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Prof. Leopoldo Sdino
Politecnico di Milano, Italy

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0 Building Management
0 Environmental Economics
0 Risk Management
0 Social Housing
0 sustainability assessment

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Real estate market
Risk Management
Econometric models

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Journal article
Published: 14 July 2021 in Healthcare
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The need for 24/7 operation, and the increasing requests of high-quality healthcare services contribute to framing healthcare facilities as a complex topic, also due to the changing and challenging environment and huge impact on the community. Due to its complexity, it is difficult to properly estimate the construction cost in a preliminary phase where easy-to-use parameters are often necessary. Therefore, this paper aims to provide an overview of the issue with reference to the Italian context and proposes an estimation framework for analyzing hospital facilities’ construction cost. First, contributions from literature reviews and 14 case studies were analyzed to identify specific cost components. Then, a questionnaire was administered to construction companies and experts in the field to obtain data coming from practical and real cases. The results obtained from all of the contributions are an overview of the construction cost components. Starting from the data collected and analyzed, a preliminary estimation tool is proposed to identify the minimum and maximum variation in the cost when programming the construction of a hospital, starting from the feasibility phase or the early design stage. The framework involves different factors, such as the number of beds, complexity, typology, localization, technology degree and the type of maintenance and management techniques. This study explores the several elements that compose the cost of a hospital facility and highlights future developments including maintenance and management costs during hospital facilities’ lifecycle.

ACS Style

Leopoldo Sdino; Andrea Brambilla; Marta Dell’Ovo; Benedetta Sdino; Stefano Capolongo. Hospital Construction Cost Affecting Their Lifecycle: An Italian Overview. Healthcare 2021, 9, 888 .

AMA Style

Leopoldo Sdino, Andrea Brambilla, Marta Dell’Ovo, Benedetta Sdino, Stefano Capolongo. Hospital Construction Cost Affecting Their Lifecycle: An Italian Overview. Healthcare. 2021; 9 (7):888.

Chicago/Turabian Style

Leopoldo Sdino; Andrea Brambilla; Marta Dell’Ovo; Benedetta Sdino; Stefano Capolongo. 2021. "Hospital Construction Cost Affecting Their Lifecycle: An Italian Overview." Healthcare 9, no. 7: 888.

Journal article
Published: 01 July 2021 in Valori e Valutazioni
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Migratory flows which characterized European cities over the last decade have generated profound changes in the social and economic tissue causing a housing demand with its own characteristics. In Italy, such phenomenon is particularly evident, not only in terms of property demand by foreigner residents, but also as to the turnover produced in terms of volume. Immigration in Genoa manifested itself starting from the second post-war period through a considerable flow of people coming from South of Italy regions looking for an occupation in many state industries and companies in the city or the port. The phenomenon ceased in the ‘70s with the beginning of the deindustrialization and it has been substituted by foreign immigration coming from North Africa and Central America poorest countries. New residents settle in the urban units of Molo, Maddalena and Prè (Historic Centre) abandoned by traditional inhabitants and where the lower prices level makes the buildings more accessible to this specific demand, often characterized by reduced economic capacities. I flussi migratori che caratterizzano le città europee in questi ultimi decenni hanno generato profondi cambiamenti nel tessuto sociale ed economico causando una domanda abitativa con propri caratteri. In Italia, il fenomeno è particolarmente evidente, sia in termini di domanda di immobili da parte di residenti stranieri sia in termini di volumi di affari prodotti. Per la città di Genova il fenomeno dell’immigrazione si manifesta a partire dal secondo dopoguerra con un consistente flusso di soggetti provenienti dalle regioni del sud Italia in cerca di occupazione nelle molte industrie e aziende statali presenti in città e nel porto. Il fenomeno cessa negli anni ‘70 con l’inizio della deindustrializzazione e viene sostituito dall’immigrazione estera dagli stati più poveri del nord Africa e del Centro America. I nuovi residenti si insediano nei sestrieri del Molo, della Maddalena e di Prè (Centro Storico della città) ormai abbandonati dagli abitanti tradizionali e dove il basso livello dei prezzi rende più accessibili gli immobili da parte di questa specifica domanda spesso caratterizzata da ridotte capacità economiche

ACS Style

Paolo Rosasco; Leopoldo Sdino; Benedetta Sdino. Immigration in Genoa: real estate demand survey in the historic centre [Immigrazione a Genova: un’indagine conoscitiva sulla domanda immobiliare nel centro storico]. Valori e Valutazioni 2021, 28, 67 -80.

