Apartment appraisal report. Assessment reports. Who makes the assessment

1. Report on the assessment of the market and liquidation value of the real estate property located at the address: St. Petersburg, Kalininsky district, Grazhdansky prospect, 41, letter A
   The work was done by Colliers International. St. Petersburg, 2004.
   All calculations were carried out in accordance with the provisions of the Federal Law "On Appraisal Activities in the Russian Federation", appraisal standards mandatory for the subjects of appraisal activities, approved by the Government of the Russian Federation of July 6, 2001 No. 519, as well as the standards of professional activities in the field of real estate appraisal property of the Russian Society of Appraisers and the International Valuation Standards developed by the International Committee for Property Appraisal Standards (ICSOI).
   2016-01-24 | popularity: 19373
2. Report on the determination of the amount of damage from damage to Toyota Cresta car (calculation of fit residues)
   The purpose of this appraisal is to determine the market value of the amount of damage to the appraised property as of the appraisal date. The assessment was carried out in accordance with the Decree of the Government of the Russian Federation of July 6, 2001 No. 519 "On approval of valuation standards", "Methodological guidelines for determining the cost of vehicles, taking into account natural wear and tear and technical condition at the time of presentation", developed by the State Scientific Center NAMI together with by employees of the Federal Center for Forensic Science, approved by the Ministry of Economy of the Russian Federation.
   Performer: Denis Pashnin, Agency for Professional Property Assessment
   2015-04-17 | popularity: 21090
3. Report on the determination of the market value of a one-room apartment located at the address: Novosibirsk, Sovetsky District, st. Lenin
   The subject of this assessment is a one-room apartment located in Novosibirsk. The purpose of the appraisal is to determine the market value of the appraised object.
   According to the "Valuation Standards Mandatory for Application by the Subjects of Valuation Activity" dated 06.07.01, No. 519, the term "market value" in this report means the following: the most probable price at which the subject of valuation can be alienated in the open market in a competitive environment when the parties to the transaction act reasonably, having all the necessary information, and no extraordinary circumstances are reflected in the value of the transaction.
   Determination of market value is based on the premise that the property is sold on the market subject to certain conditions listed above. As a result of the sale and purchase transaction, a set of property rights passes from the buyer to the seller. It is these rights that are the object of assessment. In this work, the assessed right to the subject of valuation is the property right.
   After conducting the analysis, the appraiser came to the conclusion that the best and most effective use of the appraisal object is to use it for its intended purpose - an apartment. Further calculations to determine the market value of the appraisal object were carried out on the basis of this conclusion.
   The assessment procedure included: 1) collection of the necessary documentation and information about the subject of assessment; 2) the application of a comparative approach to assessing market value; 3) writing of this Report.
   2015-03-24 | popularity: 16826
4. Report on the determination of the market value of one ordinary share of JSC Kostromskaya GRES
   Within the framework of this assignment, the market value of one share of JSC Kostromskaya GRES was estimated. The results of the assessment were used for the purpose of contributing shares in OAO Kostromskaya GRES as payment for additional shares in OGK-3. The assessment was carried out as of April 01, 2005.
   In the assessment process, various methods and approaches are used that are most suitable for the given case. This appraisal was carried out in accordance with the Law of the Russian Federation "On Appraisal Activities in the Russian Federation", "Appraisal Standards Mandatory for Appraisal Entities", the Methodology and Guidelines for Appraising Business and (or) Assets of RAO "UES of Russia" and its SDCs, developed by by Deloitte & Touche.
   Based on the analysis of the strengths and weaknesses of the results obtained within the framework of various approaches, after consulting with representatives of investment companies, representatives of Deloitte & Touche, the Valuer decided to consider, along with the first option of weighting, the option of giving more weight to the results of the income approach. This choice is justified by the fact that when buying and selling an asset, a rational investor focuses primarily not on the retrospective of the company's activities, but on the prospective income streams that he can receive from the acquired asset.
   Completed by: Consortium "Expert - Russian Assessment", as of April 01, 2005
   2015-03-07 | popularity: 15845
5. Report on the determination of the market value of the object "Administrative room"
   The report on the assessment of the market value of the real estate object - administrative premises, with an area of \u200b\u200b336.1 sq. m., owned by the municipal formation "City of Kirov".
   
   The objective of this assessment is to identify the specifics of pricing of the subject of assessment in relation to the characteristics of the relevant market segment, legal title, quantitative and qualitative characteristics of the subject of assessment, as well as the specifics of law enforcement practice for the proposed transaction. This will make it possible to unambiguously identify the subject of appraisal in the system of real and obligatory rights, to give a proper justification for the type of value being determined. Analysis of the documentation will identify the main components of the risks associated with the assessment, and calculate the amount of their coverage.
   The appraisal report was drawn up in accordance with the Federal Law "On appraisal activities in the Russian Federation" dated July 29, 1998 No. 135-FZ; federal valuation standards, a set of valuation standards of the Russian Society of Appraisers (SSO ROO 2010).
   The analysis of the results obtained for compliance with market data showed that the market value of the property being evaluated has a value comparable to the market indicators. The cost of objects is in the range of average values \u200b\u200bfor objects located in a similar part of the city of Kirov, having a similar purpose and technical condition.
   The appraiser has not performed an audit or other financial verification of the information provided by you and used in this report, therefore, does not assume responsibility for the reliability of this information.
   In accordance with the purpose of the appraisal, the market value of the Appraisal Object was determined on the basis of Federal Law No. 135-FZ "On Appraisal Activities in the Russian Federation" dated July 29, 1998 and the Code of Appraisal Standards of the Russian Society of Appraisers SSO ROO 2010, harmonized with the International Appraisal Standards (2007 ) and mandatory appraisers by members of the self-regulatory organization.
   The use of MTR ROO 2010, mandatory for application by the subjects of appraisal activities, is due to the fact that the Appraisal Object is located on the territory of the Russian Federation, as well as the fact that the Appraiser operates in the territory of the Russian Federation. These standards were used in determining the approaches to the assessment, the procedure for carrying out work, in the preparation of the Assessment Report.
   The application of the Code of Standards of the Russian Society of Appraisers (ROO) is due to the fact that the Standards for the assessment of ROO most fully describe the terms, definitions, concepts and methods of valuation used in the assessment of various types of property.
   
   2015-03-07 | popularity: 18277
6. Report on the determination of the market value of the object "Shop Premises"
   The report on the assessment of the market value of the property - store premises with an area of \u200b\u200b30.2 sq. m., at the address: Kirov, st. Lenin, d. 86, belonging to the municipal formation "City of Kirov".
   
