The Impact of Brownfields on Residential Property Values in Cincinnati, Ohio: A Spatial Hedonic Approach
This paper empirically assesses the impact brownfield sites have on market values of single-family residential properties. Using three different hedonic model specifications, namely Ordinary Least Squares, Spatial Autoregressive, and Spatial Error Model, this study shows that properties located less than 1,000 feet from a brownfield site experience a significant depreciation in property values. As expected, spatial dependence among real estate property values is present meaning that the two spatial hedonic model specifications are superior to the Ordinary Least Squares specification. The study contributes to the relevant real estate and urban economics literature by determining the negative impact brownfield sites have on the value of single-family residential properties in our study region in Cincinnati, by explicitly accounting for the phenomenon of spatial dependence in the dependent variable, and by addressing the declining influence of brownfield sites on property values in a nonlinear relationship.
|Date of creation:||24 Apr 2013|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: +46 (0)8 762 72 80
Fax: +46 (0)8 679 76 06
Web page: http://www.hui.se/Email:
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bucholtz, Shawn & Geoghegan, Jacqueline & Lynch, Lori, 2003. "Capitalization of Open Spaces into Housing Values and the Residential Property Tax Revenue Impacts of Agricultural Easement Programs," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 32(1), April.
- Alberini, Anna & Longo, Alberto & Tonin, Stefania & Trombetta, Francesco & Turvani, Margherita, 2002.
"The Role Of Liability, Regulation And Economic Incentives In Brownfield Remediation And Redevelopment: Evidence From Surveys Of Developers,"
28582, University of Maryland, Department of Agricultural and Resource Economics.
- Alberini, Anna & Longo, Alberto & Tonin, Stefania & Trombetta, Francesco & Turvani, Margherita, 2005. "The role of liability, regulation and economic incentives in brownfield remediation and redevelopment: evidence from surveys of developers," Regional Science and Urban Economics, Elsevier, vol. 35(4), pages 327-351, July.
- Anna Alberini & Alberto Longo & Stefania Tonin & Francesco Trombetta & Margherita Turvani, 2003. "The Role of Liability, Regulation and Economic Incentives in Brownfield Remediation and Redevelopment: Evidence from Surveys of Developers," Working Papers 2003.7, Fondazione Eni Enrico Mattei.
- John M. Clapp & Anupam Nanda & Stephen L. Ross, 2005.
"Which School Attributes Matter? The Influence of School District Performance and Demographic Composition on Property Values,"
2005-26, University of Connecticut, Department of Economics, revised Jan 2007.
- Clapp, John M. & Nanda, Anupam & Ross, Stephen L., 2008. "Which school attributes matter? The influence of school district performance and demographic composition on property values," Journal of Urban Economics, Elsevier, vol. 63(2), pages 451-466, March.
- Okmyung Bin & Thomas W. Crawford & Jamie B. Kruse & Craig E. Landry, 2008. "Viewscapes and Flood Hazard: Coastal Housing Market Response to Amenities and Risk," Land Economics, University of Wisconsin Press, vol. 84(3), pages 434-448.
- Robert A. Simons & William Bowen & Arthur Sementell, 1997. "The Effect of Underground Storage Tanks on Residential Property Values in Cuyahoga County, Ohio," Journal of Real Estate Research, American Real Estate Society, vol. 14(1), pages 29-42.
- Chengri Ding & Robert Simons & Esmail Baku, 2000. "The Effect of Residential Investment on Nearby Property Values: Evidence from Cleveland, Ohio," Journal of Real Estate Research, American Real Estate Society, vol. 19(1), pages 23-48.
- Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
- Allen Lynch & David Rasmussen, 2001. "Measuring the impact of crime on house prices," Applied Economics, Taylor & Francis Journals, vol. 33(15), pages 1981-1989.
- 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..
- Delores Conway & Christina Li & Jennifer Wolch & Christopher Kahle & Michael Jerrett, 2010. "A Spatial Autocorrelation Approach for Examining the Effects of Urban Greenspace on Residential Property Values," The Journal of Real Estate Finance and Economics, Springer, vol. 41(2), pages 150-169, August.
- Cebula, Richard J., 2009. "The Hedonic Pricing Model Applied to the Housing Market of the City of Savannah and Its Savannah Historic Landmark District," The Review of Regional Studies, Southern Regional Science Association, vol. 39(1), pages 9-22.
- Hank Jenkins-Smith & Carol Silva & Robert Berrens & Alok Bohara, 2002. "Information Disclosure Requirements and the Effect of Soil Contamination on Property Values," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 45(3), pages 323-339.
- Craig E. Landry & Paul Hindsley, 2011. "Valuing Beach Quality with Hedonic Property Models," Land Economics, University of Wisconsin Press, vol. 87(1), pages 92-108.
- Ghebreegziabiher Debrezion & Eric Pels & Piet Rietveld, 2007. "The Impact of Railway Stations on Residential and Commercial Property Value: A Meta-analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 35(2), pages 161-180, August.
- Robert A. Simons & Jesse D. Saginor, 2006. "A Meta-Analysis of the Effect of Environmental Contamination and Positive Amenities on Residential Real Estate Values," Journal of Real Estate Research, American Real Estate Society, vol. 28(1), pages 71-104.
- Dennis Kaufman & Norman Cloutier, 2006. "The Impact of Small Brownfields and Greenspaces on Residential Property Values," The Journal of Real Estate Finance and Economics, Springer, vol. 33(1), pages 19-30, August.
- G�ran Therborn & K.C. Ho, 2009. "Introduction," City, Taylor & Francis Journals, vol. 13(1), pages 53-62, March.
When requesting a correction, please mention this item's handle: RePEc:hhs:huiwps:0085. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Helena Nilsson)
If references are entirely missing, you can add them using this form.