NBR 14653 PDF
Baixe grátis o arquivo NBRpdf enviado por Roberto de Melo no curso de Engenharia Civil na UnP. Sobre: NBR Avaliaões de Bens. Home · ABNT-NBR - 5, 6 e 7. ABNT-NBR - 5, 6 e 7. February 19, | Author: anselmoclaudino | Category: N/A. DOWNLOAD PDF - MB. ABNT-NBR - 5, 6 e 7 - Download as PDF File .pdf), Text File .txt) or read online.
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NBR - 5, 6 e myavr.info - Download as PDF File .pdf) or read online. NBR Avaliação de bens Parte 4: Empreendimentos - DEC. myavr.info Views. 5 years ago. Empreendimento, · Taxa, · Custo, · Risco, · Fluxo. PDF | The DP-DEA Double Perspective Data Envelopment Analysis method was developed in the seminal doctoral thesis of Luiz Fernando de.
Development Duration: Ratcliffe, Keeping and Stubbs acknowledge that delays adversely impact on finance costs; v. Investment yield: Ratcliffe, Keeping and Stubbs suggest that market derived investment yields should not be indiscriminately applied to estimate a capitalisation rate for assessing development viability, but should incorporate aspects of the development appraisal such as rental growth, flexibility of use, likely economic life of the building, ease of leasing, management responsibility; vi.
Interest Rate: Ratcliffe, Keeping and Stubbs observe that variables, such as rent and investment yield, are prone to change between development to completion, and carry associated risk and uncertainty. The authors state that for reasons of demand and supply, anticipated rental income can be adjusted several times before income starts to flow.
Investment yield can fluctuate in the property investment market in accordance with market conditions. Construction costs can increase because of difficulties with the labour market or supply and cost of materials. The reason for choosing this method was its potential to elicit expansive, open and honest reflection and refine expert judgments, minimize bias such as the opinions of rhetorical and charismatic individuals and replace traditional debate and counterproductive dynamics of groups that might affect the objective of the research see Kauko and Palmroos, ; Dalkey, This arrangement creates opportunity for anonymous feedback and interaction to achieve a group consensus by the final phase.
The literature review framed the interview questions used in the first phase, the responses to which were used for inform the second phase survey questions.
Of 71 nationwide members holding professional certification, 23 are based in Sao Paulo State, 13 of whom are based in the City of Sao Paulo itself.
Following preliminary scoping interviews and approaches to potential participants, empirical material was initially generated via a series of elite semi-structured interviews conducted between November and December with ten participants who were recruited to the Delphi study. The expert panel comprised civil engineers, property valuers and appraisers and an architect hereafter referred to as appraisers , except one lecture and one public worker, all of whom are employed by, or are owners of small and medium sized real estate valuation, development or real estate consulting companies operating in Sao Paulo.
Elite interviews are not without methodological controversy, Harvey , p. In this research, our definition of elite refers to the status of the interviewee within the real estate development profession as represented by the level of professional qualifications held by the individual, the duration of their career in real estate development, their professional networks and connectivity e. Such a definition is purposely narrow as it was intended to focus the empirical stage of research on targeted interviews with practitioners conducting commercial development appraisals in Brazil for further details about elite interviewing see Harvey, ; Aberbach and Rockman, In Round 1, participants were asked eleven face to face interview questions, a summary of the responses to which was sent to each participant as part of the roll- out of Round 2 which comprised a further eleven questions.
The second round was used to validate findings from the first phase using Likert scale responses to statements and explore in greater depth key issues revealed by Round 1. One participant withdrew from the panel between Rounds 1 and 2, representing an acceptable attrition rate.
Key findings from Delphi Survey Methods There was near unanimity amongst participants that a variety of different methods are used in Brazil to appraise commercial development opportunities and that the Comparative Method is the most commonly employed method for development appraisals when there is sufficient market and land price transaction data available.
Most participants agreed that DCF techniques are employed for the appraisal of commercial development see RQ1 , to calculate profit and determine development viability, when the land price is known.
Before undertaking DCF appraisal, valuers will obtain site and rental values using the Comparative Method; development construction costs are calculated using the Brazilian Method of Direct Comparison of Cost, provided that there is a minimum amount of comparable evidence ABNT, ; and an expected profit is determined by the developer.