AMA Style

Paolo Rosasco, Leopoldo Sdino, Benedetta Sdino. Immigration in Genoa: real estate demand survey in the historic centre [Immigrazione a Genova: un’indagine conoscitiva sulla domanda immobiliare nel centro storico]. Valori e Valutazioni. 2021; 28 ():67-80.

Chicago/Turabian Style

Paolo Rosasco; Leopoldo Sdino; Benedetta Sdino. 2021. "Immigration in Genoa: real estate demand survey in the historic centre [Immigrazione a Genova: un’indagine conoscitiva sulla domanda immobiliare nel centro storico]." Valori e Valutazioni 28, no. : 67-80.

Journal article
Published: 15 April 2021 in Sustainability
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Cultural heritage can play a strategic role in developing a sustainable built environment, contributing to the improvement of the economic, social, and environmental productivity of a city. Human activities are constantly affecting the quality of the environment and altering the ecosystems, which produce negative consequences also on human wellbeing. Within this context, it has been much discussed how cities and the built environment can counteract this process by supporting more sustainable development. Adaptive reuse is defined as “a process that changes a disused or ineffective item into a new item that can be used for a different purpose”, which strongly triggers the sustainable development of cities. It can be recognized as a promoter of economic growth, social wellbeing, and environmental preservation, given its capability of both preserving past values and creating new ones. The adaptive reuse matches the main points of the circular economy, seen as the sustainable economy, which is aimed at the reduction of natural resource extraction and environmental impact by extending the useful life of materials and promoting recovery, reuse, and regeneration processes. Given these premises, the current contribution aimed to evaluate alternative scenarios for reuse in Castello Visconteo in Cusago, located in the Lombardy region (Italy), and understanding how adaptive reuse could contribute to generating new values within a circular economy perspective. In detail, four alternative scenarios were proposed to face the new needs born during the COVID-19 pandemic period. Since both intangible and tangible values must be considered, a multicriteria decision analysis (MCDA) has been applied by combining economic and qualitative indicators to define the most suitable function for its adaptive reuse. In detail, the Novel Approach to Imprecise Assessment and Decision Environments (NAIADE) was used to identify the best alternative solution based on the opinions of conflicting stakeholders. The innovativeness of the contribution is given by the combination of different methodologies, the preservation of the memory and the generation of new values, and the consideration of adaptive reuse as a strategy for the achievement of sustainable development within a circular economy perspective.

ACS Style

Marta Dell’Ovo; Federico Dell’Anna; Raffaella Simonelli; Leopoldo Sdino. Enhancing the Cultural Heritage through Adaptive Reuse. A Multicriteria Approach to Evaluate the Castello Visconteo in Cusago (Italy). Sustainability 2021, 13, 4440 .

AMA Style

Marta Dell’Ovo, Federico Dell’Anna, Raffaella Simonelli, Leopoldo Sdino. Enhancing the Cultural Heritage through Adaptive Reuse. A Multicriteria Approach to Evaluate the Castello Visconteo in Cusago (Italy). Sustainability. 2021; 13 (8):4440.

Chicago/Turabian Style

Marta Dell’Ovo; Federico Dell’Anna; Raffaella Simonelli; Leopoldo Sdino. 2021. "Enhancing the Cultural Heritage through Adaptive Reuse. A Multicriteria Approach to Evaluate the Castello Visconteo in Cusago (Italy)." Sustainability 13, no. 8: 4440.

