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 Title: |
US6141648:
Method for estimating the price per square foot value of real property
[ Derwent Title ]
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| Country: |
US United States of America
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| Inventor: |
Bonissone, Piero Patrone; Schenectady, NY
Cheetham, William Estel; Clifton Park, NY
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| Assignee: |
General Electric Company, Schenectady, NY
other patents from GENERAL ELECTRIC COMPANY (218550) (approx. 30,796)
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| Published / Filed: |
2000-10-31
/ 1998-07-17
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| Application Number: |
US1998000118188
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| IPC Code: |
Advanced:
G06Q 30/00;
Core:
more...
IPC-7:
G06F 15/18;
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| ECLA Code: |
G06Q30/00C;
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| U.S. Class: |
Current:
705/010;
Original:
705/010;
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| Field of Search: |
705/010,30,35,36,37,38,26,27
707/010,100,200
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| Priority Number: |
| 1998-07-17 |
US1998000118188 |
| 1995-08-25 |
US1995000519479 |
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| Abstract: |
A computer-implemented method for estimating a dollar per square foot value of a subject property. A set of properties comparable to the subject property are retrieved. The comparable properties are characterized by a plurality of common attributes each having a respective value. The plurality of common attributes include distance from the subject property, sale price, and living area. The distance of the comparable properties to the subject property are rated on a fuzzy preference scale indicating desirable and tolerable deviations from an ideal match with the subject property. Each evaluation generates a weighted preference. The sale price and the living area from each of the comparable properties are then aggregated with the weighted preference for that comparable into a dollar per square foot estimate of the subject property.
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| Attorney, Agent or Firm: |
Goldman, David C. ;
Breedlove, Jill M. ;
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| Primary / Asst. Examiners: |
Poinvil, Frantzy;
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| Maintenance Status: |
E2 Expired Check current status
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| INPADOC Legal Status: |
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| Parent Case: |
This is a continuation-in-part of application Ser. No. 08/519,479 filed Aug. 25, 1995, now abandoned.
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| Family: |
None
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First Claim:
Show all 2 claims |
What is claimed is:
1. A computer-implemented method for estimating a dollar per square foot value of a subject property according to a set of comparable properties, comprising:
- retrieving the set of properties comparable to the subject property from a case base, the comparable properties characterized by a plurality of common attributes each having a respective value, the plurality of common attributes comprising distance from the subject property and living area measured in dollars per square foot;
- evaluating the distance attribute values from the set of comparable properties to the subject property on a fuzzy preference scale indicating desirable and tolerable deviations from an ideal match with the subject property, each evaluation generating a weighted preference having a value between 0 and 1; and
- aggregating the living area attribute from each of the comparable properties with the weighted preference into a dollar per square foot estimate of the subject property.
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| Background / Summary: |
Show background / summary
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| Drawing Descriptions: |
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| Description: |
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| Forward References: |
Show 14 U.S. patent(s) that reference this one
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| Foreign References: |
None
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| Other References: |
Americal Institute of Real Estate Appraisers, Appraising Residential Property, pp. 371-436 2ed., Jul. 1994.
Avelino J. Gonsales, "A Case-Based Reasoning Approach to Real Estate Property Appraisal", Expert Systems with Applications, v4 pp. 229-246, Year 1992.
"A Case-Based Reasoning Approach to Real Estate Property Appraisal" by A Gonzalez, et al., pp. 229-246.
"The Sales Comparison Approach" Apraising Residential Properties (2nd Edition, 1994) pp. 371-436.
US Patent Application, RD-24,354 "A Method for Validating Specified Prices on Real Property" by William E. Cheetam and Piero P. Bonissone.
US Patent Application, RD-24,351 "A Method for Estimating the Value of Real Property" by William E. Cheetam. & Piero P. Bonissone.
American Institute of Real Estate Appraisers, Appraising Residential Properties, 371-436 (2d ed.) Jul. 1994.
Avelino J. Gonzales, "A Case-Based Reasoning Approach to Real Estate Property Appraisal", Expert Systems with Applications, v 4, pp. 229-246, 1992.
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