The Risk and Decision Making Strategies on Small and Medium Size Residence Investment at Architectural, Real estate Development and Business Professions' Point of View (I)

The Risk and Decision Making Strategies on Small and Medium Size Residence Investment at Architectural, Real estate Development and Business Professions' Point of View (I)

(updating and continued)

by Anqi Yang

Keywords and topic

Risk Type Decision/decision making under risk, Business strategies on real estate, Real estate investment evaluation system, Mathematics analysis, Data collection, Operation research, Real estate appraising, Real estate transaction, financing, tax, and development strategies, Marketing analysis, Site, and condition analysis and simulation, Reverse engineering, Data and analysis for marketing decisions, Building design strategies, Building climate control, Life-cycle cost analysis, Construction cost estimate, Financial analysis on investment, Operation and return System Engineering, Architectural programming

Introduction: A full picture of a small size private residential property's life cycle

Normally, for real estate developers, there are six core stages of developing a real estate project: feasibility and acquisition, design, financing, construction, marketing and leasing, and finally is operation and management. While if zone out to a larger picture and time range, a developer occupies at the very beginning of the time period, usually around two to three years for a small to a mid-size project. considering a relatively long time for a property's life, the majority of its life is occupied by the occupancy and tenants. As an example, once a customed built single-family house is sold out, the owners will modify it several couples of years and may sell it after a certain time. A marketing and new management process will occur, either by the seller or the listing agent. And again, it transformed to the new landlord, with different family sizes or plans for the property, for instance, transform it into a vocation or rent a property. During the transformation, the landlord may take time and budget to restore some facilities and fixtures, even the interior arrangement. This cycle will take a quite a long time until some legal policy has changed on the zone for the lot, or the new investor purchase the land with the property, demolish the improvement and rebuild the entire real estate property. As a consequence, until this point, the improvement finally finishes its entire life cycle.

Here is a simplified rental property lifecycle table,
Stage I, an investor purchase the property, if a land, go to III
Stage II. demolish the improvement, or go to Stage VI
Stage III, the investor develop the land under the development principles
Stage IV, marketing for sale or leasing
Stage V, property sold, or rent out
Stage VI, if rent out, investor or third party manage the property
Stage VII, restore the property in a couple of years
Stage VIII, repeat IV to VII; if the improvement is demolished then go to Stage II


The entire process of the properties speculating for the property investors is highly complicated, that's because not only the whole transaction workflow is full of mixture types of strategies, such as the strategies on the location selection, housing condition inspection, and mortgage brokers choices, evaluation on architects and engineers, but also there are branches of essential paper works, agreements, and other legal documents need to be examined very carefully within the entire or partial process of real estate activities. The entire investment action drives multiple professions and fields sufficiently interaction and deep collaboration. Besides the services assisted by third parties such as the transaction brokers, what could the real estate investors take advantage of some architectural and real estate development tools to test and get to the deep water? Take an example, could a property buyer compare the two single-family houses alternatives by evaluating their basic energy consumption facts roughly at the early stage without any third parties participating? Is it possible for the buyers to have a full picture of the alternatives' site and architectural condition in a very short time before the field trip? How and how far could big data assist those participate in the property transaction process with natural and artificial influences and facts relative to the alternatives? Is there a real-time calculation platform that easily shows the relationship between investment and profit which integrates comprehensive data from life long-term energy consumption, miscellanies expense, tax, and land price rate? Is there an easy platform to present out the Life-cycle cost analysis (LCCA) for a single-family property based on collected information and documents? The article will examine carefully on some evaluation strategies of the risk and decision-making for small and medium residence investment at architectural and development professionals' points, which include but not limit to AHP analysis tools—a mathematical analysis tool widely used in business and commerce field, Site Analysis Strategies—a widely applied fundamental site conditional evaluation strategy in R.E. professionals, Architectural Energy Simulation—the environmental analysis tool widely used in the architectural design process, Architectural Environmental Design Simulation—the core workflow on architectural design process which helps investors see and feel the proposal or existing property's interior and exterior environment in three-dimensional visualization platform.

For the developers, the typical development process for the residential type of properties begins with project feasibility and acquisition, followed by design, financing, construction, marketing, and leasing. Project feasibility contains four main activities: market analysis, site selection, and engineering feasibility, regulatory approvals, and financial feasibility. Usually, a third-party firm will take responsibility for the market analysis stages, which are the most essential and core part of the pre-development process. The market analysis concentrates on the problems with programming and market trends; for instance, the market analysts need draft out what types of products are most attractive and the behind reasons, what is the target market, what are (potential) competitors in the market, and the facts for market demands and demographics. In the design process, architects work on the pre-design, schematic design, facility design, and working drawing process. The design principle is evidenced-based and in the meanwhile, based entirely on the market analysis in the project feasibility stage.

