- Paperback: 240 pages
- Publisher: Palgrave Macmillan; 2nd Edition edition (17 Nov 1999)
- Language English
- ISBN-10: 0333792203
- ISBN-13: 978-0333792209
- Product Dimensions: 23.1 x 15.5 x 1.3 cm
- Average Customer Review: 2.0 out of 5 stars See all reviews (1 customer review)
- Amazon Bestsellers Rank: 934,237 in Books (See Top 100 in Books)
- See Complete Table of Contents
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Product Description
Product Description
Property Valuation Techniques, which has been thoroughly revised to take into account developments in theory and practice, is concerned with the application of alternative techniques for property valuation and appraisal.
After an initial discussion of new approaches to valuation methods, the authors describe traditional approaches and provide a critique of them.
Subsequent chapters are then devoted to developing models based on cash flow approaches which can aid the appraisal of property investments. Finance theory and computer technology are then applied to the analysis. A chapter dealing with contemporary methods of valuation has been added and those on risk, computer models and the use of spreadsheets have been radically extended.
Throughout, the authors attempt to simplify complex theory in order to make the text as accessible as possible, both for the student and for the practitioner. An introduction, explaining the aims and purpose, has been added to each chapter, with a summary of key words where appropriate.
The book is intended for second or third year undergraduate students taking courses in estate management, land economics, urban land management and building surveying. It will also appeal to property specialists in surveying practices, property companies, local authority property departments and government valuation offices.
After an initial discussion of new approaches to valuation methods, the authors describe traditional approaches and provide a critique of them.
Subsequent chapters are then devoted to developing models based on cash flow approaches which can aid the appraisal of property investments. Finance theory and computer technology are then applied to the analysis. A chapter dealing with contemporary methods of valuation has been added and those on risk, computer models and the use of spreadsheets have been radically extended.
Throughout, the authors attempt to simplify complex theory in order to make the text as accessible as possible, both for the student and for the practitioner. An introduction, explaining the aims and purpose, has been added to each chapter, with a summary of key words where appropriate.
The book is intended for second or third year undergraduate students taking courses in estate management, land economics, urban land management and building surveying. It will also appeal to property specialists in surveying practices, property companies, local authority property departments and government valuation offices.
About the Author
DAVID ISAAC is Professor of Real Estate Management and Head of Property and Land Management at the University of Greenwich. He has written a number of books and articles on property matters and has an international role in research and consultancy.
TERRY STELEY has now retired from the post of Senior Lecturer in the School of Land Management at the University of Greenwich. He continues his interests in research and education.
TERRY STELEY has now retired from the post of Senior Lecturer in the School of Land Management at the University of Greenwich. He continues his interests in research and education.
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Customer Reviews
Most Helpful Customer Reviews
11 of 11 people found the following review helpful
David Isaac and Terry Steley have tried to cover too many bases in this book. Although their scope is ambitious and the writing is accessible and informative, there is no real depth to most of the issues covered - 212 pages for 17 chapters says it all.
Where the book fundamentally falls down is in its too-traditional approach to valuation - you almost expect the authors to talk about "that there new-fangled DCF", and they certainly mix pure valuation issues (discounting cash flows) with capital budgeting issues (use of NPV, IRR, etc.). DCF isn't a noun, chaps, it's a verb!
As most practitioners will by now be familiar with the use of spreadsheets to project the investment value of any piece of real estate and as a quant tool to make investment decisions, Isaac and Steley have really missed the boat - Property Valuation Techniques reads more like a 'how-to' manual for your high street surveyor 10 years ago than as a statement about where the science of property valuation rests today.
Sadly, as a lot of surveying courses still require you to have a grubby copy of Parry's Valuation Tables (and no calculator), this book may well still have a market - although this is itself is more of an indictment of the backward-looking nature of academe in the area than the utility of the 'traditional' approach to property investment valuation.
All in all, I liked the history lesson - but for that, there's actually a better book: "The Valuation of Property Investments" (Enever and Isaac). It's still like watching Open University programs from the 70s at 3am when you're drunk, though.
The book any budding real estate scumbag SHOULD buy instead for valuation is Brown and Matysiak's "Real Estate Investment: A Capital Market Approach". It's not perfect, but it doesn't waste your time. Geltner and Miller's "Commercial Real Estate Analysis and Investments" also scores highly unless you're looking for that MBA-friendly doublespeak.
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