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The Impact of Environmental Contamination on Condo Prices: A Hybrid Repeat-Sale/Hedonic Approach

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  • Bradford Case
  • Peter F. Colwell
  • Chris Leishman
  • Craig Watkins

Abstract

We extend the literature on the impact of externalities using an approach based on a hybrid of hedonic and repeat-sales methods. The externality in question is groundwater contamination in Scottsdale, Arizona. The use of condominium sales allows us to assume that major physical characteristics remain unchanged, but location parameters may be altered by urban growth and development as well as contamination. We find an economically significant discount for properties located in the contaminated area. Interestingly, it does not appear until several years after the contamination becomes publicly known, and it seems to have disappeared before the end of the study period. Copyright 2006 by the American Real Estate and Urban Economics Association

Suggested Citation

  • Bradford Case & Peter F. Colwell & Chris Leishman & Craig Watkins, 2006. "The Impact of Environmental Contamination on Condo Prices: A Hybrid Repeat-Sale/Hedonic Approach," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 34(1), pages 77-107, March.
  • Handle: RePEc:bla:reesec:v:34:y:2006:i:1:p:77-107
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    Cited by:

    1. Jed Cohen & Christine E. Blinn & Kevin J. Boyle & Thomas P. Holmes & Klaus Moeltner, 2016. "Hedonic Valuation with Translating Amenities: Mountain Pine Beetles and Host Trees in the Colorado Front Range," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 63(3), pages 613-642, March.
    2. Kim, GwanSeon & Schieffer, Jack & Mark, Tyler, 2016. "Do Superfund Sites Affect Local Property Values? Evidence from a Spatial Hedonic Approach," 2016 Annual Meeting, July 31-August 2, 2016, Boston, Massachusetts 235835, Agricultural and Applied Economics Association.
    3. James R. Meldrum, 2016. "Floodplain Price Impacts by Property Type in Boulder County, Colorado: Condominiums Versus Standalone Properties," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 64(4), pages 725-750, August.
    4. repec:eee:jeeman:v:88:y:2018:i:c:p:311-326 is not listed on IDEAS
    5. repec:eee:resene:v:50:y:2017:i:c:p:1-14 is not listed on IDEAS

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