Hedonic price analysis for residential properties in proximity to remediated brownfields
Pugh, Samuel Houser
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This study uses a hedonic price analysis to examine the price effects on residential properties within the proximity of brownfields, or potentially contaminated tracts of industrial land. The study uses data from Fulton County, Georgia and Chatham County, Georgia from residential properties within one kilometer of four brownfields in Fulton County and two brownfields in Chatham County. The sales observations take place in years before, during and after the brownfields were listed on Georgia Environmental Protection Departments Hazardous Site Index (HSI). In addition to observing the effect of brownfields on properties in the different time periods in the brownfields lifecycle with respect to the HSI, this study also compares two approaches to specifying the independent variables of the hedonic property model. The results vary between the two case studies, but they broadly indicate that once the housing market identifies brownfields as disamenities remediating the brownfields, or cleaning them up, has a positive impact on nearby property values.