（武汉理工大学 贺富强）课件第9章.pptVIP

CHPTER 9VALUATION OF INCOM-PRODUCING PROPERTES 9.1 Valuation Fundamentals The condition of the uniform standards of professional appraisal practice: 1. Buyer and seller are typically motivated; 2. Both parties are well-informed or well-advised, and acting in what they consider their best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of financial arrangements comparable; The price represents the normal consideration for the property sold unaffected by special or creative financial or sales concessions granted by anyone associated with the sale. 9.2 appraisal Process Physical and legal identification 9.3 Approaches to valuation 1、Cost approach 成本法 2、Sales comparison approach 销售收入比较法 3、Income capitalization approach 收入资本化法 9.2.1 Cost Approach The rationale for using cost approach to valuing properties is that any informed buyer of real estate would not pay more for a property than what it would cost to buy the land and build the structure. For a new property, the cost approach ordinarily involves determining the construction cost of building a given improvement,then adding the market value of the land. In the case of existing buildings, the appraiser first estimates the cost of replacing the building. This estimate is reduced by estimating any physical deterioration有形损耗,functional obsolescence功能过时, or external obsolescence外观陈旧 in arriving at the estimated value of the building. Replacement cost 重置价 9.2.1 Sales Comparison Approach The sales comparison approach (market approach) to value is based on data provided from recent sales of properties highly comparable to the property being appraised. The rationale for the sales comparison approach lies in the principle that an informed investor would never pay more for a property than what other investors have recently paid for comparable properties. Market Area Analysis and Sales(office building) Adjustments from Comparables to subject property Gross Income Multi