Appraisal: From Theory to Practice: Results of SIEV 2015

342 Pages·2017·7.433 MB·English

by  Stefano Stanghellini, Pierluigi Morano, Marta Bottero, Alessandra Oppio (eds.)

Green Energy and Technology
Stefano Stanghellini
Pierluigi Morano
Marta Bottero
Alessandra Oppio E ditors
Appraisal:
From Theory
to Practice
Results of SIEV 2015
Green Energy and Technology
More information about this series at http://www.springer.com/series/8059
Stefano Stanghellini Pierluigi Morano
(cid:129)
Marta Bottero Alessandra Oppio
(cid:129)
Editors
Appraisal: From Theory
to Practice
Results of SIEV 2015
123
Editors
StefanoStanghellini Marta Bottero
UniversitàIUAV Politecnico di Torino
Venice Turin
Italy Italy
Pierluigi Morano Alessandra Oppio
Politecnico di Bari ChiefEditor of the SpringerSIEV Series
Bari Politecnico di Milano
Italy Milan
Italy
ISSN 1865-3529 ISSN 1865-3537 (electronic)
Green Energy andTechnology
ISBN978-3-319-49675-7 ISBN978-3-319-49676-4 (eBook)
DOI 10.1007/978-3-319-49676-4
LibraryofCongressControlNumber:2016956824
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Foreword
Many times it has been noticed,1 not only from our masters, but also recently, that
Appraisal represents one of the most ancient cognitive activities, able to attribute
opinion of values to scarce goods, available on the market, and to forecast cost and
price dynamics in the context of both real estate properties and “intangible” goods.
Moreover, Appraisal can interact with other techniques and disciplines for solving
complexmultidimensionalproblemsasthoserelatedtoterritorialtransformationsand
environmental valorization projects.2
TheSIEVproposalofstartingadebateontheissuesofappraisalmustbeembraced
fromus,especiallyformyoungresearchers,asaveryusefulopportunityforopeninga
stable discussion, that is directed towards an update—if it is necessary—of some
fundamentalaspectsofeconomicevaluation.
Among the numerous open questions, four issues have emerged as crucial:
Appraisal theories and models, Real estate economics, Appraisal and professional
practice, Economic evaluation of territorial transformations.
It is possible (and also desirable) that, after this debate, new proposals would be
originated,thatwillbebasedonmorespecificandarticulatedproblemsinvolvingour
discipline, such as the influence of the harmonization of account introduced by IAS
(International Accounting Standards) on urban and real estate appraisal by means
of the so-called “proportional tax”.3 In this context, it would be also interesting to
analyzetheimpactofIASonthedifferentfiscalaspectsinvolvingnotonlybuildings,
1See“Appuntiperunadiscussionesull’Estimo”(editorial),inValorieValutazioni,14,DEI,Roma
2015, from whichthe present document has been partially derived. See also R. Roscelli (edited
by),ManualediEstimo,UTETUniversità,DeAgostini,Novara,2014.
2R. Roscelli, “Valori economici e valori immateriali nella valutazione del paesaggio”, in G.
Deplano(Editedby),Paesaggiinsediativi,EDICOM,Gorizia,2009.
3SeeL.Ingaramo,R.Roscelli,S.Sabatino,“Risvoltiestimativiindottidalprocessodiarmoniz-
zazionecontabileavviatoalivellointernazionale”,inR.Roscelli(Editedby),ManualediEstimo,
cit.p.155.
v
vi Foreword
butalsolargeindustrialplants(forexample,forenergyproductionandmanagement4)
that have been recently relieved of the payment of the Municipal real estate tax in
consideration of the inconsistency between a tax constant over the time and the
progressive technical and functional obsolescence (which implies a devalorization)
of the plants.
AlsothetopicofRealestateappraisaldeservesanupdateinthelightofthenew
forms ofpublic/privatepartnerships,oftheactualmodelsfor thecalculationofthe
building rights, of the innovative monetization and valorization processes induced
byurban plans,with specificattentions towards thelargeabandonedbuildingsand
the collapsed parts of the industrial city and the metropolitan peripheries.
Moreover, the persistent global economic crisis forced to question some fun-
damental points of real estate markets, as for example the process of prices for-
mation, not only at a national level.
Environmental Impact Assessment, Strategic Environmental Assessment, cul-
tural and environmental economics are becoming very important nowadays, in the
light of a national and European legislative framework more organized, which
requires reports and monitoring programs for all the relevant projects and plans.
In this case, the relationships between the Appraisal science and the disciplines
related to environmental, cultural and well-being economics have been modified,
withoutrecognizingyetunivocalindicationsforthedefinitionof(new?)parameters
and evaluation models.
NewresearchlinesfortheAppraisalsciencearerepresentedbybuildingprocess
and the evaluation procedures for the estimate of the real rights, which have been
changedbytheintroductionoftheExpropriationLawin2001.Mentionhasalsoto
be made to the judicial estimation, not only in relationship with the expropriation
proceduresbutalsowithreferencetotheestimationoftheenvironmentaldamage.5
Onthesesubjects—andontherelatedmethodologicalandoperationalproblems—
Ibelievethatwehavetofocusonourreflectionsandourresearchactivities,which
shouldbemorecontinuousandbetterintegratedamongthem,inaperspectiveableto
maintain the unity of the discipline, as recalled by Enrico Fattinanzi in the intro-
ductiontothepresentbook.
It is necessary to set up a very deep update of the discipline in relation to the
