Il libro nasce da una ricerca finalizzata alla redazione dei Criteri per la formazione e localizzazione dei Piani Urbanistici Esecutivi,ovvero una delle parti di cui è costituito il DRAG, Documento Regionale di Assetto Generale, uno dei principali documenti di indirizzi di assetto della Regione Puglia. La ricerca, realizzata da un gruppo interdisciplinare, ha avuto come principale obiettivo quello di declinare il concetto di sostenibilità nella sua più ampia estensione e nella sua concreta applicazione. In altre parole ha avuto come obiettivo approfondire il significato di sostenibilità nella trasformazione urbanistica di tradurlo in regole concrete e applicabili. Questo libro, quindi, ripercorre i contenuti del documento e ne costituisce - per così dire - uno specchio critico: rispetto alle “istruzione tecniche” contenute nei Criteri, ne sottolinea alcuni passaggi, ne amplia i significati, ne approfondisce i contenuti critici e metodologici, esplicitando i punti di vista e evidenziando i nodi spesso irrisolti, rapportando infine questa esperienza di ricerca alle questioni emergenti nel dibattito disciplinare. Non è secondario, nell'attività di ricerca, l’aver perseguito come obiettivo la diffusione di buone pratiche di progettazione urbana, interrogandosi su come i risultati della ricerca e della sperimentazione disciplinare più avanzata possano essere trasferiti nelle pratiche correnti, a partire da condizioni di contesto oggettivamente molto distanti dagli obiettivi posti. In altri termini, l’approccio è quello di una disciplina che evita di compiacersi dei risultati delle proprie esperienze migliori e applicabili nei contesti ad esse più sensibili, ma che riflette sulle pratiche correnti e su come introdurre elementi di innovazione al loro interno da partire dalle sperimentazioni stesse.

The current economic crisis is creating serious global effects on the real economy, especially in terms of solvency and economic stability of many companies, forced to interrupt their activities and to initiate bankruptcy proceedings. In this case, the assessment of the value of the industrial machinery that can be reused is a problem that often arises. In the literature different approaches to estimate plant and industrial machinery are illustrated. Each method includes several specification and, in practice, only in exceptional cases, there are consistent data for comparison. The major problem consists in the identification and the valuation of the level of depreciation which intervenes in the definition of the value of used industrial machinery. In the present work an algorithm to determine in a rational manner the depreciation of used industrial machinery has developed. The procedure has its theoretical basis in the analysis of formal deductions of the value of new machinery. The model defined in this research considers the factors that contribute to decrease the original value of the machinery. Empirical formulas have been developed to estimate the market value of used industrial machinery on the basis of quantitative and qualitative analysis of depreciation functions. The interpretation and schematization of the results have led to the definition of value-time curves for the three main depreciation factors (age, income decay, obsolescence). The result is a flexible model for the evaluation of different types of machinery and a simply procedure, with a reduced number of variables to be taken into consideration. The paper must be attributed in equal parts to the three authors

Although in many European countries the enhancement of public properties constitutes a theme of primary importance in the current economic situation, almost never Public Administrations have appropriate skills to rationally evaluate the best modality of valorization. This paper develops and test an evaluation model to support decisions of Public Administrations involved in the identification of the best modality of enhancement (concession and lease or sale) of public properties in disuse and/or underutilized. The model can be applied to any type of public property, but this research is focused on religious cultural buildings in disuse, common in Italy both in big cities and in smaller towns. The assumption underlying the model is that, since the properties considered are complex buildings, generally characterized by large dimensions, the form of bilateral monopoly market is always verified. The application of the model to three concrete cases, concerning religious buildings in disuse located in different areas of Southern Italy, shows that the model is a tool of simple use, exportable in any territorial context. The paper must be attributed in equal parts to the authors

The sale and lease real estate markets have cyclical developments which are often dissimilar in the short term and then take coincident trends in longer horizons. The imbalance in the relationship between prices and income is normally used by economists to determine any "housing bubbles". However, the structural limitations require caution in the use of the ratio between prices and rents as an indicator of an over - or under - evaluation in the real estate market. The present work has investigated the relationships between selling and rental prices in the Italian housing market, trying to define the actual cause-effect relationships in quantitative terms too. It was used a multivariate autoregressive (VAR) model to interpret the mutual influences between the two sectors and the macroeconomic fundamentals . The results show that housing prices can influence rents, but not the opposite. The Italian housing demand, even the one for investment , does not consider rent as a proxy for the corresponding dividend