   The purpose of the appraisal is to determine the market value of the property. The result of the appraisal is the total value of the appraisal object. The result of the assessment can be used for the alienation of municipal property.
   The results of the assessment of the described object are planned to be used for the alienation of municipal property.
   The following valuation standards were applied in this assessment: The Code of Valuation Standards of the Russian Society of Appraisers SSO ROO 2010, harmonized with the International Valuation Standards (2007) and mandatory for use by members of the self-regulatory organization of appraisers.
   The Code of Valuation Standards (SSO 2010) of the Russian Society of Appraisers (ROO) is designed to assess the value of property in the Russian Federation and in other CIS countries - in full compliance with the adopted documents.
   Contractor LLC ANALIT, Kirov, 2010
   2015-03-07 | popularity: 14186
7. Report on the assessment of the market value of registered ordinary shares of JSC
   

   Purpose and purpose of the appraisal: determination of the market value of registered ordinary shares (100% of the authorized capital) of JSC (Type of activity - production of printing products) with the aim of contributing to the authorized capital.
   The property complex of the enterprise does not reflect the real ability of the enterprise to generate income, but reflects the current state of the enterprise, expressed through the state of its assets and liabilities. In this case, the need to determine the residual value at the time of valuation is not worth it due to the absence of factors of urgent liquidation or business implementation. For the purposes of this assessment, the most optimal, according to our Appraiser, is the method of the adjusted book value of the company's net assets.
   As a result of researching information provided about enterprises in this industry in various sources, including in the National Quotation System (www.nqs.ru) as of 01.10.2004, information applicable for the purposes of this assessment on the share price of these enterprises on there is no over-the-counter market. Therefore, the methods of analogous enterprises - the capital market method, the method of transactions cannot be used.
   In order to assess the market value of ordinary shares of OJSC KKK, the following were used in this report:
   1. method of discounting cash flows;
   2. the method of adjusted balance sheet net assets.
   Executor: LLC "Art-Expert". Kazan, 2004
   2015-02-23 | popularity: 11436

8. Report on determining the market value of the object "Post office premises"
   

   The objective of this assessment is to identify the specifics of pricing of the subject of assessment in relation to the characteristics of the relevant market segment, legal title, quantitative and qualitative characteristics of the subject of assessment, as well as the specifics of law enforcement practice for the proposed transaction. This will make it possible to unambiguously identify the subject of appraisal in the system of real and obligatory rights, to give a proper justification for the type of value being determined. Analysis of the documentation will identify the main components of the risks associated with the assessment, and calculate the amount of their coverage. As a result, a proper economic and legal justification for the final assessment of the object for the specified purpose should be carried out.
   The result of the appraisal is supposed to be used for the purpose of alienation of property on the basis of a sale and purchase agreement, the restrictions are determined by the appraiser independently.
   Post office premises. Area 108.1 sq.m. First floor. Address: Kirovskaya region, Oktyabrsky prospect. The owner of the object of the appraisal is the municipal entity "city of Kirov".
   Purpose of appraisal: Determination of the market value of the appraised rights to the appraisal object
   The purpose of bringing the results of all the approaches used is to determine the advantages and disadvantages of each of them, and, thereby, to develop a single cost estimate. The advantages of each approach in assessing the property in question are determined by the following criteria:
   The type, quality and breadth of information on which the analysis is based.
   The ability to take into account the specific features of an object that affect its value, such as use, potential profitability.
   Source: Federal State Unitary Enterprise "Rostekhinventarizatsiya - Federal BTI", Kirov branch, 2010
   2015-02-23 | popularity: 8409

9. Report on the determination of the market value of the property "Cafe room"
   Report on the determination of the market value of the object of the premises with an area of \u200b\u200b33.2 sq. m. at the address Kirov region, Kirov, st. Moscow, 181
   The purpose of the appraisal is to determine the market value of the property. The result of the appraisal is the total value of the appraisal object. The result of the assessment can be used for the alienation of municipal property. The results of the assessment of the described object are planned to be used for the alienation of municipal property.
   The objective of this work is to identify the specifics of pricing of the subject of assessment in relation to the characteristics of the corresponding market segment, legal title, quantitative and qualitative characteristics of the subject of assessment, as well as the specifics of law enforcement practice for the proposed transaction. This will make it possible to unambiguously identify the subject of appraisal in the system of real and obligatory rights, to give a proper justification for the type of value being determined. Analysis of the documentation will identify the main components of the risks associated with the assessment, and calculate the amount of their coverage. As a result, a proper economic and legal justification for the final assessment of the object for the specified purpose should be carried out.
   Contractor LLC ANALIT, Kirov, 2010
   2014-11-08 | popularity: 11347
10. Report on the determination of the market value of the real estate object "Shop Premises"
    Report on the determination of the market value of the premises object with an area of \u200b\u200b14.2 sq. sq. m. m. at the address Kirov region, Kirov, st. Nekrasova, 1
    The purpose of the appraisal is to determine the market value of the property. The result of the appraisal is the total value of the appraisal object. The result of the assessment can be used for the alienation of municipal property.
    This report has been drawn up in accordance with the Federal Law “On Valuation Activity in the Russian Federation” dated July 29, 1998, No. 135-FZ; federal appraisal standards, a set of appraisal standards of the Russian Society of Appraisers (SSO ROO 2010).
    The objective of this work is to identify the specifics of pricing of the subject of assessment in relation to the characteristics of the corresponding market segment, legal title, quantitative and qualitative characteristics of the subject of assessment, as well as the specifics of law enforcement practice for the proposed transaction. This will make it possible to unambiguously identify the subject of appraisal in the system of real and obligatory rights, to give a proper justification for the type of value being determined. Analysis of the documentation will identify the main components of the risks associated with the assessment, and calculate the amount of their coverage.
    In general, the market value is the recommended value for a transaction. This term implies a legitimate use, which in turn imposes on the typical seller the responsibility to guarantee the operability of the object. In this case, the seller is not interested in warranty service and maintenance is performed in accordance with the requirements of the Civil Code of the Russian Federation. Accordingly, in calculating the cost parameters, it is necessary to take into account the absence of warranty obligations for operability and to carry out the implementation on an “as is” basis.
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1. BASIC PROVISIONS ... 3

1.1. Assessment task ... 3

1.2. Declaration of Conformity ... 5

1.3. Information about the customer of the assessment and about the assessor ... 6

1.4. Key facts and conclusions ... 6

1.5. Applied Valuation Standards ... 8

2. DESCRIPTION OF THE ASSESSMENT OBJECT ... 9

2.1. Location Description ... 9

2.2. Quantitative and qualitative characteristics of the subject of assessment ... 9

2.3. The list of documents used to establish the quantitative and qualitative characteristics of the subject of assessment ... 13

2.4. Analysis of the Moscow real estate market ... 13

3. DESCRIPTION OF THE REAL ESTATE VALUATION METHODOLOGY ... 18

3.1. Basic concepts of real estate appraisal ... 18

3.2. Basic approaches and methods of real estate appraisal ... 20

4. DESCRIPTION OF THE EVALUATION PROCESS OF THE EVALUATION OBJECT ... 24

4.1. Best and most effective use analysis ... 24

4.2. Rationale for refusing to use the cost approach in the assessment ... 25

4.3. Justification of refusal to use the income approach in the assessment ... 26

4.4. Comparative assessment ... 26

5. AGREEMENT OF RESULTS ... 42

LIST OF USED SOURCES ... 43

APPENDICES ... 44

1. BASIC PROVISIONS

1.1. ASSESSMENT ASSIGNMENT

Table 1. Assignment for assessment.

Assumptions and limiting conditions on which the estimate is based:

All information received from the Customer and his representatives in writing or orally and not conflicting with the Appraiser's professional experience was considered reliable.

The appraiser proceeds from the fact that the subject of appraisal has all the rights to be assessed in accordance with the current legislation. The right of the appraised property is considered reliable and sufficient for the market turnover of the appraised object. The appraised property is considered free from any encumbrances, claims or restrictions other than those specified in the Report.

The appraiser did not measure the physical parameters of the assessed object, other than those specified in the report. All dimensions and volumes contained in the documents submitted by the Customer are considered true.

The appraiser did not carry out technical examinations and proceeded from the absence of any hidden facts affecting the value of the appraised object, which could not be detected by visual inspection. The Valuer is not responsible for discovering such facts.

All illustrations are provided for visual convenience only. The use of these materials for other purposes is not allowed.

The data for the assessment were obtained from reliable sources and are believed to be reliable. However, the Valuer cannot guarantee their absolute accuracy and in all possible cases indicates the source of the information.

Neither the Client nor the Valuer can use the valuation report in any other way than is stipulated in the valuation contract.

