REAL ESTATE APPRAISAL
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- Versione italiana
- Academic year
- 2022/2023
- Teacher
- GIORGIA ZOBOLI
- Credits
- 9
- Didactic period
- Primo Semestre
Training objectives
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Modulo: 002429/1 - ESTIMO
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The course aims at developing knowledge and competences of the architect as economic actor, who through his/her choices generates impacts on the market and on the quality of life of the final users.
Dialoguing with the clients and the potential investors is a skill that an architect or must acquire in order to enhance his profession in a broad market context
It means interpreting trends and analyzing socio-economic data, bringing them back to a cognitive framework to be placed at the basis of investment decisions. A mix of estimation and evaluation tools and methodologies that complete the trainings towards the professional practice
The awareness that any design choice must be based on the socio-economic analysis of trends and of the demand and the targets’ needs, as well as, on the requirements expressed by the client, is placed at the center of the training objectives assumed in this course.
The course aims at going beyond the mere logic of real estate valuation, and open scenarios for the analysis of risks and opportunities coming from the context in which the project is placed, leading the student to deal step by step with an evaluation process that includes estimation and economic evaluation.
The main knowledge acquired will be:
¿ techniques for socio-economic trends and market analysis, to formulate the project response to the needs of the final users in a specific investment context;
¿ theoretical methodological data processing tool, outlines of financial mathematics and descriptive statistics;
¿ price and cost formation mechanisms in the construction and real estate market;
¿ main procedures for estimating market, cost and income values,
¿ tools for verifying the feasibility of the project, in terms of convenience and cost compatibility, from the design, construction and management phases;
¿ elements of professional practice also in terms of professional responsibility
Main skills acquired:
¿ ability to recognize the main characteristics of the market (with particular focus on real estate, construction and the cultural and creative business sector)
¿ understand the formation of prices and costs and use suitable procedures for their estimation;
¿ ability to identify and briefly analyze the main economic interests of a territorial transformation operation
¿ ability to draw up, at least in general terms, the preliminary economic and financial plan (PEF) of a real estate investment transaction;
¿ insert the architectural project within the economic relations that form the real estate and construction markets, and equip oneself with the tools to verify its feasibility;
¿ evaluate the transformations of the built environment with particular reference to the financing of real estate projects
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Modulo: 011138 - VALUTAZIONE ECONOMICA DEI PROGETTI
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The course aims at developing knowledge and competences of the architect as economic actor, who through his/her choices generates impacts on the market and on the quality of life of the final users.
Dialoguing with the clients and the potential investors is a skill that an architect or must acquire in order to enhance his profession in a broad market context
It means interpreting trends and analyzing socio-economic data, bringing them back to a cognitive framework to be placed at the basis of investment decisions. A mix of estimation and evaluation tools and methodologies that complete the trainings towards the professional practice
The awareness that any design choice must be based on the socio-economic analysis of trends and of the demand and the targets’ needs, as well as, on the requirements expressed by the client, is placed at the center of the training objectives assumed in this course.
The course aims at going beyond the mere logic of real estate valuation, and open scenarios for the analysis of risks and opportunities coming from the context in which the project is placed, leading the student to deal step by step with an evaluation process that includes estimation and economic evaluation.
