房地產(chǎn)市場的外在因素(1)(參考版)
2025-01-06 05:04本頁面
【正文】 ? Most states delegate authority to local governments. ? 多數(shù)州下放權(quán)利至地方政府 Objectives of Zoning 分區(qū)的目的 ? Control Externalities 控制形態(tài) ? Protect Farmland保護(hù)農(nóng)田 ? Complement Infrastructure完善基礎(chǔ)設(shè)施 ? Maximize tax base最大化稅收基數(shù) ? Preserve Community Character保護(hù)社區(qū)個(gè)性 ? Exclude the unwanted消除閑置土地 Allowable Use Zoning and Urban Land Markets允許使用的分區(qū)和城市土地市場 ? Land allocation determined by market forces in the absence of zoning. ? 沒有分區(qū)規(guī)劃時(shí)土地資源分配由市場決定 ? Market allocation can be imperfect in the presence of externalities ? 在外部效應(yīng)存在的情形下， 市場分配結(jié)果有缺陷 ? Zoning can be used to correct externalities or to misguide a wellfunctioning market. ? 分區(qū)規(guī)劃可以糾正外部效應(yīng)或者誤導(dǎo)運(yùn)作良好的市場 ? Land prices can be used to determine if zoning has impacts. ? 土地價(jià)格可以用于決定是否分區(qū)規(guī)劃對房地產(chǎn)產(chǎn)生影響 Commercial rents $ Residential rents $ Commercial land Residential land Total land Rc Rr Rc* Rr* Commercial rents $ Residential rents $ Commercial land Residential land Rc Rr Rc’ Commercial rents $ Residential rents $ Commercial land Residential land Rc Rr Rr* Rc* Density Zoning and Urban Land Markets密度分區(qū)和城市土地市場 ? Land rent gradients w/o density zoning ? 沒有密度分區(qū)時(shí)的土地租金梯度 ? Land rent gradients w/ density zoning ? 有密度分區(qū)時(shí)的土地租金梯度 ? The price effects of density zoning ? 密度分區(qū)的價(jià)格影響 ? The welfare effects of density zoning ? 密度分區(qū)的福利影響 Highest and Best Use Principle 最高與最好使用原則 1. Concepts概念 1. Present value現(xiàn)在價(jià)值 2. Amortization分期償還 3. Value, capital rate, and rent (Net operating ine—rent) 價(jià)值，資金率和租金（凈收益 ——租金） 4. Future value (=0)未來價(jià)值 2. Highest and best use analysis 最高與最佳使用分析 Highest and Best Use Analysis 最高與最好分析 ? The highest and best use of vacant land ? 閑置土地的最高與最佳使用 ? The highest and best use of the improved site ? 已開發(fā)土地的最高與最佳原則 Highest and Best Use Analysis 最高與最好分析 Four criteria:四項(xiàng)條件： ? Physical possible: size, shape, terrain, capacity, availability of utilities etc. ? 物質(zhì)上可行：尺寸，形態(tài)，地形，容量，服務(wù)設(shè)施等 ? Legally permissible: restriction, zoning, building codes, environmental regulations and others laws. ? 法律上允許：限制，分區(qū)，建筑規(guī)范，環(huán)境規(guī)則和其他法律 ? Financial feasible: if the project produce an ine or return equal to or greater than the amount needed to cover costs. ? 經(jīng)濟(jì)上可行：如果項(xiàng)目產(chǎn)出等于或大于投入 ? Maximally productive. ? 最大生產(chǎn)率 Apartment Office Retail 公寓 辦公 零售 Cost of construction $1,021,600 $928,000 $817,300 建設(shè)投資 Effective gross ine 有效毛收入 $ 265,000 $ 200,000 $180,000 Operating expenses $ 135,000 $ 80,000 $ 69,000 運(yùn)營費(fèi)用 $ 130,000 $ 120,000 $111,000 Assuming a 20 yearyear life for the building, then PV = the cost of construction, FV = 0, i=1, n=20. Highest and Best Use for a Vacant Lot 閑置土地的最高與最佳使用 Y e a r A m o r t i z a t i o n PV A m o r t i z a t i o n PV A
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