Author: Simons, Bowen, and Sementell

Start Page: 29
End Page: 42
Volume: 14
Issue Number: 1
Year: 1997
Publication: Journal of Real Estate Research

Abstract: This study considers the effect of underground storage tanks on residential sales price. These effects are tested with a hedonic pricing model for all 1992 residential sales in Cuyahoga County, Ohio. Three types of tanks were tested: non-leaking tanks registered with the state of Ohio, leaking tanks that are currently not registered, and registered leakers. Results show that close proximity (same block or within 300 feet) to registered, non-leaking tanks and to unregistered leakers did not significantly affect sales price. However, proximity to a leaking, registered tank demonstrated a reduction in price of over 17%.