Real estate life cycle. Control questions and tasks. Life cycle of real estate objects

Real estate life cycle (Yanioglo)

Some scholarly economists believe that real estate as a commodity is a kind of "living organism", which, as you know, develops in the following order: idea - birth - maturity - aging and death. By analogy, the following stages of the life cycle of a real estate object are distinguished: the pre-investment (initial) stage of the project (concept, planning, design, etc.), the stage of project implementation (construction, installation of equipment), the stage of operation of the object (the phase of launching on the market, growth, maturity, saturation) and the stage of liquidation (decline). With the help of the life cycle theory, it is possible to partially predict the situation, but not in the case of compiling a predictive model, since in this case the enterprise may lose marketing support.

Life cycle of the real estate market

The rule: "buy low, sell high" applies to real estate as to any other type of investment.

Different market segments behave differently at the same time. For example, construction in one part of the city may rise in price rapidly, while at the same time another part of it stagnates. However, the ability to identify these cycles can provide the customer with additional investment opportunities.

A. The cycle of recession. It is observed when the market is oversaturated, and the number of unoccupied buildings begins to increase. The maintenance of uninhabited buildings has a negative impact on financial condition project. This market is a buyer's market. The property owner needs to make an intense effort in marketing and seeking financial support. A small number of new objects appear on the market. Lenders are practically suspending their operations until a new rise, and property prices are declining.

B. Absorption cycle. With a lack of new construction resulting from a cycle of recession, supply and demand in the real estate market is starting to pick up. The market is moving into a new cycle - the cycle of absorption of the created object. Once the investment surplus is absorbed, rental rates will start to rise. In accordance with the increase in demand and decrease in supply, pre-investment studies are being carried out to create new real estate objects.

B. New construction cycle. The cycle of new construction corresponds to an increased demand in the construction market along with a reduction in supply of vacant land. Rental rates increase along with the price of real estate. During this period, the inflation rate rises, and the cost of construction increases, which increases the selling price of the property.

D. Market saturation cycle. Growth in real estate sales is slow and eventually shrinks. There is a surplus of finished construction products and capacities. Employment rate starts to decrease and construction activity gradually stops. The best time to expand properties is during the acquisition cycle or new construction period.

To assess the efficiency of the real estate market, it is necessary to consider in more detail the life cycle of an object and establish the main critical points in time, the combinations of which will affect the duration of the cycle and the dynamics of changes in costs and results.

Life cycle of a property

Evaluation of the effectiveness of the functioning of any real estate object (under construction or renovation) involves considering it throughout the entire life cycle. The life cycle of an object from the moment of a feasibility study to the moment of physical or obsolescence can be divided into three periods:

1 Construction (pre-investment and investment phases);

2 Operation until full payback (entrepreneurial phase of the project);

3Operation with the subsequent development of results for the invested investments (innovations, facility closure).

To a large extent, the first period determines the efficiency of the object's functioning. This stage is especially difficult, it consists of numerous components, namely: analysis of the conditions for the implementation of the original idea, development of the project concept, assessment of its viability, selection and approval of the location of the facility, environmental feasibility study, expertise, development of a feasibility study, obtaining a building permit, creation temporary construction infrastructure, creation or renovation of the facility, putting it into operation. The second period includes the development of capacities, the operation of the facility with stable parameters of its design capacity. Considering the nature of the curve, which reflects the change in time of the cost characteristics of the construction and operation of the facility. By determining the ratio of different phases, it is possible to obtain the comparative efficiency of the periods of the life cycle of a real estate object, to analyze the costs and results of the activities of the contractor and the customer.

At the third stage of the life cycle of an object, a period of subsequent operating time for investing begins. Theoretically, the third period can last quite a long time. The limitation of the expediency of the operation of the facility is the additional costs of eliminating physical and obsolescence.

Duration of the phases of the life cycle of real estate objects (public / private sectors):

residential buildings– (Conceptual phase 1-4/0.5-2) (Contract phase and detailed design 1-3/0.5 - 4) (Construction 1-4/0.5-1.5)

Industrial facilities- (Conceptual phase 1-4/0.5-6) (Contract phase and detailed design 1-3/0.5-2.5) (Construction1.5-2.5/0.5-2)

commercial buildings- (Conceptual phase 0.5-3/1-10)) (Contract phase and detailed design 0.5-2/1-4) (Construction 0.5-1.5/0.5-2)

The duration of the project as a whole depends on the type of construction; considerable attention is paid to the conceptual phase of the project in order to obtain maximum efficiency from the invested funds in the future.

Factors of the dynamics of the use value of real estate objects

Without exception, all material objects exist in time and space. Therefore, it is possible to adequately characterize any object only taking into account the spatio-temporal parameters in which it is located and the impacts that it has. It should also be borne in mind that although time and space are indispensable conditions for the existence of real estate, they cannot be considered equivalent categories: space (if it is considered not at the abstract-logical level, but in the specifics of natural-material characteristics that have a finite quantitative dimension) itself changes in time. This is a direct consequence of human activity, as a result of which the natural space is consistently transformed with increasing intensity. One of the characteristic features inherent in existence in time (equivalently related to ongoing processes and material objects) is cyclicality, that is, periodic renewal in time. At the same time, many different cycles coexist in their content, in a certain way correlating with each other, subordinate to each other. The initial ones are natural cycles that have a direct or indirect effect on all the others, but they themselves are not subject to such influence: a person can actively influence nature in various forms, but it is not in his power to cancel or change the change of seasons or day and night .

Therefore, it is natural that human activity (including economic), which is always carried out in natural conditions, is influenced by these cycles, and sometimes obeys them. This is most clearly manifested in agriculture and partly in construction, where the entire production process is "tuned" to fluctuations in natural and climatic conditions, and the results of labor largely depend on these conditions.

At the same time, for the prevailing number of specific types of activity, economic cycles are decisive. The very existence, content and dynamics of such cycles are determined by the internal laws of development economic system(natural cycles have only a corrective effect in the form of seasonal fluctuations in the conjuncture). Economic cycles are understood as periodic fluctuations in the intensity of the reproduction of economic goods (including the stages of production, exchange, distribution and consumption). The main characteristic business cycle is the rate of economic growth.

TICKET 44 Construction restrictions in the development of urban space. ??????? (Baranova)

45. The process of reproduction in the field of real estate (Trukhina)

Reproduction is a continuous process of renewal of fixed assets and prevention of its premature wear. In real estate, this is construction. The essence of the concept of real estate management is to obtain the greatest effect from managing the actions of people, project executors. FROM economic points of view, construction- the branch of material and technical production, in which fixed assets of production and non-production purpose: ready-to-use buildings, structures and their complexes. construction refers to the process of erecting or creating infrastructure facilities. The main stages of this process are land acquisition, design, approval of the project by the authorities, the actual process of erecting a building or structure, putting the facility into operation. As a rule, the work is carried out by a group of specialists from a construction or engineering company under the guidance of a project manager and is supervised by representatives of technical supervision and development engineers (design engineer or project architect).

Professionals who are involved in the development and implementation construction projects, must create effective mechanisms for planning, budgeting, document management, timely delivery building materials, logistics, workplace safety, etc. In addition, they need to consider the environmental impact of their work and create a minimum of temporary inconvenience to the public during the construction phase of the facility.

Ticket 46 investment project in the field of real estate. (Yanioglo)

Investment cycle - the period of time between the start of investment and the moment the property is put into operation.

A project viability analysis is carried out before the project is presented to investors to determine if the project is worth the further investment of time and Money, as well as what sources exist to cover all costs and obtain normal profits.

There are 3 phases of the life cycle of an investment project, which themselves consist of stages and stages:

1.Phase preintuitional(feasibility study):

1.1 Pre-investment studies and preliminary project planning

a list of potential investors;

information about the project - goals, analysis of conditions, etc.;

1.2. Market opportunities: market analysis, price dynamics, supply and demand, etc.;

1.3. Material and labor resources:

· material forms of production (quality, availability of resources);

Determining the need for labor resources;

1.4. Selection and approval of the location of the object (analysis of the location, environment, final selection of the construction site);

1.5.Financial analysis and investment evaluation (risk analysis, cost analysis, development financial plan);

1.6. Development of a market and technical plan for the implementation of the project (control over the implementation of the loan agreement).

2. Investment phase:

2.1. Stage of general planning, development of design estimates (development, approval and approval of a feasibility study, obtaining a building permit);

2.2. Bidding and conclusion of contracts (drawing up a proposal for a contract, a contract for a contract);

2.3. Stage of implementation and completion of the project (construction):

· quality planning and management structure;

Implementation and delivery of the object.