The ultimate objective of decision-making strategies on the properties purchased and investment process is not only to get the ideal choices but also to sharpen critical method systematically-to be able to analyze the facts and explore potential and hidden valuable information. Relative concepts, trends, and ideas are significant to the understanding of facts. For instance, what is the real market value for the alternative which is in the buyer's wish list? What are the historical records of the property's real estate tax, maintenance, utility fee? It is critical to figure out the building enclosure energy efficiency performance facts, which may have accumulated enormous utility balance. After a broader understanding, it is not hard to get close to the origin, determine factors and characteristic limitations, which will speed up the decision-making process comprehensively and systematically. For the developers and speculators, the systematically, scientifically, and logically decision techniques for investment on the existing or potential properties are only a few sequences of the life long-term investment cycle, which plays such an essential part and embodies the value on the entire life term investment cycle.


Mathematics Analysis Strategies (Operational research)

Operations research is often used to solve complicated tasks in real estate activities, especially to improve or optimize the efficiency of existing systems. As a branch of modern applied mathematics, Operational research focuses on the operational problems that arise in production, development, management, sale, and other activities that are solved by mathematical methods and formal science. Operational research employs a variety of approaches such as statistics, mathematical models, and algorithms to achieve the best or near-optimal solution to complex problems. Mathematical planning(Linear/nonlinear ), risk decision modelings such as the Analytic hierarchy process, Markov chain, Decision Tree, and Loss Matrix are some of the most typical operation research strategies or tools in property investment activities.

Example. Analytic hierarchy process(AHP)

For the individual buyers, they must organize their own information collected by various means to get ready for the AHP solution. AHP is a structured technique for organizing and analyzing complex decisions, based on mathematics and psychology. It is not about finding a correct answer, instead, it helps buyers find "one that best suits their goal and their understanding of the problems." It provides a comprehensive and rational framework for structuring a decision problem, for representing and quantifying its elements, for relating those elements to overall goals, and for evaluating alternative solutions. "(1) Users of the AHP just decompose their decision problem into a hierarchy of more easily comprehend sub-problems, each of which can be analyzed independently. The elements of the decision problem are tangible or intangible......Once the hierarchy is built, the decision-makers systematically evaluate its various elements by comparing them to each other two at a time, with respect to their impact on an element above them in the hierarchy."(2)

Usually, the major purposes of the buyers purchasing the properties are relocation, exchanging old houses, or property speculating. No matter how they get the final point, it is obvious that integrate the data and information they have is an ideal method for the transaction. In an AHP hierarchy for a buyer buying a property, the goal might be to choose the best property among the number of alternatives. Here are some considerations that need to be taken prior to the transaction begin, initial cost and supplementary cost, neighborhood, local services, traffic, and occupancy as the criteria for making the decision. They might subdivide the cost criterion into the purchase price, energy costs, maintenance costs, property tax, insurance, and resale value.

In short, the process path map for AHP strategy might look like this:
Step one, first hand and second-hand information collection, the information could be the internet real estate research, local legal information, services points, market price rate, tax facts, local neighborhood, and demography information. There are some common aspects comparison lists that could be found online and books, such as the list of architecture features conditions and local environments.
Step two, figure out criteria, this is the logical step that needs to be carefully treated.
Step three, build the hierarchy
Step four, operate the AHP program, analyze and evaluate
Step five, summary and make the conclusion, or if necessary, repeat step two to step four

Here is one of the tremendous examples applied to the evaluation and analyzing strategies relative to real estate investment, for instance, a couple with their children are looking for a totally new property to settle. Finding a property when the buyers are new to an area, which means they are at a disadvantage since they don't have enough and valuable information to help them locate an ideal house, in a congenial location at a fair price. Conventionally, there are many aspects and features of the speculating actions need to be examined hierarchy and logically. In real estate development and architectural design professions points, the aspect of location is at a quite unique position in their practice. As a programming strategy of development and design practice, the concept of location embodies series of meaningful and valuable data of the market, evidence of the neighborhood's existing condition, infrastructure, and facts of legal, historical, political, and natural features. If the buyer narrows down the aspects of decision-making criteria into a single aspect just as location, it may look like this diagram as shows the following figures.

