Real estate evaluation model based on the method of least squares

 New way of estimating of real estate market value, based on the least squares method, was presented in the article. Testing of applying same ideas of statistical approach into the routine way of appraisal of particular immovable estate shown that the proposed way of valuation is under some circumstances as good as the “in-pairs comparing” method, the most universal one from among methods of comparing approach. Although “in-pairs comparing” method is regarded as the most accurate one, conducted experiments clearly shown its own, inherent limits, that radically restrict the field of its use. New way of estimating of real estate market value, based on the least squares method, was presented in the article. Testing of applying same ideas of statistical approach into the routine way of appraisal of particular immovable estate shown that the proposed way of valuation is under some circumstances as good as the “in-pairs comparing” method, the most universal one from among methods of comparing approach. Although “in-pairs comparing” method is regarded as the most accurate one, conducted experiments clearly shown its own, inherent limits, that radically restrict the field of its use

Wycena nieruchomości przeznaczonych pod drogi publiczne w aspekcie naliczania odszkodowań

The present article is posing the attempt at creating the market value of the land property in the new road investment preparation process. The analysis of mechanisms creating the land property value in so called “income approach” is discussed as well as legal premises of this method.Niniejszy artykuł podejmuje próbę określenia wartości rynkowej nieruchomości w procesie przygotowania nowej inwestycji drogowej. Wykorzystując założenia tzw. "podejścia dochodowego" przedstawiono w nim analizę specyficznych mechanizmów kreujących wartość gruntów wykorzystywanych do lokalizacji dróg. Przeprowadzono także analizę prawnych uwarunkowań zastosowania tej metody

Podobieństwo w wycenie nieruchomości.

Similarity, is although a notion universally practical, in effect of many spheres (technical and not technical) is a notion about the not explicit definition, basing itself on current to his apprehension. In effect it means the lack rational, leaning on proofs, marks of comparing of facultative objects. The present article makes an attempt of defining of the resemblance and the use of chosen methods of his measurement in data analyses to practical in the pricing immovables.Podobieństwo, mimo iż jest pojęciem powszechnie stosowanym, w praktyce wielu dziedzin (technicznych i nie technicznych) jest pojęciem o niesprecyzowanej definicji, bazującym na potocznym jego pojmowaniu. W praktyce oznacza to brak racjonalnych, opartych na dowodach, ocen porównywania dowolnych obiektów. Artykuł niniejszy podejmuje próbę zdefiniowania podobieństwa i zastosowania wybranych metod jego pomiaru w analizach danych stosowanym w wycenie nieruchomości

Geodezyjna ocena osiadań powierzchni terenu wokół kopalni Bogdanka w latach 1976-1983

An attempt to apply a measuring dynamic network model into land subsidence process evaluation is described in the presented essay. The surface subsidence process, occurring on rural areas around KWK Bogdanka, is suspected to be consequent upon orogen drainage, related to drilling of mining shafts. The elaboration of archival measuring data with the use of a dynamic model of measuring network enabled to extend the interpretation extension of the interpretation of the observed settlements process for potential drainage process parameters, affecting a specific rock deformation process.W artykule opisano próbę zastosowania dynamicznego modelu geodezyjnej sieci pomiarowo-kontrolnej do oceny procesu osiadania powierzchni terenów wiejskich wokół KWK Bogdanka, wywołanego odwodnieniem górotworu podczas drążenia szybów wydobywczych tej kopalni. Opracowanie archiwalnych materiałów pomiarowych z wykorzystaniem dynamicznego modelu sieci pomiarowej umożliwiło rozszerzenie interpretacji zaobserwowanego procesu osiadań na potencjalne parametry procesu odwodnienia, wpływające na konkretny przebieg procesu deformacji górotworu

Place of the Econometric Mode in Real Estate Appraisal

This study presents the opinion on the problem of econometric model's role in real estate appraisal process. In the study an appraisal procedure scheme was analyzed and the distinction of between value estimation model and objective econometric model was articulated. Hereinafter dissimilar practical applications of different types of econometric models as well as it's root cause of legal constraints were discussed

