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Article: Contaminated properties and the sales comparison approach.
- Article from:
- Appraisal Journal
- Article date:
- July 1, 1994
- Author:
CopyrightCOPYRIGHT 1994 The Appraisal Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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During the past decade market participants have become increasingly aware of contaminated property and its many problems. As the market has gained experience with environmentally impaired transactions, some of the panic has worn off and these properties have slowly begun to sell once again. Consequently, a small but steadily increasing body of market data concerning the sale of contaminated real estate is now developing.
The vast majority of market data observed so far has been associated with lightly to moderately contaminated properties. Sales of severely contaminated property, such as Superfund sites, while rare, do exist. Severely contaminated property sales are ...