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Comments on "The Analysis of Environmental Case Studies".

Article Excerpt
The article "The Analysis of Environmental Case Studies" by Thomas Jackson, MAI, and Randall Bell, MAI (January 2002), is a valuable addition to the body of literature concerning contaminated properties; nonetheless, we believe several points require further examination.

The authors' emphasis on an "apples to apples" approach to environmental case studies is valid, but it may not correspond to circumstances regarding the subject property and the available data for comparison. Their Case Study Comparison Chart presents a subject property and several industrial property case studies that are mildly contaminated with chlorinated solvents or hydrocarbons. Situations involving modest contamination, low risk, low-to-moderate remediation needs, and minuscule residual property stigma are implied or expressed throughout the article.

Although these situations underscore the theme of their article, they also represent a relatively common situation-the availability of data. More heavily contaminated properties, or those with unusual circumstances (e.g., apartments built over an abandoned landfill, farms contaminated by lead that is killing livestock) may never sell, so direct comparable case studies may not exist. Depending on the situation, a contaminated property may be analogous to a special-purpose or limited-market property wherein the appraiser...