The Economic Value of Residential Land in Historical Areas: An Application of the Residual Method to the Secondary Market

Land value bears significant weight in house prices in historical town centers. An essential aim for regulating the mortgage market, particularly in the financial and property crisis that countries such as Spain are undergoing, is to have at hand objective procedures for its valuation, whatever the conditions (location, construction, planning). Of all the factors contributing to house price make-up, the land is the only one whose value does not depend on acquisition cost, but rather on the location-time binomial. That is to say, the specific circumstances at that point and at the exact moment of valuation. For this reason, the most commonly applied procedure for land valuation in town centers is the use of the residual method: once the selling price of new housing in a district is known, the other necessary costs and expenses of development are deducted, including those of building and the developer’s profit. The value left is that of the land. To apply these procedures it is vital to have figures such as building costs, technical fees, tax costs, etc. But, above all, it is essential to obtain the selling price of the new housing. This is not always feasible, on account of the lack of newbuild development in this location. This shortage of information occurs in historical town cities, where urban renewal is slight due to the heritage-protection policies, and where, nevertheless there is substantial activity in the secondary market. In these circumstances, as an alternative for land valuation in consolidated urban areas, we have the adaptation of the residual method to the particular characteristics of the secondary market. To these ends, there is the proposal for the appreciation of the dwelling which follows, in a backwards direction, the application of traditional depreciation methods proposed by the various valuation manuals and guidelines. The reliability of the results obtained is analyzed by contrasting it with published figures for newly-built properties, according to different rules applied in administrative appraisals in Spain and the incidence of an eventual correction due to conservation state.

Women and work: the economic value of college training

by Helen M. Bennett.

Import quotas on textiles : the welfare effects of United States restrictions on Hong Kong : an economic policy analysis /

Mode of access: Internet.

Airport access problems : lessons learned from slot regulation by the FAA : an economic policy analysis /

Item 535

Economic system analysis of coal preconversion technology /

Prepared for Office of Coal Research, U.S. Department of the Interior.

Inspections and investigations : value analysis /

"This pamphlet is a reprint, without change, of ORDP 40-2."

Economic impact analysis of effluent limitations and standards for the plastics molding and forming industry /

Mode of access: Internet.

An Economic impact analysis of proposed amendments to public water supply regulations pending before the Illinois Pollution Control Board, R85-14 : final report /

"August 1987."

Economic impact analysis of combined sewer overflow regulations on East St. Louis, R81-12 /

Project no. 80.264.

The economic impact analysis of R84-29 : mine-related water pollution regulations /

"Project 86/7005."

The closed union shop versus the open shop: their social and economic value compared,

At head of title: National Industrial Conference Board. Prize Essays, 1919-1920.

Electronics:a case study of economic value added in target costing

Whilst target costing and strategic management accounting (SMA) continue to be of considerable interest to academic accountants, both suffer from a relative dearth of empirically based research. Simultaneously, the subject of economic value added (EVA) has also been the subject of little research at the level of the individual firm.The aim of this paper is to contribute to both the management accounting and value based management literatures by analysing how one major European based MNC introduced EVA into its target costing system. The case raises important questions about both the feasibility of cascading EVA down to product level and the compatibility of customer facing versus shareholder focused systems of performance management. We provide preliminary evidence that target costing can be used to align both of these perspectives, and when combined with other SMA techniques it can serve as " the bridge connecting strategy formulation with strategy execution and profit generation" ( Ansari et al., 2007, p. 512). © 2012 Elsevier Ltd.