土地收购

| 2-1月-2014 | 加拿大代写

宇宙中大部分土地收购的平均建筑通过期权合约,购买和支付主要是在期权到期。特别是在可用土地相对稀缺的地区或者授权流程比较长,option-based购买可以很多意义,部分地基于建筑商提供的财务灵活性。这类合同要求建筑商,只有一小部分的总很多成本,他们往往很少(如果有的话)的性能需求。这些合同通常可再生,一般到期在滚动的基础上,并指定行使价格。在房地产低迷,开始于2006年,一直持续到2006年,许多大型房地产土地期权合约终止,从而失去现金存款。他们的假设是,房地产市场的需求不会反弹一段时间,他们将能够以低得多的价格回购土地经济从衰退中复苏。

因为这个决定是否收购土地是最重要的一个决定一个建筑工人,在这努力是相当大的努力。土地收购专家通常侦察搜索最近的新屋销售市场的“可比”的特性。这些类似的属性提供一个详细的基础分析旨在确定房屋销售价格的估计考虑建设。基于一组不少于20个项目,公司对比类似特性的典型的家,它将构建,为单位的估值差异。这些差异,试图近似买家的价值在某些功能(例如,很多线条和设计),总结和网状的销售价格可比家里,为了到达一个假设的销售价格提出的施工单位。

 

Most land acquired by the average builder in our universe is bought through option contracts, and payment is predominantly made at the options expiration. Especially in areas where available land is relatively scarce or where the entitlement process is comparatively long, option-based purchases can make a lot of sense, based partly on the financial flexibility they provide to the homebuilder. Such contracts require builders to pay only a small fraction of the total lot costs up front, and they tend to have few (if any) performance requirements. These kinds of contracts are often renewable, generally expire on a rolling basis, and have a specified exercise price. During the housing downturn that began in 2006 and continued into 2009, many large homebuilders terminated their land option contracts, thereby losing their cash deposits. Their assumption is that demand in the housing market will not rebound for some time and that they will be able to repurchase land at much lower prices as the economy emerges from recession.
Because the decision whether or not to acquire land is the single most important decision a builder makes, considerable effort is made in this endeavor. Land acquisition experts typically scout the market for recent sales of new homes in search of “comparable” properties. These comparable properties provide the basis for a detailed analysis aimed at determining an estimate of the selling price for homes being considered for construction. Based on a list of no fewer than 20 items, the company contrasts the comparable home’s features to the typical home that it would build, assigning dollar values to the units’ differences. These differences, which try to approximate the value that buyers place on certain features (for example, lot lines and design), are summed and netted against the sales price of the comparable home, in order to arrive at a hypothetical sales price for the builder’s proposed units.

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