Flexibility and Real Estate Valuation under Uncertainty
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€63.99
A01=David Geltner
A01=Richard de Neufville
Author_David Geltner
Author_Richard de Neufville
call option
Category1=Non-Fiction
Category=KFFR
Category=NL-KF
COP=United States
David Geltner
Decision rules
defensive and offensive options
delay options
discount rate
Discount=15
discounted cash flow
distribution of results
eq_bestseller
eq_business-finance-law
eq_isMigrated=2
eq_nobargain
eq_non-fiction
Excel
expected net present value (ENPV)
expected value
flaw of averages
flexibility
forecast errors
Format=BC
Format_Paperback
HMM=242
IMPN=Wiley-Blackwell
internal rate of return (IRR)
ISBN13=9781119106494
Language_English
modular production
Monte Carlo
multi-phase projects
multi-phase real estate projects
National Council of Real Estate Investment Fiduciaries (NCREIF)
net present value (NPV)
operation of multi-phase real estate projects
opportunity cost of capital (OCC)
PA=Available
PD=20180427
phasing options
POP=Hoboken
Practical Guide for Developers
Price_€50 to €100
pricing factors
pro forma cash flow
product mix
product options
project evaluation
project start options
Property valuation
PS=Active
PUB=John Wiley and Sons Ltd
put option
real estate
real estate design
real estate development
real estate investment
real estate options
real estate planning
Real Estate Valuation Under Uncertainty
real options
residual value of land
Richard de Neufville
risk aversion
scatterplots
simulation
SMM=15
spreadsheet
Subject=Finance & Accounting
target curves
timing options
trigger values
valuation of real estate options
value at risk
volatility
WG=518
WMM=170
Product details
- ISBN 9781119106494
- Format: Paperback
- Weight: 490g
- Dimensions: 170 x 244 x 15mm
- Publication Date: 27 Apr 2018
- Publisher: John Wiley and Sons Ltd
- Publication City/Country: Hoboken, GB
- Product Form: Paperback
- Language: English
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Provides 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.
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.
DAVID GELTNER, PhD is Professor of Real Estate Finance in the MIT Department of Urban Studies & Planning. He has taught for over 15 years in the MIT Center for Real Estate, playing a lead role in its Master of Science in Real Estate Development (MSRED) program. Geltner is a winner of the prestigious Pension Real Estate Association's Graaskamp Award for excellence and influence in the real estate investment industry.
RICHARD DE NEUFVILLE, PhD is Professor of Engineering Systems at the Massachusetts Institute of Technology. He has received many international professional and teaching awards, including the Sizer Award for the Most Significant Contribution to MIT Education.