The appraisal report is valid only in its entirety and for the purposes stated therein. Using the report for other purposes may lead to incorrect conclusions.

The Appraiser is not required to appear in court or testify in any other way in connection with the conduct of this appraisal, except upon an official summons from the court.

The reported values \u200b\u200bof the value are valid only at the date of valuation. The appraiser is not responsible for subsequent changes in market conditions and, accordingly, the value of the appraised object.

The Appraisal Report contains the Appraiser's professional opinion regarding the value of the Property and is not a guarantee that the Property in question will be sold at the specified value.

1.2. DECLARATION OF CONFORMITY (CERTIFICATE OF EVALUATION)

The evaluator hereby certifies that:

1. All facts stated in the report are true.
2. The analysis performed, the opinions expressed and the conclusions obtained are limited only by the limits of the assumptions and limitations specified in the report.
3. The assessment was conducted in accordance with a code of ethics and standards of conduct.
4. Appraiser education meets the necessary requirements.
5. The appraiser has experience in evaluating similar property and knows the area where it is located.
6. The appraiser does not have any interest in the subject of appraisal, and also has no personal interest or bias towards the parties involved.
7. The assessment assignment was not based on a requirement to determine a minimum, maximum, or predetermined outcome.
8. The remuneration of the appraiser does not depend on the results of the appraisal or on any aspect of the report.
9. The appraiser inspected the appraisal object.
10. No person other than those indicated in the report provided significant professional assistance in the preparation of the report.

1.3. DETAILS ABOUT THE CUSTOMER OF THE EVALUATION AND ABOUT THE EVALUATOR

Table 2. Information about the customer of the appraisal and about the appraiser.

1.4. KEY FACTS AND CONCLUSIONS

The basis for this appraisal is the contract for the provision of appraisal services No. XX / XX, concluded between the Appraiser and the Customer of the appraisal on 12.02.2016.

General information identifying the subject of assessment:

In this work, a one-room apartment with a total area of \u200b\u200b39 sq.m., located at the address: Moscow, st. XXXXXXXXX, d.0, k.0, apartment 0.

The considered one-room apartment has:
Total area - 39.0 m 2;
Living area - 20.9 m2;
Kitchen - 8.6 m 2;
Separate bathroom;
2 balconies.

Conditional object number: 0-000000

No encumbrances of law were found in the documents examined by the appraiser.

Assessment results obtained using different assessment approaches:

Only a comparative approach was used in the assessment. The result of evaluating a one-room apartment with a total area of \u200b\u200b39 sq. m., obtained using the comparative approach, is 5,080,000 (Five million eighty thousand) rubles.

The calculations performed within each of the approaches used, as well as the information used to conduct the assessment, are set out later in this report.

The total value of the value of the object of assessment:

As a result of the appraisal, the Appraiser concluded:

The market value of a one-room apartment with a total area of \u200b\u200b39 sq. m, located at the address: Moscow, st. ХХХХХХХХХ, d.0, k.0, kv.0, as of the valuation date is 5,080,000 (Five million eighty thousand) rubles.

Limitations and limits of application of the resulting final cost:

1. The resulting total cost cannot be used otherwise than provided for by the assessment assignment (goals and objectives of the assessment).
2. Using the resulting final cost to solve problems other than those specified in the assignment for assessment may lead to incorrect conclusions.
3. The resulting total cost is valid only on the date of valuation.
4. The resulting final cost represents a reasonable professional judgment of the appraiser regarding the value of the appraisal item, formulated on the basis of the collected information and calculations, taking into account the assumptions made, and is not a guarantee that the appraisal item will be sold or otherwise alienated at the specified value.

1.4. APPLICABLE VALUATION STANDARDS

This assessment was carried out in accordance with the requirements of the Federal Law of July 29, 1998 N 135-FZ "On appraisal activities in the Russian Federation" in the version in effect at the date of appraisal.

In carrying out the appraisal and preparing the appraisal report, the following appraisal standards were applied:

1. Federal assessment standard "General concepts of assessment, approaches to assessment and requirements for the assessment (FSO N1)"

2. Federal valuation standard "The purpose of valuation and types of value (FSO N2)"

3. Federal assessment standard "Requirements for the assessment report (FSO N3)"

4. Federal valuation standard "Real estate appraisal (FSO N 7)".

The above standards are used because they are mandatory for use by appraisers when carrying out appraisal activities on the territory of the Russian Federation.

5. The Code of Standards and Rules of the Russian Society of Appraisers (ROO) - these standards are applied in the part that does not contradict, but supplements and explains federal appraisal standards. These standards are applied because they are mandatory for use by assessors who are members of the ROA.

2. DESCRIPTION OF THE ASSESSMENT OBJECT

2.1. DESCRIPTION OF LOCATION

The one-room apartment in question is located on the territory of the South-West AO, in the municipal district "Severnoe Butovo" at the address: Moscow, st. XXXXXXXXX, d.0, k.0, apartment 0.

The border of the inner-city municipal formation Severnoye Butovo passes: along the city limits of Moscow (the eastern border of the right-of-way of the Simferopol highway (including the territory of the All-Union Research Institute of Medicinal Plants with an area of \u200b\u200b17 hectares), then along the axis of the right-of-way of the Kursk direction of the Moscow Railway, the southern border of the forest park zone then crossing the road to Yuzhnoye Butovo along the city limits of Moscow (the eastern and northern borders of the quarter N 8 of the forest park (including 9 hectares of the quarter), the northern border of the quarter N 7 of the forest park, the eastern border of the quarters N 4 and 2 of the forest park, the southern border of the quarter N 3 forest park, the axis of the Bitsa river, the western border of the quarter No. 3 of the forest park), the axis of the right-of-way of the Moscow Ring Road, the outer border of the right-of-way of the Moscow Ring Road (including the Kulikovskaya street interchange), the southwestern and southern borders of the traffic interchange of Simferopol highway to the city limits Moscow.

The entrance to the house in which the apartment in question is located is carried out along the street XXXXXXXXXXX, further along the courtyard driveways. The coverage of the street and courtyard driveways is asphalt, car traffic can be carried out all-season. The nearest motorway is the Moscow Ring Road. The nearest metro station is "Dmitry Donskoy Boulevard" - about 10 minutes on foot.

The house in question is located in a residential area. This residential area is a mixed development, consisting mainly of panel houses of different storeys. The infrastructure of the area is well developed. There are grocery, manufactured goods, hardware stores, a pharmacy, etc. The prevailing surrounding area is residential. The area around the house is well equipped, there are parking spaces for vehicles. The noise level is average.

2.2. QUANTITATIVE AND QUALITATIVE CHARACTERISTICS OF THE ASSESSMENT OBJECT

The considered one-room apartment is located in Moscow, at the address: Moscow, st. XXXXXXXXX, d.0, k.0, apartment 0.

House: the apartment in question is located on the 3rd floor of a 14-storey residential building. The house is panel, with reinforced concrete ceilings. The facade of the house has no visible damage. Communications - central heating, water supply, electricity, sewerage. The house has an elevator and a garbage chute. Staircase in satisfactory condition. The condition of the entrance where the apartment being assessed is located is satisfactory, the entrance door is equipped with a combination lock and an intercom.

Apartment: the apartment in question has:

Total area - 39 m 2

Living area - 20.9 m 2

Kitchen-8.6 m 2

Separate bathroom

2 Balconies

Ceiling height - 2.68 m. The apartment has 2 glazed balconies. The apartment windows face the courtyard.

Interior finishing class of the apartment - “Simple finishing”. Floor covering - linoleum (room, corridor, kitchen) and tiles (bathroom, toilet), wall covering - paper wallpaper. The window frames are wooden, painted with white oil paint. Ceiling finishing - painting with white water-based paint. Interior doorways and door panels are wooden, painted with colorless varnish.

