Il valore cauzionale e il valore di vendita forzata nel mercato del credito fondiario e delle aste immobiliari

In the last ten years, in Italy, there has been a steady increase in enforcement proceedings which culminate in real estate auction. There has been a reduction of proceedings in the last two years, this turnaround was not able to absorb the previous oversupply, as demand steadily declining. Sale timing and discounts from the list prices have increased. Few researchers have studied the Italian real estate forced sale market until now, because of the reduced volume of sales and the small number of stakeholders. This type of market and its balance between supply and demand is an interesting and innovative study. This research analyzes the discount-premium in auction market. It calculates the difference between the estimated value of the property, which coincides with the listing price, and the price of final adjudication. This difference helps us to construe more accurately the meaning of forced sales value in relation to the market value, which has not been well defined yet in literature, neither the national nor the international one

Guarantees and Collaterals Value in NPLs

Abstract The burst of the subprime mortgage crisis affected on a large scale the Italian real estate industry. The Italian real estate market underwent and is still undergoing a severe stagnancy due to the credit crunch worsened by the banking system and the resulting lack of liquidity. In financing real estate property investments, security packages play an extremely important role and guarantees have become a major tool for risk management and financial innovation in order to facilitate credit enhancement and hedging of risks. In this context the evaluation of guarantees and collaterals becomes extremely important. A robust measure of the value of collaterals is more than a key issue in times of financial crisis, when the value of the guarantees is questioned. Aim of this paper is to investigate, on a sample of 89 foreclosures, whether the collaterals were overestimated and the mortgage lending value represents a robust measure of the mortgage underlying guarantee

IL VALORE DI VENDITA FORZATA DEGLI IMMOBILI A GARANZIA DEI CREDITI

As a consequence of the long lasting crisis that begun in 2006, the evaluation of collaterals and guarantees become a key issue. The global financial crisis had actually a heavy relapse on loans supply. The decrease of new granted mortgages was mainly related to the weakness and decline of the housing market and the negative phase of the economic cycle, characterized by an increase in the unemployment rate and a reduction in household incomes. In this context, robust risk assessment procedures and proper evaluation of collaterals are required for lending institutions to the granting of loans. The aim of this paper is to investigate whether assets used as collaterals are overestimated and how much of the mortgage lending value (VC) can be recouped by the property forced sale price (VF). The present study analyses the Italian foreclosed homes market, by surveying 89 forced sales, which occurred between 2006 and 2014 in the provinces of Treviso, Venice and Padova.DOI: http://dx.medra.org/10.19254/LaborEst.14.0

Urban Policy Sustainability through a Value-Added Densification Tool: The Case of the South Boston Area

Over the past decade, urban density has been growing faster than ever, forcing high-density expansion. The aim of this study is to verify whether urban density is accepted as a sustainable value-added quality, internalized in the willingness to pay on a buildable per square feet basis. To explore the relationship between land prices and densification processes, this study focused on a low-density area, which recently went through a densification policy process with the approval of a new zoning tool. The study analyzes land price trends on a 144-Acre of area, located in the South Boston Submarket, identified as the Dorchester Ave Area. I analyzed land transactions in this area between 2012 and 2021. I also examined land price variations before and after the approval of a densification plan in correlation with the overall trend of the real estate market in that area. The results suggest that density is a value-added feature that affects land prices. Indeed, a higher density leads to higher values per buildable square feet. Densification policies have a strong positive impact on land transaction prices. Community and developers valued density with a greater willingness to pay, internalizing the economic, social, and environmental sustainability benefits. This phenomenon should be taken into consideration by local public authorities implementing their zoning tools

Il valore cauzionale e il valore di vendita forzata nel mercato del credito fondiario e delle aste immobiliari

