Andrew E. Baum - Property Investment Appraisal

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Property Investment Appraisal: краткое содержание, описание и аннотация

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Discover an insightful examination of the property investment appraisal process from leaders in the industry 
 
This book explains the process of property investment appraisal: the process of estimating both the most likely selling price (market value) and the worth of property investments to individuals or groups of investors (investment value). 
Valuations are important. They are used as a surrogate for transactions in the measurement of investment performance and they influence investors and other market operators when transacting property. Valuations need to be trusted by their clients and valuers need to produce rational and objective solutions. Appraisals of worth are even more important, as they help to determine the prices that should be paid for assets, even in times of crisis, and they can indicate market under- or over-pricing. 
In a style that makes the theory as well as the practice of valuation accessible to students and practitioners, the authors provide a valuable critique of conventional valuation methods and argue for the adoption of more contemporary cash-flow methods. They explain how such valuation models are constructed and give useful examples throughout. They also show how these contemporary cash-flow methods connect market valuations with rational appraisals. 
The UK property investment market has been through periods of both boom and bust since the first edition of this text was produced in 1988. As a result, the book includes examples generated by vastly different market states. Complex reversions, over-rented properties and leaseholds are all fully examined by the authors. 
This Fourth Edition includes new material throughout, including brand new chapters on development appraisals and bank lending valuations, heavily revised sections on discounted cash flow models with extended examples, and on the measurement and analysis of risk at an individual property asset level. The heart of the book remains the critical examination of market valuation models, which no other book addresses in such detail.

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As in previous editions, we set out in this edition to show that the cash flow approach, described in detail in Chapter 3, has significant advantages and no disadvantages compared with simple conventional models. Cash flow models can perform the Market Value role just as efficiently and accurately as conventional models, and they can be adjusted to meet the requirements of definitions of Investment Value and sustainable value. We believe that they are the basis for identifying market under- and over-pricing and that they have a significant role to play in the regulatory processes underpinning lending secured on commercial property.

Therefore, despite the relative lack of change over the years since the first edition, time has not dimmed our enthusiasm for this argument. We do not believe that having a relatively transparent, high-turnover market, as in the UK, gives valuers an excuse to develop simplistic rules of thumb to make up for the heterogeneous nature of the asset, and the basic cash flow model can be adapted for the numerous roles demanded by the various definitions of value and the requirement of different clients. As a result, we will continue to argue for a rational valuation model; the rest of this book is our attempt to further develop this argument. In doing so, while we focus on the UK market in detail (and many of the examples relate to this market), the issues around processes, inputs and judgements are similar the world over and many of our examples are generic with plenty of relevance to global real estate.

To sum up, our proposed rational valuation model will have two distinct applications. The first of these is market valuation ; this means to fix a price for an asset, or to predict the most likely selling price of an asset . The second is investment appraisal . This means to estimate the worth or value of (an asset) .

The book is concerned with the difference between these two terms. In simple terms, a market valuation will tell us what a property asset is likely to sell for. An investment appraisal will tell us what the asset is worth to us. Should we pay the market price – or not?

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