Fig. A typical example of AHP hierarchy on location and property decision-making for three properties, modeled by the author

Fig. An example of the AHP hierarchy matrix platform, analyzed by author, system supported by http://bpmsg.com/ , K. D. Goepel

Physical Environment Analyzing and Simulation Strategies

Another essential aspect of property investment and purchase decision-making is energy consumption and relevant architectural features. In Walt Disney Imagineering (WDI), the core and leader development department of Walt Disney Parks and Resorts, there is a sub-department called Environmental Design and Engineering (ED&E), which covers all the fields related to the sensory as well as the physical environment. Although the main responsibility for ED&E is collaborating with other departments on solid infrastructures, buildings, and architecture projects, while, in fact, that they are in charge much more than the solid world. The environmental aspect of architectural development and operation in WDI is much broader than people thought traditionally. Normally, at the developer's point, the environmental features cover the effects brought to nature, energy, and source consumption by the project as a long-term period, and the visible exterior and interior built environment.

Without taking a field trip and investigation in person, what could a buyer know about the energy consumption history and facts of a potential property in the early stage of the transaction process without a third-party inspector's assistant? There are various useful third-party tools and platforms applied by developers and designers for a long time, which are also meaningful for the potential homebuyers who want to get rough pictures on the target properties. The basic workflow might look like this: once the buyer has determined several potential properties information online by the real estate transaction search engine, some valuable data could be applied to the model building, such as general information model establishing, building information modeling(BIM), or any other three-dimensional visualization methods. Similar to reverse engineering widely used in military and manufacture fields, The modeling process begins from an existing object with existing data. The modeling integrates and embodies local geography data from Geographic Information System Mapping Technology(GIS), data from the national climate database, and building enclosure performance information.

According to the Building Performance Analysis (BPA) model, architectural designers and professions are able to learn how to incorporate high-performance building design into their workflows with digital design tools. Although BPA is designed for professions, while it is an ideal method to apply to the existing buildings' performance analysis. Typically, the BPA model covers the design analysis and strategies on climate/weather, solar measurements, wind/airflow, daylighting, whole-building energy optimization. (3)

Here is an incomplete list of the analysis and strategies tools for architectural programming, location/site, finance, design, construction, sale, management/operation, and reconstruction:
Revit Architecture (BIM)Environment Analysis, Modeling, and Energy Consumption simulation
Online real-time architectural/building design and simulation platforms
Sketchup Design Analysis with plugins, Modeling, and solar shading analysis, site analysis
BPA-Building Performance Analyzing for efficiency design strategies
LEED Architecture Design Strategy & Living Building Challenge
Climate Consultant, energy efficiency building design strategy
MIT Design Advisor, energy consumption simulation by room
Ecotect, architectural energy and solar studies platform
Google Earth Pro, Urban analysis, weather, natural condition, site analysis, solar analysis
Demography Analysis, data facts, demography data collection
FLUX Building Design Platform Solution
GIS analysis of the landscape, site fabric, geographic data
RSMeans Data for building construction cost calculation
Open source big data platform, geographic data information mathematic modeling analysis

Fig. Google Sunroof solar energy calculation platform, makes a comparison on the property roof solar energy rate between two areas in San Francisco. Although the schedule expresses the facts on solar energy in the two districts of San Francisco, in facts, which demonstrates the hidden secrets of the total amount of solar radiation in both areas. Supported by Google Project Sunroof, https://www.google.com/get/sunroof#p=0

Fig. Building energy efficiency design strategies could be supplied by the third-party platform, by Climate Consultant Software, modeled by the author, system developed by UCLA

Fig. This is an example expresses the site analysis presentation, more detailed information and process are discussed in the topic of site analysis, analyzed by the author, software developed by Autodesk

Fig. building wall solar path and shading analysis, located in the Greater Los Angeles area, software supported by Autodesk, analyzed by the author

Sensory Environment Simulation Strategies

Normally, by employing the professional design software and platforms, architectural designers and planners could present a simulated three-dimensional visual reality built environment to clients much easier than ever in history. Thanks to the updating technologies, many online residence interior/exterior design platforms are becoming more popular than ever, integrated with big data, cloud calculation, and VR technologies, clients are able to access, modify, re-render, and "walk around inside" anytime anywhere through the tools. Without entering into real property, the potential buyers can still "walk into the building" with a different furnishing setting. Usually, this will be helpful because the buyers may want to have an experience in the space without the furniture which they don't like, or they can easily make the exchange the interior finishing and furnishings in the platforms.

