| Summary: | 碩士 === 國立臺北大學 === 不動產與城鄉環境學系 === 101 === The Cost Approach is one of the three major approaches to value. Although the Sales Comparison Approach is applied in principle in sales transaction frequently market, the Cost Approach is still necessary for value check. Besides, we must rely on the Cost Approach when there is no sale or rental transaction. The accrued depreciation is vital in the process of cost value appraisal. The depreciation, the main factor affecting the value loss of property, involves lots of complicated proceeding. However, due to the difficulty to uncouple the land and building value, the problem that land should not have physical deterioration and functional obsolescence is inevitably ignored and might lead to miscalculation of depreciation.
Using 876 transaction data of improved property, this paper extracts the land value applying appraisal methods; followed by multiple regressions with dependent variable on the value of building. Considering spatial autocorrelation might occur in real estate prices according to past literatures; hence, we use Spatial Autoregression Model to solve this problem. The empirical outcome shows the depreciation path is convex, similar to Fixed-Percentage method and The Sum of Years Digits method. In addition, the depreciation rate for building is higher(2.10%>1.04%) compare to depreciation of improved property. Spatial Error Model(SEM) is better than Ordinary Least Squares Estimator(OLS)。
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