UBD140 Notes for Mid Semester

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Department
Urban Development
Course
USB100
Professor
All Professors
Semester
Spring

Description
Valuation Mid Exam Notes Subsectors of property:  geographic location o area - north and south side Brisbane o suburb o street - is this street more valuable because it is higher up o view - of city or river  size o land area o shape and dimension o no. of bedrooms o ground improvements - pool, sheds, garden  design (type) o free standing residential o semi-detached duplex o strata medium density - townhouses, units o community title o medium density residential o high density residential  type of construction o timber frame - cheap, doesn't suit cold conditions o brick veneer - 1980's + o cavity brick - heats up and stays hot o materials  age of building o age depicts style and construction o age is not always indicator of conditions o trends  quality of property o project homes - minimum standards  location within location o views o side of the street o proximity to advantageous or detrimental factors  distance to markets (schools, services, goods) Characteristics of Property  Immobility - land is physically fixed in place  Durability - land is considered indestructible and improvements on it have an extensive life cycle  Heterogeneity - no two are identical  Divisibility - land can be subdivided Participants in Property Market  Residential owner/occupiers/investors  Institutional Investors - fund managers, insurance companies  Corporations  Governments Property Cycles Business cycle (fiscal and monetary policies) have direct impact on property investment which creates property cycles. Supply and demand varies greatly between different property sectors. Generally last 4-7 years.  Rent cycle  Housing price cycle  Commercial office property cycle  Retail property cycle  Industrial retail cycle  Construction cycle  Property investment cycle Life Cycle Describes the typical usage and dilapidation processes that all buildings will suffer from. Commences with construction - high usage and maintenance costs low - refurbishment - holding costs escalate and demand declines. Real Property Interest Groups Occupiers - property is input in production process of goods and services. Investors - property is asset that returns can be generated from and compared to other asset classes Developers - property is output of their manufacturing process Market Value is the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's length transaction after property marketing wherein t
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