The involvement of the private investor in urban regeneration projects makes the verification of the financial feasibility of the initiative inevitable. Thus, the applicability of Break Even Analysis (BEA) is tested in this study. BEA is a financial analysis technique that allows to study the impact that technical, economic and organizational decisions may have on the financial feasibility of the project. The main methodological and operational aspects of BEA are discussed, with the application of an urban regeneration of a former brownfield site located in a city of Southern Italy being developed. The success of the experiment confirms the possibility to use BEA for the financial analysis of projects, especially in the early design stages

With reference to operations of urban regeneration to be realized with the involvement of private investors, in this work a model of Operative Research is developed that allows to define, subject to the constraint of financial feasibility for the private operator, the maximum share of social housing to be borne by the private sector, the administered price of sale and/or lease of social housing and the exchange factor of the area to redevelop. The model is applied to a project of urban regeneration and social housing recently realized in an Italian Region. The research highlights the utility of the model as a tool for decision support in the planning of social housing

Estimative analysis of the property market aims to identify the parameters, economic variables and mechanisms at the basis of negotiations that take place in the market. The aims are explanatory and predictive. In this work, a multiple regression analysis is carried out to evaluate a segment of the bare ownership market of residential properties in a district of an Italian city. In particular, using regression, the explanatory variables in the price of the bare ownership are selected among those initially identified with the empirical observation of this phenomenon, the hedonic prices and weights of the explanatory variables are estimated, the estimation function of the bare ownership price is specified as well as the average depreciation rate determined by the usufruct. The discrepancy between the depreciation rates estimated with the regression and those set out by the law for tax purposes, but applied when estimating the bare ownership value, leads to distrusting the practical use of the latter in matters other than tax purposes

The estimated market value of a building site can be determined from several practical reasons. Amongst the various cases, it may be required to determine the market value of the building site aggregated into homogeneous areas, as occurs in the estimates carried out for tax purposes, in the assessments related to the construction of public facilities or infrastructure and urban regeneration interventions related to whole degraded environments. The process outlined in this paper is instrumental to these goals. The method uses an indirect approach to estimate, based on a combination of planning parameters and characteristics of the area that contribute to the formation of market values of building sites. It does not provide a point estimate, relative to assets specifically identified, but produces average market values of the building sites to separate homogeneous areas, for intended use and for building ratio.

The sale and lease real estate markets have cyclical developments which are often dissimilar in the short term and then take coincident trends in longer horizons. The imbalance in the relationship between prices and income is normally used by economists to determine any "housing bubbles". However, the structural limitations require caution in the use of the ratio between prices and rents as an indicator of an over - or under - evaluation in the real estate market. The present work has investigated the relationships between selling and rental prices in the Italian housing market, trying to define the actual cause-effect relationships in quantitative terms too. It was used a multivariate autoregressive (VAR) model to interpret the mutual influences between the two sectors and the macroeconomic fundamentals . The results show that housing prices can influence rents, but not the opposite. The Italian housing demand, even the one for investment , does not consider rent as a proxy for the corresponding dividend.

Tra le imposte locali l’Imposta Municipale Unica (IMU), già ICI, è quella che garantisce il gettito maggiore ai Comuni. Nel caso delle aree fabbricabili la base imponibile dell’IMU è costituita dal valore venale al 1° gennaio dell’anno di imposizione. Col D.Lgs 446/1997 è stata concessa ai Comuni la potestà di stabilire, periodicamente e per zone omogenee, i valori venali in comune commercio delle aree fabbricabili. I procedimenti di stima delle aree fabbricabili messi a punto dai comuni però, in molti casi, portano a valori di scarsa o alcuna coerenza col valore venale, con ovvi effetti sull’equità dell’applicazione dell’imposta. Al fine di sistematizzare la materia, nel presente lavoro sono stati raccolti, per un gruppo di Comuni, i regolamenti per il calcolo della base imponibile IMU e le annesse relazioni di stima del valore di mercato delle aree fabbricabili. Dei procedimenti di stima che risultano dai materiali reperiti, è stata verificata la coerenza coi principi dell’Estimo e con la normativa sulla determinazione del valore venale delle aree fabbricabili ai fini dell’IMU, e di alcuni procedimenti sono stati delineati i limiti. E’ stato poi definito un procedimento di stima del valore delle aree fabbricabili formalmente coerente con la vigente normativa e con la metodologia estimativa. Il procedimento, di tipo indiretto, si basa sul valore di trasformazione. Non fornisce una stima puntuale, relativa a beni specificamente individuati, ma, come è prescritto dal D.lgs n.504/92, produce valori medi di mercato delle aree edificabili distinti per zone territoriali omogenee, per destinazione d’uso e per indici di edificabilità.

