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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.

Suggested Citation

  • Anna Alberini, 2007. "Determinants And Effects On Property Values Of Participation In Voluntary Cleanup Programs: The Case Of Colorado," Contemporary Economic Policy, Western Economic Association International, vol. 25(3), pages 415-432, July.
  • Handle: RePEc:bla:coecpo:v:25:y:2007:i:3:p:415-432
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    Citations

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    Cited by:

    1. Anna Alberini & Dennis Guignet, 2008. "Voluntary Cleanups and Redevelopment Potential: Lessons from Baltimore, Maryland," Working Papers 2008.87, Fondazione Eni Enrico Mattei.
    2. 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.
    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. Paolo Rosato & Anna Alberini & Valentina Zanatta & Margaretha Breil, 2009. "Redeveloping Derelict and Underused Historical City Areas: Evidence from a Survey�of�Real�Estate�Developers," Working Papers 2009_02, Department of Economics, University of Venice "Ca' Foscari".
    5. Ludo Peeters & Eloi Schreurs & Steven Passel, 2017. "Heterogeneous Impact of Soil Contamination on Farmland Prices in the Belgian Campine Region: Evidence from Unconditional Quantile Regressions," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 66(1), pages 135-168, January.
    6. repec:kap:enreec:v:67:y:2017:i:2:d:10.1007_s10640-015-9985-y is not listed on IDEAS
    7. 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.
    8. Allen Blackman & Sarah Darley & Thomas P. Lyon & Kris Wernstedt, 2010. "What Drives Participation in State Voluntary Cleanup Programs? Evidence from Oregon," Land Economics, University of Wisconsin Press, vol. 86(4), pages 785-799.

    More about this item

    JEL classification:

    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • K32 - Law and Economics - - Other Substantive Areas of Law - - - Energy, Environmental, Health, and Safety Law

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