The education of the real estate professional is changing and aligning itself more closely with the world of business. This book takes a new approach to property appraisal by exploring the pricing mechanism in this changing context. It: O develops the notion of the pricing mechanism in relation to property O covers practical issues of comparison and the real problems in applying valuation theory O explores calculations - including social and environmental worth - ignored in other texts As real estate professionals now advise both on strategic and operational aspects of built assets, they must take into account practices of other investment markets and see investors as competitors to owner-occupiers. Both owner-occupiers and investors have to assess accurately how their buildings perform but also be aware of wider sustainability issues, and social and environmental responsibilities. Real Estate Appraisal: from value to worth meets these new demands by examining the latest techniques of the marketplace; developing an understanding of both market appraisal and worth; and highlighting the emerging role of sustainability as a driver for decision-making in real estate. Written by a group of highly experienced lecturers and professionals at the cutting edge of investment practice, the book has an accessible style and authoritative coverage, for both students and practitioners facing changes in established ways of working. For supporting material please go to www.blackwellpublishing.com/sayce
Introduction * Introduction to the Purchase Decision * Property Investment: Placing Property Within The Multi-Asset Investment Spectrum * The Market Approach (): Rental Value * Assessing Capital Value: analysing discount rates * Issues of Leasehold Appraisal * Structuring Investment Appraisals to Determine Investment Worth * Risk within the Appraisal and Worth Process * Occupational Property: decision making and appraisal * Funding and Financial Structures * Measuring Return * Handling Risk within the Portfolio * Forecasting . Appendix A. Valuation and Finance Formula. Appendix B. Worked Examples in the Chapters: information on how to download spreadsheets from the web site
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