| Title |
A Study on the Sale Price Estimation Model for Multistory Apartment Units through Comparison of Factors Influencing the Sale Price |
| Authors |
Woo Kyu-Taek ; Kim Yea-Sang ; Chin Sangyoon |
| Keywords |
selling price estimation model for the multistory apartment unit ; estimation method based on original construction cost ; estimation method based on demand and supply ; estimation method based on comparison of factors influencing selling price |
| Abstract |
Multistory apartment buildings have taken over 90% of housing industry in Korea. This means that the sale price of the apartment unit may have great influence on national economy as well as household economy of buyers. However, since the sale price of the apartment unit is determined before construction in most cases, uncertainty and risk remain during or after construction, which could lead to the project failure especially for construction companies or developers. This is why proper estimation of the sale price of the unit become very important in the early phase of the multistory apartment building construction. In this respect, this study investigated the estimating methods of the sale price such as one based on original construction cost, demand and supply and factors influencing the price. Among these, the last technique was concluded as more proper one under general circumstances and its application model has been developed. In this model, important factors influencing on the selling price are elaborated and the value of each factor in the project considered is evaluated. These values are compared with the values of other finished projects in the same region with similar conditions. Finally from this comparison and the real sale price of the finished projects, estimation is completed. More specific and detailed procedure of application was examined through the case study. |