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The Implications of Federal Wetland Protection Programs for the Real Estate Appraisal Industry

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Abstract

Because most of the services that natural wetlands provide are nonexclusive, the economic value of these services is not capitalized into their market price. Because land markets tend to favor development of natural wetlands without recognizing the opportunity cost of natural wetland services forgone, the federal government has deemed it necessary to regulate wetland development. Enforcement of these regulations increases the cost and risk of wetland development, thereby reducing the market price of wetlands. Appraisers who value wetlands must consider the effect of these regulations on wetland values or face the possibility of liability claims and costly litigation.

Suggested Citation

  • John S. Baen & Jaime Alvayay, 1990. "The Implications of Federal Wetland Protection Programs for the Real Estate Appraisal Industry," Journal of Real Estate Research, American Real Estate Society, vol. 5(1), pages 153-166.
    • Handle: RePEc:jre:issued:v:5:n:1:1990:p:153-166
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    References listed on IDEAS

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    1. Frederick W. Bell & Vernon R. Leeworthy, 1987. "Economic Demand for Marinas and Projected Impact on Wetlands," Land Economics, University of Wisconsin Press, vol. 63(1), pages 79-91.
    2. Danielson, Leon E. & Leitch, Jay A., 1986. "Private vs public economics of prairie wetland allocation," Journal of Environmental Economics and Management, Elsevier, vol. 13(1), pages 81-92, March.
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    Cited by:

    1. Heimlich, Ralph E. & Wiebe, Keith D. & Claassen, Roger & Gadsby, Dwight M. & House, Robert M., 1998. "Wetlands and Agriculture: Private Interests and Public Benefits," Agricultural Economic Reports 34043, United States Department of Agriculture, Economic Research Service.

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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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