The living room and kitchen have areas damaged by flooding from the upper floors. Finishing condition - repair work is required to eliminate traces of leaks in the living room and in the kitchen.

Conditional object number: 0-000000.

Sources of data: Certificate of registration of rights, explication, cadastral passport of the premises, results of a visual inspection of the apartment by the Appraiser.

Table 3. List of data used in the assessment of the object of assessment. Sources: Certificate of registration of rights, explication, cadastral passport of the premises, data of visual inspection of the appraiser.

Photos of the apartment in question are given in the Appendices to this Report.

Assessed right: in this workthe right of common shared ownership is evaluated.

The right to common shared ownership of the apartment as of the date of valuation belongs to:

1. Gr-ke XXXXXXXXXXXXX, passport XXXXXXXXXX issued by the department. in the district XXXXXXXXX OUFMS of Russia in Moscow in XXX 00.00.0000. Registration address: Moscow, st. XXXXXXXXX, d.0, k.0, apartment 0. Certificate of state registration of law 00-XX 0000000, issued by the Office of the Federal Service for State Registration, Cadastre and Cartography in Moscow. Registration entry No. 00-00-00 / 000 / 0000-000 was made in the Unified State Register of Rights to Real Estate and Transactions with It 00 xxxx 0000. (3/4 of the share in the right).

2. Gr-ke XXXXXXXXXXXXX, passport XXXXXXXXXX issued by the department. in the district XXXXXXXXX OUFMS of Russia in Moscow in XXX 00.00.0000. Registration address: Moscow, st. XXXXXXXXX, d.0, k.0, apartment 0. Certificate of state registration of law 00-XX 0000000, issued by the Office of the Federal Service for State Registration, Cadastre and Cartography in Moscow. Registration entry No. 00-00-00 / 000 / 0000-000 was made in the Unified State Register of Rights to Real Estate and Transactions with It 00 хххх 0000. (1/4 share in the right).

2.3. LIST OF DOCUMENTS USED FOR ESTABLISHING QUANTITATIVE AND QUALITATIVE CHARACTERISTICS OF THE ASSESSMENT OBJECT

When conducting an assessment to establish the quantitative and qualitative characteristics of the subject of assessment, the Appraiser used information from the following documents for the appraised apartment:

1. Certificate of state registration of law.

2. Legend issued by the South-West TBTI of Moscow

3. Cadastral passport of the apartment

Copies of documents were received by the Appraiser from the Customer of the appraisal.

2.4. ANALYSIS OF THE MOSCOW REAL ESTATE MARKET

Market analysis was carried out using materials from the analytical center "Indicators of the real estate market IRN.RU" (http://www.irn.ru)

The influence of the general political and socio-economic situation in the country and the region on the real estate market:

Throughout 2015, the real estate market in Moscow and Russia was under pressure from geopolitical and macroeconomic factors. Deteriorating relations with Western countries, imposition of sanctions, capital outflows, falling oil prices and the devaluation of the ruble - all these circumstances have affected the real estate market.

The situation in the Moscow real estate market has worsened not only in relation to the pre-crisis 2006-2007, but even in comparison with the rather difficult years of 2010-2011. Economic growth in Russia has almost completely disappeared; accordingly, the incomes of business and the population stagnate and even decrease. Due to geopolitical problems, capital is rapidly leaving the country (in 2014, the outflow amounted to $ 115 billion, and in 2015, according to preliminary estimates, $ 53 billion).

In addition, the executive power, which needs additional sources of budget financing, is thinking about increasing the tax burden. And if an increase in property taxes (i.e. real estate) even benefits the market, the increase in business taxes will undermine the financial stability of companies and increase the likelihood of their bankruptcy. And this, in turn, will inevitably affect the level of incomes of the population and hit the effective demand for housing, which is already small.

Economic sanctions against Russia closed access to cheap loans and reduced investment in our country, capital outflow and the depreciation of the ruble also intensified. The beginning of 2016 brought not only new anti-records for the ruble, but also showed oil below $ 30 per barrel, which is below the lows of the previous crisis of 2008-2009. This circumstance once again raised the old question of the extent to which real estate prices in Moscow depend on oil prices and what to expect from a square meter if the price of a barrel of oil stays at this level for a long time.

The incomes of business and the population decreased, and the real estate market was left without the same volume of liquidity, which in the past formed the pre-crisis cost per square meter. Now the quick money has left the country, and the previous level of real estate prices in Moscow and the Moscow region ceased to correspond to the new geopolitical and macroeconomic reality.

In general, the situation on the Moscow real estate market remains difficult. The reasons are quite understandable - the situation in the economy and geopolitics is not getting better, oil prices are setting new anti-records, investments in the country are declining, the purchasing power of the population is falling, the prices of essential goods continue to rise and take away more and more of people's income, reducing their ability to pay mortgages or rent.

Analysis of the market segment to which the appraisal object belongs (secondary apartment market):

There has been no significant recovery in the Moscow real estate market since the beginning of 2016. This is quite an important circumstance, which allows us to say a lot about future prospects and make a forecast of real estate prices in Moscow and the Moscow region.

Despite the decline in prices in both dollar and ruble terms, the supply of housing in the Moscow market still exceeds demand. Market experts note a drop in the number of transactions and a lengthening of the average terms of the market exposition of objects. In the current market situation, apartment sellers are inclined to provide large discounts in the bargaining process, if only to persuade the buyer to complete the transaction.

Throughout 2015, the real estate market in Moscow and the Moscow region tried to find an equilibrium point after strong fluctuations in the exchange rate at the end of 2014 and the excitement around buying real estate in order to save money, which fell on the same period. But the December wave of excitement was short-lived and began to decline as early as January 2015. And practically throughout 2015, prices on the Moscow real estate market were slowly moving down.

January 2016 saw another stage in the fall of the ruble, which, of course, affected the dynamics of real estate prices in Moscow. Square meter continues to demonstrate its inability to win back the weakening of the national currency, therefore, in dollar terms, prices showed a significant minus in January 2016. In rubles, the downward slide of prices has stopped.

According to the analytical center www.irn.ru, the dollar index of the cost of housing in the capital lost more than 7% in January, dropping to $ 2,421 per square meter. This is the monthly average of the index. A more dynamic weekly index showed $ 2295 at the beginning of February. Thus, the average level of housing prices in Moscow is moving towards a “round” value of $ 2,000 per square meter.

In ruble terms, the average price level for Moscow apartments still fluctuates in the range of 125-180 thousand rubles per square meter. The suspension of the decline in the ruble level of prices amid a sharp rise in the dollar is quite an expected phenomenon: on the one hand, some sellers are trying to index prices in terms of the dollar, and on the other, the weakening of the national currency encourages buyers to become more active.

It is noteworthy that the dynamics of prices by type of housing and by geography in January 2016 turned out to be quite homogeneous. This means that a square meter cannot compensate for the fall of the ruble not only in the economy class, but also in the expensive segment. The decline in dollar prices for modern monolithic-brick houses is about the same as for a typical panel, and large apartments are not much more stable in price than small ones.

The only exception in January 2016 was the Central District - the price correction in it turned out to be significantly lower than in other districts due to the uniqueness of the city center. However, other upmarket counties and districts in the capital - west and southwest - showed almost the same decline as all other low-cost counties and districts.

However, it is not excluded that the center will gradually catch up with other locations in terms of the rate of decline. there are more elite housing and business-class apartments in the center, the sellers of which often try to peg prices to the dollar, and are also willing to wait longer, but as a result they are still forced to follow the dynamics of the rest of the market. Plus, an additional reduction in prices for apartments in the center may consist in a greater amount of bargaining and discounts for a specific buyer, with the apparent stability of the announced prices.