The sensory environmental simulation strategies are normally and widely applied in the micro building elements as well as macro urban, rural or natural environment researches and evaluations through the entire life term of the design-built-operation process, which assists to the decision-makers deliver the judgments logically, adaptability and comprehensively. Thanks to the updating technologies recently, many sensory environment simulation works could be easily done by a personal computer anywhere at any time. With the aid of reverse engineering technology-a, the new methodological base for the existing architectural and environmental surveying and representation, employed by three-dimensional modeling, online data pool, and geographic data platforms, the decision-makers are able to reproduce the existing project to examine the basic facts on this product performance, the specifications of its components, costs estimating and potential patent infringement identify. For instance, a decision-maker may integrate the online data pool, GIS, inspection drawings, building technologies, and real photo images from the city planning or permit the department to reproduce the fundamental three-dimensional mass models with essential features, and evaluate and analyze the interior energy consumption facts by the building climate control simulation platforms. During the all model reproduction process, the decision-makers no need to get to the site, or even take a field trip and survey the entire property. Take a survey for a private is sometimes not too hard, especially the local law is not very strict, and of course, it is more valuable to take an onsite survey for the sensory environment simulation strategy.

Fig. The 3D modeling simulates a residence interior sensory environment, one outstanding feature for these types of the platform is high efficiency with advanced design quality, designed and modeled by the author

Fig. solar gain and shadow analysis are quite essential for residence property, thanks to the GIS technique, which allows decision-makers to easily analyze the solar condition anywhere around the world. The image indicates the reproduction of an existing property located in the Bay area of California, which occupies a large area of slope area at the mountain. Modeled by author

Fig. The luxury property located on a slope of a hill, Bay Area California. Photo resource is from Refin

Fig. Urban or city fabric analysis presents the necessary context data and facts for the lot or existing project, which usually examines the scale and mass of the existing urban blocks and street. Modeled and analyzed by the author

Architectural Programming

Driven by big data techniques, the developers or owners are able to get the basic design feature information and suggestions from the third party during the market feasibility analysis. There shall be a bridge that connects with the feasibility analysis results (output) and the design forces (input), and the strategy of architectural programming is most likely to be involved in this condition. Based on the standard AIA agreements, programming is normally in charge by the owner and developer, however, in some cases, the owner may not able to develop the program and must use the services of a programming consultant. As the research and decision-making process, architectural programming explores the issues which need to be solved by design. The entire process embodies the research process to collect, analyze, and document relevant information and draw a conclusion, in the meanwhile, the method establishes the appropriate criteria for the design solutions.

Generally, there are fourteen steps for typical architectural programming:
1, Program form 2, Program content 3, Preliminaries 4, Executive summary 5, Values and goals 6, Design considerations 7, Project requirements 8, Space identification and allocation 9, Relationship matrices and diagrams 10, Space program sheet 11, Budget and cost analysis 12, Project schedule 13, Design analysis 14, Appendix (6)(9)

Architectural programming systematically contributes to the informational system of the entire project design-built process, and each stage in the programming has the branch of sub-strategies and analysis tools. For instance, from step 5 to step 7, the developer may integrate the information from the market analysis results, which allocate each type of market trends for the project. Generally, the data source for market analysis may be contributed by the third parties of real estate professions, like the real estate transaction agencies, home builders, the brokers and realtors, and enormous data from online credits and records. The market analyzers need to take advantage of big data research tools on the data pools, build the mathematical model on the demographic-property feature-finance trends and facts structures, and this is the reason why the developer shall not rely on the architects or contractors consults in this strategy. Once a target product is roughly determined, the architects and facility designers may assistant the developer full fill those steps in programming.

The following network diagram clarifies out the functions and relationship structure on each assigned constant and variable component for an eight-unit urban dwell project. Similar to the general visual computer programming platform, this program allows users to easily build numbers of structural models by moving, connecting, or disconnecting, building, or deleting the components. In this example, there are more than ten types of modeling components, which are identified by different colors or shapes. The following diagram also presents the structure of the CRS analysis model, which is an architectural programming tool based on a matrix system introduced last century. CRS encourages decision-makers' evaluation of the valuable design elements by researching design goals, performance requires and design requires hierarchically and tightly.

