The findings reveal that properties within the BPA are generally valued higher than those outside, in line with previous literature emphasizing the positive impact of environmental amenities on real estate prices (Cuculiza et al., 2021). However, following major wildfire events, properties within the BPA experience price decreases of approximately 0.9%–1.7% compared to properties outside the BPA, with the negative impact being significant in the first two years post-event and diminishing thereafter. Additionally, properties within the BPA with higher natural environmental amenities exhibit greater resilience to wildfire risk, indicating the importance of considering environmental factors in wildfire risk research within the housing market context.
Results show that age and the number of bathrooms are the only features reliably predicted by the model, with the HVTL easement not significantly impacting price. The statistical analysis, accounting for emotional factors in home buying, reveals that properties with the easement sold for up to 4.22 percent less than those without, consistent with similar studies.
Hedonic property models, including both linear and semi-logarithmic approaches, have observed a significant drop in property prices in nearby Pine, a town located 2 miles away from a major wildfire. Property prices in this neighboring community, which was not directly burned by the fire, saw a decline of roughly 15%. This suggests that both prospective buyers and sellers changed their perceptions of fire risk, following the occurrence of this major fire event. Furthermore, the author suggests this adjustment in perception may also signal a potential decrease in the overall desirability of residing within a forested area, ultimately leading to a decrease in property prices
The research findings suggest that property values near the upper Milwaukee River increased after the cleanup efforts, particularly following reductions in PCB concentrations. Considering all residences in the remediated zone, the suggested increase in property value following cleanup amounts to 3%, or $5,683. However, it's important to note that the effects observed primarily pertain to the upper Milwaukee River, and the full restoration of the broader Milwaukee Estuary AOC is still a work in progress. Further research is necessary to confirm the value of fully restoring AOCs based on post-cleanup sales data.
Irwin’s hedonic output presented evidence that elevated lead risk had a significant negative impact on property values. In 2005, the year following the implementation of the new policy for lead-risk classification, homes in the high lead-risk zones sold for approximately 6.7% less as compared to homes outside of a zone. This estimate increased to 7.9% and 8.9% in the subsequent years.
The findings reveal notable diversity in the impacts on property prices across different sites; however, the overall trend indicates a decline of 3% to 6% following the public awareness of a release and a subsequent increase of 4% to 9% post-completion of cleanup efforts. These averaged effects encompass the property price responses observed within a 5-year timeframe after the release or the cleanup, and these effects gradually wane as distance from the site increases, extending up to 2 or 3 kilometers away. The authors expressed the view that the implementation of the meta-analysis was judiciously executed within this research, maintaining uniformity across models. This deliberate approach was adopted with the intention of mitigating significant downfalls observed across other studies.
The results of the property fixed-effect model revealed that proximity to green space had a positive impact on property values. However, the impact of different types of natural landscape views varied. Farmland views were considered amenities, as a 2% increase in property prices was observed when the farmland viewshed area increased by 10%. On the other hand, views of green space did not show any statistically significant impact on property values. One of the most intriguing findings of the study was related to views of forestland. Contrary to the assumption that natural landscape views are always beneficial, the study found that views of forestland had a small but statistically significant negative impact on property values.
The research findings revealed that boil water notices had varied impacts on real estate values. For properties within the lower 60 percent quantile, BWNs were found to have a statistically significant negative effect on residential values. Moreover, for properties that experienced both a BWN and a one-day water disruption, a decrease in property value was observed ranging from 0.6% to 8.4%. However, for high-priced houses falling within the 0.7 quantile, no noticeable decrease in property value was detected due to BWNs. Overall, the authors concluded that since most properties in the county experienced multiple water disruptions caused by BWNs, residential values were likely to have declined by approximately 1% to 10%. The findings imply that BWNs can have a detrimental effect on property values, particularly for lower-priced houses.
Remarkably, the study's findings indicated that there was no significant evidence of racial bias affecting appraised values when comparing black-owned homes to white-owned homes. Based on their thorough analysis, the authors concluded that racial bias did not seem to play a significant role in influencing appraised values in this specific refinance market.
The case studies demonstrated that innocent landowner programs positively affected property values. Properties within these programs maintained their values similar to unimpaired properties, indicating no diminution in value for non-source properties with a formal release of liability. The Innocent Landowner Program proved beneficial to property owners, preserving their property's value despite previous contamination issues.
The study found that areas with high Covid-19 case rates had a negative impact on the prices of single-family residences, as evidenced by hedonic modeling. Additionally, there was a significant negative correlation between residential sale volume and coronavirus case rates. Specifically, for every 1,000 increase in positive case rates in a particular zip code, single family homes experienced a 10% property value diminution (PVD).
The primary purpose of the repeat sales analysis was to quantify the impact on property values before and after the public became aware of the contamination issue. The findings revealed that the unregulated perchlorate contamination provided significant property value diminution to residential property values near the Olin Corporation Facility in California. The repeat sales approach demonstrated a property value diminution (PVD) of 21.82% for homes not affected directly by the contamination source.