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Determinants And Effects On Property Values Of Participation In Voluntary Cleanup Programs: The Case Of Colorado

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  • ANNA ALBERINI

Abstract

"State voluntary cleanup programs (VCPs) were established in the 1990s to encourage cleanup and redevelopment of contaminated properties. I ask three questions: First, what properties are attracted to VCPs? Second, is there an interaction between VCP incentives and enterprise or brownfield zone incentives? Third, does participation in VCPs affect property values? Data from Colorado's VCP suggest that (a) the main determinants of participation are the size of the parcel and the surrounding land use, (b) other incentives have little effect, (c) properties with confirmed contamination sell at a 43%-56% discount, and (d) participation does tend to raise the property price." ("JEL" R14, Q58, K32) Copyright 2007 Western Economic Association International.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Contemporary Economic Policy.

Volume (Year): 25 (2007)
Issue (Month): 3 (07)
Pages: 415-432

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Handle: RePEc:bla:coecpo:v:25:y:2007:i:3:p:415-432

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Cited by:
  1. Paolo Rosato & Anna Alberini & Valentina Zanatta & Margaretha Breil, 2010. "Redeveloping derelict and underused historic city areas: evidence from a survey of real estate developers," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 53(2), pages 257-281.
  2. Anna Alberini & Dennis Guignet, 2008. "Voluntary Cleanups and Redevelopment Potential: Lessons from Baltimore, Maryland," Working Papers 2008.87, Fondazione Eni Enrico Mattei.
  3. Linn, Joshua, 2013. "The effect of voluntary brownfields programs on nearby property values: Evidence from Illinois," Journal of Urban Economics, Elsevier, vol. 78(C), pages 1-18.
  4. Anna Alberini & Margherita Turvani & Aline Chiabai & Stefania Tonin, 2007. "Public Policies for Contaminated Site Cleanup: The Opinions of the Italian Public," Working Papers 2007.11, Fondazione Eni Enrico Mattei.

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