3. Entrepreneurial phase:

3.1. The work of the developer in managing the finished property (ordering and placing equipment, furniture);

3.2. The work of the owner to manage the property:

the procedure for property management;

real estate maintenance;

3.4. Real estate management by the user (control over the use of the premises, organizational and technical support, etc.).

The implementation of investment goals involves the formation of investment projects that provide investors and other project participants with the necessary information to make an investment decision.

The concept of an investment project is interpreted in two ways:

1. as an activity (event) involving the implementation of a complex of any actions that ensure the achievement of certain goals;

2. as a system that includes a certain set of organizational, legal and settlement and financial documents necessary for the implementation of any actions or describing these actions.

There are various classifications of investment projects. Depending on the features underlying the classification, the following types of investment projects can be distinguished.

By relation to each other:

· independent allowing simultaneous and separate implementation, and the characteristics of their implementation do not affect each other;

· mutually exclusive those. not allowing simultaneous implementation. In practice, such projects often perform the same function. Of the totality of alternative projects, only one can be implemented;

· complementary which can only be realized jointly.

By implementation time(creation and operation):

short-term (up to 3 years);

medium-term (3-5 years);

long-term (over 5 years).

By scale(most often the scale of the project is determined by the size of the investment):

· small projects, the action of which is limited to the framework of one small firm implementing the project. Basically, they are plans to expand production and increase the range of products. They are distinguished by relatively short implementation times;

· medium projects- these are most often projects for the reconstruction and technical re-equipment of existing production facilities. They are implemented in stages, for individual industries, in strict accordance with pre-designed schedules for the receipt of all types of resources;

· major projects- projects large enterprises which are based on the progressive new idea» production of products necessary to meet demand in the domestic and foreign markets;

· megaprojects- is the target investment programs, containing a set of interconnected final projects. Such programs can be international, state and regional.

By main focus:

· commercial projects whose main purpose is to make a profit;

· social projects, focused, for example, on solving the problems of unemployment in the region, reducing the level of crime, etc.;

· environmental projects, the basis of which is the improvement of the environment;

· other

Depending on the degree of influence of the results of the implementation of the investment project on internal or external markets for financial, material products and services, labor, as well as the environmental and social environment:

· global projects, the implementation of which significantly affects the economic, social or environmental situation on Earth;

· national economic projects, the implementation of which significantly affects the economic, social or environmental situation in the country, and when assessing them, one can limit oneself to taking into account only this impact;

· large scale projects, the implementation of which significantly affects the economic, social or environmental situation in a particular country;

· local projects , the implementation of which does not have a significant impact on the economic, social or environmental situation in certain regions and (or) cities, on the level and structure of prices in commodity markets.

A feature of the investment process is its association with uncertainty, the degree of which can vary significantly, therefore, depending on the magnitude of the risk, investment projects are divided as follows:

· reliable projects, characterized by a high probability of obtaining guaranteed results (for example, projects carried out under the state order);

· risky projects, which are characterized high degree uncertainties of both costs and results (for example, projects related to the creation of new industries and technologies).

In practice, this classification is not exhaustive and allows for further detailing.

However, the development of any investment project - from the initial idea to operation - can be represented as a cycle consisting of three phases: pre-investment, investment and operational (or production). The total duration of the three phases is the life cycle (lifetime) of the investment project.

State educational institution higher professional education

St. Petersburg Institute of Trade and Economics

Subject "Real Estate Economics"

"Features and life cycle of the property"

Completed by: Andreyanova E.V.

Gr. 1410, Faculty of TEF, 4th year

scientific adviser

Pirogova O.E.

St. Petersburg, 2010

Introduction

Chapter 1. The concept of real estate and its object

1 Real estate definition

2 Object real estate

Chapter 2. Features and life cycle of the property

1 Features of the property

2 Life cycle of real estate as a physical object

3 Real estate life cycle as economic object

4 Life cycle of real estate of an enterprise as a property complex

Conclusion

Bibliography

Applications

Introduction

Real estate objects occupy a special place in the system of public relations, since they are directly or indirectly connected economic activity and priority relations of people in all spheres of their activity.

Today, it is real estate objects that seem to be the central link in the system market economy countries. And this is understandable - a real estate object is not only a special commodity, but at the same time capital that generates income, and the basis for the provision of services in order to conduct an effective entrepreneurial activity.

Real estate economics is a system of relationships that arise in the course of real estate transactions.

Knowledge of the discipline is necessary in the preparation of modern specialists, since any professional is currently faced with practical activities with the processes taking place in the real estate market.

the main objective guidelines- mastering by students of knowledge about the essence of real estate objects, legal aspects of real estate economics, basic operations and approaches to the valuation of real estate objects, features of the real estate market and types of entrepreneurial activity on it.

1. The concept of real estate and its object

1 Real estate definition

The concept of "real estate" is inseparable from another concept - "property".

Property - a set of property, i.e. subject to monetary value, legal relations in which this person (natural or legal) is located.

Property belonging to any natural or legal person is divided into:

asset: a set of things belonging to a person by the right of ownership or by virtue of another real right; a set of rights to other people's actions (for example, debt property);

liability: a set of things belonging to other persons, but temporarily in possession this person; the totality of the obligations of the person.

Historically, since the time of Roman law, property has been divided into movable and immovable.

According to Art. 130 of the Civil Code of the Russian Federation (hereinafter referred to as the Civil Code of the Russian Federation) “to immovable things (not movable property, real estate) includes land plots, subsoil plots, isolated water bodies and everything that is firmly connected with the land, that is, objects that cannot be moved without disproportionate damage to their purpose, including forests, perennial plantations, buildings, structures.

Immovable things also include aircraft and aircraft subject to state registration. sea vessels, inland navigation vessels, space objects. Other property may also be classified as immovable by law.

Modern Russian legal practice has established a number of signs by which a physical object can be classified as real estate:

strong connection with a certain land plot (the impossibility of moving an object without disproportionate damage to its purpose);

completeness in terms of the possibility of using it for its intended purpose;

· certified (officially registered) belonging to a specific owner - the state, a subject of the Federation, a municipality, an individual or a group of individuals;

the possibility of physical separation of the real estate object and real estate (i.e. the presence of clearly established physical boundaries real estate object);

functional independence of the property (is it possible to use this property separately from other objects, or its functional purpose involves the partial use of other properties);

the presence (or absence) of easements and other restrictions on the rights of use.

Things not related to real estate, including money and securities are considered movable property. Registration of rights to movable property is not required, except in cases specified in the law.

2 Real estate object

"Property" contains two bases - physical and legal. The physical basis of this concept is based on the material component of real estate, namely: buildings, structures, land plots, subsoil, etc. All that "is an object that is connected with the earth in such a way that its movement without disproportionate damage to its purpose is impossible."

The legal part lies in the field of the implementation of the rights arising from transactions with real estate and its use.

Due to depreciation, the property loses its liquidity - "the possibility of implementing any method of turning real estate into money" is the legal component of the concept.
Each property has its own cadastral number, a process called "property inventory" is applied to it. It is characterized by "inventory" - the history of the emergence and change of the property. All of the above applies to the legal part of the definition of real estate.

The objects of civil rights include things, including money and securities, other property, including property rights; works and services; information; results of intellectual activity, including exclusive rights to them ( intellectual property); intangible benefits.

2. Features and life cycle of the property

1 Features of the property

Having a land plot as an integral part, all artificial buildings (real estate objects) have generic features that make it possible to distinguish them from movable objects. It:

Stationarity, immobility. The sign is characterized by a strong physical connection of the property with the earth's surface and the impossibility of its movement in space without physical destruction and damage, which makes it unsuitable for further use.

Materiality. It should be noted that real estate always functions in natural-material and cost forms. The physical characteristics of the property include, for example, data on its size and shape, inconveniences and hazards, the environment, access roads, public services, surface and subsoil, landscape, etc. The combination of these characteristics determines the usefulness of the object, which is the basis of the value of real estate. However, it does not determine value by itself. Any object has value, having to some extent such characteristics as suitability and limited supply. Limited supply must be present to create significant value. Social ideals and standards, economic activities and trends, laws, government decisions and actions, natural forces influence people's behavior, and all this, interacting with each other, creates, maintains, changes or reduces the value of real estate. It should also be noted here that real estate is one of the few commodities whose value is not only almost always stable, but also tends to increase gradually over time.

The durability of real estate is practically higher than the durability of all other goods, except for certain types of precious stones and products made from rare metals.

For example, according to the current in Russia building codes and the rules (SNiP), residential assignments, depending on the material of the main structures (foundation, walls, ceilings), are divided into 6 groups with standard service lives from 15 to 150 years.

The duration of the circulation of the earth, with its proper use, is infinite, and the violation of its correct exploitation will lead to irreparable losses.

In addition to the main generic features of real estate, there are also private features that are determined by specific indicators depending on the type of real estate.