Note: The price indices for apartments in Moscow are calculated without taking into account elite housing and atypical apartments, which can distort the overall picture, usually upward.

Analysis of the offer prices in the segment under consideration and the main factors affecting prices:

The apartment in question belongs to the sector of typical mass housing, located in residential areas of the city in panel and block residential buildings, built in the late 1970s - early 1980s. Housing prices in this sector of the market roughly correspond to average prices in the city, due to the fact that housing of this type is widespread in the city of Moscow.

An analysis of the actual data on the prices of offers for the sale of similar apartments, carried out by an appraiser, showed that the price range in this market sector at the beginning of February 2016. for similar apartments located in the area of \u200b\u200bthe object of assessment (Severnoye Butovo district) was 120,000-145,000 rubles. for 1 sq.m. For comparison, on average in the city of Moscow, the cost of 1 sq.m. housing at this time was about 160,000-180000 rubles.

As examples of the actual prices of offers valid during the period of the appraisal for apartments from the segment under consideration, located in the area of \u200b\u200bthe appraisal object, the following can be cited:
1. 6,500,000 rubles. for 1 room apartment 39 sq.m.
2. 6,000,000 rubles. for 1 room apartment 39.1 sq.m.
3. 5,900,000 rubles. for 1 room apartment 39.2 sq.m.
4.5,800,000 rubles for 1 room apartment 39.5 sq.m.

Thus, it can be stated that the cost of housing in the area of \u200b\u200bthe assessment object is slightly lower than the average cost of housing in the city of Moscow, which is explained by the location of the area of \u200b\u200bthe assessment object (outside the Moscow Ring Road) more distant from the city center.

The main factors affecting the cost of an apartment in the Moscow housing market include the following:

1. Location: administrative district of the city, proximity to the centers of business and social activity and recreational areas.
2. Transport accessibility of the facility: proximity to metro stations, developed public transport at the location of the apartment.
3. Condition of the surrounding buildings (industrial, residential, mixed): the location of an apartment with industrial facilities can reduce its cost due to the highest possible environmental pollution and increased noise levels.
4. Type of house (panel, brick, monolithic): all other things being equal, the most expensive apartments are located in monolithic and monolithic brick houses of modern construction, the cheapest - in panel houses of the Soviet period of construction.
5. Number of storeys: as a rule, apartments in high-rise buildings on the market are more expensive (all other things being equal).
6. Technical condition of a residential building (new, no repairs are required, current repairs are required, selective major repairs, complex major repairs, dilapidated): in old buildings requiring repair, the cost of apartments is lower than in new buildings with good technical condition.
7. Floor of the location of the apartment: apartments on the first and last floors of residential buildings are cheaper than apartments located between the first and last floors.
8. Living space of an apartment: all other things being equal, apartments with a larger living space are slightly more expensive.
9. Kitchen area in an apartment: all other things being equal, apartments with a larger kitchen are somewhat more expensive.
10. Total area of \u200b\u200bthe apartment: all other things being equal, the price for 1 sq. M. m. in apartments with a larger area is less.
11. Finishing class (absent, simple, improved, high quality, renovation): the higher the finishing class of the apartment, the higher the cost of 1 sq.m. in this apartment.
12. Finishing condition (missing or requiring complete replacement, average condition that does not require repair, requires cosmetic repairs): apartments without finishing or with finishing requiring repair are somewhat cheaper than apartments with a normal (not requiring repair) state of finishing.
13. The presence of a balcony, loggia: the presence of summer premises in an apartment increases its attractiveness in the eyes of a potential buyer, therefore the cost of an apartment with a balcony or loggia is slightly higher than the cost of a similar apartment without summer premises.
14. Location of apartment windows: the location of apartment windows (street or courtyard) affects the consumer attractiveness of an apartment as a living space. Apartments with windows facing the courtyard have lower noise and air pollution levels compared to apartments with windows facing the street. As a rule, apartments with windows to the courtyard are somewhat more expensive (all other things being equal).
15. The presence of movable property not related to real estate: if an apartment is sold with furniture and other equipment not related to real estate, then its value may be higher than the cost of a similar apartment without such property.

Main conclusions:

1. The volume of supply of apartments in the Moscow housing market has grown.
2. Sales prices for apartments in the secondary and primary sectors of the market have significantly decreased compared to the pre-crisis level. Taking into account the fact that even ruble prices for apartments have decreased, it can be concluded that negative trends in macroeconomics continue to affect the Moscow housing market.
3. The liquidity of apartments as a commodity has decreased (a noticeable increase in the period of market exposure).
4. On the Moscow housing market, there is an increase in the number of offers for sale, a drop in demand from buyers, a decrease in the number of transactions, an increase in the amount of discounts from sellers when selling apartments. In general, the Moscow residential real estate market can be characterized as inactive.
5. It is likely that in the next 3-4 months, prices for residential real estate will continue to decline smoothly.

©. Copying is prohibited.

A report on the appraisal of the value of a real estate object is the result of a number of activities carried out in accordance with the established standards of appraisal activity.

Sometimes the parties replace the cumbersome report with the conclusion of the real estate appraisal on the value of the object (you can see an example of an apartment appraisal report below). It does not contain a calculation methodology, but only states information about the price.

Information about the market value of the apartment is required:

• when it comes to mortgage and mortgage lending;
• when making transactions with real estate;
• when insuring real estate;
• in case of disputes between apartment owners, a report may be required
• when entering into inheritance rights for the purpose of resolving a dispute over compensation to the party that refused to inherit.

Who prepares the real estate appraisal report?

Most often, information about the market value of an object is needed when registering a mortgage at a bank. According to paragraph 1 of Art. 9 102-FZ of 05/07/2013, the estimated value of the pledged item must be spelled out in the loan documents. Determining it is the task of appraisal companies.

Article 9. Content of the mortgage agreement

1. The mortgage agreement must indicate the subject of the mortgage, its valuation, the nature, size and duration of the obligation secured by the mortgage.

The bank usually has a list of accredited appraisers. A potential borrower can apply to any of them, paying the cost of the work from his own funds. Employees of a credit institution cannot insist on cooperation with a certain organization, but nevertheless, a potential borrower should choose a company from the proposed list.

This guarantees the absence of errors in the documentation and makes it possible to obtain a mortgage in the shortest possible time, since the banking services will not have to check an unknown appraisal company for a long time.

Important: the company preparing the report on the appraisal of the real estate object must be a member of one of the registered appraisers organizations and have a civil liability insurance policy with coverage of at least 300 thousand rubles. It is at the expense of the policy that the customer can be compensated for possible damage as a result of erroneous actions of the appraiser.

Banks have a number of reporting requirements. Compliance with them allows you to get the most complete picture of the pledged real estate.

Issue price

How much does an apartment appraisal report cost? The cost of the appraisal company to prepare a conclusion on the value of real estate depends on a number of factors:

• the region where the object is located;
• type of real estate;
• the purpose of the report (for example, work on appraising an apartment for forensic examination will be more expensive);
• urgency of work.

If we analyze prices by region, we get the following picture:

Important: when choosing an appraisal company, it is a mistake to focus on the lowest cost of producing an apartment appraisal report. The priority should be given to the company that primarily cares about the interests of the client.

When is the apartment appraisal report prepared?

The real estate appraisal report contains information about its real market value. It is mandatory for employees of the bank's collateral division when registering:

• mortgages;
• collateralized loans secured by real estate.

In this case, the borrowers can be both legal entities and individuals.

