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Real Estate evaluation

02OIBLU, 02OIBPM

A.A. 2021/22

Course Language

Inglese

Course degree

1st degree and Bachelor-level of the Bologna process in Architecture - Torino

Course structure
Teaching Hours
Teachers
Teacher Status SSD h.Les h.Ex h.Lab h.Tut Years teaching
Teaching assistant
Espandi

Context
SSD CFU Activities Area context
ICAR/22 8 B - Caratterizzanti Discipline estimative per l'architettura e l'urbanistica
2020/21
The course aims at providing the basic knowledge in the domain of evaluation focusing on real estate as well as links with urban and environmental factors. It will present some introductory basic notions about values, utility, cost-benefit, cost-effectiveness analysis, mathematics of finance, behavioral economics, complexity, spatial analysis, and their links with real estate valuation. Some methods for appraising the market value of real estate properties and urban areas are illustrated with reference both to the methodological background and case studies.
The course aims at providing the basic knowledge in the domain of evaluation focusing on real estate as well as links with urban and environmental factors. It will present some introductory basic notions about values, utility, cost-benefit, cost-effectiveness analysis, mathematics of finance, behavioral economics, complexity, spatial analysis, and their links with real estate valuation. Some methods for appraising the market value of real estate properties and urban areas are illustrated with reference both to the methodological background and case studies.
At the end of the course the students will be able to afford the following tasks: - to appraise the market value of real estate properties; - to analyze the real estate value in relation to urban characteristics; - to link real estate value with the recent complexity paradigm and multidisciplinary; - to insert valuations in the sustainability and multidisciplinary framework; - to have a theoretical introductory knowledge about utility and choice theories
At the end of the course the students will be able to afford the following tasks: - to appraise the market value of real estate properties; - to analyze the real estate value in relation to urban characteristics; - to link real estate value with the recent complexity paradigm and multidisciplinary; - to insert valuations in the sustainability and multidisciplinary framework; - to have a theoretical introductory knowledge about (evolutionary) psychology of evaluations, preferences, utility and choice
The course does not consider any pre-requisites but the students who passed the exam of calculus might be slightly facilitated.
The course does not consider any prerequisites.
The program of the course is articulated according to the following macro-themes (each of them with around the same weight, but with a flexibility according to students interests and performance) : - Valuations; - Values, Utility, Choices - General appraisal; - Real estate markets; - Property appraisal procedures; - Values and urban factors; - Real estate value and spatial analysis; - Complexity; - Environmental economics.
The program of the course is articulated according to the following macro-themes (each of them with around the same weight, but with a flexibility according to students interests and performance) : - Valuations; - Values, Utility, Choices, Preferences - General appraisal; - Real estate markets; - Property appraisal procedures; - Values and urban factors; - Real estate value and spatial analysis; - Complexity; - Environmental economics.
The frequency in every lecture is highly recommended also because the exercises and the final exams will be strictly based on the content of the lectures Sharp punctuality and attention in class
The frequency in every lecture is highly recommended also because the exercises and the final exams will be strictly based on the content of the lectures Sharp punctuality and attention in class
A number of workshops, individual/group presentations and exercises will regularly occur and evaluated, together with a final assignment, for the final exam mark. The course will rhythmically alternate theoretical lectures from the teacher and interactive discussions with students as well as students presentations of subjects voluntarily chosen or, if necessary, given.
A number of workshops, individual/group presentations and exercises will regularly occur and evaluated, together with a final assignment, for the final exam mark. The course will rhythmically alternate theoretical lectures from the teacher and interactive discussions with students as well as students presentations of subjects voluntarily chosen or, if necessary, given.