It is practically impossible to talk about two identical apartments, two identical plots, two identical buildings, because they will necessarily have differences in location in relation to other real estate objects, to infrastructure and even to cardinal points, which shows heterogeneity, uniqueness and the uniqueness of each property.

Real estate has a high economic value. This is due to the fact that it is intended for long-term use and is not consumed during use. As a rule, it has a constructive complexity that requires high maintenance costs.

In addition, the property always has its own functional purpose. It can be industrial and non-productive. In case of production purposes, the real estate object directly or indirectly participates in the creation of products, the performance of work, the provision of services. In non-production - provides conditions for living and serving people.

Real estate always acts as an object of long-term investment. Most often this is due to the fact that the acquisition of a property in parts is not possible, because a significant amount of capital is required to invest in a property. In addition, if we talk about the profitable side of the matter, cash investments in real estate are costs with a fairly high payback period.

It should be noted that some types of real estate can be transferred to movable property. For example, forests and perennial plantings are, by definition, real estate, while harvested wood is already movable property.

It should be noted that equipment located in buildings and structures (heating, water supply, sewerage, electrical equipment, elevators, gratings, second metal doors, etc.) refers to movable property. But since it has become an integral part of the property, in the case of a transaction for this object, it is necessary to describe in detail all the movable property included in the real estate (this is especially true for property subject to seizure during the transaction).

Often, real estate transactions can transfer a set of rights and interests that are not part of the property. These may be the rights of lease, preemptive acquisition or other interests (servitudes).

So, real estate includes the most valuable and generally significant fixed assets, and such real estate objects as land and subsoil are of great not only economic, but also strategic importance for any state at all times.

For example, in the pre-capitalist period, land was the only significant source of wealth for each person individually, as well as for the state and society as a whole.

Real estate in any social system is an object of economic and state interests, and therefore, for this category of property, the obligatory state registration of rights to it has been introduced, which allows you to identify the object and the subject of law, because the connection between the object of real estate and the subject of rights to it is invisible, and the transfer of real estate by physical movement is not possible.

2 Life cycle of real estate as a physical object

Acting as a physical object, real estate is a commodity, an object of property, a business, and goes through various stages and processes in each of its incarnations.

The life cycle of a property (physical) is the period of time during which a property exists as a physical object. The life cycle of a real estate object consists of the following stages (phases):

Formation of the project intent and the choice of the use of free land plot. During this period, the choice of the option of the best and most efficient use of the land is carried out - taking into account the peculiarities of its characteristics and all the properties of the environment. Based on the analysis, the most productive use case is selected from legally permitted, physically feasible, economically feasible and financially feasible. The choice of use case is completed by the development terms of reference to design improvements.

Improvement design. At this stage - on the basis of the terms of reference for the design - a (specialized organization) develops a project with the preparation of the documentation necessary for obtaining permits and preparing the land plot (with fixing the shape and size, with the removal of unnecessary natural and artificial vegetation, with the drainage of reservoirs) , as well as the laying of communications, the construction of buildings (structures) and the planting of new plantations. It is advisable to accept the project from the design organization with the participation of the management company that participated in the development of the technical assignment for the design.

Production (erection, construction) of improvements. During the implementation of the project by contractors, all the physical characteristics of the facility almost completely change, with these changes fixed in the inventory and cadastral documents. During the construction of improvements and as a result of the consolidation of the new status of the object, as a rule, the characteristics of the environment that are related to the created object also change.

Circulation (purchase and sale, donation, lease, etc.) with transfer property law or with the advent of an encumbrance on this right. At this stage, operations are carried out with the object and the change in the legal fate of the latter is registered by the state. When buying and selling an object, the subject of ownership changes. When land and/or improvements are leased or rented out by the owner (or, on behalf of the owner, by the management company), the rights of use (and, possibly, possession) are transferred to another entity with the appearance of an encumbrance of the right of ownership.

Use (use) of the object for its intended purpose with technical and operational maintenance. At this stage of the life cycle, the manager (or professional Management Company) organizes the rational use by users of the consumer potential of the facility. Over time, the characteristics of the object undergo changes, because. improvements physically wear out and become functionally obsolete, which is exacerbated by changes in the situation in the economy and in the external physical environment, leading to additional, so-called external obsolescence.

During operation, technical examination and current repair of individual elements of improvements are periodically carried out without stopping the use of the facility as a whole.

Modernization: overhaul, reconstruction, restoration of improvements with possible reprofiling (change functional purpose) object. This stage begins at the moment when the object in its current state can no longer meet the modern needs of users or (and) if its operation becomes economically inefficient. At this stage, at least a major overhaul is carried out without changing planning solution and functional purpose, but with the elimination of removable physical wear and tear and functional obsolescence.

If the analysis of the best and most efficient use of land and improvements made at that moment shows the feasibility of a partial change in the functional purpose of the improvements, then the latter are reconstructed with a change in the layout of part of the premises. Naturally, at the same time, the functions of overhaul of the elements of improvements that retain their original functionality are also provided.

If the analysis of the use of the object in its current state shows the need for a complete replacement of its functional purpose, then the reconstruction may be accompanied not only by a radical change in the layout, but also by the extension or superstructure of existing buildings and the development of the free part of the land plot.

Disposal, demolition of improvements, landfill or recycling of materials. The life cycle ends with the demolition of improvements at the end of their life economic life. The management company prepares proposals for the appointment of terms and an economically feasible method for the demolition of buildings, taking into account the possibility of selling structural elements and materials of the liquidated buildings and communications (the volume of liquidation costs is minimized).

Obviously, some phases are repeated at different stages of the life cycle. So, for example, the idea of a project to create a new facility can arise both at the stage when a piece of land is completely free, and at the stage of the need for reconstruction, partial demolition or completion of buildings. The circulation phase can be realized repeatedly in the process of the object's life, and the circulation moments determine the time boundaries of the periods that form the basis of the so-called investment cycles.

3 Life cycle of real estate as an economic object

real estate property economic

The life cycle of a real estate object is subject to certain patterns and includes the period of economic and physical life

The term of economic life, which determines the period of time during which the object can be used as a source of profit. The economic life ends when the improvements made no longer contribute to the value of the property.

A typical physical life span is the period of real existence of a property in a functionally usable state before its demolition. Determined normative documents. The physical and economic life of real estate objects are of an objective nature, which can be regulated, but cannot be canceled.

Lifetime - the period of time when the object exists and you can live or work in it.

From the point of view of the period of life of the property, such terms are distinguished as:

ü Effective age, reflecting the age of the object, depending on appearance, technical condition.

ü Chronological (actual) age, corresponding to the period of the object in operation since its commissioning.

ü The remaining period of economic life used for the purpose of assessing the object by an expert appraiser and constituting the period from the date of assessment to the end of the economic life of the object.

The life cycle of real estate as an economic object is as follows:

Creation

State registration real estate - in the Russian Federation - a legal act of recognition and confirmation by the state of the emergence, restriction (encumbrance), transfer or termination of rights to real estate in accordance with the Civil Code of the Russian Federation.

possession and use; change of owners. Ownership - in civil law- the authority of the owner; the actual possession of a thing, creating for the owner the possibility of direct influence on the thing.

Development

Deterioration of consumer properties of real estate

End of economic life

4 Life cycle of real estate of an enterprise as a property complex

An enterprise as an object of rights is recognized as a property complex used for entrepreneurial activities.

The enterprise as a whole as a property complex is recognized as real estate.

The enterprise as a whole or part of it may be the object of sale, pledge, lease and other transactions related to the establishment, change and termination of property rights.

The structure of the enterprise as a property complex includes all types of property intended for its activities, including land plots, buildings, structures, equipment, inventory, raw materials, products, rights of claim, debts, as well as rights to designations that individualize the enterprise, its products, work and services (company name, trademarks, service marks), and other exclusive rights, unless otherwise provided by law or contract.

The life cycle of an enterprise as a property complex:

Creation or privatization of an enterprise

State registration of property rights (state, municipal, private, fractional ownership). State registration of rights to an enterprise and transactions with it must be carried out in a special manner, due to the legal specifics of this object. The main feature of the enterprise is the possibility of including land plots and other real estate objects located in different territories, as well as the possibility of excluding real estate from the enterprise.

Formation or reaching the design capacity

Optimal Functioning

Change of ownership, private and total

Reorganization, reformation, reconstruction, merger, acquisition

Bankruptcy (optional step)

Liquidation (optional step). The liquidation of the property complex is auctions and other mechanisms for the sale of property (including real estate) of a bankrupt organization in accordance with the regulatory legal provisions of bankruptcy proceedings.

Termination of functioning: natural non-restorative cessation, physical destruction, conscious demolition.

