Title t.b.d.
John Clapp and Thies Lindenthal
E-mail: htl24@cam.ac.uk
Twitter: @thieslindenthal
## Overview<span class="subtitle"><br />A 5-year old property A is sold in 2010...<br /></span> <img src="imgs/fig1_1.svg" height=500/>
## Backcast<span class="subtitle"><br />Estimate value at year of construction...</span> <img src="imgs/fig1_2.svg" height=500/>
## Residual value<span class="subtitle"><br />Land value at construction: Price - constr. cost</span> <img src="imgs/fig1_3.svg" height=500/>
## Back to 2010<span class="subtitle"><br />Keep L/V ratio constant, account for depreciation of struc.</span> <img src="imgs/fig1_4.svg" height=500/>
## Lower volatility<span class="subtitle"><br />Changes in property value are absorbed by BOTH land & structure.</span> <img src="imgs/fig1_5.svg" height=500/>