Moderni strumenti di analisi estimativa

Stime catastali e standard internazionali

Il metodo per classi e tariffe del Catasto italiano è esaminato alla luce degli standard valutativi e catastali internazionali.

The Expertise in the Real Estate Appraisal in Italy.

The study focuses on real estate expertise in Italy considering: the market surface ratios, proposing a series of tests designed to predict the influence of these surfaces on the result of the valuation; and the coefficients of the not surface characteristics providing a measure of the estimation error induced by their use. Overall, the study aims to bring out on a rational level the deficiencies, inaccuracies and errors of the valuations based on the expertise when it is applied to the real estate market. In Italy the application of valuation standard is in the early stages of launching.

Parametric measurement of partial damage in building.

The valuation of the property damage is a double appraisal that considers a before situation and an after situation to the damage, reported both to the same moment. An elementary measure of the partial damage is represented, in a first approximation, by the restoration’s cost, when the return of the original situation is possible and economically profitable, this last circumstance imposes that the cost is great or equal to the suffered damage. In the building practice, the restoration of the buildings is often combined with operations of substitution and integration. For the indemnity of the partial damage, the restoration’s cost also includes the lost incomes of the property for the period…

Linee guida per la rilevazione dei dati del mercato immobiliare. Prima parte.

Le “Linee guida per la rilevazione dei dati del mercato immobiliare” propongono una serie di norme uniformi e condivisibili da parte dei valutatori e dei professionisti volte a fornire un comune strumento di rilevazione con il quale raccogliere, archiviare e scambiare i dati e le informazioni del mercato immobiliare.Il documento è diviso in due parti.

Multilevel Methodology Approach for the Construction of Real Estate Monthly Index Numbers

AbstractIn this paper, we evaluate price indices and hedonic price indices for Italian real estate data using multilevel models. The methodology is based on a random coefficient panel data model. We propose a Laspeyres-type price index and hedonic prices indexes based on some characteristics of the sold properties. The multilevel hierarchical analysis has the advantage of allowing the appraisal analysis for groups, and identified in the same sample data the hierarchical structures of market segmentation according to the parameters of the real estate segment. It allows getting a lot of regression functions as the number of groups identified. Obviously, this depends on the sample size and the…

Appraisal Value and Assessed Value in Italy.

The appraisal value is an appraiser's opinion (not determination) of the current worth of a property on the real estate market. The assessed value is the value placed on real estate property by government assessors for determining ad valorem taxes. Assessed value is used rarely as basis for appraisal value. The Italian appraisal practice is characterized by valuations developed in subjective opinions formulated by the valuers, according to the experience and the competence rather than on the survey of the market data of comparable properties. These opinions are indicated by the term expertise, borrowed from the estimates made in the art market. In Italy, the valuation of the properties appl…

Automated procedures based on Market Comparison Approach. A pilot study in the city of Cosenza.

The question about objective valuation is linked on the one hand to the identification of a large number of reliable sale data, on the other hand to the ability to control the critical evaluation protocol. Automating the valuation process, ensured by computerization of real estate data properly detected, provides a concrete answer to the problem of objectivity, allowing a significant control of the subjective component which characterizes the more traditional appraisals. Automatic methods traditionally proposed at international level are often set on multiple regression models, designed to build prediction functions that are valid throughout the study area, calibrating the coefficients on t…

Pisa, stima del valore di mercato di una villa

Valutazione immobiliare secondo gli standard estimativi internazionali.

Le stime immobiliari nella pratica valutativa italiana.

Valutazioni immobiliari on line e on site in Italia.

In Italy, on the web sites spread on line appraisals for the real estate founded on the list of in-terval estimate, on the list of market price and on other generic sources. Every web site offers more than an appraisal for the same basis of valuation: the same property can present different values simultaneously. The on line appraisals apply the expertise on mass appraisal without the collection of the single data. The potential number of the errors, related to the difference among appraisals and market prices, and the number of the divergences among the appraisal of the different operators can be quantified. Despite the absence of statistic data can be prefigured a loss function, based on …

MEASUREMENTS OF RATIONALITY FOR A SCIENTIFIC APPROACH TO THE MARKET- ORIENTED METHODS

Appraisals are based on regression models. Its major application limits are all in situations in which the real estate market doesn’t offer a sufficient number of comparables to implement statistical tools. In low-transaction real estate markets, the most effective appraisal method is the market comparison approach (MCA). The application limits of MCA depend on the degree of similarity between the properties’ characteristics and the reliability of the prices of comparables. In this paper, we introduce some rational measurements in order to guarantee a scientific approach to MCA is associated with the correct prices. Our method is able to restore appraisals of the market value of any type of…

An Estimative Model of Automated Valuation Method in Italy

The Automated Valuation Method (AVM) is a computer software program that analyzes data using an automated process. It is related to the process of appraising an universe of real estate properties, using common data and standard appraisal methodologies. Generally, the AVM is based on quantitative models (statistical, mathematical, econometric, etc.), related to the valuation of the properties gathered in homogeneous groups (by use and location) for which are collected samples of market data. The real estate data are collected regularly and systematically. Within the AVM, the proposed valuation scheme is an uniequational model to value properties in terms of widespread availability of sample …

Linee guida per la rilevazione dei dati del mercato immobiliare. Seconda parte.