Conclusion

In any social structure, real estate occupies a special place in the system of social relations, the functioning of which is somehow connected with the life and activities of people in all areas of business, management and organization. It is real estate that forms the central link of the entire system of market relations. Real estate is not only the most important commodity that satisfies the various needs of people, but at the same time capital in real form, generating income.

Real estate is the basis of the country's national wealth, which is massive in terms of the number of owners. Therefore, knowledge of real estate economics is necessary for successful entrepreneurial activity in various types of business, as well as in the life of any family and individual citizens, since real estate ownership is the primary basis for freedom, independence and a decent existence for all people.

Bibliography

1. "Economics of real estate." Textbook. Goremykin V. A., Moscow, 2008.

. "Economics of real estate." Tutorial. Asaul A.N. Karasev A.V., Moscow, 2009.

Ozerov E. S. Economics and management of real estate. St. Petersburg: Publishing house "MKS", 2006 - 422 p. - ISBN 5-901-810-04-X

Ignatov LL Economics of real estate. Teaching aid. - M.: Publishing house of MSTU im. N. E. Bauman, 2008. - 168 p. - ISBN 5-7038-2174-6

Send your good work in the knowledge base is simple. Use the form below

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

Hosted at http://www.allbest.ru/

State educational institution of higher professional education

St. Petersburg Institute of Trade and Economics

Subject "Real Estate Economics"

"Features and life cycle of the property"

Completed by: Andreyanova E.V.

Gr. 1410, Faculty of TEF, 4th year

scientific adviser

Pirogova O.E.

St. Petersburg, 2010

Introduction

Chapter 1. The concept of real estate and its object

Chapter 2. Features and life cycle of the property

Conclusion

Applications

Introduction

Real estate objects occupy a special place in the system of social relations, since economic activity and priority relations of people in all spheres of their activity are directly or indirectly related to them.

Today, it is real estate objects that seem to be the central link in the system of the country's market economy. And this is understandable - a real estate object is not only a special product, but at the same time capital that generates income, and the basis for the provision of services in order to conduct effective business activities.

Real estate economics is a system of relationships that arise in the course of real estate transactions.

Knowledge of the discipline is necessary in the preparation of modern specialists, since any professional is currently faced in practice with the processes taking place in the real estate market.

The main goal of the guidelines is to provide students with knowledge about the nature of real estate objects, legal aspects of real estate economics, basic operations and approaches to real estate appraisal, features of the real estate market and types of business activities on it.

1. The concept of real estate and its object

1.1 Real estate definition

The concept of "real estate" is inseparable from another concept - "property".

Property - a set of property, i.e. subject to monetary value, legal relations in which this person (natural or legal) is located.

Property belonging to any natural or legal person is divided into:

asset: a set of things belonging to a person by the right of ownership or by virtue of another real right; a set of rights to other people's actions (for example, debt property);

liability: a set of things belonging to other persons, but temporarily in the possession of this person; the totality of the obligations of the person.

Historically, since the time of Roman law, property has been divided into movable and immovable.

According to Art. 130 Civil Code Russian Federation(hereinafter referred to as the Civil Code of the Russian Federation) “immovable things (real estate, real estate) include land plots, subsoil plots, isolated water objects and everything that is firmly connected with the land, that is, objects that cannot be moved without disproportionate damage to their purpose, including forests, perennial plantings, buildings, structures.

Immovable things also include aircraft and sea vessels subject to state registration, inland navigation vessels, and space objects. Other property may also be classified as immovable by law.

Modern Russian legal practice has established a number of signs by which a physical object can be classified as real estate:

strong connection with a certain land plot (the impossibility of moving an object without disproportionate damage to its purpose);

completeness in terms of the possibility of using it for its intended purpose;

· certified (officially registered) belonging to a specific owner - the state, a subject of the Federation, a municipality, an individual or a group of individuals;

the possibility of physical separation of the real estate object and real estate (i.e. the presence of clearly defined physical boundaries of the real estate object);

functional independence of the property (is it possible to use this property separately from other objects, or its functional purpose involves the partial use of other properties);

the presence (or absence) of easements and other restrictions on the rights of use.

Things not related to real estate, including money and securities, are recognized as movable property. Registration of rights to movable property is not required, except in cases specified in the law.

1.2 Real estate object

The legal part lies in the field of the implementation of the rights arising from transactions with real estate and its use.

Due to depreciation, the property loses its liquidity - "the possibility of implementing any method of turning real estate into money" is the legal component of the concept.
Each property has its own cadastral number and is subject to a process called “property inventory”. It is characterized by "inventory" - the history of the emergence and change of the property. All of the above applies to the legal part of the definition of real estate.

2. Features and life cycle of the property

2.1 Features of the property

Having a land plot as an integral part, all artificial buildings (real estate objects) have generic features that make it possible to distinguish them from movable objects. It:

1. Stationarity, immobility. The sign is characterized by a strong physical connection of the property with the earth's surface and the impossibility of its movement in space without physical destruction and damage, which makes it unsuitable for further use.

2. Materiality. It should be noted that real estate always functions in natural-material and cost forms. The physical characteristics of a property include, for example, its size and shape, nuisances and hazards, environment, access roads, utilities, surface and subsoil, landscape, etc. Together, these characteristics determine the utility of the property, which forms the basis of real estate value. However, it does not determine value by itself. Any object has value, having to some extent such characteristics as suitability and limited supply. Limited supply must be present to create significant value. social ideals and standards, economic activity and trends, laws, government decisions and actions, natural forces influence the behavior of people, and all this, interacting with each other, creates, maintains, changes or reduces the value of real estate. It should also be noted here that real estate is one of the few commodities whose value is not only almost always stable, but also tends to increase gradually over time.

3. The durability of real estate is practically higher than the durability of all other goods, except for certain types of precious stones and rare metal products.

For example, according to the building codes and regulations in force in Russia (SNiP), residential assignments, depending on the material of the main structures (foundation, walls, ceilings), are divided into 6 groups with standard service lives from 15 to 150 years.

The duration of the circulation of the earth, with its proper use, is infinite, and the violation of its correct exploitation will lead to irreparable losses.

In addition to the main generic features of real estate, there are also private features that are determined by specific indicators depending on the type of real estate.

Often, real estate transactions can transfer a set of rights and interests that are not part of the property. These may be the rights of lease, preemptive acquisition or other interests (servitudes).

In particular, an easement is “the right of limited use of someone else’s land plot”, which “can be established to ensure passage and passage through a neighboring land plot, laying and operating power lines, communications and pipelines, providing water supply and melioration, as well as other needs .. .".

For example, in the pre-capitalist period, land was the only significant source of wealth for each person individually, as well as for the state and society as a whole.

2.2 Life cycle of real estate as a physical object

Acting as a physical object, real estate is a commodity, an object of property, a business, and goes through various stages and processes in each of its incarnations.

The life cycle of a property (physical) is the period of time during which a property exists as a physical object. The life cycle of a real estate object consists of the following stages (phases):

1. Formation of the concept of the project and the choice of the option of using a free land plot. During this period, the choice of the option of the best and most efficient use of the land is carried out - taking into account the peculiarities of its characteristics and all the properties of the environment. Based on the analysis, the most productive use case is selected from legally permitted, physically feasible, economically feasible and financially feasible. The choice of use case is completed by the development of a specification for the design of improvements.

2. Design improvements. At this stage - on the basis of the terms of reference for the design - a (specialized organization) develops a project with the preparation of the documentation necessary for obtaining permits and preparing the land plot (with fixing the shape and size, with the removal of unnecessary natural and artificial vegetation, with the drainage of reservoirs) , as well as the laying of communications, the construction of buildings (structures) and the planting of new plantations. It is advisable to accept the project from the design organization with the participation of the management company that participated in the development of the technical assignment for the design.

3. Production (erection, construction) of improvements. During the project implementation period, contractors almost completely change all the physical characteristics of the object, with these changes fixed in the inventory and cadastral documents. During the construction of improvements and as a result of the consolidation of the new status of the object, as a rule, the characteristics of the environment that are related to the created object also change.

4. Circulation (purchase and sale, donation, lease, etc.) with the transfer of a property right or with the appearance of an encumbrance on this right. At this stage, operations are carried out with the object and the change in the legal fate of the latter is registered by the state. When buying and selling an object, the subject of ownership changes. When land and/or improvements are leased or rented out by the owner (or, on behalf of the owner, by the management company), the rights of use (and, possibly, possession) are transferred to another entity with the appearance of an encumbrance of the right of ownership.

5. Use (use) of the object for its intended purpose with technical and operational maintenance. At this stage of the life cycle, the manager (or professional management company) organizes the rational use by users of the consumer potential of the facility. Over time, the characteristics of the object undergo changes, because. improvements physically wear out and become functionally obsolete, which is exacerbated by changes in the situation in the economy and in the external physical environment, leading to additional, so-called external obsolescence.

