Real estate investing: market analysis, valuation techniques, and risk management
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cham [u.a.]
Springer
2015
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | VII, 210 S. graph. Darst. |
| ISBN: | 9783319063966 |
Internformat
MARC
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|---|---|---|---|
| 001 | BV041927209 | ||
| 003 | DE-604 | ||
| 005 | 20141125 | ||
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| 008 | 140623s2015 d||| |||| 00||| eng d | ||
| 020 | |a 9783319063966 |9 978-3-319-06396-6 | ||
| 035 | |a (OCoLC)891084329 | ||
| 035 | |a (DE-599)BVBBV041927209 | ||
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| 041 | 0 | |a eng | |
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| 084 | |a QT 384 |0 (DE-625)142118: |2 rvk | ||
| 100 | 1 | |a Manganelli, Benedetto |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Real estate investing |b market analysis, valuation techniques, and risk management |c Benedetto Manganelli |
| 264 | 1 | |a Cham [u.a.] |b Springer |c 2015 | |
| 300 | |a VII, 210 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
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| 999 | |a oai:aleph.bib-bvb.de:BVB01-027370605 | ||
Datensatz im Suchindex
| _version_ | 1804152299540447232 |
|---|---|
| adam_text | Contents
1
The Real Estate Market
................................
í
1
.1
Generalities on Property
............................. 1
1.1.1
Economic Characteristics
....................... 2
1.1.2
Land-Use Regulations and Economic Effects
......... 4
1.1.3
Extra-Economic Characteristics
.................. 5
1.1.4
The Real Estate Operators
...................... 5
1.2
The Nature of the Real Estate Market
................... 8
1.2.1
An Imperfect Market
.......................... 8
1.2.2
Segmentation
............................... 9
1.2.3
The Short and Long Period
..................... 11
1.2.4
Cycles in the Housing Market
................... 12
1.2.5
Supply Classification
.......................... 16
1.2.6
The Variables that Affect the Supply of Properties
..... 16
1.2.7
Demand Classification
......................... 18
1.2.8
The Determinants of the Demand for Real Estate
...... 18
1.2.9
The Sales Market
............................ 21
1.2.10
The Rental Market
........................... 27
References
.......................................... 30
2
The Market Research
.................................. 33
2.1
The Usefulness of Research
.......................... 33
2.2
The Availability of Data and the Sources
................. 35
2.3
The Development of the Research
...................... 38
2.4
Reliability of the Research
.......................... , 42
2.5
Costs and Benefits of Research
........................ 42
2.6
Defining the Market.
............................... 43
2.7
Analysis of Market Potential
.......................... 44
References
.......................................... 51
vi
Contents
3
Financing
.......................................... 53
3.1
General Information on Financial Markets
................ 53
3.2
The Leverage
.................................... 54
3.2.1
The Measure of Leverage
...................... 56
3.2.2
How Much Finance?
.......................... 57
3.3
Financing Costs
................................... 57
4
The Real Estate Investment
............................. 61
4.1
Features of the Property Investment
..................... 61
4.1.1
Classification of Investments
.................... 63
4.2
The Reasons for the Investment
....................... 63
4.2.1
Advantages and Disadvantages of Investment Property.
. . 64
4.2.2
The Value of Investments
...................... 67
4.2.3
Comparison with Other Types of Investment
......... 69
References
.......................................... 70
5
Investors and Investment Strategies
....................... 71
5.1
Classification of Investors
............................ 71
5.2
The Behaviour of the Investor and the Risk Appetite
......... 72
5.3
The Real Estate Development Process
................... 74
5.4
Objectives and Strategy of the Investor
.................. 76
5.5
Choice of Type of Intervention and Location
.............. 79
5.6
The Decision-Making Process
......................... 84
5.6.
