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| 001 | on1011557605 | ||
| 003 | OCoLC | ||
| 005 | 20240523125540.0 | ||
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| 020 | _a1119106494 | ||
| 020 | _a9781119106494 | ||
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_aBUS _x054000 _2bisacsh |
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| 082 | 0 | 0 |
_a333.33/2 _223 |
| 049 | _aMAIN | ||
| 100 | 1 |
_aGeltner, David, _d1951- _eauthor. |
|
| 245 | 1 | 0 |
_aFlexibility and real estate valuation under uncertainty : _ba practical guide for developers / _cDavid Geltner, Massachusetts Institute of Technology, Cambridge, MA, USA, Richard de Neufville, Massachusetts Institute of Technology, Cambridge, MA, USA. |
| 264 | 1 |
_aHoboken, NJ : _bJohn Wiley & Sons, Inc., _c2018. |
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| 264 | 4 | _c�2018 | |
| 300 | _a1 online resource | ||
| 336 |
_atext _btxt _2rdacontent |
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| 337 |
_acomputer _bc _2rdamedia |
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| 338 |
_aonline resource _bcr _2rdacarrier |
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| 504 | _aIncludes bibliographical references and index. | ||
| 505 | 0 | _aIntro; Title Page; Copyright Page; Contents; Foreword; Authors�a#x80;#x99; Preface; Acknowledgments; About the�A Companion Website; Chapter 1 Discounted Cash Flow Valuation: The Basic Procedures and Concepts Underlying Spreadsheet Valuation Constitute the Springboard to our Approach of Analyzing Flexibility Under Uncertainty; 1.1 Why the�A Focus on�A the�A Discounted Cash Flow Model?; 1.2 Structure of�A a�A Discounted Cash Flow Spreadsheet; 1.3 The Cash Flow Projection; 1.4 Discount Rate; 1.5 Market Value and Forward-Looking (Ex-Ante) Analysis; 1.6 Backward-Looking (Ex-Post) Analysis; 1.7 Conclusion. | |
| 505 | 8 | _aChapter 2 Economics of the Discounted Cash Flow Valuation Model: Understanding the Discount Rate is Critical2.1 Choice of�A Discount Rate; 2.2 Differences between Discount Rate, Opportunity Cost of�A Capital, and�A Internal Rate of�A Return; 2.3 Net Present Value; 2.4 Relationship between Discount Rate, Growth Rate, and�A Income Yield; 2.5 Relationship between Discount Rate and�A Risk; 2.6 Conclusion; Chapter 3 Future Scenarios Matter: We Need to Recognize that Future Projections are Uncertain; 3.1 The Standard Discounted Cash Flow Model Appears to�A be�A Deterministic. | |
| 505 | 8 | _a3.2 We Live in�A a�A World of�A Uncertainty3.3 Discounted Cash Flow Pro Forma Cash Flows Are Expectations; 3.4 Flexibility and�A Options; 3.5 Conclusion; Chapter 4 Scenario Analysis: Future Scenarios can Significantly and Surprisingly Affect the Present Value; 4.1 Discounted Cash Flow Scenario Analysis; 4.2 Scenarios Affect Value; 4.3 Flexibility Has Value; 4.4 Conclusion; Chapter 5 Future Outcomes Cover a Range of Possibilities: We Can Describe Uncertainties in Real Estate Using Probability Distributions of Possible Future Outcomes; 5.1 Distribution of�A Future Outcomes. | |
| 505 | 8 | _a5.2 Quantifying Input Distributions5.3 Distributions of�A Outcomes Differ from Distributions�A of Inputs; 5.4 Flaw of�A Averages; 5.5 Conclusion; Chapter 6 Simulation of�A Outcomes: Simulation is a�A Practical, Efficient Way to�A Explore Uncertainty and�A to�A choose between Alternative Strategies for�A Managing it; 6.1 Generating Scenarios; 6.2 Real Estate Simulation in�A a�A Nutshell; 6.3 Simulation Is an�A Efficient Process; 6.4 Number of�A Trials; 6.5 Conclusion; Chapter 7 Modeling Price Dynamics: Using Pricing Factors to Model the Dynamics of Real Estate Markets; 7.1 Pricing Factors; 7.2 Random Walks. | |
| 505 | 8 | _a7.3 Real Estate Pricing Factor Dynamics7.4 Conclusion; Chapter 8 Interpreting Simulation Results: Target Curves and Scatterplots can be used to Graph the Distribution of the Sample Output; 8.1 Target Curves; 8.2 Comparing Target Curves; 8.3 Value at Risk; 8.4 Scatterplots; 8.5 Conclusion; Chapter 9 Resale Timing Decision: Analysis: Let�a#x80;#x99;s See what happens when we�A apply the�A Tools of�A Flexibility Analysis to�A a�A Classical Investment Decision: when to�A sell the�A Property; 9.1 The Resale Timing Problem; 9.2 Extending the�A Time Horizon of�A the�A Discounted Cash�A Flow Model; 9.3 IF Statements. | |