During operation, technical examination and current repair of individual elements of improvements are periodically carried out without stopping the use of the facility as a whole.

6. Modernization: overhaul, reconstruction, restoration of improvements with a possible re-profiling (change in functional purpose) of the object. This stage begins at the moment when the object in its current state can no longer meet the modern needs of users or (and) if its operation becomes economically inefficient. At this stage, at least a major overhaul is carried out without changing the planning solution and functional purpose, but with the elimination of removable physical wear and tear and functional obsolescence.

7. Disposal, demolition of improvements, landfill or recycling of materials. The life cycle ends with the demolition of improvements at the end of their economic life. The management company prepares proposals for the appointment of terms and an economically feasible method for the demolition of buildings, taking into account the possibility of selling structural elements and materials of the liquidated buildings and communications (the volume of liquidation costs is minimized).

2.3 The life cycle of real estate as an economic object

real estate property economic

The life cycle of a real estate object is subject to certain patterns and includes the period of economic and physical life

A typical physical life span is the period of real existence of a property in a functionally usable state before its demolition. It is determined by regulatory documents. The physical and economic life of real estate objects are of an objective nature, which can be regulated, but cannot be canceled.

Lifetime is the period of time when an object exists and you can live or work in it.

From the point of view of the period of life of the property, such terms are distinguished as:

b Effective age, reflecting the age of the object, depending on the appearance, technical condition.

ь Chronological (actual) age corresponding to the period of the object being in operation from the moment of its commissioning.

b The remaining period of economic life used for the purpose of assessing the object by an expert appraiser and constituting the period from the date of assessment to the end of the economic life of the object.

The life cycle of real estate as an economic object is as follows:

1. Creation

2. State registration of real estate - in the Russian Federation - a legal act of recognition and confirmation by the state of the emergence, restriction (encumbrance), transfer or termination of rights to real estate in accordance with the Civil Code of the Russian Federation.

3. Possession and use; change of owners. Possession - in civil law - the authority of the owner; the actual possession of a thing, creating for the owner the possibility of direct influence on the thing.

4. Development

5. Deterioration of consumer properties of real estate

6. End of economic life

2.4 Life cycle of real estate of an enterprise as a property complex

1. An enterprise as an object of rights is recognized as a property complex used for entrepreneurial activities.

The enterprise as a whole as a property complex is recognized as real estate.

2. The enterprise as a whole or part of it may be the object of sale, pledge, lease and other transactions related to the establishment, change and termination of rights in rem.

The life cycle of an enterprise as a property complex:

1. Creation or privatization of an enterprise

2. State registration of property rights (state, municipal, private, shared ownership). State registration of rights to an enterprise and transactions with it must be carried out in a special manner, due to the legal specifics of this object. The main feature of the enterprise is the possibility of including in its composition land plots and other real estate objects located in different territories, as well as the possibility of excluding real estate from the composition of the enterprise.

3. Formation or reaching the design capacity

4. Optimum performance

5. Change of ownership, private and total

7. Reorganization, reformation, reconstruction, merger, acquisition

8. Bankruptcy (optional step)

9. Liquidation (optional step). The liquidation of the property complex is auctions and other mechanisms for the sale of property (including real estate) of a bankrupt organization in accordance with the regulatory legal provisions of bankruptcy proceedings.

10. Termination of functioning: natural non-restorative cessation, physical destruction, conscious demolition.

Conclusion

Bibliography

1. "Economics of real estate." Textbook. Goremykin V. A., Moscow, 2008.

2. "Economics of real estate." Tutorial. Asaul A.N. Karasev A.V., Moscow, 2009.

3. Ozerov E. S. Economics and management of real estate. St. Petersburg: Publishing house "MKS", 2006 - 422 p. - ISBN 5-901-810-04-X

4. Ignatov LL Economics of real estate. Teaching aid. - M.: Publishing house of MSTU im. N. E. Bauman, 2008. - 168 p. - ISBN 5-7038-2174-6

5. Tepman L. N. Real estate valuation: Textbook for universities - M.: UNITI-DANA, 2004. - 303 p. - ISBN 5-901-810-04-X

6. Shcherbakova N.A. Property valuation. - M.: "Phoenix", 2008 - 320 p. - ISBN 5-222-02420-2

7. I. I. Mazur, V. D. Shapiro, N. G. Olderogge 2004 , Economics , Moscow, 528p.

8. Marchenko A.V. "Economics and management of real estate", "Phoenix", 2010

Applications

The classification of real estate objects according to various criteria (criteria) contributes to a more successful study of objects. For these purposes, different classification principles can be applied depending on their origin and purpose. However, the definition of real estate involves the allocation of two components in its structure

Life cycle of a property:

Hosted on Allbest.ru

Similar Documents

The concept and composition of the property. Its life cycle and economic environment of functioning. Pricing in the real estate market, equilibrium price. Modeling of supply and demand prices. The structure of income and expenses for the property.

cheat sheet, added 05/13/2010

Assessment of the physical wear of a structural element and a building. Drawing up a defective statement and an act of damage caused. Calculation market value real estate object. Measures and their justification to extend the life cycle of the property.

term paper, added 01/23/2014

The main characteristics of real estate. The general regularity of the functioning of real estate in time. The stage of setting the problem according to the concept of serving. Goals, tasks and tools of the service system. Implementation as part of the planning process.

abstract, added 04/20/2011

The real estate market and its characteristics. Types of value, principles and process of real estate appraisal. Description of the main approaches to real estate valuation in the Russian Federation. Calculation of the market value of a property using an example non-residential premises.

thesis, added 12/14/2010

Evaluation of costly, market and income approaches to assessing the value of a property. Characteristics of the property being valued. Characteristic economic situation office real estate market. Valuation of the object by the income approach. The purpose of the assessment.

term paper, added 10/21/2008

The main approaches to determining the value of the property. General methods and principles of residential real estate appraisal. Analysis of the residential real estate market in Samara. Characteristics of the object of assessment. Determination of the final value of the market value of the object of assessment.

thesis, added 08/09/2010

Analysis of the real estate market - individual single-family residential buildings in the suburbs of Kazan. Calculation of the replacement value of a property using the comparative unit method. Calculation of the amount of physical wear. Determination of the value of the property.

test, added 11/11/2014

Analysis of the real estate market. Evaluation of the object using various methods. Land valuation. Determination of the replacement cost of the property, the degree of physical deterioration. Obtaining the final value of the value of the property.

term paper, added 01/22/2016

Analysis of the real estate market in the Tyumen region, its socio-economic situation. Description of the location of the property. The place of four-room apartments in the modern real estate market, the procedure and main stages of the assessment of this object.

term paper, added 06/09/2011

Determining the market value of a property using cost and income approaches to real estate valuation and comparative sales analysis. Assessment of physical wear and tear of individual structural elements and engineering systems of a residential building.

Characteristics and classification of commercial real estate objects.

Classification of real estate objects.

CONCEPT AND ESSENCE OF REAL ESTATE.

According to the first part of paragraph 1 of Art. 130 of the Civil Code of the Russian Federation (CC RF), real estate includes land plots, subsoil plots, isolated water bodies and everything that is firmly connected with the land, that is, objects that cannot be moved without disproportionate damage to their purpose, including forests, perennial plantings, buildings, structures.

In world practice, real estate is understood as a land plot and everything that is under it with a projection to the center of the earth, and everything that is above it, extended to infinity, including permanent objects attached to it by nature or man, as well as the rights to these objects .

The concept of real estate in world practice can be represented in the form of five blocks, four of which reflect the physical composition, and the fifth - the legal content:

1) land

2) objects above the surface of the site

3) property below the surface of the site, including minerals

4) airspace

5) a set of rights to real estate objects

Each real estate object and all of them taken together have essential (generic) features that make it possible to distinguish them from movable things, and specific features that characterize the features of objects by homogeneous groups, which are presented in Table 1.2.

Table 1.2 - Main features of real estate

signs	Content (state)
Essential (generic)
Degree of mobility	Absolute immobility, non-movability in space without compromising functionality
Communication with the earth	Strong physical and legal
Form of operation	Natural-material and cost
State of the consumer form in use	It is not consumed, the natural form is preserved during the entire period of operation
Circuit duration	Multiple uses, and lands - infinitely at correct use
Method of value transfer in the production process or loss of consumer properties	Gradually as depreciation and accumulation of depreciation deductions
public importance	The use of an object often affects the interests of many citizens and other owners whose interests are protected by the state
Species (private)
Technical and technological characteristics	Determined by specific private indicators depending on the type of real estate and the feasibility of distribution special regime use for other property. Inseparable unity with functional purpose

The main fundamental properties of real estate are immobility and materiality, or non-consumability, on which all its other generic and specific features are based. The terms "real estate", "immovable things", "real estate" can be used, depending on the context, to reflect economic, legal or physical relations. In accordance with the provisions of the Civil Code of the Russian Federation, real estate objects can be classified as follows: Land plots. Subsoil plots. isolated water bodies. The woods. Perennial plantings. Man-made structures inextricably linked to the earth. Enterprises. Other property classified by law as real estate and subject to state registration.