In the real estate sector the regression analysis is the most used method for interpretative and predictive purposes. However, the presence of outliers in the estimative sample can lead to ordinary last squared regression models that do not represent the investigated market phenomenon, with the consequence of producing unreliable assessments. In the present research the issue of the identification and the removal of outliers is discussed. The outliers identified by the least median of squares regression (LMS) and the minimum volume ellipsoid estimator (MVE) are compared in order to test the coincidence or the diversity. A complete diagnosis of the data of the initial estimative sample is carried out, combining the robust residuals obtained with LMS and the robust distances obtained with MVE. The data are classified into regular observations, vertical outliers, good leverage points and bad leverage points, and cases to delete and those to keep in the sample are identified.

The presence of even a single outlier in a sample estimate can have strong repercussions on the regression models obtained with the method of least squares, nullifying its reliability. This is a condition to avoid in real estate appraisal where regression is used with predictive and explanatory purposes, and therefore it is essential that the regression model best represents the phenomenon investigated. In this study the outliers detection was carried out with a robust regression that uses the method of least median of squared residuals (LMS). With the aid of a special software, the calculations were performed on a sample of houses recently sold in a district of the city of Bari (Italy). The experiment revealed that the regression model, which was initially to be rejected, showed instead excellent performance once all the outliers identified with the LMS were removed from the sample

In estimating the market value of a property by income approach, the determination of the capitalization rate is ordinarily conducted through analogical process. The procedure is based on the identification of price-earnings ratio of similar investments. The analogy refers to the risk and the duration of the investment. However, in all cases there still remains a rate of uncertainty that significantly affects the final estimation of the property. This paper proposes a methodology which removes any uncertainty when evaluating the cap-rate. The aim is achieved through the combination of the formal logic of the Ellwood’s model and the Real Options Analysis. The algorithm developed has been applied to a sample relative to 57 Italian cities, considering annual prices from 1967 to 2012. The results highlight the validity of the model and the easiness of use

In estimating the market value of a property by income approach, the determination of the capitalization rate is ordinarily conducted through analogical process. The procedure is based on the identification of price-earnings ratio of similar investments. The analogy refers to the risk and the duration of the investment. However, in all cases there still remains a rate of uncertainty that significantly affects the final estimation of the property. This paper proposes a methodology which removes any uncertainty when evaluating the cap-rate. The aim is achieved through the combination of the formal logic of the Ellwood’s model and the Real Options Analysis. The algorithm developed has been applied to a sample relative to 57 Italian cities, considering annual prices from 1967 to 2012. The results highlight the validity of the model and the easiness of use.

This paper proposes an estimation model of in use industrial machinery. The model is based on the cost approach (depreciated replacement cost). The model starts from the classification of the factors that contribute with different way to decrease the original value of the machinery. Value-time functions were constructed for the three main depreciation factors: age, income decay, obsolescence. Empirical formulas have been developed to estimate the market value of in use industrial machinery on the basis of quantitative and qualitative analysis of depreciation functions. The application of this procedure requires the preliminary typological classification of the machinery, the value of new machinery and the probable duration under new conditions.

The high variability of market prices and the uncertainty that, even in restrained timeframes, is characterizing the general economic situation, have led real estate operators to a prudent attitude, who tend to postpone or at least stagger the start of the initiatives on hold of more stable conditions. In this context, it is appropriate to use evaluation tools enable to enhance the investment capacity to be adapted to possible changes of the conditions initially hypothesized. In the present research Real Options Analysis (ROA) is applied to the evaluation of an investment in urban redevelopment of a former industrial complex. The result obtained shows the efficacy of the instrument.

In decision-making processes related to urban redevelopment, the clarity and the transparency play a primary role. In these contexts, the multi-criteria techniques, despite having a wide application, are not always adequate to represent and to quantify the quality effects of the urban initiatives, as well as to compare the alternatives for choosing the best solution, phases in which the logical rules followed by the decision-maker are not usually explicited. In the present work, with reference to a multi-criteria model recently developed for the municipality of Rome (Italy) to streamline and make more transparent the definition of urban regeneration projects, a solution to these issues is proposed, through the use of a fuzzy logic system. Using linguistic variables and expressions of ordinary language, logical rules followed by the decision-maker in performing the evaluations have been formalized. The result is a decision-making process clear and easy to understand, with positive effects on the legitimacy of the decisions of the Public Administration

The redevelopment of brownfield sites requires the involvement of the skills and resources of the private operator for the technical risks associated with the transformation and the high financial commitments. In the current scarcity of public resources, among the most widely used schemes there is one that provides development rights of equivalent value to locate on the areas to recover in order to compensate the amounts incurred by the private investor. The model developed and tested in this paper deals with this theme. It produces a wide range of possible urban parameters to attribute to the regenerated areas, upon which it is possible to develop the negotiation between the public and private sectors in order to define the solution to be implemented. The experimental results of the model highlight the usefulness of activating regeneration initiatives, and in particular of contaminated sites.

