PPP Business Plan 09 03

appraisal
10 – A SEARCH FOR THE EVALUATION PARAMETERS FOR DIRECT PROCEDURE
As Prof. Famularo stated as early as in 1942, as to the general principles of estimation: “from the
logical point of view there is only one method to estimate the value of all goods, and that is the
recognition that the given goods belong to a class of similar goods of a known price, based on a
parameter which is common to all those goods” (Famularo, “Ancora sul concetto di dipendenza
del valore dallo scopo della stima” / “Still on the concept of dependence of the value on the purpose
of the estimation”, in Riv. Cadastre and SS.TT. EE., n. 2, 1942).
These claims were, in principle, reformulated and shared by Prof. Marcello Orefice, who wrote:
“Therefore, any estimative operation consists of the synthetic comparison between the goods being
assessed and one or more groups of functionally similar goods, for which we have historical
data about the prices that have already been applied in exchange operations.” (Orefice, Estimo /
Appraisal, Utet, 1984).
The retrieval of objective historical data to use for a comparison, can sometimes be tricky due to
the constant habit of the persons involved in economics to reduce (often for taxation purposes)
the actually agreed upon prices, although this phenomenon is declining as a result of the 2006
Budget (Act 266 of December 23, 2005, Art. 1, par. 497) that introduced the requirement of the
declaration of the ‘real’ value of the transaction, supported with the documentary evidence and
verifying means of payment.
In the estimative practice though, a search for sales offers in the so called ‘homogeneous
area’,considering the units with the same featuresand uses,still remains a good reference point;
which, in case of scarcity of data, may also extend to similar areas; so that one may actually
‘assimilate’ the examined reality into the potential ‘price’ to offer in the course of free bargaining.
As is known, the offer does not always match the demand in the market and, in any case, the
“time” factor is inversely proportional to the entity of the offer. In fact, the more time passes by
after some goods are launched onto the market, the more the financial claims of the tendering
party decrease. In our case, since the area is of absolute value, the time factor has a very limited
impact on the offer, given that prestigious economic goods remain unaffected by the usual market
crises and, in contrast, experience even greater demand in periods like the present one, in which
investors are looking for solid bases precisely in the property sector.
For these reasons, in order to identify the parameter of estimation, we will refer to properties
placed on the market in the area (or the wider area) for the same features and purposes of use,
by applying - whenever applicable - “correction coefficients”, by reason of possible major and
minor advantages of the goods we are comparing with the one being assessed.oweer
considering the prudential and conseratie criteria that the property suggests such coefficients
were not adopted.
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