Impact of a toxic waste Superfund site on property values

A study is presented that analyzes the impact on property values of a toxic waste Superfund site in Uniontown, Ohio. Estimated damages associated with approximately 1,600 residential and certain commercial properties totaled just under $11 million. Toxic waste landfills have a relatively quick, econ...

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Bibliographic Details
Published inThe Appraisal journal Vol. 65; no. 4; p. 381
Main Author Reichert, Alan K
Format Journal Article
LanguageEnglish
Published Chicago Appraisal Institute 01.10.1997
Subjects
Housing
Housing prices
Landfill
Literature reviews
Property values
Studies
Superfund Amendments & Reauthorization Act 1986-US
Toxicity
Trends
United States > US
Ohio
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Summary:A study is presented that analyzes the impact on property values of a toxic waste Superfund site in Uniontown, Ohio. Estimated damages associated with approximately 1,600 residential and certain commercial properties totaled just under $11 million. Toxic waste landfills have a relatively quick, economically significant, and permanent impact on housing values. A temporary liquidity effect is likely, as evidenced by a reduced volume of sales and an increase in marketing time. At the same time, once housing prices fully adjust to the realities of a contaminated marketplace, the liquidity effect disappears. Thus, houses located near a landfill will begin to sell at a normal pace but at a significantly reduced price. Unfortunately, the ultimate effect is the permanent reduction of real property value within a considerable distance from the contaminated site.
ISSN:0003-7087