Field Guide to Effects Of Hazardous Waste On Property Values
(Updated March 2007)
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. (Karen Swanson, Information Specialist)
Contents:
Impacts on Property Value | Appraisal Techniques and Other Issues | Brownfields: The Basics | Appraisal Techniques for Brownfields | Useful Websites | Books, eBooks & Other Resources
Impacts on Property Value
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
Environmental Contamination and House Values, (College of the Holy Cross, Department of Economics Faculty Research Series, No. 06-01 Jan. 2006).
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
What does the evidence say about NPL listing and home prices?, (U.S. Environmental Protection Agency, 2006).
Analysis of the Effects of Contamination by a Creosote Plant on Property Values, (The Appraisal Journal, Winter 2005). Q
Determining market perceptions on contamination of residential property buyer using contingent valuation surveys, (The Journal of Real Estate Research, Vol. 27, No. 2, Apr.-June 2005). Q
Benefits of hazardous waste cleanup: New evidence from survey-and market-based property values, (Contemporary Economic Policy, Vol. 23, No. 3, 2005). 
Modeling the relationship among brownfields, property values, and community revitalization, (Fannie Mae Foundation: Housing Policy Debate, Vol. 16, No. 2, 2005).
The effect of previous contamination on industrial real estate prices, (The Appraisal Journal, Jan. 2001). Q
A survey of house price hedonic studies of the impact of environmental externalities, (Journal of Real Estate Literature, 2001). Q
Impact of contamination on the Canton/Southeast Baltimore land market, (Journal of the American Planning Association, Autumn 2000). Q
Who pays for the stigma of environmental contamination?, (Commercial Investment Real Estate, July/Aug. 2000).
Stigmatized asset value: Is it temporary or permanent?, (University of California - Department of Agricultural Economics, June 10, 1999).
The persistence of contamination effects: A superfund site revisited, (The Appraisal Journal, Apr. 1999). Q
The impact of detrimental conditions on property values, (The Appraisal Journal, Oct. 1998). Q
Impact of a toxic waste Superfund site on property values, (The Appraisal Journal, Oct. 1997). Q
Measuring the impact of the discovery and cleaning of identified hazardous waste sites on housing values, (Land Economics, Nov. 1995). Q
Appraisal Techniques and Other Issues
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
The EPA's proposed all appropriate inquiries rule and the appraisal of contaminated properties, (Appraisal Journal , Spring 2005). Q
Advanced due-dilligence activities benefit contaminated real estate transactions, (Real Estate Issues, Winter 2003/2004). Q
Stigma of contaminated land: Difficult to tackle, (The Appraisal Journal, Apr. 2003). Q
Valuing Superfund site cleanup: Evidence of recovery stigmatized property valued, (The Appraisal Journal, Oct. 2002). Q
A survey of house price hedonic studies of the impact of environmental externalities, (Journal of Real Estate Literature, Vol. 9, No. 2, 2001). Q
An international perspective on incorporating risk in the valuation of contaminated land, (Appraisal Journal, July 2001). Q
Estimating economic damages to real property due to loss of marketability, rentability, and stigma, (The Appraisal Journal, Apr. 2000). Q
But is it market value? Separating market appraisal from the liability model, (The Appraisal Journal, Oct. 1999). Q
How North American appraisers value contaminated property and associated stigma, (Appraisal Journal, July 1999). Q
Issues in the valuation of contaminated property, (Appraisal Journal, July 1999). Q
Brownfields program brochure, (EPA Website, 2005).
Brownfields redevelopment comes of age, (Tierra Grande, Jan. 2005).
NATIONAL ASSOCIATION OF REALTORS® seeing green in D.C., (Realty Times, Mar. 17, 2004).
The cleanup conundrum, (Commercial Investment Real Estate, Mar./Apr. 2004).
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). 
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
Agency for Toxic Substances and Disease Registry, (U.S. Department of Health and Human Services).
EPA's Superfund Website, (U.S. Environmental Protection Agency).
Hazardous Substances, (Arizona Association of REALTORS®).
Window to 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 R89
Introduction to environmental insurance, (Cambridge, MA: Lincoln Institute of Land Policy, 2002). SF-2004-048
Cartographies of Danger: mapping Hazards in America, by Mark Monmonier, (Chicago, IL: University of Chicago Press, 1997). GB 5014 M66
The Real Estate Guide to the Environment, by Barry Chalofsky & Joel Finestine, (Hamilton, NJ: Professional Education Associates, 1997). TD 194.7 C35
Measuring the Effects of Hazardous Materials Contamination on Real Estate Values: Techniques and Applications, (Chicago, IL: Appraisal Institute, 1992). HD 1387 Ap6m
Environmental Hazards: A Guide for Homeowners and Buyers, (Los Angeles, CA: California Association of Realtors®, 1991). TD 194.7 C12
The Impact of Hazardous Waste Issues on Real Estate, (Arlington, VA: Beveridge and Diamond, 1989). TD 1030 N2li
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 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 to 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.
