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Mittlerweile sind Werkzeuge, Methoden und Wissen zur Quantifizierung und Qualifizierung vonUmweltbelastungen in der Immobilienwirtschaft vorhanden. Betreuer: Dipl. Martin Roth Weitergabe gesperrt: nein Datum: Background: Actual real estate appraisal does not take into consideration sustainability.

Therefore, it isnot possible to distinguish between sustainable and conventional buildings. In the light of limited ressources, global ecological problems and the slow implementation of energyefficient and sustainable buildings this is a deficiency. Companies and investors who use efficientlyeconomic, ecological and socio-cultural ressources create sustainable values.

At present the construction and building sector disposes of methods and knowledge for quantification andqualification of environmental pollution. Therefore, sustainability of buildings can be evaluated andcompared. It is important not to introduce additional terms but to complement the income approach bydimensions of sustainable aspects. Hypothesis: In the future sustainable principles have to be integrated into procedures of real estateappraisal to be able to show the increase in value respectively the difference of value compared toconventional properties in monetary terms and make them comprehensible for decision makers driven bymonetary considerations.

This is the only way to allow communication of characteristics and indexes ofsustainable buildings in the language and the logic of management. Method: It has been developed a definition for sustainability and sustainable building characteristics bymeans of selected technical literature and research of conceived examples. The most importantcertification systems for sustainable buildings are analysed and described. On this basis indicators forsustainability are developed that can influence the value of a building.

A step-by-step implementation ofthe indicators and the comparison with conventional not sustainable reference buildings by means of theincome approach. Thesis: The present work presents a possibility for implementation of sustainable building characteristicsinto the real estate gross rental approach. Due to the gradually implementation of sustainablebuilding characteristics and the clear arrangement, the application of this method is quite simple.

Supervisor: Dipl. Das Bauwesen verbraucht ca. Material und Lebenszykluskosten5. Transport Verkehr 6. Auswirkungen auf die lokale und globale Umwelt Betafaktoren sind einer der prominentesten Faktoren in der Finanzwirtschaft.

Das objektspezifische Risiko wird meist alsBetafaktor bezeichnet. Diesen wird derselbe Wert beigemessen. Um eine hohe Effizienz im Sinne von- 6 -. Die Implementierung in die Immobilienbewertung erfolgt schrittweise, da das Marktumfeld derzeitNachhaltigkeit je nach Betrachtungsweise unterschiedlich wahrnimmt.

Diese werden nach dem in Schritt Eins erarbeiteten System in dasErtragswertverfahren integriert. Due to theireconomic oriented position investors and letting agents want to see the effects of their investments onsustainable building caracteristics. Until present the methods of monetary representation of theseaspects in retail appraisal are not satisfactory. Originally the concept of sustainability has been developed in the field of forestry.

Its principle is onlyto cut down as many trees as can grow again or can be planted each year. In other words one shouldnot spend more ressources than can grow again. If the author uses the term sustainability he refers to three principles of sustainability - ecological,economical and social sustainability. Careful use of ressources and consideration of long-termdevelopments are the basis for sustainability. The construction and property sector is the largest consumer of final energy, with approx.

Thisincludes expenditures for primary energy used for construction of buildings as well as energygenerated for operation and use of the building approx. Therefore,buildings constructed approx. On a worldwide scale the building sector consumesapprox. The need of surfaces for housing and traffic is increasing althoughpopulation is stagnating.

After years of ongoing growth people seem to realize that ressources are not inexhaustible. Pollutionon our planet has become a serious problem. Oil-production has reached its peak which means thebeginning of the end of the fossil fuel era. Consequences for the development of prices areforeseeable.

At the same time the greenhouse effect caused by a very high level of CO 2 emissions intothe atmosphere is increasing. Costs of the damages for all countries are increasing and social peaceis threatened. The question in this context is how to internalize the external costs, how to relate thedamage to the responsible.

Such a development was foreseeable. Therefore, within the two last decades an effort has been madeto develop certain building concepts: Future buildings shall cover their demand of energy and waterthemselves and they shall be CO 2 neutral. This has been partly or entirely achieved. In this context theholistic aspect of sustainability plays a particular role as it is not sustainable only to focus on energyconsumption and its minimization. In the meantime many countries have similar certification systems.

Its label can be designated label of the secondgeneration. The core issue of the system is the integration of three principles of sustainability —ecology, economy and socio-cultural qualities - considered as equally important. In addition, technicalqualities and process quality of a building are evaluated.