In the last ten years, in Italy, there has been a steady increase in enforcement proceedings which culminate in real estate auction. There has been a reduction of proceedings in the last two years, this turnaround was not able to absorb the previous oversupply, as demand steadily declining. Sale timing and discounts from the list prices have increased. Few researchers have studied the Italian real estate forced sale market until now, because of the reduced volume of sales and the small number of stakeholders. This type of market and its balance between supply and demand is an interesting and innovative study. This research analyzes the discount-premium in auction market. It calculates the difference between the estimated value of the property, which coincides with the listing price, and the price of final adjudication. This difference helps us to construe more accurately the meaning of forced sales value in relation to the market value, which has not been well defined yet in literature, neither the national nor the international one.Negli ultimi dieci anni si è riscontrato quasi un costante aumento delle procedure esecutive che si formalizzano con l’atto conclusivo dell’asta immobiliare. Da due anni a questa parte si può notare una lieve inversione di tendenza, causata in parte dalla volontà degli istituti di credito di ricercare strade alternative, che però non è riuscita ad assorbire il precedente eccesso di offerta, rispetto alla domanda costantemente in calo. I tempi di vendita si sono quindi dilatati e gli sconti sul valore a base d’asta sono aumentati, rendendo necessario uno studio più approfondito del settore, fino a oggi considerato di nicchia, sia per il volume delle compravendite sia per il ridotto volume dei soggetti interessati. Il lavoro di ricerca proposto analizza lo sconto-premio che si ottiene dall'aggiudicazione dell’asta. Si determina quindi il divario esistente tra il valore di stima dell’immobile, coincidente con il prezzo a base d’asta, e il prezzo di aggiudicazione finale. Tale differenza ci aiuta a interpretare e quindi a formalizzare più correttamente il valore di vendita forzata in relazione a quello di libero mercato, rapporto sinora non ancora ben definito ne dalla letteratura nazionale ne da quella internazionale

Residential construction cost: An Italian survey

This paper reports data describing development projects for new buildings according to construction costs in North-East Italy. A survey was carried out on local companies undertaking new residential development projects in two Italian regions (Veneto and Lombardy). The aim of this survey was to record new real estate construction projects, collecting both technical and socio-economic cost features. It is extremely difficult to collect such data for the Italian real estate construction sector, due to its lack of transparency, so that the novelty for the Italian scenario is the dataset itself. Another interest perspective of this survey is that socio-economic characteristics were also recorded; they are often studied in urban economics, but are usually related to property purchase prices and values, not to construction costs. The data come from an analysis of Canesi and Marella regarding the relationship between the trend of construction costs and the socio-economic conditions of the reference setting, such as the mean years of schooling of the workforce, housing market trends, and average per capita income

Towards European Transitions: Indicators for the Development of Marginal Urban Regions

Urban transitions and urban-scape have been heavily impacted by the COVID-19 pandemic and will likely be affected by the current Ukrainian-Russian conflict. These two major events have affected European urban regions and especially marginal regions. Indeed, these regions are mostly struggling with inequality, lack of optionality, interoperability, and resilience due to their energy dependency and digital asymmetries. The continuous demand for a green and digital transition to strengthen social and economic resilience sought and targeted by the European Community has driven the policy of recent years to new European Guidelines. Nevertheless, the digital transition will require sustainability targets in the urban context, changing economic, social, and ecological relationships and balances. In this context, faced with these new transitions, marginal urban regions must plan, design, build, and manage future urban planning choices in a new digital-hybrid space. Therefore, it is crucial to support these transitions with a multi-dimensional sustainability concept through economic, environmental, social, and digital measurements. Urban sustainability indicators (USIs) play an essential role in supporting urban choices and planning. The current study analyzes recent literature and European standards to verify if and how they have changed in embracing the European Policy Pillar under a new and different sustainability profile, which needs to include digital sustainability. As a matter of fact, even if the concept of digitization has been recognized as a pillar of ongoing transitions, the literature and even European indicators struggle to recognize it as a tangible and measurable indicator of sustainability. Seeking to bridge the gap between European requirements and urban practice, the aim of this study is to identify and suggest new key indicators of digitalization to enable the digital sustainability of urban planning to be measured. These indicators can be used to implement a new valuation tool capable of supporting marginal regions by promoting sustainable urban investments in this new hybrid space