Unit 1 Characteristics of Real Estate新.ppt

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1、课程说明课程说明l学时：32l考核方式：平时成绩（出勤、课堂表现、小测验等）占30%，期末卷面折合成绩占70%.l注：无故旷课3次或以上者取消期末考试资格。Unit 1 Characteristics of Real Estate不动产的特征不动产的特征Words and ExpressionslGravel 砾石，石子lTaxation 征税，课税lLien 留置权，扣押权lJurisdiction 管辖权限lUpkeep 保养，维修，养护费lEncumbrance （产权）权利限制，权利声明lVulnerable 暴露于危险的，无防御的lDecentralize 自集中点分散到较大的区域l

2、Deed 契约，证书（尤指有关房地产或合法权利者）lRigidity 刚性lDepreciate 贬值lAppreciate 升值lDeterioration 变坏，恶化lSitus 区位lRaw land 生地lImproved land 熟地 Real estate has unique characteristics that makes it different from other types of products.The characteristics can be divided into physical and economic features（物理特征和经济特征）.Ph

3、ysical CharacteristicslImmobility（不可移动性）不可移动性）lBuilding,soil,gravel,and other items considered part of real estate might moved by the action of nature or people;however,the piece of land itself immobile and can never be changed from its geographical location.Because of its fixed position,land has be

4、come a primary source of taxation to support local government.The immobility allows the government to use a lien to force the sale of the land in order to collect unpaid taxes.Being immobile,the land is subject to(受到）control of the state and local government under whose jurisdiction it exists.Discus

5、s:The meaning of“lien”;Analysis the the last sentence;Do you think“immobility”is the most important physical character of the land,why?Lack of Standardization非标准化非标准化/差异化差异化lAnother characteristic of real estate is its lack of standardization.No two properties are exactly the same.Homes of identical

6、 configuration（同样构造的住宅）can be different in value because of location,upkeep（维护）,paint color,exterior condition,interior decoration or furnishing,and many other factors.Even if the physical features of two homes were almost identical,zoning,deed,restrictions,or title encumbrances could make their val

7、ues considerably different.（即使物理特征几乎相同，分区、契约、用途限制、权属等也能使价值有相当的差异。）lExample:lzoning:The building in our western yard.Schooling zoningLong LifelMost manufactured products change in style over,and real estate does also.Automobiles and electric appliances have a shorter life span,however,and may be disc

8、arded after two or ten years.Real property may have a life span of 10 to 200 or more years.Consequently,the real estate may contain properties of considerably varying age at any one time.lDiscuss:How to understand the“long life”of real estates?Indestructibility不可毁坏性不可毁坏性lIndestructibility,the fourth

9、 physical characteristics of land,causes real estate to be a durable and relatively stable investment.Except for economic factors,land does not depreciate.In fact,it more often appreciates with time.This does not mean that property value cannot be destroyed;for instance,topsoil removal or mining mig

10、ht reduce the value or usability of land for agricultural purpose.The value of the property can also be reduced by lack of care or maintenance or other deterioration of improvement on the property or its surroundings.lDiscuss:What is the effect of“indestructibility”on the value of land?Economic Char

11、acteristics经济特征经济特征lIn addition to the physical characteristics.Land also has its particular economic characteristics:scarcity,fixed investment,location,and improvements.These economic characteristics also have an impact on the manner in which real estate business is carried out.ScarcitylAlthough th

12、ere is a large amount of land that can be purchased at a low price,land in other,more desirable locations is scarce or very valuable.There is no scarcity of land as such:however,land for specific uses in specific locations is frequently insufficient to meet demand.As population increases,a scarcity

13、of land to produce food might develop;However,in the recent past,the increase in productivity of the land due to fertilizers,better seed,and better crop management has resulted in a decrease in the total demand for land for food production.In many cases,however,prices of the best agricultural land h

14、ave increased substantially.lIn urban area,the ability to construct higher buildings,combined with expressway construction,which gives greater access to more land,has also reduced the scarcity of land.Further expected improvements in land use may reduce this scarcity in the future;concurrently,howev

15、er,new uses for land drive values up.Feeling that all land was scarce sometimes caused land booms in the past that were followed by price collapses when it became evident that there was not a real demand for the land.lDiscuss:Who should we understand the“Scarcity”characteristic of the land?What fact

