Appraisal: From Theory to Practice: Results of SIEV 2015 PDF
Preview Appraisal: From Theory to Practice: Results of SIEV 2015
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 ©SpringerInternationalPublishingAG2017 Thisworkissubjecttocopyright.AllrightsarereservedbythePublisher,whetherthewholeorpart of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission orinformationstorageandretrieval,electronicadaptation,computersoftware,orbysimilarordissimilar methodologynowknownorhereafterdeveloped. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publicationdoesnotimply,evenintheabsenceofaspecificstatement,thatsuchnamesareexemptfrom therelevantprotectivelawsandregulationsandthereforefreeforgeneraluse. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authorsortheeditorsgiveawarranty,expressorimplied,withrespecttothematerialcontainedhereinor foranyerrorsoromissionsthatmayhavebeenmade. Printedonacid-freepaper ThisSpringerimprintispublishedbySpringerNature TheregisteredcompanyisSpringerInternationalPublishingAG Theregisteredcompanyaddressis:Gewerbestrasse11,6330Cham,Switzerland 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
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