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    Author(s): John F. Chamblee; Carolyn A. Dehring; Craig A. Depken; Joseph R. Nicholson
    Date: 2015
    Source: The Journal of Real Estate Finance and Economics
    Publication Series: Scientific Journal (JRNL)
    Station: Southern Research Station
    PDF: View PDF  (669.72 KB)

    Description

    We examine how water contamination risk from an inactive hazardous waste site is capitalized into surrounding vacant land prices. After public knowledge of the first instance of off-site contamination, we find that shallow groundwater contamination potential is negatively capitalized into land prices, as is proximity to a known contaminated well. Public knowledge of off-site contamination and associated land price changes occur after the North Carolina’s 10-year statute of repose. Our findings raise questions concerning such statutes when environmental contamination has a long latency period, especially given a recent Supreme Court ruling that Superfund law does not preempt state statutes of repose.

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    Citation

    Chamblee, John F.; Dehring, Carolyn A.; Depken, Craig A.; Nicholson, Joseph R. 2015. Water contamination, land prices, and the statute of repose. The Journal of Real Estate Finance and Economics. 17 p. 10.1007/s11146-015-9514-3

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    Keywords

    superfund, pollution, hydrology, property values

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