Does the land market break down for contaminated properties

摘要: Summary Recent changes in potential liabilities associated with contaminated properties have reduced the number of buyers for such properties. This paper examines hypothesis that contingent and uncertainties surrounding create extraordinary proft opportunities developers ‐ market mechanism determining sales prices has broken down. Data from 14 case studies are evaluated. The concludes while profits were earned a cases by prudent purchasers, losses on other suggest land does not appear to overestimate risks cleaning up contamination. Sales price discounts lower those where sellers apportion risk so buyer's reduced.