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data for 675 homes. The R2 values ranged from .83 to .90, meaning <br />that 83-90% of the variance in prices between homes could be accounted <br />for in the variables used in the model. <br /> <br />Adlen et al. (1982), compared findings in their New Jersey study with <br />those in Andover, Minnesota. In this case, homes examined were located <br />between two waste sites. The first was the tire dump and hazardous <br />waste dump area known as the South Andover site. The other was a <br />public landfill with a hazardous waste cell, the Waste Disposal Engineering <br />(WDE) landfill. A sample of 250 homes was studied with no significant <br />results. A trend was established in results, however, which indicated <br />that property values were higher the further one moved from the public <br />landfill, even if that meant one was closer to the tire dump/hazardous <br />waste site. The authors noted that their findings may not have been <br />significant because the sample was small and because little time had <br />elapsed between appearance of contamination and conduct of the study. <br /> <br />b. The Sale and Re-sale Model of Comparative Value <br /> <br />The sale and re-sale prices of a single house are compared in this <br />study method to estimate the impacts of an external force on property <br />value. <br /> <br />The sale/re-sale method of analysis offers a good indication of historical <br />trends in housing price which can contribute to an understanding of <br />conclusions drawn using an Hedonic Model. <br /> <br />In the Hedonic Model, one attempts to isolate factors which affect sale <br />price. In the sale/re-sale method, one can ignore housing and site <br />characteristics and concentrate on a single set of data. The task, is to <br />measure the rate of change in price of a given house as a function of <br />distance from a landfill -- for any or a number of points in time. In <br />this method, one can rely entirely on published, secondary data. <br /> <br />The major drawback to this met;fiod is that it cannot account for shifts <br />up or down in the relative importance of a variable (i.e., fireplace, <br />number of bathrooms) between the first and second sale. If, for example, <br />fireplaces were more valuable relative to other house attributes at the <br />time of the first s~ as compared to the second sale, the model cannot <br />readily account for this. Simply put the model assumes tastes do not <br />change. <br /> <br />Callaway and Price (1986), used this method to estimate the net effects <br />of landfill development on the prices of homes at different distances <br />from the sites. The authors studied monthly variations in price for <br />entire neighborhood units which were considered to be "near" or "far <br />from" landfills. Results were ambiguous. In some cases prices in <br /> <br /> <br />