(Updated June 2012)

There are both pros and cons to living in an advanced industrial society. One of the ills of modernization is the hazardous waste that is often generated by manufacturing sites, energy facilities, and larger cities in general. Hazardous waste and its associated stigma can have serious ramifications on the value of the subject property, not to mention the values of surrounding properties and neighborhoods. This field guide explores how environmental hazards impact surrounding properties, appraisal issues, and more. 

Impacts on Property Value

When Good Things Happen to Bad Properties, (The Appraisal Journal, Spring 2009). Q

What does the evidence say about NPL listing and home prices?, (U.S. Environmental Protection Agency, Feb. 11, 2009).

Challenges in Applying Property Value Studies to Assess the Benefits of the Superfund Program, (U.S. Environmental Protection Agency, Jan. 2009).

Contaminated Waterways and Property Valuation, (The Appraisal Journal, Fall 2008). Q

Determinants and Effects on Property Values of Participation in Voluntary Cleanup Programs: The Case of Colorado, (Contemporary Economic Policy, July 2007). Q

The Impact of Environmental Contamination on Condo Prices: A Hybrid Repeat-Sale/Hedonic Approach, (Real Estate Economics, Vol. 34, Iss. 1, Spring 2006). Q

Neighborhood Stigma Twenty Years Later: Revisiting Superfund Sites in Suburban New Jersey, (The Appraisal Journal, Spring 2006).  Q

A Meta-analysis of the effect of environmental contamination and positive amenities on residential real estate values, (The Journal of Real Estate Research, Vol. 28, No. 1, Jan. - Mar. 2006). Q

Environmental Contamination and House Values, (College of the Holy Cross, Department of Economics Faculty Research Series, No. 06-01 Jan. 2006).

Appraisal Techniques and Other Issues

Real Property Valuation Issues in Environmental Class Actions, (The Appraisal Journal, Spring 2010). Q

Environmental Hazards on the Mind of Home Buyers, (Realty Times, Feb. 7, 2006).

Supply-side effects and contingent valuation analysis, (Journal of Real Estate Practice and Education Vol. 8 Iss. 1, 2005). Q

Environmental Case Studies: Ensuring Suitable Comparables, (The Appraisal Journal, Summer 2005). Q

The EPA's proposed all appropriate inquiries rule and the appraisal of contaminated properties, (The Appraisal Journal, Spring 2005). Q

Methods and techniques for contaminated property valuation, (The Appraisal Journal, Oct. 2003). Q

Appraising environmentally contaminated property and tax reduction, (Assessment Journal, Sept./Oct. 2002). Q

Brownfields: The Basics & Appraisal Techniques

Toxic-Waste Sites Haunt Silicon Valley; Hazardous Materials Used in Early High-Tech Manufacturing Remain a Burden for Local Companies and Communities, (Wall Street Journal Online, July 15, 2010). Q

'Hidden brownfields' could lower property values, (Mortgage Banking, May 2010). Q

Regulators: If You Have Lemons... Polluted brownfields offer an attractive option for renewable-energy projects in need of inexpensive property, (Wall Street Journal Online, May 10, 2010). Q

Watersbend: Appraising a brownfield redevelopment project, (The Appraisal Journal, July 2002). Q

A beginning best practice brownfield valuation model, (The Appraisal Journal, Jan. 2002). Q

Brownfields Projects

A New Era of Development: Rock Hill's Brownfield Renovation Project, (Government Finance Review, Oct. 2010). Q

Brownfields projects slow as economy curbs funding, (Business Insurance, Sept. 27, 2010). Q

City in Pact to Expedite Cleanup of 'Brownfield' Sites, (Wall Street Journal Online, Aug. 5, 2010). Q

The Healthy Makeover, (Public Management, June 2010). Q

Brownfields redevelopment comes of age, (Tierra Grande, Jan. 2005).

Useful Websites

Agency for Toxic Substances and Disease Registry, (ATSDR).

EPA's Brownfields Website, (U.S. Environmental Protection Agency).

EPA's Superfund Website, (U.S. Environmental Protection Agency).

Hazardous Substances, (Arizona Association of REALTORS®).

My Environment, (U.S. Environmental Protection Agency).

Books, eBooks & Other Resources

eBooks.realtor.org

The following ebooks and digital audiobooks are available to NAR members:

Pollution and Property (Adobe eReader)

Books, Videos, Research Reports & More

The resources below are available for loan through Information Central.  Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10.  Call Information Central at 800.874.6500 for assistance.

Environmental hazards and residential property values: evidence from a major pipeline event, (Bellingham, WA: Western Washington University, 2006). NAC 1565 H19

Greenfields, brownfields and housing development, (Oxford, UK: Blackwell Publishers, 2002). NAC 852 A1

Field Guides & More

These field guides and other resources in the Virtual Library may also be of interest:

Field Guide to Dealing with Stigmatized Properties

Field Guide to Lead-Based Paint

Field Guide to Underground Storage Tanks (USTs)

InfoCentral Blog

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The inclusion of links on this field guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this field guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.