Real Estate Investing Market Analysis, Valuation Techniques, and Ris
This book describes in full the major approaches used to evaluate investment in real estate and shows how theory informs decision-aid methods and tools to support such evaluation. The inclusion of numerous examples makes it also a practical guide to asses
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Real Estate Investing Market Analysis, Valuation Techniques, and Risk Management
Real Estate Investing
Benedetto Manganelli
Real Estate Investing Market Analysis, Valuation Techniques, and Risk Management
123
Benedetto Manganelli School of Engineering University of Basilicata Potenza Italy
ISBN 978-3-319-06396-6 DOI 10.1007/978-3-319-06397-3
ISBN 978-3-319-06397-3
(eBook)
Library of Congress Control Number: 2014943417 Springer Cham Heidelberg New York Dordrecht London Springer International Publishing Switzerland 2015 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Contents
1
The Real Estate Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Generalities on Property . . . . . . . . . . . . . . . . . . . . . . . . . 1.1.1 Economic Characteristics . . . . . . . . . . . . . . . . . . . 1.1.2 Land-Use Regulations and Economic Effects . . . . . 1.1.3 Extra-Economic Characteristics . . . . . . . . . . . . . . 1.1.4 The Real Estate Operators . . . . . . . . . . . . . . . . . . 1.2 The Nature of the Real Estate Market . . . . . . . . . . . . . . . 1.2.1 An Imperfect Market . . . . . . . . . . . . . . . . . . . . . . 1.2.2 Segmentation . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2.3 The Short and Long Period . . . . . . . . . . .
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