Fig. The eight-unit residential property design programming demonstrates the master plan to highly detailed interior finishing logic structure and relationship, modeled and arranged by the author

Fig. San Francisco city zoning search system, the left window presents the zoning control table and codes, and the top right window demonstrates the detail information and data for a specific lot, and the downright window shows the high detail sky view for the neighborhood with topography and lot number, powered by American Legal Publishing Corporation

Fig. Santa Clara County GIS system, a parcel map embodied with the variety of demographic layers, powered by American Legal Publishing Corporation

Fig. Architectural programming on a mixed-use residential project pre-design diagram in Asheville, RAD neighborhood renovation, Nc,  analyzed by the author

Fig. Demographic analysis of a mixed-use residential project in Asheville, RAD neighborhood renovation, based on the statistic technique and data collection, Nc, analyzed by the author

Fig. a typical workflow principle-program demonstrates the data-based decision making programming strategy, modeled and arranged by the author

Life Cost Analysis Method

As a developer or speculator, it is essential to understand and estimate the life cycle cost of a property, whatever it is unbuilt land or existing property. According to Whole Building Design Guides (WBDC), a program of the National Institute of Building Sciences (United States), "a method for assessing the total cost of facility ownership. It takes into account all the costs of acquiring, owning, and disposing of a building or building system."(4) Here is the equation for LLC method:

LCC = I + Repl - Res + E + W + OM&R + O
LCC = Total LCC in present-value (PV) dollars of a given alternative
I = PV investment costs (if incurred at base date, they need not be discounted)
Repl = PV capital replacement costs
Res = PV residual value (resale value, salvage value) less disposal costs
E = PV of energy costs
W = PV of water costs
OM&R = PV of non-fuel operating, maintenance and repair costs
O = PV of other costs (e.g., contract costs for ESPCs or UESCs)

Another important estimate tool for architecture life cycle analysis is the LCA method. According to International Standard ISO 14040, LCA is a “compilation and evaluation of the inputs, outputs and the potential environmental impacts of a product system throughout its life cycle.”  As building design and development estimating tool, LCA "allows architects and other building professionals to understand the energy use and other environmental impacts associated with all life cycle phases of the building: procurement, construction, operation, and decommissioning."(5)


Financial Analysis Strategies

This section will continue to argue some of the most essential decision-making strategies of the finance aspects among the entire single-family residence speculating activity, and drill down to the bottom line for maximizing profit and minimize risks. The investor's biggest challenge is to identify the highest and best use of the property and land value. For the developers, the general financial analysis embodies the following techniques and methods which occupy quite significant roles in the early development stages. On the other hand, the financial analysis is quite essential for the property owners who need to get a loan to restore their properties, and the process usually is undertaken by the appraiser and the accountant, who would present out for the future sales price report and development cash flow report to the loan agency for re-construction the existing property(7).

Take a brief look at the views from the house investors, which may drive more deeply in a specific situation in the decision-making process. When the investor already purchased the property years ago and he wants to get a loan from the bank since he plans to get a higher price for sale. A project development business plan needs to be prepared for the property reconstruction loan, which normally contains the content of appraising reports, costs to remodel the property, profit, and loss forecast for remodeling, project development cash flow forecast.

Normally, there are five stages of financial analysis for project development. Stage one applies the simple capitalization of pro-foma NOI, which demonstrates the rental and sales revenue summary and contributes a pro-foma statement that estimates the stabilized project rents and expenses. In stage two will present out the discounted cash flow (DCF) analysis of annual cash flows during stabilized cash flows of the operating period, which is considered as the most essential section among the entire financial analysis. The combined analysis of the development and operating and the monthly cash flows during the development periods are applied by stage three and stage four, and the final stage justifies DCF analysis for investors.

Any owners/investors need their budget to track how the project is developed, constructed, and operated. In the owner’s budget analysis, the owner could track and examine each category within the whole project development. There are three main sections in the owner’s budget analysis: construction costs, project costs, and life-cycle costs. The owner is able to understand the appropriate costs embodied in each category during the entire project development. Some second-hand property investors might ignore the history operation, performance, or energy records of the property, and all these embody costs are called life-cycle costs which occupy a large scale of the entire costs. For specific, appraisers normally can apply the income approach to find out the value of the property by calculating the NOI and capitalization rate. Cap-rate can be found by comparison between other properties, calculating by the price they were sold and their NOI per year. Here are some equations which identify the relationship between the effective gross income (EGI), operating costs, cap-rate, and NOI(8):
Effective gross income minus operating expenses equal NOI, 
Effective gross income equals the potential gross income minus vacancy and collection loss. 
NOI divided by cap rate equal the property value