Eventual papers, slides and notes on the lectures will be mentioned and discussed in class. Then please make sure to be present in any lecture and with sharp punctuality. Further readings are parts from the following books that will be mentioned at class: Archer W., Ling D.C. (2012). Real Estate Principles: A Value Approach. McGraw-Hill. Mooya M.M. (2016). Real Estate Valuation Theory: A Critical Appraisal. Springer. Ryan-Collins J., Lloyd T., Macfarlane L. (2017). Rethinking the Economics of Land and Housing. ZED, London. Bertaud A. (2018). Order without Design. How Markets Shape Cities. MIT, Cambrdige USA and London UK. Xiao Y. (2017). Urban Morphology and Housing Market. Springer. Layard R., Glaister S. (1999). Cost-Benefit Analysis. Cambridge University Press. Levin H.M., McEwan P.J. (2001). Cost-Effectiveness Analysis. Sage. Brooks N., Donaghy K., Knaap G. (Ed) (2012). The Oxford Handbook of Urban Economics and Planning. Oxford University Press. Brakman S., Garretsen H., van Marrewijk C. (2009). The New Introduction to Geographical Economics. Cambridge University Press.
Eventual papers, slides and notes on the lectures will be mentioned and discussed in class. Then please make sure to be present in any lecture and with sharp punctuality. Further readings are parts from the following books that will be mentioned at class: Archer W., Ling D.C. (2012). Real Estate Principles: A Value Approach. McGraw-Hill. Mooya M.M. (2016). Real Estate Valuation Theory: A Critical Appraisal. Springer. Ryan-Collins J., Lloyd T., Macfarlane L. (2017). Rethinking the Economics of Land and Housing. ZED, London. Bertaud A. (2018). Order without Design. How Markets Shape Cities. MIT, Cambrdige USA and London UK. Xiao Y. (2017). Urban Morphology and Housing Market. Springer. Layard R., Glaister S. (1999). Cost-Benefit Analysis. Cambridge University Press. Levin H.M., McEwan P.J. (2001). Cost-Effectiveness Analysis. Sage. Brooks N., Donaghy K., Knaap G. (Ed) (2012). The Oxford Handbook of Urban Economics and Planning. Oxford University Press. Brakman S., Garretsen H., van Marrewijk C. (2009). The New Introduction to Geographical Economics. Cambridge University Press.
Modalità di esame: Elaborato grafico individuale; Elaborato grafico prodotto in gruppo; Elaborato scritto individuale; Elaborato progettuale in gruppo;
1) FINAL PAPER: It is an individual assignment. You will describe a subject of your choice within the program shown in class in a 1000 words paper by critically and comparatively discuss at least 5 academic papers from ranked journals. During the course I will show you how to conduct a literature review and a critical-comparative reading. ** PLAGIARISM (https://www.ox.ac.uk/students/academic/guidance/skills/plagiarism?wssl=1) will imply the fail of the exam ** Plagiarism will involve the fail of the full exam without the possibility to be repeated plus a disciplinary sanction: ["We remind you that you are required to comply with the law, the Statute and the University Regulations. Failure to adhere to these norms will result in the application of disciplinary sanctions by the University, in accordance with art. 18 of the Student Regulations (Rectoral Decree no. 109 of 15/03/2016)" https://didattica.polito.it/guida/2018/en/10/32/rispetto_delle_norme_in_materia_di_plagio_17_18] 2) FINAL PROJECT - POSTER: It is an individual (or in a group of maximum 3 people) assignment: an A1 poster (roughly 50% pictures/graphes... and 50% written, your own desired layout) to multidisciplinary link various topics of the course of your preference in which you will plan a real estate development operation in a city/territory of your choice. It could be an ex-novo town or neighborhood, an urban extension and/or transformation. 3) MONTHLY EXERCISES: There would be an individual (or maximum 3 people) exercise per month from October to December about the content of the lectures and the workshops. They can be done in the virtual class during the workshops and be completed/refined at home. Then sent to me by the 'portale della didattica' be the end of each month. The final mark: it will aggregate three marks: 1) the mark of the individual paper (40% of importance) 2) the mark of the poster (35% of importance: within which 0.6 for the paper and 0.4 for the poster) 3) the average mark of all the exercises/presentations during the course (25% of importance) Then if for example you get 15 for the paper, 18 for the project-poster, 30 for the exercise of October, 27 for the exercise of November, and 28 for the exercise of December, and 20 for the exercise of January your final grade will be: (15*0.4) + (18*0.35) + [0.25*((30+27+28+29)/4)] = 6+6.3+7.125≃19 Objectives the exam aims to test: The type of exam is specifically structured in a way to avoid a "Television Quiz" learning typology. What will count is the understanding of the concepts rather than learning by heart, the in depth conceptual understanding, the capacity to apply, analyse, evaluate and create both academically and in real contexts. The exam wants to test also the academic-research perspective capacity, and the ability to link theory with practice, as well as to develop an across discipline mind set synergy in the thinking/learning process, as per the lecture's style of the course.