1 The Layout of a Pattern
........................ 84
5.6.2
The Feasibility Study
.......................... 86
5.6.3
The Investment Value
......................... 94
References
. . ,....................................... 96
6
Investment Evaluation
................................. 97
6.1
Introduction
..................................... 97
6.2
Cash Flow Evaluation
.............................. 98
6.2.1
Benefits and Future Building Value Evaluation
....... 99
6.2.2
Operating and Management Expenses
.............. 102
6.2.3
Recovery Value
............................. 104
6.2.4
Financing Management
........................ 106
6.2.5
Evaluation of Construction Costs
................. 107
6.3
Traditional Techniques for the Analysis of Profitability
....... 109
6.3.1
Advantage Reports
........................... 109
6.3.2
Financial Measures
........................... 110
6.3.3
Measures of Profitability
....................... 1
і
7
6.3.4
The Limits of the Traditional Criteria of Profitability
... 120
Contents
vii
6.4 Modern
Techniques
for the Analysis of Profitability
......... 121
6.4.1
Introduction to Discounted Cash-Flow Analysis
....... 121
6.4.2
The Net Present Value
......................... 122
6.4.3
The Internal Rate of Return
..................... 124
6.4.4
Other Indicators
............................. 131
6.4.5
The Discount Rate
........................... 133
References
.......................................... 135
7
The Risk Analysis
....................................
І
37
7.1
The Variables and Risk Factors
........................ 137
7.2
The Analyst s Task
................................ 142
7.3
Risk Control
..................................... 144
7.4
Traditional Methods for the Treatment of Risk
............. 146
7.4.1
Risk-Adjusted Discount Rate
.................... 146
7.4.2
Certainty Equivalents
......................... 147
7.5
The Probabilistic Analysis
........................... 150
7.5.1
Partitioning and Sensitivity Analysis
............... 151
7.5.2
Decision Tree Analysis
........................ 155
7.5.3
The Monte Carlo Simulation
.................... 160
7.6
Mathematical: Statistical Criteria
....................... 162
7.6.1
The Average-Variance Approach
................. 177
7.6.2
The Expected Utility Theory
.................... 179
7.6.3
The Approach of Stochastic Dominance
............ 183
7.6.4
Evaluation Based on Differentiated Assumptions
...... 185
7.6.5
Mathematical Programming
..................... 185
7.7
Limits and Perspectives of Evaluation Techniques
........... 186
References
.......................................... 188
8
The Theory of Real Options in Real Estate
.................. 189
8.1
Investment as a Generator of Real Options
................ 190
8.2
The Development of the Process
....................... 193
8.3
Risk Analysis
.................................... 193
8.4
The Process of Strategic Analysis
...................... 194
8.4.1
Identification of Areas of Managerial Adaptability
..... 194
8.4.2
Identification of Options and Their Parameters
........ 195
8.4.3
Verification of the Operating Conditions
............ 200
8.4.4
The Process of Quantitative Analysis
.............. 203
8.4.5
The Calculation Models for Extended NPV
.......... 203
References
.......................................... 210
|
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| illustrated | Illustrated |
| indexdate | 2024-07-10T01:08:30Z |
| institution | BVB |
| isbn | 9783319063966 |
| language | English |
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| physical | VII, 210 S. graph. Darst. |
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| spelling | Manganelli, Benedetto Verfasser aut Real estate investing market analysis, valuation techniques, and risk management Benedetto Manganelli Cham [u.a.] Springer 2015 VII, 210 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Immobilienanlage (DE-588)4120474-8 gnd rswk-swf Immobilienanlage (DE-588)4120474-8 s DE-604 Erscheint auch als Online-Ausgabe 978-3-319-06397-3 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027370605&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Manganelli, Benedetto Real estate investing market analysis, valuation techniques, and risk management Immobilienanlage (DE-588)4120474-8 gnd |
| subject_GND | (DE-588)4120474-8 |
| title | Real estate investing market analysis, valuation techniques, and risk management |
| title_auth | Real estate investing market analysis, valuation techniques, and risk management |
| title_exact_search | Real estate investing market analysis, valuation techniques, and risk management |
| title_full | Real estate investing market analysis, valuation techniques, and risk management Benedetto Manganelli |
| title_fullStr | Real estate investing market analysis, valuation techniques, and risk management Benedetto Manganelli |
| title_full_unstemmed | Real estate investing market analysis, valuation techniques, and risk management Benedetto Manganelli |
| title_short | Real estate investing |
| title_sort | real estate investing market analysis valuation techniques and risk management |
| title_sub | market analysis, valuation techniques, and risk management |
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