From: | Lenny Siegel <lsiegel@cpeo.org> |
Date: | Wed, 20 May 2009 13:09:56 -0700 (PDT) |
Reply: | cpeo-brownfields |
Subject: | [CPEO-BIF] Impact of Contamination on Property Values |
From "Schnapf, Lawrence" <Lawrence.Schnapf@srz.com>In one of my prior emails, I mentioned a study that had shown the impacts of contamination on property values were temporary in nature and often rebounded once a cleanup was announced. This was to counter the idea that disclosure would necessarily stigmatize sites. There was a more recent "mega-study" of other studies that I will forward in a separate email. Larry Environmental Contamination and Industrial Real Estate Prices Author: Thomas O. Jackson Start Page: 179 End Page: 200 Volume: 23 Issue Number: 01/02 Year: 2002 Publication: Journal of Real Estate ResearchAbstract: This article is the winner of the Industrial Real Estate manuscript prize (sponsored by Society of Industrial and Office REALTORS) presented at the American Real Estate Society Annual Meeting. This article examines the effects of environmental contamination on the sales prices of industrial properties. Two general questions are addressed. The first is the extent to which sales prices may be impacted by contamination. The second is whether sales price effects due to contamination persist subsequent to the remediation of previously contaminated industrial properties. Using data on industrial property sales in Southern California, this study estimates sales price models that address these two questions. The results show that there are statistically significant impacts on property values in the period before and during remediation, but that these effects dissipate subsequent to cleanup. For the original abstract and a link to the entire report, go to http://business.fullerton.edu/finance/journal/papers/abstract/past/av23n0102/v23n0102a10.htm -- Lenny Siegel Executive Director, Center for Public Environmental Oversight a project of the Pacific Studies Center 278-A Hope St., Mountain View, CA 94041 Voice: 650/961-8918 or 650/969-1545 Fax: 650/961-8918 <lsiegel@cpeo.org> http://www.cpeo.org _______________________________________________ Brownfields mailing list Brownfields@lists.cpeo.org http://lists.cpeo.org/listinfo.cgi/brownfields-cpeo.org | |
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