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Real estate economics is the application of economic techniques to real estate markets. It aims to describe and predict economic patterns of supply and demand. The closely related field of housing economics is narrower in scope, concentrating on residential real estate markets, while the research on real estate trends focuses on the business ...
This development pattern is centered around the idea of "live, work, play," transforming buildings and neighborhoods into multi-use entities. Efficiency, productivity, and quality of life are also increased with regards to workplaces holding a plethora of amenities. [17] Examples include gyms, restaurants, bars, and shopping.
Cost approach. Cost approach is a real estate appraisal valuation method used to price an individual property. [1] It is one of three methods, the others being market approach, or sales comparison approach, and income approach. The fundamental premise of the cost approach is that a potential user of real estate will not, or should not, pay more ...
Cost Estimating is an approximation of the cost of all resources needed to complete activities. Cost budgeting aggregating the estimated costs of resources, work packages and activities to establish a cost baseline. Cost Control – factors that create cost fluctuation and variance can be influenced and controlled using various cost management ...
The highest and best use of the site is to demolish the house and sell the site as a commercial lot. The market value would be $225,000 ($250,000 site value minus $25,000 demolition cost). However, if the demolition costs rose to $55,000, the highest and best use would be the existing residential use, because the value as a commercial lot (now ...
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
A contractor progress payment schedule is a schedule of when (according to project milestones or specified dates) contractors and suppliers will be paid for the current progress of installed work. Progress payments or interim payments are partial payments for work completed during a portion of a construction period, usually a month.
A Schedule of Values (SOV) is a detailed schedule apportioning the original contract sum and all change orders, among all cost code divisions or portions of the work. The Schedule of Values shall be based on the approved budget or the approved Fixed Price, or GMP, Cost-Plus Contract type as applicable. See the executed contract agreement for ...
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