A widely used rental property operating expense and income tracking schedule is called the NOI(Net Operating Income) table, which is similar to the IRS 1040 schedule E. Net operating income equals all revenue from the rental property (Effective Gross Income) minus all reasonably operating expenses. Take an example for schedule E in order to make a better summary of the property's annual operating expense and overall income. The owner needs to take record some essential costs on the daily or monthly general expense, liability, or any other fees relative to the rental property, which itemized as the cleaning/maintenance, repair, insurance, mortgage interests, real estate tax, supplies, depreciation, utilities. Usually, the amount of depreciation is relative to the date with the property costs, any newly installed fixtures and facilities, and property restore costs. The NOI is key evidence for property appraising, purchase, and development loan application, and architectural life cost analysis. Usually, NOI appears on the property’s income and cash flow statements.

Fig. 2016 individual federal tax return 1040 Schedule-E section I, which indicates the general deduction lists for rental properties. Compared to the R.E. appraiser's estimate, some categories need to be adjusted in the property operating statement. The net rental income on this chart is roughly considered as NOI, the net operation income

Fig. a real estate investment analysis form, which calculates various aspects of financial estimating. by Jim Collopy, Broker for Fort Lowell Realty & Property Management www.flraz.com

Fig. financial feasibility analysis, stage 1a, the rental, and sales revenue summary. The chart indicates the overview of the rental income by each apartment unit, supported by Ch4 spreadsheets

Topics and relevant topics to this article
本專題話題與相關話題

Property site analysis建築場地分析
Architecture life cycle analysis/LCA method建築生命週期全過程經濟分析

structure, facilities, interior condition, sustainable design strategy結構/設備/可持續建築設計策略

Urban design and development城市設計與規劃

the real estate development principles房地產開發原理

the architectural plan and design principles建築策劃與設計原理
operations research on real estate房地產運籌問題
Real Estate Investment and Portfolio Theory房地產投資組合理論
IRS regulations for the home transaction and occupation 國稅局（聯邦）對於房產交易與使用的政策稅法
State, and personal energy suppliers' (California) latest code and policies for property energy
州（加州）州政府及能源提供方的最新政策、條例
the typical individual real estate transaction process房產交易流程

Title insurance, Insurance, Property tax, Mortgage interest on the fixed-rate and adjustable rate房屋保險/地稅/貸款利息

Property operation/management物業運營/管理

The essential terms relative to this topic
本專題涉及的部份專有名詞

Metropolis, or Rural大都會/郊區

Urban Planning Zone城市規劃分區

Neighborhood and Community鄰里和社區

racial, income, demographic flow, crime人口分析/種族/收入/犯罪率/遷入遷出
Gross population density人口毛密度

utility, infrastructure, public traffic system基礎設施/公共交通系統
street system/ network道路系統/道路網
street hierarchy/ 道路分級
civic and business networks市民和商業網點
Public space公共空間

Downtown下城區

Midtown中城區

Uptown上城區

Suburb市郊

Zoning分區

Marginal area邊緣區域

community, Sub-community社區

transition過渡區域
Smart Growth精明增長

Topographic contours地形圖

Architecture orientation建築朝向

Site analysis場地分析

Existing natural features自然景觀

Lot area基地面積

Gross floor area總建築面積

Building footprint建築面積

Usable Floor Area(Net internal area)可用面積

Gross internal area內部總面積

Volume rate容積率

Density or Floor Area Ratio(FAR)建築面積密度

Building coverage ratio建築密度

Building Coefficient建築係數

Site utilization factors場地利用係數

Architecture site layout建築佈局

Green ratio綠地率

Regional Demography Analysis區域人口分佈統計分析

Neighborhood Context鄰里社區

Man-made features人造物

Sensory環境感官（視野，噪音）

Utility公共事業（公共水電氣網絡設備）

Land cost/sales price土地價格/交易價格

Asset price for land and improvement土地資產價格/建築物資產價格

Geometrical analysis, water table, pollution, weather facts, solar rate, precipitation, wind condition, humidity地理環境分析/地下水線/污染/氣象/光照條件/降水/風象/濕度

site condition, vegetation, landscape場地條件/植被/景觀
Orientaton建築朝向
water drainage system/plumbing/sewers排水系統
Electrical systems強弱電系統
Facilities建築設備
Finishing建築內飾