Ocena budownictwa wielkopłytowego przez pryzmat rynku nieruchomości

The market of flats located in buildings of prefabricated blocks in Lublin, on the background of the rest of flats, is described in presented essey. The analysis of the variables included in the unit prices of flats (from the period of the years 2005-2013), located in multi-family blocks, completion of which was contained in the years 1962-1991 and the design was a variant of construction of prefabricated elements or another. Comparative analysis was performed separately for separate zones as well as for the city of Lublin. The comparison of transactions in the whole of the city showed that in most of the periods compared, average unit prices of flats, located in prefabricated buildings, remained higher than other. On the other hand, during the year 2004 and for the years 2011-2013 (separately in different years), the average unit prices of flats in prefabricated buildings happened to be lower than the average prices of other premises. Statistical significance of differences between average unit prices in parallel subgroups (prefabricated buildings vs. buildings realized in other technologies) has been tested with Student's t-test. The comparison of two mentioned market segments demonstrates their small diversity, proving that the market evaluation of usefulness and safety of flats located in buildings of prefabricated blocks is different and much better than the evaluations of constructors.W artykule opisano wyniki analizy lubelskiego rynku lokali mieszkalnych położonych w budynkach wielkopłytowych na tle pozostałych lokali w analogicznym wieku. Analizą objęto zmienne w czasie ceny jednostkowe lokali mieszkalnych (z okresu lat 2005-2013), położonych w budynkach wielorodzinnych, których rok zakończenia budowy zawierał się w przedziale lat 1962-1991 a konstrukcja stanowiła wariant budownictwa wielkopłytowego lub innego. Analizę porównawczą przeprowadzono odrębnie dla wydzielonych stref oraz dla miasta Lublin. Zestawienie transakcji w skali całego miasta wykazało, że w większości porównywanych okresów wyższe pozostawały średnie ceny jednostkowe lokali mieszkalnych, w budynkach z tzw. wielkiej płyty. w okresie roku 2004 oraz w latach 2011-2013 (osobno w poszczególnych latach) średnie ceny jednostkowe lokali mieszkalnych w budynkach z tzw. wielkiej płyty były natomiast niższe niż średnie ceny lokali pozostałych. Statystyczna istotność różnic pomiędzy średnimi w równoległych podgrupach (budynki z wielkiej płyty/budynki zrealizowane w pozostałych technologiach) została wykazana testem t-studenta. Porównanie wykazało niewielkie zróżnicowanie obu segmentów, dowodząc że rynek odmiennie niż konstruktorzy ocenia użyteczność i bezpieczeństwo budynków zrealizowanych w technologii wielkiej płyty

Dissimilarity as a Component of the Property Price Model

In the course of discussion on an econometric model of property value and its place in property appraisal, the argument of the main goal of the process (property market value prediction itself) was raised in this article. The need for the consideration of an ontologically perceived, particular element of the real estate market with its distinctive characteristics indicates the specific nature of the interpretation of the data which may be used in the appraisal process

The influence analysis of criteria of comparables’ selection on the accuracy of the property value estimation

The subject of the considerations presented in the article is the question of the criteria according to which the comparables, in the market value estimating process, should be selected. As the most important in the selection of comparative properties, the factor of similarity in relation to the subject property (measured by the Euclidean distance) was considered. As the key issue, the similarity assessment criterion and the influence of the adopted critical value of this criterion on the accuracy of estimates were chosen. The analysis of the above was carried out with taking into account the role of the significance of independent variables (measured by their correlation with the vector of the dependent variable). The results of the simulation tests carried out in the variants set by the criteria adopted were presented. On this basis, it has been shown that there is a potential most relevant solution in the collection of obtainable estimation results. This solution corresponds with the smallest sum of the differences of model prices (accepted as known) and corresponding estimates. The found minimum occurs for a specific layout of the above criterion values only

Search For Dissimilarity Factors For Nominally Indiscernible Facilities

The similarity between premises, statutorily defined as the comparability of the compiled objects, is, in practice, identified by the statement of identity or the proximity of evaluation of the selected features describing the complied objects. Independent of the nature of these features (qualitative or quantitative), as well as of the method of identifying the proximity of their prices, the quest process for similar premises ends in the compilation of these premises into a group, which continues to remain inconsistent to some extent. The inevitable heterogeneity of the prices of premises summarized in this way leads to the suspicion that other features which had not been taken into account during the current stages of analysis exist. The identification of these features can significantly improve the quality of the valuation process based on the selected premises

Data Selection as the Basis for Better Value Modelling

The article is a voice in the debate on the scope of the application of statistical methods in real estate appraisal, written from the comparative perspective. It presents the results of an illustrative valuation of housing units with the use of databases of various sizes, constructed on the basis of publicly available data from the register of property prices and values. Against this background, the article presents an analysis of differences between the objectives and published results of valuations, which exemplify broadly understood property price modelling or property value modelling, as well as of activities focused around appraising a specific object. The conducted experiments demonstrated that, for the purposes of real estate appraisal itself, the selection of data is more useful than searching for a price model