Real Estate Valuation: Principles and Applications 0256190593, 9780256190595

Table of contents :
Title
Copyright
Preface
Brief Contents
Contents
Part I—The Appraisal Process and Real Estate Markets
1—Real Estate Appraisals and Appraisal Process
2—Price and Value in Real Estate Markets
Part II—Property Analysis: The Determinants of Value
3—Property Analysis: Location
4—Property-Specific Characteristics: The Site and the Improvements
5—Expected Use Analysis
Part III—Estimating Value: The Sales Comparison Approach
6—Direct Sales Comparison
7—Sales Comparison with Basic Statistical Analysis
8—Sakes Comparison Using Regression Analysis
Appendix—A More Precise Confidence Interval
9—Special Considerations When Valuing Land and Sites
Part IV—Estimating Value: The Cost Approach
10—The Cost Approach: An Overview
11—Estimating Building Costs
12— Estimating Depreciation
Part V—Estimating Value: The Income Approach
Section A: Direct Capitalization
13— Estimating A Property’s Productivity: Net Operating Income
14— Estimating Value Using Ratio Models: Gross Income Multipliers and Overall Capitalization Rates
15— Estimating the Overall Capitalization Rate Using a Weighted Average of First Year Returns to Debt and Equity: The Band of Investment Approach
Appendix—An Alternative Model Based on the Debt Service Coverage Ratio
Section B: Discounted Cash Flow Models
16— Discounting and Present Values
17—Completing the Basic Discounted Cash Flow Model: Estimating Future Value (Reversion)
Appendix—Replacing the Estimate of Future Selling Price with an Explicit Forecast of Income Beginning in Year N + 1
18—Finance and Tax Explicit Discounted Cash Flow Models
Appendix—Using the Debt Service Coverage Ratio to Estimate the Loan Amount
19—Residual Models: Land/Buildings and Leased Fee/Leasehold
Appendix—Using a Finance-Explicit Model for Residual Valuation
20—Discounted Cash Flow Model Shortcuts
Section C: Income Approach Model Relationship and Conceptual Issues
21—Relationships Among Income Approach Models
22—Estimating the Discount Rate
23—Partial Interests and Value: Dose the Whole Equal the Sum of the Parts?
24—Investment Analysis
Part VI—Reconciliation and Appraisal Reporting
25—Reconciling Vale Estimates
26—Professional Practice and Appraisal Reporting
Appendix A: Detailed Solutions to Odd-Numbered End-of-Chapter Problems
Index