The impact of environmental contamination on condo prices: A hybrid repeat-sale/hedonic approach

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

    Research output: Contribution to journalArticle

    29 Citations (Scopus)

    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.

    Original languageEnglish
    Pages (from-to)77-107
    Number of pages31
    JournalReal Estate Economics
    Volume34
    Issue number1
    DOIs
    Publication statusPublished - Mar 2006

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