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MScUrbanRealEstateManagement&Development
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:
1. (marketvalue)
2.
(highest&bestusevalue)
3. (fairvalue)
4. (DRC)
5. (marketrent)
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(IVS,8th
edition 2007)
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(highest&best
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InternationalValuationStandardsCommittee(IVSC)

(InternationalValuation
Standards IVS).


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1970.
1984 TIAVSC 1994
IVSC
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(International
AccountingStandards IAS)

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ToRoyalInstitutionofCharteredSurveyors (R.I.C.S.)
(RedBook,AppraisalandValuation
Standards,2009,6th Edition)
(IVS) IVSC(IVS,
2007,8th Edition)

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2001, USFederalReserve( )
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primeloans
CDOs(CollateralizedDeptObligations).
CDO
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CDO slices:

safe OK risky

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CDO

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LTV (LoantoValue) 120%,
1,2 .

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$300.000
$100.000. .
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A.I.G.. 121
2009
2010.
(CDOs)

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25%.
75


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76
PropertyEUMagazine(no.2
2009) JubiSeebus
CrisesExposesValuationFlaws.
MichelBrodtman, CBREsHeadof
Valuation UK,
:

Ourjobisnottodecidewhatvalueshouldbe,butwhata
buyerispreparedtopay.Werenotheretoforecast,but
toprovideamirror.

77

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the
comparativemethod.

(marketvalue)
(marketrent) .

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(<6,00):20%
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3x :50%
:30%
:10%

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:20%
, :40%
.:10%
:20%
:30%

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:
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=
= ()
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2.000/.. 10 (
=1,50%) :2.000/..x[1/(1+0,015)10]=
2.000/.. x0,861=1.723,33/..

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:[5%,10%]
:2,00%/:5,00%/ :
15,00%
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/:5%
:15%


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2.500/.. 6 ( =1,20%)
:2.500/..x[1/(1+0,012)6]=
2.500/.. x0,93 =2.325,00/..

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:[5%,10%]
/:5%
&.

:15%
:[5%,10%]

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x1+ x20%+ x30%
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3
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/
(2) (/..)
()
95 1 1.320 18
A
90 3 1.560 12

80 4 1.590 16

110 4 1.310 12

92 3 1.500 15

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.
1.560/..
1.500/.. = 60/..
t=3.
60/.. 3 = 20/../
:

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(/..)
(2)
A 95 1 (1.320
+18x20=) 1.680
90 3 (1.560
+12x20=) 1.800
80 4 (1.590
+16x20=) 1.910
110 4 (1.310
+12x20=) 1.550
92 3 (1.500
+15x20=) 1.800

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1.910 1.550 = 360.
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(/..)
(2)
A 95 1 1.680
90 3 1.800
80 4 1.910
110 4 (1.550 + 360=)
1.910
92 3 1.800

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3 1 : 1.800/..
1.680/.. = 120/..

3 4 : 1.910/..
1.800/.. = 110/..

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(/..)
(2)
A 95 3 1.680 + 120 =
1.800
90 3 1.800
80 3 1.910 110 =
1.800
110 3 1.910 110 =
1.800
92 3 1.800

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1.800/.. x 87.. = 156.600, ~155.000

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=3,0, 70%, 430.. .

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/
(..) (/..)
()
630 3,60 5.837 12
530 3,00 4.890 4
420 3,00 4.860 10
480 3,00 4.720 11
550 3,60 5.712 9

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. 4.890/.. 4.860/..=
30/.. 6,
5/../.
:

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(..) (/..)
630 3,60 5.837+12 x5=
5.897
530 3,00 4.89+4x5=
4.910
420 3,00 4.860 +10x5
=4.910
480 3,00 4.720 +11x5=
4.775
550 3,60 5.712 +9x5=
5.757

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(..) (/..)
630 3,60 5.897
530 3,00 4.910
420 3,00 4.910
480 3,00 4.910
550 3,60 5.897

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. 3,00/3,60=
0,833
=3,60 0,833, =3,00
(1). :

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(..) (/..)
630 4.912,20
530 4.910,00
420 4.910,00
480 4.910,00
550 4.912,20

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4.911/..
430..x4.911/..=2.111.730,00,
2.100.000.

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,2,1
, 90..
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Xi=245.000, 248.000, 250.000, 250.000, 250.000,
250.000, 251.000, 252.000, 252.000,254.000.

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:
n=(245.000+248.000+250.000+250.000+
250.000+250.000+251.000+252.000+252.000 +
254.000) 10=250.200
:
(n+1)2=5,5 5 6 .
(250.000+
250.000)/2=250.000
=250.000

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250.000,00

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