The main knowledge acquired will be:
¿ techniques for socio-economic trends and market analysis, to formulate the project response to the needs of the final users in a specific investment context;
¿ theoretical methodological data processing tool, outlines of financial mathematics and descriptive statistics;
¿ price and cost formation mechanisms in the construction and real estate market;
¿ main procedures for estimating market, cost and income values,
¿ tools for verifying the feasibility of the project, in terms of convenience and cost compatibility, from the design, construction and management phases;
¿ elements of professional practice also in terms of professional responsibility
Main skills acquired:
¿ ability to recognize the main characteristics of the market (with particular focus on real estate, construction and the cultural and creative business sector)
¿ understand the formation of prices and costs and use suitable procedures for their estimation;
¿ ability to identify and briefly analyze the main economic interests of a territorial transformation operation
¿ ability to draw up, at least in general terms, the preliminary economic and financial plan (PEF) of a real estate investment transaction;
¿ insert the architectural project within the economic relations that form the real estate and construction markets, and equip oneself with the tools to verify its feasibility;
¿ evaluate the transformations of the built environment with particular reference to the financing of real estate projects Prerequisites
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Modulo: 002429/1 - ESTIMO
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Knowledge relating to the structure of construction costs and the preparation of the Estimative Metric Calculation, already developed in the Civil Economics and Estimation module (Architecture Construction Laboratory 1) and the knowledge of the relationship between costs and times developed in the Evaluation and Accounting of Works module (Architectural Construction Laboratory 2)
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Modulo: 011138 - VALUTAZIONE ECONOMICA DEI PROGETTI
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Knowledge relating to the structure of construction costs and the preparation of the Estimative Metric Calculation, already developed in the Civil Economics and Estimation module (Architecture Construction Laboratory 1) and the knowledge of the relationship between costs and times developed in the Evaluation and Accounting of Works module (Architectural Construction Laboratory 2) Course programme
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Modulo: 002429/1 - ESTIMO
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1. Elements of economics
1.1. Introduction to the economy: economic goods, price formation, demand, supply. 1.2. Consumer behavior, company behavior. 1.3. Competitive and non-competitive markets. 1.4. The real estate market, the construction market and the related services market.
2. Real estate appraisal
2.1. The principles of the estimation theory. The estimation criteria. (Market value, cost of transformation, complementary, and subrogation. Synthetic and analytical estimation procedures. 2.2. International valuation standards. 2.3. Market value: synthetic - comparative mono-parametric and multiparametric metric procedures. 2.4. The statistical procedure of frequency distribution. 2.5. The estimate by merit points. 2.6. The Market Comparison Approach (MCA). 2.7. Elements of Financial Mathematics. 2.8 Income procedures: capitalization of unlimited and limited incomes. 2.13. . The cost-revenue analysis .9 The construction cost: synthetic procedures. 2.10. Estimated bill of quantities. 2.11. The time schedule
3. Evaluation of plans and projects
3.1. The judgment of convenience. 3.2. The structure and contents of the feasibility studies 3.3. Cost / revenue analysis. 3.4. The overall cost. 3.5. Cost / benefit analysis of investment projects 3.6. Economic and financial evaluations in negotiation procedures. 3.7. Evaluation aspects of equalization, compensation and transfer of building rights.
4. Professional exercise seminars
4. elaborate project estimates according to the procurement code, 4.2 construction management and works accounting, 4.3 European programs and public funding, 4.4 design management
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Modulo: 011138 - VALUTAZIONE ECONOMICA DEI PROGETTI
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1. Elements of economics
1.1. Introduction to the economy: economic goods, price formation, demand, supply. 1.2. Consumer behavior, company behavior. 1.3. Competitive and non-competitive markets. 1.4. The real estate market, the construction market and the related services market.
2. Real estate appraisal
2.1. The principles of the estimation theory. The estimation criteria. (Market value, cost of transformation, complementary, and subrogation. Synthetic and analytical estimation procedures. 2.2. International valuation standards. 2.3. Market value: synthetic - comparative mono-parametric and multiparametric metric procedures. 2.4. The statistical procedure of frequency distribution. 2.5. The estimate by merit points. 2.6. The Market Comparison Approach (MCA). 2.7. Elements of Financial Mathematics. 2.8 Income procedures: capitalization of unlimited and limited incomes. 2.13. . The cost-revenue analysis .9 The construction cost: synthetic procedures. 2.10. Estimated bill of quantities. 2.11. The time schedule
3. Evaluation of plans and projects
3.1. The judgment of convenience. 3.2. The structure and contents of the feasibility studies 3.3. Cost / revenue analysis. 3.4. The overall cost. 3.5. Cost / benefit analysis of investment projects 3.6. Economic and financial evaluations in negotiation procedures. 3.7. Evaluation aspects of equalization, compensation and transfer of building rights.