Usually, an appeal to an appraiser occurs at the stage of preparation for a transaction, when the object of credit or the type of property pledged as collateral has already been precisely determined and previously agreed with the credit institution.

In addition to the market value, the bank employee takes data from the report on the liquidation value of the apartment. Its value is 25-30% lower. It is at this price that the apartment will be sold at auction if the borrower stops paying the loan.

Let's look at the structure, content and design of a real estate appraisal report.
When determining the market value of a property, many factors are taken into account. All of them should be reflected in the report.

It is for this reason that there are valuation standards that professional valuation companies must adhere to.

Important:the requirements for the document are enshrined in federal law. In particular, they are regulated by the Requirements for the assessment report.

The following information should be reflected in the report on the market value of the apartment:

• assessment task;
• facts and conclusions;
• complete data about the customer and the appraiser (director of the organization, legal entity, specialist performing the appraisal);
• limitations and assumptions when carrying out work on the preparation of the report;
• applied valuation standards;
• description of the property with an indication of the quantitative and qualitative characteristics;
• analysis of the market and other external factors influencing the final price.
• description of assessment methods: cost, comparative and profitable. If any of these have not been applied, the evaluator must justify the reason;
• reconciliation of the results of real estate valuation obtained by different methods.

A whole chapter in the report is devoted to the description of the characteristics of the subject of assessment.

Must be indicated:

• technical data, the state of communications and the year the house was built;
• type of floor slabs;
• the materials from which the building was erected;
• footage and type of layout of the apartment;
• the height of the house and the floor of the location of the living quarters;
• the presence of nearby public transport stops, major road junctions, shops and other social facilities.

Important: the presence of a description of the current state of the dwelling is mandatory. We are talking about the quality of the repair performed, the presence or absence of built-in appliances.

Appendices to the report

In addition to the main part, copies of the following should be attached to the report:

• insurance policy of the appraisal organization, certificate and data on the appraiser's professional training;
• documents establishing the qualitative and quantitative characteristics of the object;
• agreements on the basis of which the owner of the premises has the right to it;
• and technical plan;
• photos of the apartment and the house in which it is located;
• conclusions and examinations, if any.

Important: it is unacceptable to determine the market value of an apartment "on the stream". Each report should be individual, the value defined in it should be justified and relevant to reality, the interpretation should be unambiguous.

Requirements for registration

In the process of working on a report, an employee of an appraisal organization carries out a whole range of works stipulated by the norms and standards of appraisal activities.

For example, the thickness of a report on the market value of a typical apartment can be up to 40 or 50 A4 sheets, not counting photographs and attachments to the document.

Each page of the report with attachments should be numbered. The document is stitched, certified with the signature of an authorized person and the seal of the organization.

So, an apartment appraisal report is necessary to objectively determine the value of real estate when conducting transactions with it.

You can order it in a special organization that has passed accreditation and is licensed to carry out valuation activities. The cost of the document is not high, and the production time is from 2 to 5 working days.

Assessment report is a written document that meets all the requirements of professional ethics, in an understandable and accessible manner reflecting the course of the assessment process and containing the initial data used by the assessor, their analysis, conclusions and the final value of the cost.

The appraisal report appendix contains all photographs, sketches, and maps not included in the main sections of the report. Sometimes a glossary of terms is included in the appendix.

In addition to limiting conditions, the report may contain assumptions - statements made by the appraiser in the process of assessment based on his professional opinion, but not supported by factual data.

Let's consider the basic requirements for the content of the appraisal report and a case study on real estate appraisal.

The appraisal report of the appraisal object must be drawn up in writing and submitted to the customer in a timely manner. The report should not be ambiguous or misleading. If it is not the market value, but other types of value that are determined, the criteria for establishing the result of the valuation and the reasons for deviating from the possibility of determining the market value of the valuation object must be indicated.

According to Art. 11 of the Law "On appraisal activities in the Russian Federation", the appraisal report specifies:

date of preparation and serial number of the report;

the basis for the appraiser to evaluate the appraisal object;

the legal address of the appraiser and information about the license issued to him to carry out appraisal activities for this type of property;

an accurate description of the subject of assessment, and in relation to the subject of assessment belonging to a legal entity,

details of the legal entity and the book value of the given object of assessment;

valuation standards for determining the appropriate type of value of the appraisal object, justification of their use when evaluating this appraisal object, a list of data used in the appraisal of the appraisal object, indicating the sources of their receipt, as well as assumptions adopted when evaluating the appraised object

the sequence of determining the value of the object of assessment and its total value, as well as the limitations and limits of application of the result obtained;

date of determining the value of the subject of assessment

a list of documents used by the appraiser and establishing the quantitative and qualitative characteristics of the appraisal object.

The report may also contain other information that, in the opinion of the appraiser, is very important for the completeness of the reflection of the method of calculating the value of a particular appraisal object applied by him.

The report is personally signed by the appraiser and certified by the seal.

In the event of a dispute about the reliability of the value of the market or other value of the appraisal object established in the report, the specified dispute is subject to court consideration. An example of a real estate appraisal report is given in Appendix B.

Chapter 6. Features of the valuation of various real estate objects

6.1. Land valuation

As a means of production, land has features that have a direct impact on the valuation of real estate:

the land is not the result of prior labor;

spatially limited;

irreplaceable by other means of production;

has a constant location;

indestructible when used correctly;

geographically diverse;

characterized by the specific usefulness of each specific land plot;

possesses fertility and in agriculture all its useful qualities are most effectively used;

practically in all spheres of human activity (except for agriculture and forestry) it acts mainly as a spatial operational basis, therefore it is inextricably linked with the objects located on it: buildings, structures, roads, reclamation structures, other material elements created by human labor, so called improvements.

When valuing real estate, it is considered that the land has value, and the rest are improvements, they add a contribution to the value.

Land plot - a part of the earth's territory that is equipped and ready for use for various purposes.

Improvements carried out to create a lot:

external: arrangement of streets, sidewalks, drainage and engineering networks;

internal: planning, landscaping, asphalting, the device of outlets for connecting engineering networks, communications, etc.

A typical property consists of a land plot and buildings and there is a need to determine the value of the land plot separately from the improvements available on it, which is caused by the following reasons:

difference in taxation of land and buildings (property tax and land tax);

a separate appraisal of the land plot from improvements is required when applying the cost method for determining the value of real estate;

making decisions on the demolition of existing improvements in order to better and most efficiently use the land.

When evaluating a land plot, it is necessary to take into account the set of rights associated with it. Common rights to be assessed:

1) full ownership - the ability to use a plot free from tenants in any legal way;

2) the right to lease - the possibility of owning a land plot under a lease agreement.

In Russia, most land is not for sale, but is leased, therefore, appraisers often determine not the cost of a land plot, but the cost of its lease rights.

Rental rights cost - this is the amount that a potential buyer is willing to pay for the right to own the land under the lease agreement in order to benefit from this ownership. Assessment of lease rights is used in determining the sale price of the right to lease a land plot, in determining the value of an object of which the leased land plot is a part, and in assessing damage from termination of a lease agreement.

The introduction of the Land Code is aimed at developing the land market. Under these conditions, land valuation should be carried out taking into account the most efficient use, which will provide the greatest residual value of the land.

When assessing a land plot, it is necessary to determine the option of its best and most effective use (NNEI), which is determined by the interaction of a number of factors.