Conference paper
Published: 01 September 2020 in Blockchain Technology and Innovations in Business Processes
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The feasibility of an urban regeneration project is the result of both intrinsic and extrinsic characteristics. What deserves to be analyzed in this context, it is the role of the reclamation costs and the location of the site in influencing the success of the intervention. Given these premises, the convenience and the feasibility of an urban regeneration project seem to be the result of this formula even if there are other factors able to affect the final outcome. Nowadays the estimation of Ecosystem Services (ESs) is becoming a guide for the landscape design even if quantifying their benefits presents limits and criticalities. In this context the research proposed, presents an ecosystem perspective to estimate reclamation costs. The aim of the paper is to understand how to evaluate the compensation given by the provision of ESs in urban regeneration context when reclamation costs are necessary.

ACS Style

Leopoldo Sdino; Paolo Rosasco; Marta Dell’Ovo. Reclamation Cost: An Ecosystem Perspective. Blockchain Technology and Innovations in Business Processes 2020, 1352 -1358.

AMA Style

Leopoldo Sdino, Paolo Rosasco, Marta Dell’Ovo. Reclamation Cost: An Ecosystem Perspective. Blockchain Technology and Innovations in Business Processes. 2020; ():1352-1358.

Chicago/Turabian Style

Leopoldo Sdino; Paolo Rosasco; Marta Dell’Ovo. 2020. "Reclamation Cost: An Ecosystem Perspective." Blockchain Technology and Innovations in Business Processes , no. : 1352-1358.

Chapter
Published: 11 August 2020 in Smart and Sustainable Planning for Cities and Regions
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The forecast of the most probable cost of an intervention in the construction or engineering field developed through a bill of quantities is one of the most critical operations of economic and technical planning [1, 2, 3, 4]. Regarding to public works, the recent legislation (Legislative Decree n. 50/2016) has introduced some changes relating the evaluation of costs; the paragraph 7 of article n. 23—which defines the three levels and contents of the design—establishes that the definitive project, in addition to the complete identification of the work and the elements necessary for the authorizations and approvals, must contain “the definitive quantification of the expenditure limit and the related time schedule, through the use, where existing, of the price lists prepared by the regions and autonomous provinces territorially competent”. The reference to regional prices for the estimate of the economic amount has the objective of establishing fair prices for the various operators (designers, construction companies etc.), at least within a territorial area representative of the economic and technological characteristics of the building sector. In many territorial areas, this entails the transition from provincial prices list to regional prices list, with evident difficulties especially for those areas characterized by specific productive and economic realities. In 2018 the Lombardy Region does not yet have a regional price list and only the provincial price lists (published by the local Chambers of Commerce) or that published by the Municipality of Milan were utilized. Precisely in relation to the new requests introduced by national legislation relating to the use of regional price lists for the estimation of public works, this contribution aims to analyze what are the differences in unitary prices for some of building works and verify the possibility of determining “concordance” indices to be considered in the elaboration of a regional price list able to take into account the different functions of formation of the costs (and therefore of the building works prices) of the workings between different provincial areas.

ACS Style

Paolo Rosasco; Leopoldo Sdino. The Regional Price Lists for Estimating the Costs of Construction. Smart and Sustainable Planning for Cities and Regions 2020, 213 -229.

AMA Style

Paolo Rosasco, Leopoldo Sdino. The Regional Price Lists for Estimating the Costs of Construction. Smart and Sustainable Planning for Cities and Regions. 2020; ():213-229.

Chicago/Turabian Style

Paolo Rosasco; Leopoldo Sdino. 2020. "The Regional Price Lists for Estimating the Costs of Construction." Smart and Sustainable Planning for Cities and Regions , no. : 213-229.

