Land Valuation Methods, Urban Land PDF Download
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Author:
Publisher:
ISBN:
Category : Land use, Urban
Languages : en
Pages :
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Author:
Publisher:
ISBN:
Category : Land use, Urban
Languages : en
Pages :
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Author: John M. Clapp
Publisher:
ISBN:
Category :
Languages : en
Pages : 50
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Book Description
We present new methods for urban land valuation based on a high degree of irreversibility given that a substantial structure is present on the land. Irreversibility implies that land and structure value function as a whole until the option to tear down and redevelop becomes valuable. In a typical situation, where structures are far from teardown, irreversibility implies that land and structure value change at about the same rate over time. Land valuation methods based on irreversibility are compared to valuations based on vacant land sales and on land residual methods (land value equals property value minus the depreciated cost to build); both methods predict that land value is much more volatile than structure value whereas irreversibility implies a more stable ratio of land value to property value. We fit all three methods to Maricopa County assessor data during a recovery period (2012-2018). Results show that the land value ratio behaves as predicted by irreversibility, not by the land residual or vacant land methods. We suggest new mass assessment procedures based on the value of the option to redevelop. We provide evidence that our procedures merit further study.
Author: John M. Clapp
Publisher:
ISBN:
Category :
Languages : en
Pages : 53
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Book Description
A large part of the literature on urban land valuation uses the land residual method which relies on the assumption that structures are easily replaced: properties are valued at construction cost, i.e., the dollar amount required to bid resources away from other uses of the land plus materials and labor required for new construction. With this assumption, almost all of any change in property value is allocated to land, implying high positive correlation between property and structure. We introduce a new land valuation method based on option value theory: land residual estimates are nested in the option value model because they hold at the moment of new construction. Option value assumes irreversibility which implies that the ratio of land to property value typically changes slowly after new construction; changes in property value are shared between land and structure. We use Maricopa county data during the 2012-2018 period to estimate land ratios with the two methods, and we compare with FHFA estimates. Results suggest that growth in the share of land in many countries has been exaggerated by the land residual method.
Author: International Association of Assessing Officers
Publisher:
ISBN:
Category : Land
Languages : en
Pages : 200
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Author: Mengmeng Dou
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Walter William Pollock
Publisher:
ISBN:
Category : Real property
Languages : en
Pages : 332
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Book Description
Author: Richard M. Hurd
Publisher: DigiCat
ISBN:
Category : Fiction
Languages : en
Pages : 129
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Book Description
'Principles of City Land Values' is a study book on the valuation of land and buildings in the American real estate market. When placed in charge of the Mortgage Department of the U. S. Mortgage & Trust Co. in 1895, the writer, Richard M. Hurd, searched in vain, both in England and this country, for books on the science of city real estate as an aid in judging values. Finding in economic books merely brief references to city land and elsewhere only fragmentary articles, the plan arose to outline the theory of the structure of cities and to state the average scales of land values produced by different utilities within them. The material for this study of the structure of cities - including their locations, starting points and lines of growth - has been gathered from a large number of local histories of American cities, old maps, commercial geographies, etc.
Author: Boon Chee Lee
Publisher:
ISBN:
Category : Real property
Languages : en
Pages : 214
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Author: Gareth Jones
Publisher: Routledge
ISBN: 1135370672
Category : Architecture
Languages : en
Pages : 301
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Book Description
The aim of this book is to bring methods of land-market and land-price analysis to the foreground. It relates substantive research findings for land and urban development and blends these with a focus on research design and methodology. Its findings have relevance beyond the topics of housing and land: it broaches the whole question of how research design and general approach may lead to fundamentally different findings, different priorities, and different policy prescriptions and preoccupations. It is based on work done in the Third World, but is also relevant to studies of the industrialized world.
Author: Clarence Emmett Keller
Publisher:
ISBN:
Category :
Languages : en
Pages : 134
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Book Description
