Property investment appraisal / 3rd ed.

作者：  Andrew Baum and Neil Crosby.

出版社：

简介：Summary: Publisher Summary 1 Intended as a comprehensive guide to appraising property investments in the United Kingdom, Baum and Crosby (U. of Reading, UK) have written the third edition of this book to reflect drastic fluctuations in the recent real estate market. After stressing fundamental investment and real estate theory, the authors then devote the body of this book to market evaluation models before concluding with basic investment materials for appraisers in the field. Conventional appraising techniques, market growth models, freehold and leasehold market evaluations and investment values are explored in depth. Annotation 漏2008 Book News, Inc., Portland, OR (booknews.com)   Publisher Summary 2 This book explains the process of property investment appraisal 鈥?estimating both the most likely selling price (market value) and the worth of property investments to individual or groups of investors (investment value). Valuations are important: they are used as a surrogate for transactions in the construction of investment performance and they influence investors and other market operators when transacting property. Valuations need to be trusted by their clients and valuers therefore need to produce rational and objective solutions. In a style that makes the theory as well as the practice of valuation accessible to students and practitioners, the authors provide a valuable critique of conventional valuation methods and argue for the adoption of more contemporary cash-flow methods. They explain how such valuation models are constructed and give useful examples throughout. The UK property investment market has been through periods of both boom and bust since the first edition of this text was produced in 1988 and the book includes examples generated by the different market states: for example, complex reversions, over-rented situations and leasehold examples are in ready supply and are examined fully by the authors. They have retained the book's basic structure and thrust, setting out fundamental investment and appraisal theory in Part One of the book, but adding a new chapter on building and modelling cash flows as a precursor to the investment material in Part Three. The heart of the book remains the critical examination of market valuation models addressed in Part Two 鈥?it remains the case that no other book addresses this issue in detail.