Journal article
Published: 20 June 2020 in Sustainability
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The economic development of a territory is strongly correlated to its level of infrastructure (railway, roads, etc.); the complexity of this type of works requires careful planning and design that cannot be separated from the assessment of the impacts generated on citizenship affected by the new infrastructures. This study deals with the instrument defined by the Liguria Region for the implementation of infrastructures through the instruments called “Programmi Regionali di Intervento Strategico—P.R.I.S.” (Regional Strategic Intervention Programs) established by the Regional Law n. 39/2007. The aim of the P.R.I.S. is to guarantee the social protection of citizens that reside (as owners or tenants) or carry out economic activities in real estate units incompatible with the construction of the infrastructure, according to the main Italian law (Presidential Decree n. 327/2001) about the expropriation of private real estate for the construction of public works. In particular, the construction of a new link of the A7-A10-A12 motorway sections near the city of Genoa (called “Gronda”) is considered. The new infrastructure involves the expropriation of about 100 residential units and the relocation of about 50 production activities; the related P.R.I.S. defines the conditions that allow social cohesion through the recognition of indemnities for the expropriation of the real estate properties and the compensation of other expenses that the residents have to pay for their relocation. The valuation of the indemnities is developed through a multi-parameter model applicable for the estimation of real estate units (residential and productive) at a large-scale (mass appraisal); it is derived from the Market Comparison Approach and considers the most meaningful real estate characteristics. The aim is to develop a mass appraisal estimation model applicable in an easy way on real estate units with different destinations use. The model can be applied for the estimation of ordinary and special indemnities to be recognized for owners and tenants affected by the expropriation of their real estate units for the construction of public projects.

ACS Style

Paolo Rosasco; Leopoldo Sdino. Infrastructures and Sustainability: An Estimation Model for a New Highway Near Genoa. Sustainability 2020, 12, 5051 .

AMA Style

Paolo Rosasco, Leopoldo Sdino. Infrastructures and Sustainability: An Estimation Model for a New Highway Near Genoa. Sustainability. 2020; 12 (12):5051.

Chicago/Turabian Style

Paolo Rosasco; Leopoldo Sdino. 2020. "Infrastructures and Sustainability: An Estimation Model for a New Highway Near Genoa." Sustainability 12, no. 12: 5051.

Chapter
Published: 31 December 2019 in CoDesign for Public-Interest Services
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The conditions why processes of urban regeneration can be developed in modern-day cities have changed enormously over the last decade. Unlike the recent past, where the reuse for urban uses of former industrial areas was only based on maximising the amount of space, after the housing bubble begun in 2008, the profit margins for operators were reduced, and today, they faced to a sharp contraction in demand and a surplus of supply. Consequently, the framework within which we carry out the investment decisions is increasingly complex and is characterised by the opposition of a potential conflict between two forces. On the one hand, the public administration which seeks to take full advantage of the urban transformation processes to improve the quality of live for citizens; on the other, the private entity that has the aim of maximising the profits obtainable from the intervention and to the minimise business risk. Therefore, to ensure the overall feasibility of an intervention, urban viability must correspond to an economic and financial sustainability. The paper analyses the role of the economic evaluation in urban regeneration interventions through the analysis of a case study in the city of Genoa.

ACS Style

Leopoldo Sdino; Paolo Rosasco; Gianpiero Lombardini. The Evaluation of Urban Regeneration Processes. CoDesign for Public-Interest Services 2019, 47 -57.

AMA Style

Leopoldo Sdino, Paolo Rosasco, Gianpiero Lombardini. The Evaluation of Urban Regeneration Processes. CoDesign for Public-Interest Services. 2019; ():47-57.

Chicago/Turabian Style

Leopoldo Sdino; Paolo Rosasco; Gianpiero Lombardini. 2019. "The Evaluation of Urban Regeneration Processes." CoDesign for Public-Interest Services , no. : 47-57.