16、s can enhance the“scarcity”and what facts can release the“scarcity”?Fixed Investment投资的固定性投资的固定性lA second economics characteristic of land is the fixed nature of the investment,or fixity.Most modifications or improvements on the land cannot be moved,and it may take twenty or thirty years to repay th

17、e investment;thus,the investment is long lasting.Buildings and associated facilities,once installed,become part of the real estate.lThis characteristic makes the value of a land investment highly dependent on the economic changes in a specific location（特定区位的经济变化）or on change in peoples preferences（人

18、们偏好的改变）.The property improvements are tied to the neighborhood in which the land is located.Therefore,before purchasing or improving land an investor must consider how long the lands usefulness will last.lDiscuss:“Immobility”,“long life”and“indestructibility”are the main reasons of“Fixed investment”

19、,do you think so?LocationlLocation,or situs,is the third economic characteristic of land.Similar pieces of real property may have extremely different values just because of the different location.This difference can be caused by peoples preference for natural attributes,such as weather,good soil,sce

20、nery,or for human-made factors,such as schools,cultural attractions,or places of employment.Both affect the quality of the land,and thus,the value.Changing conditions such as population shifts or industrial build-up or decline frequently cause some land to increase substantially in value and other l

21、and to deteriorate in value.ImprovementlThe fourth economic characteristic of land is its ability to be modified or improved,with the associated impact upon the value.Improvements on the land include buildings,fences,or other things that then become part of the real estate.In contrast,improvements t

22、o the land include access roads,nearby schools,construction of recreational facilities and industries,and other factors that make the real estate more valuable,often without modifying the site itself.Land in its nature state is called raw land（生地）.Real estate having its value enhanced by improvement

23、s is called improved land（熟地）.lQuestions:What is called“raw land”,and what is called“improved land”?Market Characteristics市场特征市场特征lLocal Markets（当地市场）当地市场）lBecause the product is immobile,the real estate market is made up of a large number of local markets,each isolated（孤立的）to some degree from other

24、 local markets.With other commodities,such as automobiles or food,a high demand or short supply in one area can be offset（抵消）by moving products from other areas where there is no oversupply.lThis movement is not possible in real estate;therefore,home prices in one city may be considerably higher tha

25、n they are for similar property in a city only fifty miles away.An oversupply（过度供给）of homes in one area cannot satisfy a shortage（短缺）in another area.Thus,real estate prices are highly vulnerable to local events such as plant layoffs（工厂布局）or declines in local industries（当地工业的衰退）.lDiscuss:Why is the a

26、verage price of the real estates in Beijing much higher than in Shenyang?Unorganized markets非组织性市场非组织性市场lWe saw that the immobility of real estate results in local markets.This,in turn,causes the real estate business to be highly decentralized and,to some extent,unorganized.（引起房地产市场高度分散化的因素一定程度上也是引起

27、市场非组织化的因素）A person wanting to purchases or sell stocks or bonds（股票和证券）can immediately determine（判断）the market price.Other items such as autos or refrigerators sell through retail establishments（零售机构）.lReal estate does not have such an organized market.Buying and selling is a matter for negotiation f

28、or each transaction（每一笔交易的买卖都要经过协商）.Sale prices are private in nature and seldom published.Sale prices are of importance to persons in the real estate business,however,and they do attempt to compile（搜集）sales price data.lNote:Please pay attention to the new method of real estate statistics.l国家统计局决定从2

29、011年1月起开始实施新的房价统计制度方法，新方案将重点发布各个城市不同对比基期的分类指数和总指数，不再计算和发布全国70个大中城市房价涨幅的平均数。Unbalanced Supply and Demand不平衡的供求不平衡的供求lThe local nature of the market results in an uneven supply and demand in different cities.There may be a strong demand in some cities where economic conditions are good and,at the same

30、 times,a weak market in other cities where employment is low or industries are deteriorating.The lack of flexibility to adjust to this shifting demand results in a wide variance in prices,even between towns as close as fifty miles apart.This rigidity（刚性）makes it difficult to adjust to sudden changes

31、 in demand caused by changing economic factors.Private Transactions私人交易私人交易lA large percentage of real estate transactions are between individual buyers and sellers where neither party is in the real estate business.As an example,a person moving away may sell his home to another person moving into the area.This is unlike other products,such as automobiles,furniture,and so forth,where the purchase is made from a dealer.This difference concerning real estate results in difference in the marketing of the product.