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(Updated February 2013)
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. (S. Hogan, Information & Web Content Specialist)
Impacts on Property Value
A Meta-Analysis of the Effect of Environmental Contamination on Non-Residential Real Estate Values, (Journal of Property Investment & Finance, Vol. 29, Iss. 4/5, 2011. Q
The Impact of Hazardous Waste on Property Values: The Effect of Lead Pollution, (Urbani izziv, Vol. 21, No. 2, 2010).
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
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
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
The Development of Standards for Assessing Contaminated Properties, Assessment Journal, Vol. 10, Iss. 3, Summer 2003). Q
Methods and techniques for contaminated property valuation, (The Appraisal Journal, Oct. 2003). Q
Brownfields: The Basics & Appraisal Techniques
'Hidden brownfields' could lower property values, (Mortgage Banking, May 2010). Q
Field Survey of HUD Site Contamination Policy, (Cityscape, Vol. 12, Iss. 3, 2010). Q
Solutions to the Five Key Brownfield Valuation Problems, (Journal of Property Investment & Finance, Vol. 26, Iss. 1, 2008). Q
The Impact of Small Brownfields and Greenspaces on Residential Property Values, (Journal of Real Estate Finance and Economics, Vol. 33, Iss. 1, Aug. 2006). 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
Turning Brownfields into Parks, (Planning, Vol. 77, Iss. 10, Dec. 2011). Q
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
The Healthy Makeover, (Public Management, June 2010). Q
The Economic Development – Urban Design Link in Brownfield Development, (Economic Development Journal, Vol. 7, Iss. 2, Spring 2008). 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).
My Environment, (U.S. Environmental Protection Agency).
NAR Talking Points: How to Talk About Environmental Issues, (National Association of REALTORS®).
Smart Growth: A Toolkit for REALTORS®, (National Association of REALTORS®).
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
Valuing Contaminated Properties: An Appraisal Institute Anthology, (Chicago, IL: Appraisal Institute, 2002). HD1389.5.U6 V36 2002
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)
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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.