Journal article
Published: 17 July 2019 in Sustainability
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Urban regeneration has to be based on rigorous methodological frameworks able to find a balance among preservation instances, economic development, urban quality and the well-being of the population. Considering these premises, this research is focused on the definition of the decision-aiding process for the reuse of an abandoned health care facility with several historic buildings. Both public and private interests have been taken into consideration, since they play an important role for the urban regeneration project and for the definition of urban regeneration policies. Given the complexity of this issue, the evaluation process has been structured by combining different methodologies to support the policy cycle: Stakeholder Analysis, to identify the actors engaged (Social sustainability); Nara Grid for the values elicitation of the Built Cultural Heritage (Cultural and environmental sustainability); and the subsequent definition of different sustainable scenarios evaluated by the Discounted Cash Flow Analysis (Economic sustainability). Four alternatives have been assessed with the support of a Multi-Criteria Analysis (MCA) aimed at defining the most balanced one considering heritage significance retention and urban regeneration. This work contributes to the literature on soft OR by exploring interactions among different stakeholders and addresses policy instances by providing a transparent methodology based on value elicitation.

ACS Style

Stefano Capolongo; Leopoldo Sdino; Marta Dell’Ovo; Rossella Moioli; Stefano Della Torre. How to Assess Urban Regeneration Proposals by Considering Conflicting Values. Sustainability 2019, 11, 3877 .

AMA Style

Stefano Capolongo, Leopoldo Sdino, Marta Dell’Ovo, Rossella Moioli, Stefano Della Torre. How to Assess Urban Regeneration Proposals by Considering Conflicting Values. Sustainability. 2019; 11 (14):3877.

Chicago/Turabian Style

Stefano Capolongo; Leopoldo Sdino; Marta Dell’Ovo; Rossella Moioli; Stefano Della Torre. 2019. "How to Assess Urban Regeneration Proposals by Considering Conflicting Values." Sustainability 11, no. 14: 3877.

Conference paper
Published: 07 June 2018 in Smart and Sustainable Planning for Cities and Regions
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Friedrich Schumacher, a pioneer of so-called “sustainable development”, called for an evolution of economic thinking and a departure from laissez-faire’s materialism (Friedrich Schumacher (1911–1977) was a philosopher and an economist who strongly criticized materialism, capitalism and agnosticism. Religions fascinated him, in particular, Buddhism, although also Catholicism had considerably influenced his thoughts. He highlighted the similarities between his economic thinking and the papal encyclicals that have deal with economic issues, such as Pope Leo XIII’s Rerum Novarum and Pope John XXIII’s Mater et Magistra. Keynes himself was fascinated by his theories, enough to recommend him for a position at the University of Oxford). According to these assumptions, a man, in order to achieve self-affirmation, must aim at satisfying his own needs through the fair use of resources. He has to shift the goal from the maximization of consumption and profit, typical of the traditional economy, to the achievement of people’s well-being. This theory shares many similarities with the introduction, in Bhutan, of the Gross National Happiness Index, which integrates the traditional Gross Domestic Product in the assessment of the country. When Bhutan is ranked only in accordance to the Gross Domestic Product, it underachieves; but when the Gross National Happiness Index is used, it reaches the highest positions on a global scale. Several institutional researches proposed other alternative indexes that assess the “well-being” of a nation, such as the UN’s Human Development Index (1990), the New Economic Foundation’s Happy Planet Index (2006) and the more recent Stiglitz-Sen-Fitoussi Report, drawn up in 2009 (AAVV in Human development report 2015—Work for human development, United Nations Development Programme, New York, 2015). Along with this willingness to change, this contribution starts with the acceptance of the inadequacy of the GPD index for the appraisal of “fairness”, in consistency with the famous quote stated by Kennedy in (Speech at Kansas University, 8 May 1968) “Yet the gross national product does not allow for the health of our children, the quality of their education, or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages; the intelligence of our public debate or the integrity of our public officials. It measures neither our wit nor our courage; neither our wisdom nor our learning; neither our compassion nor our devotion to our country; it measures everything, in short, except that which makes life worthwhile”; then it investigates the relationship that occurs between economics and religion, focusing on the content of Pope Francis’s encyclical “Laudato Si”. Finally, it proposes a resemantization of the paradigm of sustainability based on Pope Francis’ thought expressed in his encyclical “Laudato Si” for the valuation of interventions on buildings, infrastructures, cities and territories. This latter aims at reducing the large number of techniques developed by the scientific community to a more structured vision and, mostly, at translating them into a common language, in consistency with the content of the encyclical.