The main factorsdetermining the optimal use of land:

1) location- a factor that has a major impact on the value of a land plot (taking into account the prospects of the location, transport accessibility, the nature of the environment);

2) market demand - a factor reflecting the ratio of supply and demand in the market. It is being studied to justify the chosen option for the use of the land plot (state and prospects of market demand for the proposed use, competition of other plots, types of taxes and other conditions). It is necessary to highlight the market segment in which it is necessary to develop activities;

3) financial soundness - the ability of the project to provide income from the use of the land plot, which would be sufficient to reimburse the costs of investors and ensure the receipt of the expected profit;

4) physical fitness of the site - the prospect of creating improvements - size, topography, soil quality, climate, geotechnical and hydrogeological characteristics of the site, existing zoning, environmental parameters, etc .;

5) technological feasibility and physical feasibility - analysis of the ratio of quality, costs and terms of project implementation, the likelihood of natural disasters, the availability of transport, the ability to connect to utilities, taking into account the size and shape of the site, for example, the size may be small for the construction of an industrial facility;

6) legislative (legal) admissibility - compliance of the option of using the land plot with the current legislation. It is revealed as a result of an analysis of building, environmental standards, restrictions on the number of storeys, the presence of temporary bans on construction in a given place, difficulties in the area of \u200b\u200bhistorical urban development, possible changes in regulations, compliance with zoning rules, negative moods of the local population;

7) maximum yield (maximum property income and the value of the site), which is determined by discounting the future income of alternative uses, taking into account the investment risk.

A special category is urban lands... Their value is influenced by the size of the city and its production and economic potential, the level of development of engineering and social infrastructure, regional natural, environmental and other factors.

The same factors can have the opposite effect on the value of a particular site, for example:

intensive traffic undesirable for a residential area, but increases the value of the site for trade purposes;

placement in relation to educational institutions and shopping centers, aesthetic advantages and conveniences taken into account when evaluating land for housing construction practically do not affect the value of territories focused on industrial development; transport infrastructure and economic zoning are important for them.

Most of the land resources are currently in state and municipal ownership. Practice shows that in market conditions, urban land is a valuable resource and can serve as a stable source of income for the local budget. The city authorities determine the size of the land tax, the lease rate for land and the standard price of a land plot upon redemption, therefore, the issue of increasing the efficiency of land use is relevant for them.

To make land ownership more efficient, i.e. brought the maximum income from use and contributed to the improvement of the general investment climate, first of all, it is necessary to implement the processes of taxation, lease and purchase of urban land based on its market value.

It is the market value that is a measure of value for the user, it allows to stimulate rational efficient use and serve as a tool for the development of the urban economy.

The results of the assessment of the urban area serve as initial information for solving the following problems:

development of urban planning policy and social planning;

formation of proposals for the types of functional use of the territory, taking into account its quality;

formation of economic mechanisms for the placement of various land use options and investment and construction policies;

analysis of the consequences of development options and restructuring of the urban environment;

optimization of municipal investments in the maintenance and development of the urban environment;

determination of the investment attractiveness of the territory as a function of the value of urban land.

The purchase of a land plot by an enterprise allows you to get the opportunity to use land as collateral for a bank loan, expand investment opportunities, sell surplus land, receive income from land lease, increase the value of fixed assets, and increase the market value of shares.

There are two views on the value of urban land:

city \u200b\u200bplanner in the process of functional zoning of the territory as a section of the city's master plan;

an appraiser in the process of developing a cadastral valuation of land.

The basis for the formation of the cadastral valuation of land and the functional zoning of the territory should be a comprehensive urban planning assessment of the market value.

There are several methods of land valuation.

Normative method is to determine the standard price of land. It is used in the transfer, redemption of land into ownership, the establishment of a common joint (shared) property in excess of the free rate, inheritance or donation, obtaining a loan secured, seizure for state or public needs.

Lands of cities are assessed taking into account the density of building, the prestige of the area, the nature of the surrounding land use, ecological state, engineering and transport facilities, etc. Lands are divided into zones differentiated by the base rates of land tax and the normative price of land (RF Law "On payment for land") ... The standard price of land is recorded in the Land Registry.

The basis for determining the standard price of land: land tax rates and increasing factors, land tax benefits are not taken into account.

It is often necessary to assess an object consisting of a building and a land plot, when the latter has only lease rights. In this case, the cost of allocating a land plot for construction can be taken into account as the value of the land.

In market conditions, when the necessary information is available, it is advisable to apply methods based on the analysis of market data. The Order of the Ministry of Property of Russia dated 07.03.2002 No. 568-r approved Methodological Recommendations for determining the market value of land plots. As a rule, when assessing the market value of land plots, the following are used:

sales comparison method,

selection method,

method of capitalization of land rent,

distribution method,

remainder method,

method of division into sections.

Sales comparison method is the simplest and most effective valuation method, can be used to assess both actually vacant and presumably vacant land; allows you to determine the specific price of a land plot by making percentage adjustments to the sales prices of analogues. In the absence of information on the prices of transactions with land plots, it is allowed to use supply (demand) prices.

Common elements of comparison for land parcels:

ownership,

financing conditions,

special conditions of sale,

market conditions (change over time),

location (distance from the city and roads, characteristics of the environment),

zoning conditions,

physical characteristics (size, shape and depth of the site, angular arrangement, soil type, relief),

affordable utilities,

economic characteristics,

best and most efficient use.

When valuing land, you can use several units of comparison, adjusting the price of each of them and getting several values \u200b\u200bat the end that define the value range.

The method gives fairly accurate results only in a developed information-open competitive market.

The Russian land market does not meet these requirements, the value of a land plot cannot be determined based on information on sales transactions for analogous plots. Therefore, the assessment should collect all available information to apply all site assessment methods.

Land rent capitalization method it is based on the fact that if there is sufficient information on the rates of land lease, it is possible to determine the value of these plots as the current value of future income in the form of rent for the land plot assessed. Under this method, the amount of land rent can be calculated as income from the lease of a land plot under the conditions prevailing in the land market.

The formula for calculating the cost of a land plot is:

where WITH L

I L - income from land ownership, rubles;

R L is the capitalization rate for land.

The capitalization rate is determined by dividing the amount of land rent for similar land plots by the price of their sale or by increasing the risk-free rate of return on capital by the amount of the risk premium associated with capital investment in the land plot being evaluated.

The main factors affecting the rental rate of a land plot: location characteristics, size, shape, surrounding land use type, transport accessibility, engineering equipment.

Distribution method (method of correlation, correlation, allocation) - determination of the component of the value of a land plot on the basis of a known ratio of the value of land and improvements in the property complex. The method is based on principle of contribution and the statement that for each type of property there is a normal relationship between the value of land and buildings. This ratio is most reliable for new buildings; they are close to the variant of the best and most effective use.

To apply the method, reliable statistical data on the ratio of the values \u200b\u200bof land and all property of a particular type of real estate in a given market are required. However, the method is rarely used even in developed markets, as it has low reliability. The application of the method is justified in conditions of insufficient information on the sale of land plots. The values \u200b\u200bobtained are considered indicative.

Allocation method (extraction ) it is used to assess built-up land plots if there is information about the prices of transactions with similar real estate objects. Improvements to the land plot correspond to its most efficient use.

The method assumes the following sequence of actions:

defining elements of object comparison;

determining the differences between each analogue and the object of assessment;

calculation and making adjustments for each of the comparison elements;

calculation of the market value of a single real estate object, including the assessed land plot, by reasoned generalization of the adjusted prices of analogues;

calculation of the replacement cost or the cost of reproduction of improvements of the estimated land plot;

calculation of the market value of the appraised land plot by subtracting from the market value of a single real estate object, which includes the appraised land plot, the replacement cost or the cost of reproduction of improvements to the land plot.

The allocation method is used when the contribution of improvements to the total price of the plot is small, it is recommended for evaluating suburban areas (for which the contribution of improvements is small and fairly easy to determine), it is used in the absence of data on sales of the land plot in the vicinity.