Real estate objects can be classified:

1. Natural (natural) objects - a land plot, forest and perennial plantations, isolated water bodies and subsoil plots. These properties are also referred to as “real estate by nature”.

2. Artificial objects (buildings):

a) residential real estate - a low-rise building (up to three floors), multi-storey building(from 4 to 9 floors), high-rise building (from 10 to 20 floors), high-rise building (over 20 floors). The object of residential real estate can also be a condominium, a section (entrance), a floor in an entrance, an apartment, a room, a country house;

b) commercial real estate- offices, restaurants, shops, hotels, garages for rent, warehouses, buildings and structures, enterprises as a property complex;

c) public (special) buildings and structures:

Medical and recreational (hospitals, clinics, nursing homes and children's homes, sanatoriums, sports complexes, etc.);

Educational (kindergartens and nurseries, schools, colleges, technical schools, institutes, children's art houses, etc.);

Cultural and educational (museums, exhibition complexes, parks of culture and recreation, houses of culture and theaters, circuses, planetariums, zoos, botanical gardens, etc.);

Special buildings and structures - administrative (police, court, prosecutor's office, authorities), monuments, memorial structures, railway stations, ports, etc.;

d) engineering structures - ameliorative structures and drainage, integrated engineering training building land.

Man-made objects have been called "property by law", but this category of real estate is based on "property by nature". Man-made objects may be fully built and ready for operation, may require reconstruction or major repairs, and also refers to unfinished construction projects (work in progress). “Incomplete” refers to objects for which documents on acceptance of the object into operation have not been issued in the prescribed manner. Construction in progress objects can be divided into two groups: objects on which work is being carried out, and objects on which, for one reason or another, work has been stopped. In accordance with the current procedure, two types of cessation of work at the facility are distinguished: conservation and complete cessation of construction. The decision on the termination of construction is made by the developer.

Land plots can be divisible and indivisible. A plot is called divisible when it can be divided into parts and form independent land plots with permission for the intended use.

With regard to residential real estate, several typological constructions are possible. For example, depending on the duration and nature of the use of housing:

Primary housing - a place of permanent residence;

Secondary housing - suburban housing used for a limited period of time;

Tertiary housing - designed for short-term residence (hotels, motels, etc.).

In relation to the conditions of large cities, it is customary to distinguish the following typological characteristics: Elite housing. Housing superior comfort. Typical housing. Housing of low consumer qualities

There is also a classification of residential real estate objects depending on the material used for the outer walls of the building: houses with brick walls; panel houses; monolithic houses; wooden houses; mixed houses.

According to Asaulov A.N. properties can also be classified by status. According to the physical status allocate: land plots; buildings, structures, structures; premises.

A more detailed classification of the fund of real estate objects by purpose contains the following list of types and subtypes of objects:

a) land plots in cities, towns, other settlements:

For housing (residential area),

For enterprises of industry, transport, services,

Under enterprises Agriculture, defense (non-residential area),

For parks and green spaces, water objects (recreational area),

For engineering and transport infrastructure(general area)

b) land plots outside settlements (inter-settlement territories):

For dacha and horticultural use,

Under residential development,

Industrial and other special purposes (industry, transport, energy, defense, etc.),

agricultural purpose,

Conservation, nature reserve, health, recreation, historical and cultural purposes,

forest fund, water fund,

subsoil plots,

Reserve lands, the purpose of which is not defined

2) housing (residential buildings and premises):

Multi-apartment residential buildings, apartments in them and other premises for permanent residence (in holiday homes, hotels, hospitals, schools, etc.)

Individual and two to four family low-rise residential buildings (old buildings and houses of the traditional type - households and a new type - cottages, townhouses)

3) commercial real estate:

Office buildings and premises for administrative and office purposes

Hotels, motels, holiday homes

Shops, shopping centers

Restaurants, cafes and other catering points

Points of consumer services, service

4) industrial real estate:

Factory and factory premises, buildings and structures for industrial purposes

Bridges, pipelines, roads, dams and other engineering structures parking lots, garages

Warehouses, warehouses

5) real estate for social and cultural purposes:

Buildings of government and administrative institutions

Cultural, recreational, educational, sports facilities

Religious objects.

By type of property, real estate objects are divided into:

Private - owned by citizens and legal entities established as private owners

State - owned by the federal government, the property of the subjects of the federation

Municipal - owned by the municipality

Public - owned by public associations

Collective (mixed) - being in joint or shared ownership of various subjects of ownership (private, state, municipal, public).

By legal status, real estate objects are divided, depending on the type, into those used by the owner or tenant, privatized, acquired through a sale and purchase transaction, inheritance, donation, etc.

Rice. 1.1 General classification real estate objects

Commercial real estate in Russia began to form only with the beginning of the privatization of enterprises. The commercial real estate sector is much smaller than the residential sector, and therefore there are correspondingly fewer transactions, although commercial real estate is the most attractive all over the world. It should be noted that rent is the predominant form of transactions in this sector.

Commercial real estate can be divided into income-generating - actually commercial real estate and creating conditions for its extraction - industrial (industrial) real estate.

Income-generating properties include:

1. Office space. When classifying office space in each region, municipality Various factors are taken into account according to which the premises belong to a particular class. These can be the location, the quality of the building (the level of finishing, the state of the facade, the main entrance, the availability of elevators), the quality of management (the management company, the availability additional services for tenants), etc.

2. Hotels. Hotel projects in the Russian Federation today are the most difficult types of investment in profitable real estate. Construction of new or reconstruction of old hotels of the highest class, their equipment and operating costs are considered to be quite a risky investment, because. the costs of such projects are several times higher than the costs of building fashionable shopping malls or office centers. In addition, five-star hotels have very long terms payback, so Russian market profitable real estate gravitates towards low-rate hotels and lower capital investments.

So far, for example, hotel Petersburg is very diverse and includes more than 100 objects of various categories for 27 thousand places. Most of these hotels are small. More or less prominent are 30 hotels, which account for 55% of the total number of hotel beds in the city. Large hotels of the middle level include: "Pribaltiyskaya", "Pulkovskaya", "Moscow", "St. Petersburg". There are not enough mid-range hotels in St. Petersburg. Five-star hotels include the Grand Hotel Europe and the Nevsky Palace. The return on investment in the construction of hotels is: for three-star hotels - 8 years; on five-star - not less than 13 - 15 years.

These and other well-known, well-located hotels have cafes, restaurants and bars, equipped places for recreation, casinos, etc. Less popular smaller hotels located in less prestigious areas tend to provide higher quality accommodation and service and have their own customers.

3. Parking garages (car parks) as commercial real estate are practically not developed in the country, although there are prospects. After all, for every thousand inhabitants, in accordance with the norms, about 150 parking spaces are required.

Currently, less than 60% of the passenger car fleet has permanent storage, of which only 2% are located in underground garages, although the need for them is very high. Due to the high cost of a parking space (4-6 thousand US dollars, and in the city center prices reach up to 10-12 thousand US dollars), there is no mass construction of car parks. Based on a mass client, the cost of one parking space should be within the range of 2 - 3 thousand US dollars, i.e. be about 30% of the value of the car. Note that it is currently extremely difficult to re-register a single garage box, because. State Institution "City Bureau of Registration of Rights to Real Estate" (GU RBR) does not deal with registration of garages. To solve this problem, it is necessary to create a unified system for registering ownership of various types of garages.

4. Shops and malls. As the experience of major European cities has shown, good conditions for the location of multifunctional shopping centers(ITC) are: the intersection of major highways, close proximity to metro stations and bus stops land transport. Most often, such centers are located in "sleeping" areas, or outside the city, in fact, in a wasteland, near a major highway. In the USA, MTCs ("MALL") are usually located outside the city limits, which can be explained by a certain number of vehicles per capita, urban population and other factors. These differences respectively affect the requirements both at the stage of formation of the overall strategy of ITC in business planning, design and promotion, and in the construction and operation of the shopping center. So, for example, the number of parking spaces, availability and parameters of recreation and entertainment areas, related household services, etc.

Success factors include:

Properly chosen location;

Drawing up a functional solution and accumulation - the needs of potential visitors;

Properly compiled forecast for the development of the territory adjacent to the building site (for 5-10 years);

The general atmosphere of the ITC, which is achieved in the process of design and design development;

Well-designed selection of tenants;

The right management company.