ACS Style

Leopoldo Sdino; Paolo Rosasco; Sara Magoni. True, Fair and Beautiful: Evaluative Paradigms Between the Encyclical Letter Laudato Sì and Keynes. Smart and Sustainable Planning for Cities and Regions 2018, 87 -98.

AMA Style

Leopoldo Sdino, Paolo Rosasco, Sara Magoni. True, Fair and Beautiful: Evaluative Paradigms Between the Encyclical Letter Laudato Sì and Keynes. Smart and Sustainable Planning for Cities and Regions. 2018; ():87-98.

Chicago/Turabian Style

Leopoldo Sdino; Paolo Rosasco; Sara Magoni. 2018. "True, Fair and Beautiful: Evaluative Paradigms Between the Encyclical Letter Laudato Sì and Keynes." Smart and Sustainable Planning for Cities and Regions , no. : 87-98.

Conference paper
Published: 19 May 2018 in Blockchain Technology and Innovations in Business Processes
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This paper presents an application of multicriteria evaluation to select the property characteristics in order to estimate the most probable market value of a large public property portfolio. The methodology proposed, based on the involvement of key actors of the decision process, aim to support the decision process of value judgment in a more flexible way overcoming the difficulty presented by econometric models due to the scarcity of a large sample data; it is referred to a multi-parameter estimated model and tested on a large property portfolio owned by the Bank of Italy. The application has shown that this type of procedures can be a reliable tool to analyse the real estate values and solve estimation problems concerning consistent real estate assets on which analytical methods and regression models are hardly applicable due to the scarcity of data.

ACS Style

Leopoldo Sdino; Paolo Rosasco; Francesca Torrieri; Alessandra Oppio. A Mass Appraisal Model Based on Multi-criteria Evaluation: An Application to the Property Portfolio of the Bank of Italy. Blockchain Technology and Innovations in Business Processes 2018, 507 -516.

AMA Style

Leopoldo Sdino, Paolo Rosasco, Francesca Torrieri, Alessandra Oppio. A Mass Appraisal Model Based on Multi-criteria Evaluation: An Application to the Property Portfolio of the Bank of Italy. Blockchain Technology and Innovations in Business Processes. 2018; ():507-516.

Chicago/Turabian Style

Leopoldo Sdino; Paolo Rosasco; Francesca Torrieri; Alessandra Oppio. 2018. "A Mass Appraisal Model Based on Multi-criteria Evaluation: An Application to the Property Portfolio of the Bank of Italy." Blockchain Technology and Innovations in Business Processes , no. : 507-516.

Conference paper
Published: 26 April 2018 in Smart and Sustainable Planning for Cities and Regions
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During the past decade, new forms of the sharing economy have been developed as an alternative tool for the satisfaction of heterogeneous needs. From both short- and long-distance transportation to the rental of apartments, this expanding economy has created a new private supply of those services that, traditionally, were only provided by professionals. In parallel with its unexpected development, the size of its impact on relatively traditional economic sectors has grown too. This fact has determined the need, an ever more one, for studies on the dynamics of this phenomenon. The short-term housing-rental sector plays a central role within the universe of the sharing economy. In fact, it has spawned a new rental market, parallel to the traditional one, that is characterized by short and very-short-term contracts and by the immediate and easily accessed encounter between demand and supply, made possible through the use of digital platforms. Airbnb plays, without any doubt, a leading role in this phenomenon. Born in the US, it has had an astonishing global expansion in just a few years. In fact, currently, it operates in 191 countries, homogeneously, that is to say, without trying to match the enormous differences between local legislation on tourism and real estate to major procedural and systemic differences. This service was born in 2007, but it is only since 2013 that, in Italy, its presence has become massive; until then, only a few hundred listings were published for the whole nation. Its development has thus been exponential, and as the projections confirm, in all likelihood, in the next decade it will maintain the same rate of growth. By now, it has already been several years that researchers and operators have highlighted the influence of Airbnb in the market of tourist accommodations. What is still poorly detailed, perhaps because of its low visibility and immediacy, is the relationship that this kind of short-term rental contract has with the traditional real estate market. Therefore, the intent of this study is to take the first step towards the comprehension of the impact that the uncontrolled growth of the sharing economy has, specifically, on the Italian real estate market. Logically, the rental submarket is the one that is affected the most by the growth of the sharing economy. In fact, compared to traditional rentals, contracts that are stipulated with Airbnb provide lessors with much higher revenues and much lower restrictions. That is one of the reasons that the Airbnb’s user base has experienced such an enormous expansion. However, this, has also led to the fear that these new dynamics are liable to distort the traditional real estate market.