Nbr 14653 Pdf
The Method of Evolution is used when comparable market data is insufficient. The Method of Involution is used to calculate the value of land, comprising one or more plots, without the support of the directly comparable market transaction data. The Residual Method is rarely used by valuers as the principal appraisal approach, other than international or large real estate corporations.
Risks and Contingency To compensate for higher levels of development uncertainty and risk than those prevailing in developed countries, Brazilian developers and investors expect higher rates of return than might be accepted in the U. Havard suggests that the provision for a contingency is a realistic risk for items that are difficult to assess prior to work commencing. If a contingency is not used then, ceteris paribus, higher profit will be expected to compensate for greater exposure to the vagaries of development that are traditionally covered by a contingency.
The main reason for higher development risks and returns in Brazil is due to uncertainty surrounding construction cost. Appraisers confirmed that contingencies are rarely used by Brazilian developers and builders, despite high volatility of construction costs, particularly labour. Profit In the U.
In contrast, according to participants, despite the Methods of Evolution and Involution adopting a residual approach, valuers in Brazil rarely speak about residual profit. This is because profit is determined by developers and investors, the land price having already been negotiated and agreed. Table 3 - Comparing U. Ratcliffe, Keeping and Stubbs, Adapting Ratcliffe, Keeping and Stubbs and analysis of data collected by Delphi-Method Variables The majority of participants identified the following six variables, in order of significance, as having the greatest influence on profit: Building cost 2.
Land price 3. Development yield 4. Plot ratio 5. Rent 6. Duration All but one of the participants agreed that volatility of major variables represents significant additional risk for real estate developers.
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Construction costs in Brazil are particularly prone to fluctuation, compromising pay-back and requiring concerted cost management measures particularly in respect of materials and labour. Surprisingly, one of the six major development variables in the residual method, interest rate see Table 2 is not recognised as a major variable by Brazilian appraisers. It appears that construction costs in Brazil are reallocated to the investor, who manages construction and other development costs by referencing against anticipated rents to ensure profitability.
The need for a fundamental review of contracting and procurement arrangements in Brazil is more apparent than ever following the widely reported problems around timely and cost efficient delivery of infrastructure and stadia for the World Cup see Boadle, ; Panja, ; Zimbalist, Land Price In Brazil, land prices may be reduced by an investor or developer offering the landowner a share of the development, comprising one or more properties, or cash, or a combination of both.
The landowner may share both development risks see RQ4 and land value uplift by entering into a fair 'plot exchange' partnership.
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A developer typically buys land after a negotiation in which the landowner may sell the land for one of three prices: With regard the second option, the developer transfers the ownership of two or three units, depending on negotiation, to the landowner. With regard the third option, the developer usually pays a deposit to the landowner who becomes a partner of the developer, sharing the selling price or acquiring two or three units depending on negotiation.
The research has revealed that the choice of method employed to calculate land price is not bound to a residual approach see Equations 1 and 2 and Newell, but depends on negotiation of the development land price. For example, if the land has hope value attached to it, because it is close to the Central Business District CBD of a major city, the land owner may be best advised to employ land price calculation determined by comparable evidence.
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Profit will be an independent input and the development value will be the output. Comarchiveindex Phpt Tue Jul 12, 7: 09 am.
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Superman: Red Son. Even then the current appraisals would be worthless. Take the report we discussed before. The sample size is Yes, different towns will differ in GDP per capita, homicide rate, etc.
But we have data on all that, so we can include those indicators in our models. Imagine having millions of samples and then using only They use software with graphical interfaces and probably just type every data point manually. So 1 million samples would be of no use to them. I considered trying to replicate his results but there are 5. Were they outliers? Or maybe dropping them helped produce that incredible R2 of 0. Only independent variables have coefficients.
Maybe he is confusing the constant and the dependent variable? The neighborhood? The block? The zip code? But I have no idea which census he is talking about.And that, dear reader, was a fascinating lesson in the misuse of quantitative tools. May et al. Rating and Stats.
Development Variables According to Wyatt , there are independent and dependent input variables with different degrees of interdependence.
Bertzky et al.