4. Professional exercise seminars
4. elaborate project estimates according to the procurement code, 4.2 construction management and works accounting, 4.3 European programs and public funding, 4.4 design management Didactic methods
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Modulo: 002429/1 - ESTIMO
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The contents of the course are developed through lessons and exercises carried out in the virtual classroom. The exercises will be carried out in groups and consist of: (i) a project work whose purpose is to evaluate the feasibility of reuse alternatives for an abandoned real estate asset, chosen by the students; (ii) the development of a paper resulting from a research and reflection on the impact of covid on the real estate market, focusing either on a segment and on a specific area chosen by the students
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Modulo: 011138 - VALUTAZIONE ECONOMICA DEI PROGETTI
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The contents of the course are developed through lessons and exercises carried out in the virtual classroom. The exercises will be carried out in groups and consist of: (i) a project work whose purpose is to evaluate the feasibility of reuse alternatives for an abandoned real estate asset, chosen by the students; (ii) the development of a paper resulting from a research and reflection on the impact of covid on the real estate market, focusing either on a segment and on a specific area chosen by the students Learning assessment procedures
- The objective of the exam is to verify the level of achievement of the training objectives indicated.
The exam takes place online and consists of the presentation of the project work and the paper prepared. The presentation of the work will be followed by some questions to verify the theoretical-methodological knowledge. Each member of the group must know the contents of the exercise and will be able to achieve a different assessment in relation to their knowledge of the exercise, their exhibition skills and the answers to the questions asked. The final judgment will be given by the sum of the evaluation of project work, papers and oral presentation. The following will be evaluated: the completeness of the development based on the scheme proposed during the course; the correctness of the analyzes carried out and the consistency of the procedures used; the ability to justify the choices related to costs / prices / incomes used. Reference texts
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Modulo: 002429/1 - ESTIMO
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§ Roscelli R. (ed.), Manuale di Estimo. Valutazioni economiche ed esercizio della professione. Torino: UTET, 2014.
§ Realfonzo A. (1994), Teoria e metodo dell’estimo urbano, Nis Roma
§ Forte F. De Rossi B. (1974), Principi di economia e di estimo, Etas, Milano -Capitolo 7 – Estimo urbano (§ 7.10)
§ AA.VV. (1995), Manuale di progettazione edilizia, vol. VI, Hoepli, Milano
§ De Mare G., Morano P. (2002). La stima del costo delle opere pubbliche. Utet, Torino
§ Michieli I. e M., Trattato di Estimo. Bologna: Il Sole 24Ore Edagricole, 2002
§ Rosato P. e Stellin G., La Valutazione Economica dei Beni Ambientali. Torino: UTET, 1998
§ G. Dandri “Economia per ingegneri e architetti”, DEI
§ Orefice (2007) Estimo civile, UTET, Torino
§ Simonotti M. (1997) La stima immobiliare, UTET, Torino
§ Tecnoborsa CODICE DELLE VALUTAZIONI IMMOBILIARI - ITALIAN PROPERTY VALUATION STANDARD Quarta edizione – 2011
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Modulo: 011138 - VALUTAZIONE ECONOMICA DEI PROGETTI
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§ Roscelli R. (ed.), Manuale di Estimo. Valutazioni economiche ed esercizio della professione. Torino: UTET, 2014.
§ Realfonzo A. (1994), Teoria e metodo dell’estimo urbano, Nis Roma
§ Forte F. De Rossi B. (1974), Principi di economia e di estimo, Etas, Milano -Capitolo 7 – Estimo urbano (§ 7.10)
§ AA.VV. (1995), Manuale di progettazione edilizia, vol. VI, Hoepli, Milano
§ De Mare G., Morano P. (2002). La stima del costo delle opere pubbliche. Utet, Torino
§ Michieli I. e M., Trattato di Estimo. Bologna: Il Sole 24Ore Edagricole, 2002
§ Rosato P. e Stellin G., La Valutazione Economica dei Beni Ambientali. Torino: UTET, 1998
§ G. Dandri “Economia per ingegneri e architetti”, DEI
§ Orefice (2007) Estimo civile, UTET, Torino
§ Simonotti M. (1997) La stima immobiliare, UTET, Torino
§ Tecnoborsa CODICE DELLE VALUTAZIONI IMMOBILIARI - ITALIAN PROPERTY VALUATION STANDARD Quarta edizione – 2011