ACS Style

Leopoldo Sdino; Sara Magoni. The Sharing Economy and Real Estate Market: The Phenomenon of Shared Houses. Smart and Sustainable Planning for Cities and Regions 2018, 241 -251.

AMA Style

Leopoldo Sdino, Sara Magoni. The Sharing Economy and Real Estate Market: The Phenomenon of Shared Houses. Smart and Sustainable Planning for Cities and Regions. 2018; ():241-251.

Chicago/Turabian Style

Leopoldo Sdino; Sara Magoni. 2018. "The Sharing Economy and Real Estate Market: The Phenomenon of Shared Houses." Smart and Sustainable Planning for Cities and Regions , no. : 241-251.

Journal article
Published: 03 January 2018 in International Journal of Financial Studies
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The global economic crisis and deep financialization processes recently suffered by the real estate market have exposed the latter to further and greater risks. Against this, the importance of real estate risk management has noticeably grown within the dynamics of both markets, real estate and finance. Therefore, the aim of this paper is to develop a comprehensive tool for the risk rating that will consider both the systematic and idiosyncratic risks possibly incurred during a real estate operation, in order to deliver their actual magnitude. It will be composed of 33 criteria whose weights are determined through the application of an analytic hierarchic process on a panel of market operators. This tool is primarily addressed to investors since it allows making strategic decisions while being supported by an analytical procedure that also ensures transparency of the conduct for the rating. An application of the presented tool within the decision-making procedure of the re-functionalization of a former barracks in Milan’s city center is then described; this case study will also constitute an opportunity to highlight the strong relationship that occurs between the profitability of an operation and the risk incurred.

ACS Style

Leopoldo Sdino; Paolo Rosasco; Sara Magoni. Real Estate Risk Analysis: The Case of Caserma Garibaldi in Milan. International Journal of Financial Studies 2018, 6, 7 .

AMA Style

Leopoldo Sdino, Paolo Rosasco, Sara Magoni. Real Estate Risk Analysis: The Case of Caserma Garibaldi in Milan. International Journal of Financial Studies. 2018; 6 (1):7.

Chicago/Turabian Style

Leopoldo Sdino; Paolo Rosasco; Sara Magoni. 2018. "Real Estate Risk Analysis: The Case of Caserma Garibaldi in Milan." International Journal of Financial Studies 6, no. 1: 7.

Book chapter
Published: 31 December 2016 in Smart and Sustainable Planning for Cities and Regions
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Over the past few years, mass appraisals have been the center of attention within the national and international real-estate valuation context. The reason for this growing interest is mainly due to the increasing relevance of real estate within the global economy and the need for assessment tools that can support asset management and enhancement strategies at a decision-making level. Many owners have expressed a need for such valuation tools: lending institutions, real estate funds, insurance companies, and managers of public assets (municipalities, etc.). Because of those new valuation needs and the difficulty involved in applying existing models, a new appraisal model is proposed here; a pluri-parametric one that would allow rapid assessment of a large real-estate portfolio in various real-estate market segments. The model was tested on three large real-estate portfolios: TQP property assets (Pension benefits of the staff of Bank of Italy): the Bank of Italy’s district in L’Aquila (Italy); and a portion of Piedmont’s ASL/ASO’s assets.

