Water Contamination, Land Prices, and the Statute of Repose

John F. Chamblee, Carolyn A. Dehring, Craig A. Depken, Joseph R. Nicholson

Research output: Contribution to journalArticle

Abstract

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.

Original languageEnglish
Pages (from-to)398-414
Number of pages17
JournalJournal of Real Estate Finance and Economics
Volume51
Issue number3
DOIs
StatePublished - 10 Oct 2015

Fingerprint

environmental pollution
statute
water
hazardous waste
Superfund
Supreme Court
land
contamination
price
Contamination
Land prices
Water
Statute
groundwater
Law
off-site
public

Keywords

  • Hydrology
  • Pollution
  • Property values
  • Superfund

Cite this

Chamblee, John F. ; Dehring, Carolyn A. ; Depken, Craig A. ; Nicholson, Joseph R. / Water Contamination, Land Prices, and the Statute of Repose. In: Journal of Real Estate Finance and Economics. 2015 ; Vol. 51, No. 3. pp. 398-414.
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Water Contamination, Land Prices, and the Statute of Repose. / Chamblee, John F.; Dehring, Carolyn A.; Depken, Craig A.; Nicholson, Joseph R.

In: Journal of Real Estate Finance and Economics, Vol. 51, No. 3, 10.10.2015, p. 398-414.

Research output: Contribution to journalArticle

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