In addition to the listed factors, shopping complexes especially require the provision of services to their tenants (for example, constant cleaning of the territory, repair service of scales, round-the-clock security, cardboard pressing, etc.).

It should not be considered that the development of multifunctional shopping centers is an invention of the West. It is well known that the considered tradition of developing large retail premises, arcades, courtyards, where “every” visitor could buy whatever his heart desires, in accordance with his needs and income, where he could come “to see others and show himself”, is going away. rooted in the past.

The regions of the country are in different economic conditions and develop according to their own complex laws, therefore, in modern Russia the process of emergence of new or modernization of old shopping centers is heterogeneous. Moscow is the leader in this process, as a world metropolis, existing in comparison with other cities of Russia in the most favored investment regime.

Problems causing a shortage of liquid and promising objects for investment commercial real estate in most cities of Russia are similar and are connected, first of all, with the structure of the non-residential stock that has developed in the pre-reform period:

A small share of non-residential premises is allocated for profitable business, a significant part of which is occupied by various organizations;

Unsatisfactory location of many objects functionally suitable for commercial use, does not allow them to develop;

In large industrial cities, the share of industrial real estate in the structure of non-residential stock is excessively high, the conversion of which requires significant investment and is often difficult due to an unclear legal status;

Most of the non-residential stock is in an unsatisfactory technical condition;

In most cities, investment activity is concentrated mainly in the city center.

At present, stores with an area of 100 - 200 square meters are in the greatest demand. m., then, in descending order - less than 100 sq. m. and in the range of 200 - 400 sq. m. m. Area more than 500 sq. m. m are less in demand. Among the main requirements of the tenants are shop windows and the availability of parking.

5. Industrial (industrial) real estate in Russia is at the initial stage of development, although recently the majority of privatization objects are being determined by the owner. Before concluding a deal, it is necessary to conduct a comprehensive analysis of title documents to make sure that the seller's rights to the proposed object are indisputable, the possibility of its legal alienation and the rights of the new owner to use this object for its intended purpose. As the process of forming a real owner develops, the volume of transactions in this area will increase. But this is one side of the issue. On the other hand, in almost every city in the country, one can observe empty buildings and factories of 5-8 floors with dilapidated and (or) fallen into disrepair engineering networks and broken glass windows. They stand and do not find an effective owner. There are several reasons:

Industrial building 60 - 80 years. does not meet the requirements of modern technologies, and reconstruction requires large capital investments.

Currently, the main consumer of industrial real estate is small businesses that require certain specific properties for their development: high capacities, the presence of railway access roads, one-story and preferably detached buildings with autonomous communications.

As a rule, the requirements of potential tenants are overstated and do not correspond to the proposed industrial facilities.

Owners of industrial real estate offer properties in a deplorable state to the market, and at the same time set inflated prices.

More or less complete and accurate information about industrial real estate, its legal status, size, condition, etc. missing.

All this gives the industrial real estate market a spontaneous and unpredictable character.

Office buildings may belong to different classes. Assignment to a particular class depends on a number of criteria:

1. High quality standard finish, advanced building engineering systems including BMS (Building Management System);

2. Professional building management;

3. Good location of the building within the boundaries of the office area, convenient access and transport links;

4. Air conditioning system: not lower than two-pipe, or its equivalent;

5. Suspended ceilings;

6. Height from floor to false ceiling is 2.7 m on average;

7. Efficient open floor plan (structure with load-bearing columns);

8. A three-section box for electrical, telephone and computer cables, or a raised floor (or the possibility of installing it);

9. Modern, high-quality windows, their rational arrangement;

10. Modern high-speed elevators with a waiting period of no more than 30 seconds;

11. Underground parking;

12. High-quality materials used in the decoration of common areas;

13. The ratio of parking spaces (ground and underground) is at least 1 space per 100 sq. m. of the leased area of the building;

14. Loss factor (ratio of used and rented space) no more than 12%;

15. Quality provider of telecommunications services in the building;

16. Two independent power supply sources or uninterruptible power supply; (the power supply capacity for low-voltage networks of the tenant must be at least 50 W per 1 sq.m. of usable area + 20 W additionally allocated for lighting);

17. Permissible load on interfloor ceilings: 400-450 kg per 1 sq.m.;

18. Modern systems building security and access control;

19. Cafeteria / canteen for employees and other amenities;

20. The depth of the floor from window to window is not more than 18-20 meters.

Office building class A must meet or exceed established minimum in 16 of the 20 standard criteria, a class B office building must meet at least 10 of the 20 criteria given. Class C office building meets less than 8 of the 20 criteria given.

Life cycle- this is a complete sequence of processes of the existence of real estate from commissioning (from creation) to termination.

In theory and practice, there are five types of cycles:

Ø the life cycle of an enterprise as a property complex;

Ø life cycle of the type of business;

Ø business cycle;

Ø the life cycle of real estate (goods) as a physical
object;

Ø Approximate life cycle of real estate as an object of ownership.

Ø pre-investment (initial) stage of the project (concept, planning, design, etc.),

Ø project implementation stage (construction, installation of equipment),

Ø the stage of operation of the object (the phase of launching to the market, growth, maturity, saturation)

Ø stage of liquidation (decline).

With the help of the life cycle theory, it is possible to partially predict the situation, but not in the case of compiling a predictive model, since in this case the enterprise may lose marketing support.

I. Construction (pre-investment and investment phases);

II. Operation until full payback (entrepreneurial phase of the project);

III. III.Exploitation with the subsequent development of results for the invested investments (innovations, facility closure).

On fig. 2.1. the life cycle of a real estate object is schematically presented.

Rice. 2.1. Stages of the life cycle of a property

The second period includes the development of capacities, the operation of the facility with stable parameters of its design capacity. Considering the nature of the OA,A 2 A 3 A 4 curve, which reflects the change over time in the cost characteristics of the construction and operation of the object, we see that at the first stage of the life cycle, the OA curve falls and corresponds to the investor's costs for creating or updating a real estate object. Point A corresponds to the total investment. Since the most important principle of the reproduction of an object in dynamics is the integrity of the cycle and its development in time, all types of costs and results are plotted along the t axis. To analyze the life cycle of an object, several phase values should be used, which characterize the time intervals for the manifestation of critical points from two life cycle values. Such a key point is the time of putting the object into operation A, in relation to it the phases are determined: t t - preparation and construction of the object, t 2 - development of capacity (payback period), t 3 - the beginning of profit (achieving the planned cost level, return on investment during the development period), t 4 - the beginning of the moral and physical depreciation of the object. Particularly important are the phases that characterize the time of creation (updating) of the object and the time of its life during the period of operation. By determining the ratio of different phases, it is possible to obtain the comparative efficiency of the periods of the life cycle of a real estate object, to analyze the costs and results of the activities of the contractor and the customer. At the third stage of the life cycle of the object A 2 , A 4 there comes a period of subsequent operating time for investment.

Theoretically, the third period can last quite a long time. The limitation of the expediency of the operation of the facility is the additional costs of eliminating physical and obsolescence.

Table 2.1 presents the duration of the first period of the life cycle of various types of projects.

Life time

On the assessment of the appearance of a real estate object, its technical condition, economic factors that affect total cost object, effective age is based.

Effective Age- this is the age corresponding to a certain physical state of the object and taking into account the possibility of its implementation.

The typical service life is called the standard service life.

Standard service life- this is the service life of buildings or structures, which is defined in regulatory enactments.

Under remaining economic life buildings understand the period from the date of its appraisal to the end of its economic life. This period is used by an appraiser to estimate future income. The term of the remaining economic life of the object is increased by its modernization or repair.

All the above stages of the life cycle and the life of real estate objects are interconnected. For the implementation of adequate measures that will ensure an increase in the profitability of the property and its safety, the owner of real estate should take into account the presence of real estate in a certain (any) stage of the life cycle.

Stages of the life cycle of a property

So real estate objects during their existence are subject to economic, physical, legal changes and go through the following stages of the life cycle:

§ formation is a construction, i.e. the creation of a new enterprise, the purchase or allocation of a land plot;

§ operation - includes operation and development, i.e. expansion, reorganization or reconstruction;

§ cessation of existence is demolition, natural destruction or liquidation.

Real estate life cycle stages:

1. Forming the concept of the project and choosing the option of using a free land plot. During this period, the choice of the best and most efficient use of the land is made. The choice of use case is completed by the development of a specification for the design of improvements.

2. Improvement design. At this stage, on the basis of the design specification, a project is developed with the preparation of documentation necessary for obtaining permits and preparing the land plot, as well as laying communications, building buildings and planting new plantings.

