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The Effect of Underground Storage Tanks on Residential Property Values in Cuyahoga County, Ohio

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    Abstract

    This study considers the effect of underground storage tanks on residential sales price. These effects are tested with a hedonic pricing model for all 1992 residential sales in Cuyahoga County, Ohio. Three types of tanks were tested: non-leaking tanks registered with the state of Ohio, leaking tanks that are currently not registered, and registered leakers. Results show that close proximity (same block or within 300 feet) to registered, non-leaking tanks and to unregistered leakers did not significantly affect sales price. However, proximity to a leaking, registered tank demonstrated a reduction in price of over 17%.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol14n01/v14p029.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 14 (1997)
    Issue (Month): 1 ()
    Pages: 29-42

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    Handle: RePEc:jre:issued:v:14:n:1:1997:p:29-42

    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
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    Web page: http://www.aresnet.org/

    Order Information:
    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    1. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    2. Alan K. Reichert & Michael Small & Sunil Mohanty, 1992. "The Impact of Landfills on Residential Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 7(3), pages 297-314.
    3. Charles J. Delaney & Douglas Timmons, 1992. "High Voltage Power Lines: Do They Affect Residential Property Value?," Journal of Real Estate Research, American Real Estate Society, vol. 7(3), pages 315-330.
    4. Peter F. Colwell, 1990. "Power Lines and Land Value," Journal of Real Estate Research, American Real Estate Society, vol. 5(1), pages 117-128.
    5. Mark Thayer & Heidi Albers & Morteza Rahmatian, 1992. "The Benefits of Reducing Exposure to Waste Disposal Sites: A Hedonic Housing Value Approach," Journal of Real Estate Research, American Real Estate Society, vol. 7(3), pages 265-282.
    6. Michaels, R. Gregory & Smith, V. Kerry, 1990. "Market segmentation and valuing amenities with hedonic models: The case of hazardous waste sites," Journal of Urban Economics, Elsevier, vol. 28(2), pages 223-242, September.
    7. Gerald E. Smolen & Gary Moore & Lawrence V. Conway, 1992. "Economic Effects of Hazardous Chemical and Proposed Radioactive Waste Landfills on Surrounding Real Estate Values," Journal of Real Estate Research, American Real Estate Society, vol. 7(3), pages 283-296.
    8. Kohlhase, Janet E., 1991. "The impact of toxic waste sites on housing values," Journal of Urban Economics, Elsevier, vol. 30(1), pages 1-26, July.
    9. Arthur C. Nelson & John Genereux & Michelle Genereux, 1992. "Price Effects of Landfills on House Values," Land Economics, University of Wisconsin Press, vol. 68(4), pages 359-365.
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    Cited by:
    1. Robin R. Jenkins & Elizabeth Kopits & David Simpson, 2006. "Measuring the Social Benefits of EPA Land Cleanup and Reuse Programs," NCEE Working Paper Series 200603, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Sep 2006.
    2. Robert A. Simons & Kimberly Winson-Geideman, 2005. "Determining Market Perceptions on Contamination of Residential Property Buyers using Contingent Valuation Surveys," Journal of Real Estate Research, American Real Estate Society, vol. 27(2), pages 193-220.
    3. Richard C. Ready, 2010. "Do Landfills Always Depress Nearby Property Values?," Journal of Real Estate Research, American Real Estate Society, vol. 32(3), pages 321-340.
    4. Zabel, Jeffrey E. & Guignet, Dennis, 2012. "A hedonic analysis of the impact of LUST sites on house prices," Resource and Energy Economics, Elsevier, vol. 34(4), pages 549-564.
    5. Mihaescu, Oana & vom Hofe, Rainer, 2013. "The Impact of Brownfields on Residential Property Values in Cincinnati, Ohio: A Spatial Hedonic Approach," HUI Working Papers 85, HUI Research.
    6. Marie Howland, 2007. "Employment Effects of Brownfield Redevelopment What Do We Know from the Literature?," NCEE Working Paper Series 200701, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Jan 2007.
    7. Dennis Guignet, 2013. "What Do Property Values Really Tell Us? A Hedonic Study of Underground Storage Tanks," Land Economics, University of Wisconsin Press, vol. 89(2), pages 211-226.
    8. Mihaescu, Oana & vom Hofe, Rainer, 2013. "Using Spatial Regression to Estimate Property Tax Discounts from Proximity to Brownfields: A Tool for Local Policy-Making," HUI Working Papers 86, HUI Research.
    9. Sunak, Yasin & Madlener, Reinhard, 2012. "The Impact of Wind Farms on Property Values: A Geographically Weighted Hedonic Pricing Model," FCN Working Papers 3/2012, E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN), revised Mar 2013.

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