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The Impact of Small Brownfields and Greenspaces on Residential Property Values

  • Dennis Kaufman

    ()

  • Norman Cloutier

    ()

Registered author(s):

    Using a hedonic pricing model, this paper investigates the responsiveness of residential property values in a well-defined inner-city neighborhood of Kenosha, Wisconsin, to the presence of two small former industrial sites contaminated by various environmental pollutants, or brownfields, and a local neighborhood park, or greenspace. Using readily available data on sales and assessments for residential property in close proximity to the brownfields and the greenspace, we estimate well-behaved and statistically significant property value gradients with respect to the park, the environmental amenity, and the brownfields, the environmental disamenities. These functions are then used to estimate the possible impact that brownfield remediation may have on total property value. We estimate that remediation and redevelopment of the brownfields into greenspaces would increase property values for the 890 neighborhood residences between $2.40 and $7.01 million. These results suggest that small brownfields have a measurable impact on property values and that readily accessible data can be used to help local policymakers make decisions on remediation issues. Copyright Springer Science + Business Media, LLC 2006

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    File URL: http://hdl.handle.net/10.1007/s11146-006-8272-7
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    Article provided by Springer in its journal The Journal of Real Estate Finance and Economics.

    Volume (Year): 33 (2006)
    Issue (Month): 1 (August)
    Pages: 19-30

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    Handle: RePEc:kap:jrefec:v:33:y:2006:i:1:p:19-30
    Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=102945

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    1. 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.
    2. Kiel, Katherine & Zabel, Jeffrey, 2001. "Estimating the Economic Benefits of Cleaning Up Superfund Sites: The Case of Woburn, Massachusetts," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 163-84, March-May.
    3. Hite, Diane, et al, 2001. "Property-Value Impacts of an Environmental Disamenity: The Case of Landfills," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 185-202, March-May.
    4. Patrick C. Flower & Wade R. Ragas, 1994. "The Effects of Refineries on Neighborhood Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 9(3), pages 319-338.
    5. Jeffrey E. Zabel & Katherine A. Kiel, 2000. "Estimating the Demand for Air Quality in Four U.S. Cities," Land Economics, University of Wisconsin Press, vol. 76(2), pages 174-194.
    6. Tyrvainen, Liisa & Miettinen, Antti, 2000. "Property Prices and Urban Forest Amenities," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 205-223, March.
    7. Leggett, Christopher G. & Bockstael, Nancy E., 2000. "Evidence of the Effects of Water Quality on Residential Land Prices," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 121-144, March.
    8. Carroll, Thomas M & Clauretie, Terrence M & Jensen, Jeff, 1996. "Living Next to Godliness: Residential Property Values and Churches," The Journal of Real Estate Finance and Economics, Springer, vol. 12(3), pages 319-30, May.
    9. Molly Espey, 2000. "The Impact of Airport Noise and Proximity on Residential Property Values," Growth and Change, Wiley Blackwell, vol. 31(3), pages 408-419.
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