The method is most effective in a passive market (there is no data on the sale of free land plots), taking into account the peculiarities of the initial information and the model for obtaining the desired value. The cost of a land plot in general is determined by the formula:

,

where WITH 3 - the cost of the land plot, rubles;

WITH - the cost of the object, rubles;

Su- the cost of improvements, rub.

Remainder method based on investment group technique for physical components. The method is used for the assessment of built-up and undeveloped plots, if there is a possibility of building up the assessed land plot with income-generating improvements. The value of land is determined by capitalizing the portion of income attributable to land.

To determine the value of a land plot, you need to know the value of the building, the net operating income of the entire property, the capitalization ratios for land and for buildings.

The main steps of the residual method for land:

1) net operating income of all property is determined based on market rent and estimated operating costs;

2) the net operating income attributable to the structure (building) is determined;

3) the net operating income attributable to the land plot is capitalized into a value metric through the capitalization rate for the land.

It is difficult to predict income in the context of insufficient economic stability.

Parcel method (developmental approach) is used in assessing land suitable for subdivision into individual parcels. Consists of the following steps:

determination of the size and number of individual sites;

calculating the cost of developed areas using the comparable sales comparison method;

calculation of costs and development schedule, expected sale period and reasonable business profit;

deduction of all development costs and business profits from the estimated total sale price of plots to determine the net proceeds from the sale of real estate after the completion of the development and sale of individual plots;

selection of a discount rate that reflects the risk associated with the period of expected development and sale.

Land development costs typically include:

costs for breakdown, clearance and leveling of sites;

expenses for the construction of roads, sidewalks, engineering networks, drainage;

taxes, insurance, engineering and technical staff fees;

marketing costs;

contractor profits and overheads, etc.

Modeling the potential rental income for various types of land use is based on the patterns of the formation of rental effects of location and prevailing prices (sales and rent). Taking into account the significant difference in cost indicators for the sites located along the front of the city's road network and located in the intra-quarter territories, these sites are subject to mandatory separation when assessing.

The implementation of the principle of the most efficient use takes place in conditions of competition for the use of real estate between various functional market segments, taking into account the real restrictions on the volume of demand and the possible multifunctionality of the territory, as a result of which a set of land users is formed at each site.

14.08.17 37 961 4

And why is she needed

You are about to buy an apartment on a mortgage.

The bank approved the loan application, the agent found a suitable apartment. The next step is to collect a complete set of documents for the bank. It will definitely include real estate valuation.

Elena Evstratova

sold and bought property with an appraisal

When a bank gives a borrower a mortgage loan, it automatically takes as collateral the real estate that they buy with this loan: "Here's the money, but until you return everything, the apartment is like mine." If the borrower does not return the money, the bank has the right to take the apartment and sell it at auction.

The strength of a mortgage loan is precisely that it is easy to sell an apartment at auction - in the language of banks, it is a liquid collateral. Banks are confident in the loans issued, so they can lower rates.

It is important for the bank what exactly it gives 3,000,000 rubles for: a hut or an apartment. Will he be able, if something happens, to sell this apartment for the same 3 million? This question should be answered by the assessment.

For the buyer, the appraisal is an additional guarantee that the object is worth the money for which it is being sold.

Who makes the assessment

Appraisers are engaged in real estate appraisal. Their activities are regulated by the federal law “On Valuation Activity in the Russian Federation”. It can be a company or an individual entrepreneur.

What an appraiser must have:

Specialized education, membership in a self-regulatory organization and insured liability

Profile education

SRO membership

Insured liability

Banks are required by law to accept the appraisal of any appraiser. But in reality, banks themselves accredit companies whose valuation they trust. Which appraisers are quoted by a particular bank is usually written on the website. Sberbank cooperates with 256 appraisers, Bank Vozrozhdenie - with 90.

How to choose a company to evaluate

Call the list of appraisal companies offered at the bank. Here's what you need to find out in the conversation.

How quickly the appraiser leaves. The normal period is 1-2 days.

How long it takes to prepare the report. Usually 3-5 days in advance.

How much is the evaluation. The average cost in St. Petersburg is 3000 rubles. In Moscow, prices start at 2500 rubles.

How much does the second copy of the report cost. Valuation companies make one copy of the report by default. A normal company will print the second copy free of charge. In some companies, the second copy will cost 500 rubles.

What the report looks like

The appraisal of the apartment is drawn up in the form of a report. The report is kept in printed form along with the mortgage for the apartment.

The report must necessarily contain:

• who ordered and who performed the assessment, by what method;
• what kind of apartment it is, in what condition, how it is used;
• how are things in the market where this apartment will be sold;
• for how much it can be sold usually or at auction;
• what are the applications for the assessment in the form of photographs and copies of documents.

The report is invalid without the seal and signature of the evaluator. A one-page document with a summary of the report is attached to the report. It is given to the bank along with the report.

What is the cost

Market value - the price of an apartment, if it is sold without haste and force majeure.

Liquidation value - the minimum price for which the bank will sell an apartment in a short time.

What affects the market value

The area in which the property is located. It affects the cost per square meter: in St. Petersburg, a square meter in the Moscow region is on average 20,000 rubles more expensive than in Nevsky. Therefore, an apartment in a new building, which was built among old panel houses, will be cheaper than analogues in a good area.

Building specifications: in what year the house was built, when the major repairs were made and how many floors there are. Everything is taken into account: the presence of a garbage chute, the organization of the parking lot, the state of the front door.

Condition of the apartment. What floor, how many rooms and is there any renovation. The appraiser even looks at whether linoleum or laminate is laid on the floor, whether there is a tile in the bathroom and how the lighting is made in the apartment.

The condition of the apartment matters: if the wallpaper is dirty, the report is marked "in need of repair".

Repair with wallpaper and for 70 thousand rubles, and for 5 thousand is equated to "European repair". Therefore, it is not worth waiting for the appraiser to include the full price of the designer renovation in the price of the apartment. At best, he will put a multiplier on repairs.

The real estate market at the moment. The expert looks at similar properties on the market. For odnushki in a monolithic building, the analogs will be the same in area of \u200b\u200bapartments in monolithic or brick houses. Panel houses are usually not compared with brick houses or coefficients are introduced. Five similar objects are used to evaluate the apartment. Comparing peers is a good way to see where the price is overpriced.

The last floor reduces the appraised value of the apartment by 2-3%, the first floor - by 5-10%

How to calculate the residual value

The residual value is calculated using the formulas. Here the elasticity of demand and the cost of money over time are important.

An example of demand elasticity. There is little demand for a three-room apartment in a new building on the ground floor, because the large footage and low floor scare away buyers. Selling such an apartment in a short time is possible only at a low price. The difference between the market and liquidation prices is up to 3 million rubles.

There is a high demand for a one-room apartment on the middle floor of a panel building 5 minutes walk from the metro, because such apartments are always in demand on the market. The liquidation value of such an apartment is close to the market value.

An example of the value of money over time. When it comes to long terms and big money, it is often said that money gets cheaper over time. That is, the ruble is now more valuable than the ruble in a year. If an apartment can be sold cheaper now, then this is better than a little more expensive and then. There are many reasons for this principle: inflation, political risks, human mortality and global progress.

When an apartment is sold at the liquidation price, the loan is repaid first. The borrower receives the remaining funds. Therefore, the higher the liquidation price, the more money will remain in his hands.

The liquidation value of a budget apartment is not much different from the market value. It is easiest to sell it on the market because there is a demand for it. An elite apartment in a new building will be on sale for a long time even at a discount.

The spread of prices for three-room apartments in St. Petersburg

We have selected apartments within the same area according to the real estate portal EMLS