3. Manufacturing (erection, construction) of improvements. During the project implementation period, contractors almost completely change all the physical characteristics of the object, with these changes fixed in the inventory and cadastral documents.

4. Appeal (purchase and sale, donation, leasing, etc.) with the transfer of a property right or with the appearance of an encumbrance on this right. At this stage, real estate transactions are carried out.

5. Use (use) of the object for its intended purpose with technical and operational maintenance. At this stage of the life cycle, the manager (or professional management company) organizes the rational use by users of the consumer potential of the facility.

6. Modernization: overhaul, reconstruction, restoration of improvements with a possible re-profiling (change in functional purpose) of the object. This stage begins at the moment when the object in its current state can no longer meet the modern needs of users or (and) if its operation becomes economically inefficient. At this stage, at least a major overhaul is carried out without changing the planning solution and functional purpose, but with the elimination of removable physical wear and tear and functional obsolescence.

7. Disposal, demolition of improvements, landfill or recycling of materials. The life cycle ends with the demolition of improvements at the end of their economic life. The management company prepares proposals for the appointment of terms and an economically feasible method for the demolition of buildings, taking into account the possibility of selling structural elements and materials of the liquidated buildings and communications.

4. Real estate management is connected, first of all, with its use by people (users) as a commodity, source of income and benefit. Moreover, for the user, the main situation is when the property is used as a benefit, i.e. to meet needs. At the same time, it is possible to receive income from real estate management. And as a result, a situation of selling a property is possible with the corresponding type of use of real estate as a commodity. This is actually about the functioning of people, organizations and real estate itself in the most favorable spatial and economic conditions. The latter means that real estate management means more than just real estate management in the narrow sense of the word. In other words, property management is interpreted very broadly. Real estate management is actually in the field of intersection of interests of the owner of the property and its user.

The owner of the property seeks to obtain the maximum profit from the object, for the user it is important good conditions the functioning of real estate, combined with low costs for its use. In understanding this contradiction, two aspects are very important: on the one hand, trends and changes in the environment in which real estate is located and operates (area and / or region), on the other hand, the quality and conditions of competition in real estate maintenance. Management (vision) of real estate in the short term comes down to management cash flows from its operation, in which the leading place belongs to financial and technical management.

Management in the long term is a task that is more difficult. First of all, this is due to the unpredictability public policy(economic, fiscal-monetary and social) and the lack of full-fledged developed market fundamentals - economic freedom, property rights, competition, etc. Achieving the goals of any management system is ensured through the implementation of specific functions and management tasks. Control functions are divided into general and private. General functions are constant for an economic entity of any profile or type of activity, while private functions are determined by the goals of a particular economic entity and depend on their type, size, place and type of activity.

At the same time, economic entities are all units of the economy (individuals and / or legal entities) that independently accept economic decisions, i.e. an economic entity can be individual, as well as several persons that make up some single strong-willed formation (family, company, association, government, etc.).
Management must be considered throughout the entire life cycle of the property, since it is objective that the property exists from the moment of occurrence until the moment of wear and tear.

Management is understood as a process of planning and decision-making on the most efficient use of resources, potential, reserves to achieve the set goals. To determine the effectiveness of management, various examinations are used (technical - ensuring an adequate idea of the real state of the object, economic (assessment) - to obtain a reasonable cost equivalent, management decisions - provide the most effective use real estate).

It can be divided into three stages: 1) Construction (pre-investment and investment stage); 2) Operation until full payback (entrepreneurial stage of the project); 3) Operation with the subsequent development of results for the invested investments. There are a number of features essential for each stage of the life cycle. To a large extent, the effectiveness of the further functioning of the object is determined by the first stage.

This stage is especially complex, it consists of numerous components, namely: analysis of the conditions for the realization of the original idea, development of the concept of the project, assessment of its viability, selection and approval of the location of the facility, environmental feasibility study, expertise, development of a feasibility study, obtaining a building permit, creation of temporary construction infrastructure, creation or renovation of an object, putting it into operation. In this case, the main point is the choice of more reliable project partners.

For this, an assessment of their financial situation, work experience, reputation is carried out. The main aggregate indicator in this case is economic reliability. The definition of this indicator is based on the calculation of the entire set of indicators of production and economic activity and their aggregation into one, the value of which is the basis for assessing the activities of the enterprise.

The second stage includes the development of capacities, the operation of the facility with stable parameters of its design capacity. At this stage, the real estate object is used, the definition of the type of which is part of the task of real estate management. The decision-making efficiency is determined on the basis of the assessment of the object, which is carried out at the time Al. Point A1 corresponds to the total investment. Since the most important principle of the reproduction of an object in dynamics is the integrity of the cycle and its development in time, all types of costs and results are plotted along the t axis.

To analyze the life cycle of an object, several values of the stages should be used, which characterize the time intervals for the manifestation of critical points from two values of the life cycle. Such a key point is the time of commissioning of the facility A1. In relation to it, the following stages are determined: t1 - preparation and construction of the object, t2 - development of capacity (payback period), t3 - the beginning of making a profit (achieving the planned cost level, return on investment at the development stage), t4 - the beginning of the moral and physical depreciation of the object .

Particularly important are the stages characterizing the time of creation (updating) of the object and the time of its life in the operation stage. By determining the ratio of different stages, it is possible to obtain a comparative efficiency of the stages of the life cycle of a real estate object, to analyze the costs and results of the activities of the contractor and the customer. At the third stage of the life cycle of the object A2, A4, a period of subsequent operating time for investment begins.

Theoretically, the third stage can last quite a long time. The limitation of the expediency of the operation of the facility is the additional costs of eliminating physical and obsolescence.
The general pattern is obvious: consistently lost consumer properties over time lead to a decrease in the usefulness of real estate, i.e. to a decrease in its use value. Changes similar in nature to the dynamics occur with the cost equivalent, the rate rent because use value and value are two essential characteristics of any product of labor. Since real estate management is carried out throughout the life cycle - it is necessary to determine the participants for this period of time.

The main participant interested in the implementation of the project and the achievement of the set goal is the builder (developer), who is the future owner and user of the project results. The developer determines the main requirements and scope of the project, provides financing for the project at the expense of its own funds or funds from investors, concludes contracts with the main contractors and is responsible for these contracts

In everyday ideas, the concept of development refers to construction and reconstruction. The main thing in development is investment management, which includes: choosing a cost-effective project, transforming a property, obtaining all legal permits for its implementation from authorities, searching for investors, determining the conditions for attracting investments and borrowed funds, developing mechanisms and forms for their return , selection and attraction of contractors, control of their work.

Investor - a person who makes long-term investments in property, i.e. this is the final buyer, the future owner of the housing complex. Such an investor can be a housing management organization or a specially created company, state and municipal authorities, investment funds, individuals, public organizations, international organizations.

The investor invests (investment) in the project. There may be several investors in one project, but they have a common goal - to maximize the profit on their investments from the project. If the investor and the customer are not the same person, then the investor concludes an agreement with the customer, controls the implementation of contracts and makes settlements with other project participants as it is completed.
Design organizations develop design and estimate documentation and carry out design and survey work.

The customer is an individual or entity which organizes the construction, reconstruction and repair of residential buildings (with or without a complex of engineering or construction infrastructure), including for their own residence, rental, lease or sale; an enterprise engaged in a contract, economic or mixed way capital construction, on their own initiative or on behalf of municipal authorities.

Contractor - an engineering and construction organization that performs work on the implementation of the project in accordance with the contract. Responsible for all work general contractor, which, in turn, concludes contracts with subcontractors for the performance of certain works or services.

A special place in the implementation of the project is occupied by the project manager, to whom the customer, developer or investor delegates the authority to manage the project. The project manager plans, controls and coordinates the work of all participants throughout the life cycle of the project. The specific composition of the powers of the project manager is determined by the contract.

The external participants of the project include: - the financing organization (creditor) provides loans to finance the project, ensuring their funding, taking into account the requirements of the project; - real estate agent (realtor) - an entrepreneur (specialist) involved in real estate transactions.

A private management company (at the stage of operation of a real estate object, a developer organization can perform the functions of a managing organization) is a new subject of property management in the housing sector and a new type of investor in the housing sector.
A private management company (PMC) is: - has a statutory purpose of providing housing services; - on strategic issues of activity is controlled by the local administration and the public; - manages (as a legal or economic owner) the housing stock; - is independently engaged in the development of its housing stock (leads investment activity); - depends on the quality and quantity of housing provided to the population, that is, it is a beneficiary and is responsible for the results of its economic activity.

Thus, real estate management throughout the life cycle also concerns working with a wide range of participants and choosing the most reliable partners is an important task of the management organization.

Real estate life cycle. Control questions and tasks. Life cycle of real estate objects

Send your good work in the knowledge base is simple. Use the form below

Similar Documents

Similar posts