Architecture Style建築風格

Typology and Hierarchy類型與層級

Detached Single Family House獨立式獨戶住宅

Mid-rise, and high-rise Apt多層及高層公寓

Housing types建築類型

form and program, style, built year建築形式/策劃，風格/建造年份

Home inspection/conditions房屋檢查/房屋狀態

Depreciation房屋折舊
Energy efficiency ratio(EER)建築能耗效率
Capitalization rate資本化率
Environmental Impact Report(EIR)環境評估報告
Highest and best use最有效使用原則
Tax rate稅率
Capital gain資本收益
Adjusted Gross Income(AGI)調整后總收入
Net Operating Income(NOI)凈營業收益
Effective gross income(EGI)有效總收益
Operating expense運行開支
Recapture rate資本返還率
Rental ratio租售比
Amortization Loan分期還款

Architecture energy consumption simulation建築能耗模擬建模
BIM建築信息建模
MLS美國房地產房源共享系統
GIS地理信息系統
Information systems信息系統
LEED Certificate美國綠色建築委員會認證
Market consultants市場顧問
Economic consultants經紀顧問
Land use attorneys土地使用律師
Environmental consultant環境顧問
Architecture programming建築策劃
Schematic design方案設計
Design development擴充設計
Construction Document施工圖/合同
Bidding or Negotiation投標
Administration of the Construction Contract工程管理
Sales brokers銷售經紀
Appraising估價
Property management房產管理
Landuse Regulations土地使用法

Notes

(1) Madurika H and Hemakumara G. (2015) Gis Based Analysis For Suitability Location Finding In The Residential Development Areas Of Greater Matara Region. International Journal of Scientific & Technology Research 4: 96-105.

(2) Saaty, Thomas L. (June 2008). "Relative Measurement and its Generalization in Decision Making: Why Pairwise Comparisons are Central in Mathematics for the Measurement of Intangible Factors – The Analytic Hierarchy/Network Process" (PDF). Review of the Royal Academy of Exact, Physical and Natural Sciences, Series A: Mathematics (RACSAM). 102 (2): 251–318. doi:10.1007/bf03191825. Retrieved 2008-12-22.

(3)Autodesk Sustainability Workshop https://sustainabilityworkshop.autodesk.com/building-design/concepts

(4)Life Cycle Cost Analysis, Wold Building Design Guide, by the National Institute of Building Science, https://www.wbdg.org/resources/life-cycle-cost-analysis-lcca

(5)AIA Guide to Building Life Cycle Assessment in Practicehttps://www.brikbase.org/sites/default/files/aiab082942.pdf
(6)Yasser Osman Moharam Mahgoub, Architectural Professional Practice-Programming,   https://www.slideshare.net/ymahgoub/architectural-professional-practice-programming?qid=7f2288bf-1b75-49d6-a5dc-406e04541428&v=&b=&from_search=1

(7)Richard Peiser and David Hamilton, Professional Real Estate Development: The ULI Guide to the Business, 3rd Edition. see Chapter 3
(8)Ventolo, William L., and Martha R. Williams. Fundamentals of Real Estate Appraisal. La Crosse, WI: DF Institute, Inc, D/b/a Dearborn Real Estate Education, 2015. see Chapter of Capitalization Approach
(9)According to WBDG, architectural programming contains the following six steps:
1. Research the project type, 2. Establish goals and objectives, 3. Gather relevant information, 4. Identify strategies, 5. Determine quantitative requirements, 6. Summarize the program. According to Architectural Programming and Predesign Manager by Robert G. Hershberger, there are three main methods for the decision making and evaluation 1, Investigation &Research, 2, Qualitative Judgment, 3, Quantitative Judgment


Some important departments, associations, and institutes for this topic:
本專題涉及的部份重要部門及協會

Urban Land Institute城市土地學會
National Institute of Building Sciences(NIBS)美國建築科學研究院
Commercial Real Estate Development Associations(NAIOP)美國商業地產開發協會
U.S. Department of Housing and Urban Development(HUD)美國住房和城市發展部
Building Owners and Managers Association International(BOMA)國際建築業主與管理者協會
American Institute of Certified Planners美國註冊規劃師協會
U.S. Green Building Council(USGBC)美國綠色建築委員會
American Institute of Architects(AIA)美國建築師協會
National Association of Home Builders(NAHB)全國房屋建築商協會
California Bureau of Real Estate(CalBRE)加州房地產局
International Property Measurement Standards(IPMS)國際房地產測量標準聯盟
California Bureau of Real Estate Appraisers(MBREA)加州估價師局
National Association of Realtors(NAR)美國房地產經濟協會
California Association of Realtors(CAR)加州房地產經紀協會
R.S. Means美國工程造價數據庫
U.S. Department of Energy美國能源部
EPA美國環保署

