The Effect of Underground Storage Tanks on Residential Property Values in Cuyahoga County, Ohio
AbstractThis 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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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 14 (1997)
Issue (Month): 1 ()
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
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- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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