Le "Linee guida per la rilevazione dei dati del mercato immobiliare" propongono una serie di norme uniformi e condivisibili da parte dei valutatori e dei professionisti volte a fornire un comune strumento di rilevazione con il quale raccogliere, archiviare e scambiare i dati e le informazioni del mercato immobiliare. Il documento è diviso in due parti. La prima parte riporta i seguenti paragrafi: 1. Introduzione; 2. Mercato immobiliare; 3. Finalità della rilevazione; 4. Definizioni; 5. Scale di misura; 6. Elaborazione dei dati. La seconda parte riporta i paragrafi: 7. Scheda di rilevazione; 8. Fonti dei dati; 9. Informazioni utili; 10. Dati in entrata; 11. Dati non validi; 12. Norme di cond…

Metodi di stima immobiliare. Applicazione degli standard internazionali

Il libro riguarda la metodologia di valutazione degli immobili secondo gli standard estimativi e gli standard contabili internazionali. La metodologia di valutazione è orientata ai tradizionali studi estimativi italiani e alle moderne e più recenti acquisizioni scientifiche straniere. Il libro riporta inoltre i principi e le nozioni di economia essenziali ai fini della valutazione.

Automatic research of the capitalization rate for the residential automated valuation: an experimental study in Cosenza (Italy).

When a market oriented approach is not applicable because of the lack of comparable sales data (Ciuna et al. 2014a), International Valuation Standards suggest the use of the Income Approach, which has the task of simulating the market through an economic and financial scheme. The central question of this approach is due to the quantification of the capitalization rate, whereas it is generally extracted in a market segment different from that of the subject. This paper intends to propose an automated valuation model of the capitalization rate based on a real estate database built through a computerized geocoding automatic procedure, starting from the application of statistical models of mult…

Test di verifica delle quotazioni immobiliari

I test di verifica delle quotazioni immobiliari riportate nelle pubblicazioni di settore (ufficiali e private) sono basati sul modello finanziario dell’incidenza dell’area e sui saggi di capitalizzazione del terreno e del fabbricato. I test sono impostati sulle residual techniques e sul band of investment. I test di verifica sono rigorosi e possono essere prontamente applicati alle quotazioni disponibili.

Il Catasto dei Comuni

Valutazione immobiliare standard

Il libro propone gli standard valutativi internazionali: le basi della valutazione; la rilevazione dei dati; le metodologie di stima quantitative.

Mercato immobiliare. Criteri e metodologia di lavoro per valutazioni eque.

La rilevazione dei dati e delle informazioni di mercato è essenziale per compiere valutazioni immobiliari veridiche ed eque

Incidenza dell'area in un segmento di mercato

Sales o market comparison approach

The denomination of the most important method of real estate appraisal has to consider its history and the methodological implications. In Italy the valuers begin to apply the international valuation standards to estimate the market value, the fair value for accounting and the mortgage lending value for bank, widening one's professional horizon.

Automated Valuation Methods in Atypical Real Estate Markets Using the Mono-parametric Approach

The appraisal objectivity depends on the possibility to quickly and easily access to reliable real estate data in order to apply appropriate appraisal approaches. In order to ensure the objectivity of the real estate appraisals, in recent years Automated Valuation Methods (AVM) have been developed, integrating computerized real estate databases and programming languages. The Automated Valuation Methods proposed at international level usually recur to regression models, aimed to return appraisal equations based on reliable real estate databases. This approach is not applicable in some markets where lack of data does not allow the implementation of regression models. This paper proposes to im…

Il valore di un immobile tra fabbricato e terreno

Gli standard internazionali prevedono la ripartizione del valore di mercato di un immobile nel valore dell’area e nel valore del fabbricato per fini estimativi e per fini contabili. Il problema della stima del rap-porto complementare del terreno è proposto con un criterio razionale e con un criterio normativo. Il criterio razionale si basa sulla misura dell’elasticità del rapporto complementare e in relazione alla realtà immobiliare; il criterio normativo si fonda sul calcolo del valore del terreno e sul conteggio dell’ammortamento del fabbricato.

Il metodo catastale per classi e tariffe

Il metodo valutativo del Catasto italiano per la stima della tariffa di estimo raggruppa gli immobili in cate-gorie e classi. La sua applicazione fornisce una stima imprecisa della rendita immobiliare e induce sovra semplificazioni valutative. Tali sovra semplificazioni sono dimostrate riguardo alla stima del reddito medio dell’immobile tipo, ai punteggi soggettivi delle scale di merito e di collegamento e al classamento degli immobili.