The paper explains the research address that constitutes the horizon of the Project of Strengthening Technological Research MITO (Multimedia Information for Territorial Objects). MITO highlights the concept of co-evolution of spatial data infrastructure (SDI), with the disciplinary innovation. It represents an interesting case of implementation of the European Directives INSPIRE, aiming at reconciling the information-flows with the interdisciplinary nature of the territorial sciences, in a broader conception (environment, architecture and settlements, real estate, land). The SDI Network (funded with € 10,000,000 per eight laboratories) represents this attempt. Downstream of the description of the aims and content of general research, this paper illustrates, in a wider detail, the addresses, the synergies and the research activities of "monitoring labs" dedicated to the evaluation of the environment, the land use and the real estate in the MITO-Lab DICAR in the Polytechnic of Bari.

Over the last decade, social, economic and fiscal factors have produced structural modifications of the Italian real estate market, that currently appears as a complex system characterized by continuous transformation. In this context, the use of tools for the forecast of real estate values has become essential for sector operators (buyers, sellers, institutions, insurance companies, banks, etc.). Analysing a sample of residential properties recently sold within the real estate market of Bari, the aim of this paper is to test the artificial neural networks for the construction of evaluation models

More and more territorial policies put the attention on the reuse of existing buildings, in order to preserve the land from further consumption of soil. The attention is oriented to objects as diverse as regards as age, use, allocation and the possibility of transformation and conservation. Brownfield sites, historical centers, social housing built in the second half of the last century, public goods subject to alienation, are the focus and the core of development hypoteses. The feasibility of the exploitation of the bult environment is not a foregone conclusion. Social benefits (in the name of which we work) and indents economic-financial public and private entities are characterized by a complex definition. This complexity has increased the focus on traditional economic valuation methodologies and, at the same time, has spurred new thinking for innovation in the field of real estate appraisal and evaluation of projects in more uncertain contexts of the past. In this regard The paper presents a case on the heritage of city centers and to its enhancement.

With reference to the process of valorization of public properties in progress in many European countries, this paper develops an evaluation model to support decisions of Public Administrations involved in the identification of the best modality of enhancement (concession and lease or sale) of public properties in disuse and/or underutilized. Although the model can be applied to any type of public property, the research is focused on religious cultural buildings, that are common both in big cities and in smaller towns. The assumption underlying the model is that, since the properties considered are complex buildings, generally characterized by large dimensions, the form of bilateral monopoly market is always verified. The result is a model of simple use, exportable in any territorial context. The paper must be attributed in equal parts to the authors

The high variability of market prices and the uncertainty that, even in restrained timeframes, is characterizing the general economic situation, have led real estate operators to a prudent attitude, who tend to postpone or at least stagger the start of the initiatives on hold of more stable conditions. In this context it is appropriate to use evaluation tools enable to enhance the investment capacity to be adapted to possible changes of the conditions initially hypothesized. In the present research Real Options Analysis (ROA) is applied to the evaluation of an investment in urban redevelopment of a former industrial complex. The result obtained shows the efficacy of the instrument. Assuming that the entrepreneur considers affordable the implementation of the initiative if the outcome of the discounted cash flow analysis is at least equal to a threshold value calculated as a percentage of revenues, the application of ROA returns an extended NPV that meets this constraint, whereas the use of traditional NPV suggest to abandon the project idea. The binomial approach used also allows to accurately monitor the project's development, correlating it to the evolution of the market. The work must be attributed in equal parts to the authors

In the current downturn of European real estate market, the sale of the bare ownership is creating a growing interest of market operators. The attention to this formula is not only local, but also comes from foreign investors, attracted by the substantial saving on the purchase price, the revaluation of the property over time, as well as the breakdown of the tax burden and the costs of management and maintenance. The aim of this research is, first of all, to deepen the knowledge of the bare ownership market of residential properties. Secondly, it is to develop an effective tool for estimating the bare ownership. Therefore, on the same database and with reference to the same explanatory variables of the price of bare ownership, two estimation models are implemented, one based on hedonic prices theory and another using artificial neural networks (ANN), in order to compare the respective performance.