Content area
Full Text
abstract
As populations and airports expand, airport noise is an increasingly important issue for real estate analysts. In researching real estate damage issues, the topic of airport noise and its Impact on property market values are particularly well-documented and well-researched areas. This article puts airport noise into the framework of the Detrimental Conditions (DC) Matrix, outlines the measurement of "noise," sets forth some of the health effects of airport noise, and addresses the impact that airport noise has on property market values.
As populations and airports expand, airport noise is an increasingly important issue for real estate analysts. In researching real estate damage issues, the topic of airport noise and its impact on property market values are particularly well-documented and well-researched areas. This article puts airport noise into the framework of the Detrimental Conditions (DC) Matrix, outlines the measurement of "noise," sets forth some of the health effects of airport noise, and addresses the impact that airport noise has on property market values. There are dozens of published studies on the topic, all of which virtually come to the conclusion that homes under or nearby the flight corridors of national or international airports experience some diminution in property market values.
An Overview of Detrimental Conditions
Diminution in value is the difference between the before and after market values of properties that have been damaged or taken. Hundreds of Detrimental Conditions (DCs) may impact real estate values, including environmental contamination, construction defects, geotechnical issues, eminent domain, economic declines, proximity issues, natural disasters, and many others. While identifying, categorizing, and analyzing these numerous DCs may seem overwhelming, the task becomes manageable when the fundamental stages and market value effects are considered in a logical sequence. The fundamental tools for a DC analysis, the DC Matrix, the DC Model, The Bell Chart, and the Three DC Approaches to Value, are set forth within the book Real Estate Damages.1 On this basis, airport noise is generally categorized as a Class V Item of Disclosure, which is defined as being an externality or neighborhood condition, and is generally permanent in nature.
Detrimental Conditions Stages and Issues Related to Airport Noise Utilizing the DC Matrix, it is apparent that several issues are relevant in studying airport noise. Based upon...