issues that constitute the methodological and operational centers of gravity of
Appraisal. We should decline those issues according to key topics, on which we
could verify if our discipline is able to face the most recent questions.
A suggestion—essential for the schools of engineering, architecture and plan-
ning—that should be followed and better developed is to maintain the Appraisal
science as a central discipline in the planning and design process.
4R. Roscelli, L. Ingaramo, “La rendita catastale deisistemi di produzione di energia elettrica: il
valore medio costante”, in G. Bonardi, C. Patrignani, Energie alternative e rinnovabili, IPSOA,
2010.
5The topic of the environmental damage is the theme of the annual SIEV conference that is
scheduledforNovember2016.
Foreword vii
Wehavealltheargumentationsandthetoolsforrecallingthatintheabsenceof
feasibility evaluation all the project remain only “drawings”, perhaps interesting
fromtheartisticpointofviewbutnotviablefromaconcretepoint,asitistoooften
evident in transformation processes at a building, urban and territorial scale.
Inthecurrentdebate,relevantandinnovativeapproachesareemerging,because
they face actual themes(the environment, the quality of territorial transformations,
thevalorizationofgoodsthatarescarceanddifficulttobemaintained)andbecause
they propose experimental and innovative methods based on sophisticated models
coming from economics and operational research.
Veryofteninthiscontext,decision-makingprocessesarecharacterizedbysocial
and cultural impacts and high level of uncertainty.6
Sometimes these methods allow to take into consideration alternative projects,
with the objective of selecting the best performing solutions on the basis of eval-
uationcriteriathatcanbemeasuredondifferentscales(cardinal,ordinal,nominal).
Hundredsoftechniquesarecurrentlyavailableandtheyfacethesamequestion:
how is it possible to identify a system—a rational computation model—able to
quantify nonhomogeneous variables for the evaluation of projects, plans and pro-
grams, with the aim of assessing the overall sustainability?
Important steps were taken towards this direction, considering the very rapid
evolution of mathematical models and computational tools, which are able to treat
simultaneouslyaverylargeamountofdataandvariableswiththeaimofevaluating
and communicating the economic sustainability of projects.
Alsointhiscontextthetheoryandthepracticeoftheappraisalarefundamental.
Torino, Italy Riccardo Roscelli
6R.Roscelli(Editedby),Misurarenell’incertezza,Celid,Torino,2005.
Preface
This book Appraisal: from Theory to Practice introduces the series edited by the
Italian Real Estate Appraisal and Investment Decision Scientific Society (SIEV).
Since 2005 the SIEV takes together scholars and experts in the field of Appraisal
and Valuation applied to several contexts, such as architecture; civil, building,
environmental and territorial engineering; construction processes; territorial and
urban planning; properties and infrastructural investments; real estate finance and
development;culturalheritagepreservationandmanagement;landscapeprotection,
management and planning.
ThevolumesoftheSIEVseriesincludeaselectionofpeer-reviewedpapersthat
emerge from the scientific debate within the SIEV community, addressed at dis-
cussing both theoretical issues and advanced applications among academics,
experts, government bodies, public institutions and private economic actors.
Differently from the Appraisal and Valuation handbooks, the SIEV series
focuses on relevant emerging issues in the context of the assessment of urban and
territorial transformation processes, with the aim of providing an overview about
different theoretical and operational perspectives.
GiventhepeculiarrootsoftheAppraisalandValuationdisciplineinourcountry,
compared to other traditions of studies, this volume and the future ones will rep-
resent the Italian research lines with respect to the international scientific debate.
ThisfirstvolumeopenstheseriesbyfocusingonfoundationissuesofAppraisal.
TheneedforadevelopmentoftheAppraisaltheoryandmethodologyaccordingto
thecurrentsocio-economicconditionsintroducesnewissuestobediscussedandat
the same time makes the traditional doctrinal background more complex. New
questionsariseonthedefinitionofthesubjectoftheDisciplineevenmorethanon
itsscientificlimits.InthiscontextitisrelevanttoreviewtheAppraisals’theoretical
principles according to the instances coming from the market investors (banking
associations,homebuilders,publicinstitutions,appraisalcompanies,etc.)andtothe
multidisciplinary character of Appraisals, capable of acting as a trait d’union with
other sciences.
ix
x Preface
More in deep, starting from the idea of the original nature of Appraisals, as a
methodology aimed at determining monetary value judgments, this volume traces
its recent developments both on the side of theory and models and on the one of
applications, namely in the fields of real estate economics and regional/urban
transformations. The future perspective and challenges of the discipline are also
discussed in the light of getting to an effective and coherent development of the
Appraisal discipline.
The book is divided into four parts: 1) Theories and Models; 2) Real Estate
Economics; 3) Applications; 4) Economic evaluation of regional and urban
transformations.
Stefano Stanghellini
Pierluigi Morano
Marta Bottero
Alessandra Oppio
Chief Editor of the Springer SIEV Series