Exam: Individual graphic design project; Group graphic design project; Individual essay; Group project;
1) FINAL PAPER: It is an individual assignment. You will describe a subject of your choice within the program shown in class in a 1000 words paper by critically and comparatively discuss at least 5 academic papers from ranked journals. During the course I will show you how to conduct a literature review and a critical-comparative reading. ** PLAGIARISM (https://www.ox.ac.uk/students/academic/guidance/skills/plagiarism?wssl=1) will imply the fail of the exam ** Plagiarism will involve the fail of the full exam without the possibility to be repeated plus a disciplinary sanction: ["We remind you that you are required to comply with the law, the Statute and the University Regulations. Failure to adhere to these norms will result in the application of disciplinary sanctions by the University, in accordance with art. 18 of the Student Regulations (Rectoral Decree no. 109 of 15/03/2016)" https://didattica.polito.it/guida/2018/en/10/32/rispetto_delle_norme_in_materia_di_plagio_17_18] 2) FINAL PROJECT - POSTER: It is an individual (or in a group of maximum 3 people) assignment: an A1 poster (roughly 50% pictures/graphes... and 50% written, your own desired layout) to multidisciplinary link various topics of the course of your preference in which you will plan a real estate development operation in a city/territory of your choice. It could be an ex-novo town or neighborhood, an urban extension and/or transformation. 3) MONTHLY EXERCISES: There would be an individual (or maximum 3 people) exercise per month from October to December about the content of the lectures and the workshops. They can be done in the virtual class during the workshops and be completed/refined at home. Then sent to me by the 'portale della didattica' be the end of each month. The final mark: it will aggregate three marks: 1) the mark of the individual paper (40% of importance) 2) the mark of the poster (35% of importance) 3) the average mark of all the exercises/presentations during the course (25% of importance) Then if for example you get 15 for the paper, 18 for the project-poster, 30 for the exercise of October, 27 for the exercise of November, and 28 for the exercise of December, and 20 for the exercise of January your final grade will be: (15*0.4) + (18*0.35) + [0.25*((30+27+28+29)/4)] = 6+6.3+7.125≃19 Objectives the exam aims to test: The type of exam is specifically structured in a way to avoid a "Television Quiz" learning typology. What will count is the understanding of the concepts rather than learning by heart, the in depth conceptual understanding, the capacity to apply, analyse, evaluate and create both academically and in real contexts. The exam wants to test also the academic-research perspective capacity, and the ability to link theory with practice, as well as to develop an across discipline mind set synergy in the thinking/learning process, as per the lecture's style of the course.
Modalità di esame: Elaborato grafico individuale; Elaborato grafico prodotto in gruppo; Elaborato scritto individuale; Elaborato progettuale in gruppo;
1) FINAL PAPER: It is an individual assignment. You will describe a subject of your choice within the program shown in class in a 1000 words paper by critically and comparatively discuss at least 5 academic papers from ranked journals. During the course I will show you how to conduct a literature review and a critical-comparative reading. ** PLAGIARISM (https://www.ox.ac.uk/students/academic/guidance/skills/plagiarism?wssl=1) will imply the fail of the exam ** Plagiarism will involve the fail of the full exam without the possibility to be repeated plus a disciplinary sanction: ["We remind you that you are required to comply with the law, the Statute and the University Regulations. Failure to adhere to these norms will result in the application of disciplinary sanctions by the University, in accordance with art. 18 of the Student Regulations (Rectoral Decree no. 109 of 15/03/2016)" https://didattica.polito.it/guida/2018/en/10/32/rispetto_delle_norme_in_materia_di_plagio_17_18] 2) FINAL PROJECT - POSTER: It is an individual (or in a group of maximum 3 people) assignment: an A1 poster (roughly 50% pictures/graphes... and 50% written, your own desired layout) to multidisciplinary link various topics of the course of your preference in which you will plan a real estate development operation in a city/territory of your choice. It could be an ex-novo town or neighborhood, an urban extension and/or transformation. 