Repeat Assessed Values Model for Housing Price Index

Abstract This study proposes an innovative methodology, named Repeat Appraised Price Model (RAV), useful for determining the price index numbers for real estate markets and the corresponding index numbers of hedonic prices of main real estate characteristics in the case of a lack of data. The methodological approach proposed in this paper aims to appraise the time series of price index numbers. It integrates the principles of the method of repeat sales with the peculiarities of the Hedonic Price Method, overcoming the problem of an almost total absence of repeat sales for the same property in a given time range; on the other hand, the technique aims to overcome the limitation of the repeat …

Manuale delle stime immobiliari

The Multilevel Model in the Computer-Generated Appraisal: A Case in Palermo

The construction of a mass appraisal model requires the preliminary study of the real estate market, the sampling of sold properties, the development of a forecasting model and the verification of the appraisal results. They are generally computerised methods, that work with geo-referenced data. This experimental work has proceeded to build a mass appraisal model, collecting a data sample of sales of apartments in the city of Palermo, in the five years 2008–2012, using a multivariate statistical model (multilevel), testing the results and providing the operating applications in a scheme of online real estate valuations.

Compensation appraisal processes for the realization of hydraulic works in an agricultural area.

The present work aims to rationalize the process of the damages valuation for the construction of hydraulic works, considering the economic and evaluative aspects. The study deal with the damages in the sense of ex post and ex ante valuation for the task of environmental protection and the temporary employment. In this process are examined the technical and practical implications. The problem of the ex post compensation is proposed in the form of an income statement. The valuation of the ex ante damage, during the design of interventions of hydraulic nature, affect the taxation of the hydraulic constraint and the avoided future damages, to compensate in advance. The valuation of the indemni…

RAZIONALIZZAZIONE ESTIMATIVA DELL'EXPERTISE IMMOBILIARE

The Italian appraisal practice is characterized by valuations developed in subjective opinions formulated by the valuers, according to the experience and the competence rather than on the survey of the market data of comparable properties. This practice makes up for the lack of information on the real estate market and to the consequent absence of systematic collections of market data. This tradition is in the cadastral appraisal for the rural (1886) and urban properties (1939). The assessed income is appraised for a representative property and wide to all the other properties with arbitrary scores (pure number). The assessed value is derived from the income with fixed multipliers.

Ricerca del saggio di capitalizzazione nel mercato immobiiare

In the search of capitalization rate, the international valuation standards impose the reference to the data and the information of real estate market of the same segment or, very probably, in similar segments of the property being appraised. In this last case with adjustments of rents and market prices. The adjustments don’t concern the capitalization rate but rents and prices. Accordingly capitalization rate cannot be obtained by the rate other than real estate investments, for instance financial, because a property market segment, where data can be collected, always exists.

Stime catastali. La situazione in Italia e i nuovi modelli internazionali di valutazione.

Gli AVM e i CAMA nelle stime fiscali.

Applicazione degli standard internazionali nella stima immobiliare

Real estate surfaces appraisal

In the appraisal of the market value of the properties are applied two important surface indexes: the market surface ratio of the secondary surfaces and the ratio of the site value to total value (allocation method). The measure of both these indexes can be revealed difficult: the data collection of the surface trade ratio in the market can get different results and in practice often the valuer refolds on the fixed coefficients brought in the handbooks and in the circulars of the public administration; the appraisal of the ratio of the site, especially in the central zones and for ancient buildings, where besides the incidence is higher, is developed extrapolating the ratios from the periph…

PRODROMI SULLE STIME CATASTALI

Mercato immobiliare. Gli standard valutativi internazionali.

L'applicazione degli standard valutativi internazionali nelle valutazioni mirano all'efficienza e alla trasparenza del mercato immobiliare.

Automated Procedures Based on Market Comparison Approach in Italy

The question about objective valuation is linked on the one hand to the identification of a large number of reliable sale data, on the other hand to the ability to control the critical evaluation protocol. Automating the valuation process, ensured by computerization of real estate data properly detected, provides a concrete answer to the problem of objectivity, allowing a significant control of the subjective component which characterizes the more traditional appraisals. Automatic methods traditionally proposed at international level are often set on multiple regression models, designed to build prediction functions that are valid throughout the study area, calibrating the coefficients on t…

Problemi di verifica del saggio di capitalizzazione.

In the direct capitalization method, the appraisal models of capitalization rate can act as verification tests. In the yield capitalization method and in the discounted cash flow analysis there are not available tests and it is necessary to apply the study of the cash flow with the sensitivity analysis.

Palermo, stima del canone di affitto di un magazzino con procedimenti market oriented

Stima del canone di mercato secondo gli standard valutativi internazionali