| 588 | 0 | _aOnline resource; title from digital title page (viewed on April 20, 2018). | |
| 520 | _aProvides a revolutionary conceptual framework and practical tools to quantify uncertainty and recognize the value of flexibility in real estate development This book takes a practical "engineering" approach to the valuation of options and flexibility in real estate. It presents simple simulation models built in universal spreadsheet software such as Microsoft Excel�. These realistically reflect the varying and erratic sources of uncertainty and price dynamics that uniquely characterize real estate. The text covers new analytic procedures that are valuable for existing properties and enable a new, more profitable perspective on the planning, design, operation, and evaluation of large-scale, multi-phase development projects. The book thereby aims to significantly improve valuation and investment decision making. Flexibility and Real Estate Valuation under Uncertainty: A Practical Guide for Developers is presented at 3 levels. First, it introduces and explains the concepts underlying the approach at a basic level accessible to non-technical and non-specialized readers. Its introductory and concluding chapters present the important "big picture" implications of the analysis for economics and valuation and for project design and investment decision making. At a second level, the book presents a framework, a roadmap for the prospective analyst. It describes the practical tools in detail, taking care to go through the elements of the approach step-by-step for clarity and easy reference. The third level includes more technical details and specific models. An Appendix discusses the technical details of real estate price dynamics. Associated web pages provide electronic spreadsheet templates for the models used as examples in the book. Some features of the book include: • Concepts and tools that are simple and accessible to a broad audience of practitioners; • An approach relevant for all development projects; • Complementarity with the author's Commercial Real Estate Analysis & Investments--the most-cited real estate investments textbook on the market. Flexibility and Real Estate Valuation under Uncertainty: A Practical Guide for Developers is for everyone studying or concerned with the implementation of large-scale or multi-phase real estate development projects, as well as property investment and valuation more generally. | ||
| 590 |
_aJohn Wiley and Sons _bWiley Online Library: Complete oBooks |
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| 650 | 0 |
_aReal property _xValuation. |
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| 650 | 0 | _aReal estate development. | |
| 650 | 0 | _aReal estate investment. | |
| 650 | 6 |
_aBiens r�eels _x�Evaluation. |
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| 650 | 6 | _aPromotion immobili�ere. | |
| 650 | 6 |
_aImmeubles _xInvestissements. |
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| 650 | 7 |
_aland valuation. _2aat |
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| 650 | 7 |
_areal estate development. _2aat |
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| 650 | 7 |
_aBUSINESS & ECONOMICS _xReal Estate _xGeneral. _2bisacsh |
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| 650 | 7 |
_aReal estate development _2fast |
|
| 650 | 7 |
_aReal estate investment _2fast |
|
| 650 | 7 |
_aReal property _xValuation _2fast |
|
| 700 | 1 |
_aDe Neufville, Richard, _d1939- _eauthor. |
|
| 758 |
_ihas work: _aFlexibility and real estate valuation under uncertainty (Text) _1https://id.oclc.org/worldcat/entity/E39PCGfmpHTBHxXrbrGtWmBGd3 _4https://id.oclc.org/worldcat/ontology/hasWork |
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| 776 | 0 | 8 |
_iPrint version: _aGeltner, David, 1951- _tFlexibility and real estate valuation under uncertainty. _dHoboken, NJ : John Wiley & Sons, [2018] _z9781119106494 _w(DLC) 2017051519 |
| 856 | 4 | 0 | _uhttps://onlinelibrary.wiley.com/doi/book/10.1002/9781119106470 |
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