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Does a Toxic site near the residential neighborhood in Elmira, CA decrease the value of a home?

Does a site near the residential area decrease the value of a home even if the toxic site isn't on the property for sale?  The town of Elmira has a toxic clean up site and the residents were placed on city water because ground water and soil contamination.  How does that affect the value of the property?
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September 13 2010 - Elmira
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Answers (3)

Anything negative can and does effect property values.
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September 28 2010

Toxic clean up site/Elmira..When this unfortunate incident occurred it certainly affected the value or property in Elmira. Even if the site has been cleaned up and cleared by government agency's the stigma of the event will last for years. It is a disclosure item and a concern for prospective buyers. Much of the concern can be mitigated with good documentation of the clean up. If you are considering selling your home/property it will serve you well to gather all the pertinent documents showing what happened and how it was handled. This form of disclosure will help alleviate many of the natural fears of any potential buyer.

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September 17 2010
Only the market will tell you this. It probably will decrease the value depending on the issues with the contamination and risk. A buyer will be concerned because maybe the contamination is worse that the city or people know and the buyer takes that risk. Get as much information as possible from the town and do some googling to research information on the contaminant. 

How close is the site? Many times issues and risks are overblown but that still impacts value. Only the market will tell you when you list it for sale and see what kind of offers you get. Hopefully there will be a plan to clean the site or mitigate the issues so that values are less impacted within a few years.
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September 13 2010
 
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Does a Toxic site near the residential neighborhood in Elmira, CA decrease the value of a home?
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