3) MONTHLY EXERCISES: There would be an individual (or maximum 3 people) exercise per month from October to December about the content of the lectures and the workshops. They can be done in the virtual class during the workshops and be completed/refined at home. Then sent to me by the 'portale della didattica' be the end of each month. The final mark: it will aggregate three marks: 1) the mark of the individual paper (40% of importance) 2) the mark of the poster (35% of importance: within which 0.6 for the paper and 0.4 for the poster) 3) the average mark of all the exercises/presentations during the course (25% of importance) Then if for example you get 15 for the paper, 18 for the project-poster, 30 for the exercise of October, 27 for the exercise of November, and 28 for the exercise of December, and 20 for the exercise of January your final grade will be: (15*0.4) + (18*0.35) + [0.25*((30+27+28+29)/4)] = 6+6.3+7.125≃19 Objectives the exam aims to test: The type of exam is specifically structured in a way to avoid a "Television Quiz" learning typology. What will count is the understanding of the concepts rather than learning by heart, the in depth conceptual understanding, the capacity to apply, analyse, evaluate and create both academically and in real contexts. The exam wants to test also the academic-research perspective capacity, and the ability to link theory with practice, as well as to develop an across discipline mind set synergy in the thinking/learning process, as per the lecture's style of the course.
Exam: Individual graphic design project; Group graphic design project; Individual essay; Group project;
1) FINAL PAPER: It is an individual assignment. You will describe a subject of your choice within the program shown in class in a 1000 words paper by critically and comparatively discuss at least 5 academic papers from ranked journals. During the course I will show you how to conduct a literature review and a critical-comparative reading. ** PLAGIARISM (https://www.ox.ac.uk/students/academic/guidance/skills/plagiarism?wssl=1) will imply the fail of the exam ** Plagiarism will involve the fail of the full exam without the possibility to be repeated plus a disciplinary sanction: ["We remind you that you are required to comply with the law, the Statute and the University Regulations. Failure to adhere to these norms will result in the application of disciplinary sanctions by the University, in accordance with art. 18 of the Student Regulations (Rectoral Decree no. 109 of 15/03/2016)" https://didattica.polito.it/guida/2018/en/10/32/rispetto_delle_norme_in_materia_di_plagio_17_18] 2) FINAL PROJECT - POSTER: It is an individual (or in a group of maximum 3 people) assignment: an A1 poster (roughly 50% pictures/graphes... and 50% written, your own desired layout) to multidisciplinary link various topics of the course of your preference in which you will plan a real estate development operation in a city/territory of your choice. It could be an ex-novo town or neighborhood, an urban extension and/or transformation. 3) MONTHLY EXERCISES: There would be an individual (or maximum 3 people) exercise per month from October to December about the content of the lectures and the workshops. They can be done in the virtual class during the workshops and be completed/refined at home. Then sent to me by the 'portale della didattica' be the end of each month. The final mark: it will aggregate three marks: 1) the mark of the individual paper (40% of importance) 2) the mark of the poster (35% of importance) 3) the average mark of all the exercises/presentations during the course (25% of importance) Then if for example you get 15 for the paper, 18 for the project-poster, 30 for the exercise of October, 27 for the exercise of November, and 28 for the exercise of December, and 20 for the exercise of January your final grade will be: (15*0.4) + (18*0.35) + [0.25*((30+27+28+29)/4)] = 6+6.3+7.125≃19 Objectives the exam aims to test: The type of exam is specifically structured in a way to avoid a "Television Quiz" learning typology. What will count is the understanding of the concepts rather than learning by heart, the in depth conceptual understanding, the capacity to apply, analyse, evaluate and create both academically and in real contexts. The exam wants to test also the academic-research perspective capacity, and the ability to link theory with practice, as well as to develop an across discipline mind set synergy in the thinking/learning process, as per the lecture's style of the course.


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