Sanitary Landfills, Stigma and Industrial Land Values
AbstractA significant literature exists that documents reductions in property value around toxic, chemical and in some cases solid waste landfills. There is also an emerging literature on stigma-related damage, which can be defined as a loss in value due to the increased risk associated with a contaminated property even after the problem has been eliminated. This research extends the empirical literature on landfills by examining the impact that solid waste landfills have on surrounding industrial property. The results indicate that the value of industrial land around an open, solid waste landfill is reduced by the presence of the landfill. Property around closed, solid waste landfills and open and closed refuse landfills is not adversely affected by the landfills. These results are not affected by the presence or absence of methane gas controls and ground water monitoring systems. Landfills sold with industrial zoning are discounted substantially by the market for various reasons, probably including limited alternative future uses, costs of remediation and potential liability from being in the chain of title.
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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 10 (1995)
Issue (Month): 5 ()
Contact details of provider:
Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Find related papers by JEL classification:
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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- Sean P. Salter & Ernest W. King, 2009. "Price Adjustment and Liquidity in a Residential Real Estate Market with an Accelerated Information Cascade," Journal of Real Estate Research, American Real Estate Society, vol. 31(4), pages 421-454.
- Stefania Tonin & Margherita Turvani, 2011. "Environmental contamination and industrial real estate market: an application of hedonic price method in Italy," ERSA conference papers ersa10p511, European Regional Science Association.
- John Braden & Xia Feng & DooHwan Won, 2011. "Waste Sites and Property Values: A Meta-Analysis," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 50(2), pages 175-201, October.
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