Spatially-based valuation of property
First Claim
1. A computer-implemented method of spatially-based valuation of a subject property, the method comprising the steps of:
- selecting a subset of properties for comparison from a computer database containing characteristics of a plurality of properties of known value, the characteristics including at least a location and a value of each property, and the database further containing characteristics of a subject property of known location;
generating an index of similarity matrix of the subset of properties;
identifying spatially proximate comparable properties to the subject property, by means of a distance factor and an index of similarity threshold; and
calculating the value of the subject property based on the values of the identified spatially proximate comparable properties.
3 Assignments
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Accused Products
Abstract
An apparatus and method are described for conducting spatially-based valuation of property, taking into account the values of neighbouring properties. The method proceeds by analysing a database of properties including details of at least the location and value of the known properties, and the location of the property to be valued. Other characteristics of the properties may be included in the database. Similarity scores for each property compared with each other property are calculated, and used to identify those properties which are comparable to the property to be valued. All the comparable properties within a predetermined distance from the property to be valued are used to calculate the unknown property value.
The method and apparatus may also generate a report on the property to be valued to a user, which report may further include details of the comparable properties.
A computer program for implementing the method is also described.
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Citations
29 Claims
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1. A computer-implemented method of spatially-based valuation of a subject property, the method comprising the steps of:
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selecting a subset of properties for comparison from a computer database containing characteristics of a plurality of properties of known value, the characteristics including at least a location and a value of each property, and the database further containing characteristics of a subject property of known location;
generating an index of similarity matrix of the subset of properties;
identifying spatially proximate comparable properties to the subject property, by means of a distance factor and an index of similarity threshold; and
calculating the value of the subject property based on the values of the identified spatially proximate comparable properties. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
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19. A computer program product for spatially-based valuation of a subject property comprising computer program code recorded on a data carrier, the computer program code comprising:
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code for allowing the selection of a subset of properties for comparison from a computer database containing characteristics of a plurality of properties of known value, the characteristics including at least a location and a value of each property, and the database further containing characteristics of a subject property of known location;
code for generating an index of similarity matrix of the subset of properties;
code for identifying spatially proximate comparable properties to the subject property, by means of a distance factor and an index of similarity threshold; and
code for calculating the value of the subject property based on the values of the identified spatially proximate comparable properties.
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20. A computer program for spatially-based valuation of a subject property, the computer program comprising:
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code for allowing the selection of a subset of properties for comparison from a computer database containing characteristics of a plurality of properties of known value, the characteristics including at least a location and a value of each property, and the database further containing characteristics of a subject property of known location;
code for generating an index of similarity matrix of the subset of properties;
code for identifying spatially proximate comparable properties to the subject property, by means of a distance factor and an index of similarity threshold; and
code for calculating the value of the subject property based on the values of the identified spatially proximate comparable properties.
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21. A computer system for spatially-based valuation of a subject property, the system comprising:
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means for selecting a subset of properties for comparison from a computer database containing characteristics of a plurality of properties of known value, the characteristics including at least a location and a value of each property, and the database further containing characteristics of a subject property of known location;
means for generating an index of similarity matrix of the subset of properties;
means for identifying spatially proximate comparable properties to the subject property, by means of a distance factor and an index of similarity threshold; and
means for calculating the value of the subject property based on the values of the identified spatially proximate comparable properties. - View Dependent Claims (22, 23)
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24. A method of spatially-based valuation of a subject property, the method comprising the steps of:
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selecting a subset of properties for comparison from a database containing characteristics of a plurality of properties of known value, the characteristics including at least a location and a value of each property, and the database further containing characteristics of a subject property of known location;
generating an index of similarity matrix of the subset of properties;
identifying spatially proximate comparable properties to the subject property, by means of a distance factor and an index of similarity threshold; and
calculating the value of the subject property based on the values of the identified spatially proximate comparable properties.
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25. A method of providing a spatially-based property valuation to a customer, the method comprising the steps of:
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selecting a subset of properties for comparison from a computer database containing characteristics of a plurality of properties of known value, the characteristics including at least a location and a value of each property, and the database further containing characteristics of a subject property of known location;
generating an index of similarity matrix of the subset of properties;
identifying spatially proximate comparable properties to the subject property, by means of a distance factor and an index of similarity threshold;
calculating the value of the subject property based on the values of the identified spatially proximate comparable properties;
providing a report containing the calculated value of the subject property to a customer; and
charging the customer in return for providing the report. - View Dependent Claims (26, 27)
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28. A method of providing a spatially-based valuation of a subject property, the method comprising the steps of:
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accessing a remote computer database containing characteristics of a plurality of properties of known value, the characteristics including at least a location and a value of each property, and the database further containing characteristics of a subject property of known location;
selecting a subset of properties for comparison from the database;
generating an index of similarity matrix of the subset of properties;
identifying spatially proximate comparable properties to the subject property, by means of a distance factor and an index of similarity threshold; and
calculating the value of the subject property based on the values of the identified spatially proximate comparable properties.
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29. A method of providing a spatially-based valuation of a subject property, the method comprising the steps of:
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allowing a user to select a subset of properties for comparison from a remote computer database containing characteristics of a plurality of properties of known value, the characteristics including at least a location and a value of each property, and the database further containing characteristics of a subject property of known location;
generating an index of similarity matrix of the subset of properties;
identifying spatially proximate comparable properties to the subject property, by means of a distance factor and an index of similarity threshold;
calculating the value of the subject property based on the values of the identified spatially proximate comparable properties; and
providing the calculated value to the user.
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Specification