Contextualized property market models vs. Generalized mass appraisals: An innovative approach

The present research takes into account the current and widespread need for rational valuation methodologies, able to correctly interpret the available market data. An innovative automated valuation model has been simultaneously implemented to three Italian study samples, each one constituted by two-hundred residential units sold in the years 2016-2017. The ability to generate a "unique" functional form for the three different territorial contexts considered, in which the relationships between the influencing factors and the selling prices are specified by different multiplicative coefficients that appropriately represent the market phenomena of each case study analyzed, is the main contribution of the proposed methodology. The method can provide support for private operators in the assessment of the territorial investment conveniences and for the public entities in the decisional phases regarding future tax and urban planning policies

An application of Real Option Analysis for the assessment of operative flexibility in the urban redevelopment

The high variability of market prices and the uncertainty that, even in restrained timeframes, is characterizing the general economic situation, have led real estate operators to a prudent attitude, who tend to postpone or at least stagger the start of the initiatives on hold of more stable conditions. In this context it is appropriate to use evaluation tools enable to enhance the investment capacity to be adapted to possible changes of the conditions initially hypothesized. In the present research Real Options Analysis (ROA) is applied to the evaluation of an investment in urban redevelopment of a former industrial complex. The result obtained shows the efficacy of the instrument. Assuming that the entrepreneur considers affordable the implementation of the initiative if the outcome of the discounted cash flow analysis is at least equal to a threshold value calculated as a percentage of revenues, the application of ROA returns an extended NPV that meets this constraint, whereas the use of traditional NPV suggest to abandon the project idea. The binomial approach used also allows to accurately monitor the project's development, correlating it to the evolution of the market

Real Options for risk analysis in estimating the capitalization rate

A suitable cap-rate is generally determined through an analogical process in order to estimate the value of any real estate through the capitalization of the incomes. The analogy relates to the risk and duration of similar investments. There are numerous methods to rationalize the valuation of the cap-rate. Appraisals have a certain degree of uncertainty in all these methods. This paper proposes a methodology which removes any uncertainty when evaluating the cap-rate. This is achieved through the combination of the formal logic of the Ellwood’s model and the Real Options Analysis

Poliomyelitis surveillance report number 18, May 20, 1955

Dr. Edwin Lennette, Virus Laboratory, California Department of Public Health, reports isolation of type 1 virus from the stool of case PSU No. Cal-21. He also reports isolation of type 1 virus from the stool of a third \uc2\ub0th contact of non-paralytic case PSU No. Cal-14. Isolations from 2 other contacts of this case were previously reported.Dr. Werner Henle, Children\ue2\u20ac\u2122s Hospital, Philadelphia, reports isolation of type 1 poliomyelitis virus from Case PSU No. Pa-2. This is the first isolation from a case receiving Wyeth Vaccine. This case had first paralysis at the same site as inoculation.One new case was accepted today from West Virginia. This seven-year-old female developed bulbar signs 26 days after inoculation with Lilly Vaccine. Vaccinated cases total 79 at 12:00 noon 5-20-55 (Table l)

Benefici e costi nella valorizzazione dei beni culturali

I progetti di rigenerazione delle risorse culturali, quando concorrenti per finanziamenti pubblici, sono oggi valutati quasi esclusivamente attraverso il ricorso all'Analisi Costi Benefici (ACB)che, malgrado i suoi limiti, rimane il principale riferimento operativo. Il ricorso all'ACB impone la preventiva ricerca delle voci economiche di attivo e di passivo generate dal progetto. La individuazione e la determinazione di tali voci costituisce l'obiettivo del presente lavoro

Valutazioni e stime nella valorizzazione di edifici di culto dismessi

Il presente lavoro prende in considerazione una tipologia di immobili in disuso, quella degli edifici di culto dismessi. Lo studio comprende tre parti. Nella prima sono affrontate le questioni valutative che riguardano la valorizzazione di tali immobili. Nella seconda parte è sviluppato un modello che l'Ente decisore potrà impiegare per la scelta della modalità più conveniente di valorizzazione di un bene in disuso (vendita o cessione in uso). Il modello è infine applicato ad un caso concreto, e sono state evidenziate le caratteristiche di semplicità e di immediatezza di impiego