Some essential external links to property/site analyzing and finance calculator platform

Energy consumption for residence, PG&Ehttps://www.pge.com/

Water and Sewer Service San Franciscohttp://www.sfwater.org/index.aspx

Google Sunroof, San Francisco solar energy calculation platform, https://www.google.com/get/sunroof#p=0

Google Earth, applied on site analysishttps://www.google.com/earth/desktop/

Environment condition, which includes toxic waste and air pollutionwww.scorecard.org, water pollutionwww.swrcb.ca.gov

demographic, city-data.comhttp://www.city-data.com/

urban/architecturehttps://www.lvblcity.com/blog/2017/10/free-digital-tools-for-urban-planners

mortgage interest calculatorhttps://www.mortgagecalculator.org/

individual tax ratehttp://www.moneychimp.com/features/tax_calculator.htm

financialmentor.comhttps://financialmentor.com/calculator/real-estate-calculator
single-family house construction cost calculator estimate tool (building cost net)http://legacy.building-cost.net/

San Francisco Zoning Map http://sf-planning.org/zoning-maps

Some essential external links to professions and legal institutes

AIA DC, American Institute of Architects, hire an architecthttps://www.aiadc.com/page/why-hire-architect

LEED, USGBC, United States Green Building Councilhttps://new.usgbc.org/leedrealtor.com

IRShttps://www.irs.gov/forms-pubs/about-publication-527

DPZhttps://www.dpz.com/
OpticosDesign https://opticosdesign.com/,
DPZ http://www.smartcodecentral.org/#intro
Form-based codes Institute http://formbasedcodes.org/
Congress for the New Urbanism https://www.cnu.org/

The Center for Applied Transect Studies https://transect.org/index.html


Further online source and online documents

Greening Apartment Buildings - San Francisco Bay Area Planning and Urban Research Association(SPUR)
https://www.spur.org/sites/default/files/publications_pdfs/SPUR_Greening_Apartment_Buildings.pdf
Multifamily Design Guidelines - City of Fremont, Ca
https://fremont.gov/DocumentCenter/View/18609/Multifamily-Design-Guidelines-Amended-March-2018?bidId=
Form-Based Codes: A Step-by-Step Guide for Communities
https://formbasedcodes.org/content/uploads/2013/11/CMAP-GuideforCommunities.pdf
South Hayward BART/Mission Boulevard Form-Based Code, City of Hayward, Ca
http://www.cityofhayward-ca.gov/CITY-GOVERNMENT/BOARDS-COMMISSIONS- COMMITTEES/PLANNING-COMMISSION/pc/2012/pca041212-P02.pdf
Central Petaluma Specific Plan, City of Petaluma, Ca
http://cityofpetaluma.net/cdd/pdf/cpsp/CentralPetalumaSpecificPlan.pdf
Louisiana Speaks: Pattern Book, Urban Design Associates
https://static1.squarespace.com/static/536d55f1e4b07afeea8cef61/t/552e8dbbe4b0498e9c4b36c7/1429114299306/LA_Speaks_Pattern_Book_final.pdf
San Francisco Residential Design Guidelines, San Francisco Planning Department http://sf-planning.org/sites/default/files/FileCenter/Documents/5356-resdesfinal.pdf
Building Life Cycle Assessment, AIA, http://aiad8.prod.acquia-sites.com/sites/default/files/2016-04/Building-Life-Cycle-Assessment-Guide.pdf
Single Family Residential Design Review Handbook, City of Saratoga, CA, 2014 http://www.saratoga.ca.us/DocumentCenter/View/88/Residential-Design-Review-Handbook-PDF?bidId=
Alan F Macdonald, What Does Property Type Mean? - Real Estate Definition, http://www.gimme-shelter.com/property-type-50046/


All images and works © 2015-2019 by Anqi Yang. All rights reserved. No part of this website may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the author. 所有圖像和作品©2015-2020作者：Anqi Yang。 版權所有。 未經作者事先書面許可，不得以任何形式或方式（電子，機械，影印，錄製或其他方式）複製或傳播本網站的任何部分。