The effects of environmental liability on industrial real estate development

Boyd, James; Harrington, Winston; Macauley, Molly K.

doi:10.1007/bf00127765

Cited by 47 publications

(25 citation statements)

References 21 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…For example, Boyd, Harrington, and Macauley (1996) argue that it is not the environmental liabilities themselves that predominantly distort real estate markets, but rather information asymmetries between buyers and sellers regarding the extent of contamination. However, the evidence from Baltimore suggests that raising awareness about possible contamination, or ruling out that a property might be contaminated, does not penalize neighboring properties in terms of price.…”

Section: Discussionmentioning

confidence: 99%

What are the effects of contamination risks on commercial and industrial properties? evidence from Baltimore, Maryland

Longo

Alberini²

2006

Journal of Environmental Planning and Management

View full text Add to dashboard Cite

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in

show abstract

Section: Discussionmentioning

confidence: 99%

What are the effects of contamination risks on commercial and industrial properties? evidence from Baltimore, Maryland

Longo

Alberini²

2006

Journal of Environmental Planning and Management

View full text Add to dashboard Cite

show abstract

“…Second, James Boyd, Winston Harrington, and Molly Macauley (1996) note that if the seller is better informed than the buyer about the environmental condition of the property, then this information asymmetry can create an adverse selection problem that drives high-quality property from the market.…”

Section: Previous Literaturementioning

confidence: 99%

The Effect of Joint and Several Liability Under Superfund on Brownfields

Chang

Sigman

2005

View full text Add to dashboard Cite

In response to claims that the threat of environmental liability under the Superfund law deters the acquisition of potentially contaminated sites (or "brownfields") for redevelopment, the federal government has adopted programs to protect purchasers from liability. This protection may be unwarranted, however, if sellers can simply adjust property prices downward to compensate buyers for this liability. We present a model of joint and several liability under Superfund that allows us to distinguish four different reasons that this liability may discourage the purchase of brownfields. The previous literature has overlooked the effects that we identify, which all arise because a sale may increase the number of defendants in a suit to recover cleanup costs. Our analysis suggests that the brownfields problem may be more widespread than one might infer from the prior literature. Furthermore, the effects that we identify may distort not only the incentives to sell property subject to Superfund liability but also any decision of any party subject to any joint and several liability if that decision could affect the number of other defendants liable for the same harm. CONTENTS

show abstract

“…Undoubtedly, values of residential properties in the neighbourhood of brownfields are also considerably influenced by the way how population perceive these sites (Munroe, 2007). Willingness to purchase the real estate in the proximity of brownfield is affected by the mix of factors (Boyd et al, 1996), part of them might be described as "hard" factors (like already mentioned geographical location, accessibility of the site, availability of infrastructure) and part of them as "soft" factors where perception surely belongs. These soft factors are usually not of static, but more of dynamic nature that might be changed due to course of time as the process of particular brownfield regeneration approaches.…”

Section: Theoretical Framework Of the Studymentioning

confidence: 99%

How local Population Perceive Impact of Brownfields on the Residential Property Values: Some Remarks from Post-Industrial Areas in the Czech Republic

Turečková¹,

Martinát²,

Škrabal³

et al. 2017

View full text Add to dashboard Cite

ABSTRACT:Brownfields are an integral part of contemporary cities in Central Europe. It is obvious that the occurrence of brownfields influences the value of residential properties that are located in their neighbourhoods. In our research, we focused on the problem of perception of brownfields and ways how the perception of these sites affects prices of local real estate. Set of questionnaire surveys was conducted in three case study municipalities (Karvina, Orlova, Detmarovice in the Czech Republic) to ascertain factors that cause the specific perception of brownfields in municipalities that are heavily affected by the heavy industry and mining. It was found that brownfields are perceived quite negatively here and local population believes that the occurrence of brownfields significantly affects local residential property values. More polarized opinions of the population have been ascertained in case of Karvina, where plenty of brownfields are located within the settled part of the city. A key finding of our survey is that spatial distribution of brownfields within the particular city is of crucial importance while thinking about the impact of brownfields on the residential property values.

show abstract

The effects of environmental liability on industrial real estate development

Cited by 47 publications

References 21 publications

What are the effects of contamination risks on commercial and industrial properties? evidence from Baltimore, Maryland

What are the effects of contamination risks on commercial and industrial properties? evidence from Baltimore, Maryland

The Effect of Joint and Several Liability Under Superfund on Brownfields

How local Population Perceive Impact of Brownfields on the Residential Property Values: Some Remarks from Post-Industrial Areas in the Czech Republic

Contact Info

Product

Resources

About