Sustainable buildings depend on their use are characterized by a holistic view of and a balancedrelation between the three principles. Sustainable caracteristics are not only valid for new or oldbuildings, it is always possible to realize them. The present work shows which sustainable buildingcharacteristics — of exogenic and endogenous nature — influence the value of a property. The followingten points are evaluated Investors want to see monetaryeffects of sustainability.

Therefore, this works puts particular focus on the use of economic indexes. Beta factors are one of the most used factors in finances. The traditional financial view takes intoconsideration risks of interest loans on capital. In general it distinguishes between systemic risks — arisk for the entire market - and a non-systemic risk — particular to a company.

The non-systemic riskusually is designated as beta factor. Therefore, it seems logical to consider those factors that candescribe sustainability for interests on capital. As sustainability indicators measure the ability of aproperty to handle insecurity they are at the same time indicators for the specific risk of a property. It is based on a simple and well-structuredconcept of three principle columns ecology, economy and sociocultural qualities , which act likecommunicating vessels. These three columns are valuated equally.

Sustainability is seeking the maximal balance of the columns. This work uses the label of the DGNB as a basis for integration sustainable principles into real estateappraisal. The evaluation of the DGNB-characteristics can be designated sustainability indicators asthey automatically show the level of sustainability for each group of criteria.

To reach a high level ofefficiency in terms of sustainability, it is vital to know the indicators of a property which are the mostpowerful leverage to improve sustainability.

Implementation into retail appraisal is realized step by step as the market actually perceivessustainability in different ways. One of the actual most important risk factors of a building is theconsumption of energy. During a first step, consumption of energy of a sustainable building iscompared to a reference building an average house.

It is then implemented into the gross rentalapproach. Three different considerations are developed and their consistency is examined. Environmental and integral building efficiency represent the next step of evaluation of sustainability. They are considered for thegross rental approach following the system elaborated in step one. Their effects on the monetary value of abuilding cannot be shown clearly.

The SKPI-matrix offers a correction value for these indicators thatinfluence the base rate for interests on capital as beta factors. Both steps of implementation have shown that sustainable building characteristics can be describedusing indicators and that they can be represented in a standardized evaluation procedure. Thedifferences of values compared to reference buildings are significant.

The calculated market valueindicates decision makers driven by monetary considerations immediately the energy efficiency. Thisis also valid for other indicators. The present work shows how to implement sustainable building factors characteristics into the realestate income approach. It also shows which sustainable building characteristics influence the value of a property.

Due to the comparison with reference buildings inthe future questions of profitability during project development as well as strategic guidelines forportfolio and asset management can be formulated. Erweiterte Embed-Einstellungen. Kurzer Link Link Embed. Teilen ab dem Cover. Teilen ab Seite:. Weitere Magazine dieses Users. Magazin: lesen sie mehr - Roger Baumeister. Jetzt Yumpu testen! Hier anmelden und erstes Magazin hochladen!

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prof. dr. Vesna Rijavec (University of Maribor, Faculty of Law)

Mittlerweile sind Werkzeuge, Methoden und Wissen zur Quantifizierung und Qualifizierung vonUmweltbelastungen in der Immobilienwirtschaft vorhanden. Betreuer: Dipl. Martin Roth Weitergabe gesperrt: nein Datum: Background: Actual real estate appraisal does not take into consideration sustainability. Therefore, it isnot possible to distinguish between sustainable and conventional buildings. In the light of limited ressources, global ecological problems and the slow implementation of energyefficient and sustainable buildings this is a deficiency.


Liegenschaftsbewertungsgesetz (LBG) (f. Ísterreich)

No part of this book may be reprinted or reproduced or utilized in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retriveal system, without permission in writing from the publisher. The contents of this publication are the sole responsibility of project coordinator and can in no way be taken to reflect the views of the European Commission. Vesna Rijavec December Quite the contrary: After passing through some serious refurbishment throughout the last 25 years, Austria nowadays disposes over a quite well-functioning enforcement law that at most needs some little beauty treatment here and there. This paper will provide a rough overview of the history and process of reform of Austrian enforcement law, point out some of the relevant ideas of its dogmatic framework, sketch the most important aspects of the procedures for enforcement and for security measures in Austrian Civil Procedure law, and finally give some suggestions for possible improvement. Subsidiarily, the rules of the Austrian Civil Procedure Code Zivilprozessordnung ZPO apply in relation to several parts of the enforcement procedure e.


Kodex Zivilgerichtliches Verfahren 2015 (f. Österreich)



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