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Valuation

• 03.18.08
  Infrastructure Investment: What Does It Mean for appraisers?
  Valuation (0)

  One of the priorities of the country is now investment in infrastructure to make its economy work better. Massive investment is planned for spending on highways, bridges, tunnels, airports, water systems, sewage treatment, transport systems and other public infrastructure. This activity will create significant demand for real estate appraisal work – from the land to be used in the projects, to the new value added as a result of the improved facilities. This article is to alert appraisers about this new source of work and describes how this activity may increase business for appraisers. Continue Reading...
  
  
• 03.18.08
  Appraisal Market to Be Regulated from
  Valuation (1)

  An Appraisal Professionals Society (SPO) has been established in St. Petersburg at the initiative of St. Petersburg Property Fund and the Urban Real Estate Inventory and Appraisal Department (GUION), the main customers of appraisal services. Experts believe the creation of this structure is timely in light of the fact that on January 1, the new federal law On Self-Regulated Organizations came into force. Continue Reading...
  
  
• 03.18.08
  Company Valuation: Property-Owning Companies
  Valuation (0)

  Last month in this column we presented the factors involved in valuing real estate development companies – through the drivers of their net assets using a multiple that accounted for the reloading adjustment; or alternatively a less direct discounted cash flow analysis. This month, we focus on the single-property owning companies that are so common in our market, and that represent the most often used mechanism for transferring the benefits of owning property rights: how to value the shares of these special purpose vehicles (SPV). Continue Reading...
  
  
• 03.18.08
  Company Appraisal: Real Estate Developers
  Valuation (0)

  Stanislav Zhukov, head of real estate finance and capital markets services at Ernst & Young, contributed this month’s topical essay. This column has traditionally focused on the valuation and appraisal of real estate assets, but our market operates with legal entities, and most income producing properties are transferred by the sale of shares in the company, rather than shares in the asset itself. For this article, we will shift our focus to consider the important factors driving the value of a company heavily invested in a real estate asset, and how to determine the value of the shares involved. Continue ...
  
  
• 03.18.08
  Land Burden: what comprises the expenses for acquiring plots from the city
  Valuation (0)

  City Hall is and has been the largest land owner in St. Petersburg; therefore, it is necessary, in the overwhelming majority of instances, to resolve the issue of allotting a land plot for construction with the city. When determining the cost of rights for municipal land in St. Petersburg, one should rely on the “burden” indicator for land used to construct one square meter of a building. In essence, this indicator expresses the opinion of experts and investors as they describe the adequate future yield from a future facility. Continue Reading...
  
  
• 03.18.08
  Appraiser’s promise: Is it in your report?
  Valuation (0)

  In the recent series of articles on appraisal reports – we have examined various appraisal standards and what are the minimum requirements are for any appraisal report. We considered the special minimum content for appraisers to use when providing clients and their auditors asset value estimates for use in financial reports. In discussing the minimum report requirements, we noted the appraiser’s certification as a key part of every appraisal report. In this article we will look at what that certification means – both to the appraiser as a professional, and to the user of the appraisal estimate that is the ...
  
  
• 03.18.08
  Office and Retail
  Valuation (0)

  This month the ideas and requests of readers raise the issue of appraising office complexes with associated retail space. This comes about because of the high number of these type projects coming into our market, and because of the continuing problem of having few actual sales of such properties from which to observe and measure the market’s reaction to them in terms of value. Continue Reading...
  
  

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