Non-spatial Contagion in Real Estate Markets: The Case of Brookland Greens
We investigate contagion in real estate markets by evaluating the effects of a widely publicized landfill contamination event in one local market on the price of homes near landfills in non-impacted markets within the same metropolitan region. The impact of proximity to open, closed, and redeveloped...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Taylor & Francis Group
2017-11-01
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| Series: | Journal of Sustainable Real Estate |
| Online Access: | http://dx.doi.org/10.1080/10835547.2017.12091898 |
| Summary: | We investigate contagion in real estate markets by evaluating the effects of a widely publicized landfill contamination event in one local market on the price of homes near landfills in non-impacted markets within the same metropolitan region. The impact of proximity to open, closed, and redeveloped landfills in the directly affected and contagion neighborhoods is tested at distances varying from <500 meters to 2,500 meters using the traditional hedonic pricing model. The results are mixed and relative to the current use of the landfill as closed, capped, and redeveloped landfills show no impact. Sites that are capped yet undeveloped and sites with open fills appear to show some impact, although further research is needed to support any contagion effects. |
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| ISSN: | 1949-8276 1949-8284 |