ACS Style

Leopoldo Sdino; Ferruccio Zorzi; Paolo Rosasco; Sara Magoni. The Mass Appraisal Tool: Application of a Pluri-Parametric Model for the Appraisal of Real Properties. Smart and Sustainable Planning for Cities and Regions 2016, 39 -52.

AMA Style

Leopoldo Sdino, Ferruccio Zorzi, Paolo Rosasco, Sara Magoni. The Mass Appraisal Tool: Application of a Pluri-Parametric Model for the Appraisal of Real Properties. Smart and Sustainable Planning for Cities and Regions. 2016; ():39-52.

Chicago/Turabian Style

Leopoldo Sdino; Ferruccio Zorzi; Paolo Rosasco; Sara Magoni. 2016. "The Mass Appraisal Tool: Application of a Pluri-Parametric Model for the Appraisal of Real Properties." Smart and Sustainable Planning for Cities and Regions , no. : 39-52.

Journal article
Published: 01 June 2016 in Procedia - Social and Behavioral Sciences
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Over the last decade, italian real estate market has been characterized by a steady decline in prices and demand; the phenomenon, conjunctural to a broader crisis of the european and world economy, has affected every intended use and localization, but especially the residential sector, where, at least in Italy, over 70% of all of the sales and leases are concentrated. When the market is characterized by a high degree of uncertainty about the future evolution of his prices and, consequently, about the risk on the use of the capital, the assessment of economic and financial sustainability of real estate projects, especially if characterized by a high public value, becomes crucial in order to operate the right investment choices.Interationally, the most widely used methodology for this assessment is the Discounted Cash Flow analysis (DCFA); this tool is based on the method of the discounted cash flows, namely on the discount of the balances between costs and revenues within the estimated duration of the investment.Both in public and private sectors, an intervention is considered sustainable when it is able to generate a total balance of the positive cash flows (Net Present Value) and an annual percentage of return (Internal Rate of Return - IRR), that are greater than the ones generated by alternative investments at low (or no) risk (Prizzon, 1997).The correct estimate of the costs and revenues generated from an investment becomes a crucial phase for the purposes of a reliable calculation of sustainability indicators. The difficulties concerning the costs and their accurate valuation are essentially attributable to the level of the information that is available at the time of the drafting of the project and, consequently, to the chosen method of estimation (synthetic in the concept and the design phases, analytical in the final and executive stages). When the project deals with former industrial areas, characterized by the presence of pollutants in the soil or subsoil, at the previous difficulties it is added also the uncertainty related to the correct estimate of remediation costs; these costs can only be evaluated with sufficient reliability when all the analysis related to the type of those substances have been developed and when the procedures of the intervention are defined.In relation to these operating environments, this contribution is the result of the valuations of the economic and financial sustainability of some recovery and renovation's projects developed on the area of the former Tessitoria Schiatti, in Lentate sul Seveso (Italy) (that have) It has been carried out by the students of the Workshop in Architectural Project and Constructions of the Politecnico di Milano (proff. B. Croce, S. Cattaneo, L. Sdino).These results confirm that because of the major cost of the reclamation, the feasibility of every proposed project cannot prescind from a public financial contribution that will cover those higher costs.

ACS Style

Leopoldo Sdino; Paolo Rosasco; Sara Magoni. The Financial Feasibility of a Real Estate Project: The Case of the Ex Tessitoria Schiatti. Procedia - Social and Behavioral Sciences 2016, 223, 217 -224.

AMA Style

Leopoldo Sdino, Paolo Rosasco, Sara Magoni. The Financial Feasibility of a Real Estate Project: The Case of the Ex Tessitoria Schiatti. Procedia - Social and Behavioral Sciences. 2016; 223 ():217-224.

Chicago/Turabian Style

Leopoldo Sdino; Paolo Rosasco; Sara Magoni. 2016. "The Financial Feasibility of a Real Estate Project: The Case of the Ex Tessitoria Schiatti." Procedia - Social and Behavioral Sciences 223, no. : 217-224.