"Environmental factors can turn trophy properties into costly reclamation projects," says Kenneth Acks, director of environmental valuation and consulting at Landauer Realty Group. "Conversely, knowledge can be leveraged to change environmental nightmares into assets."

As the population continues to expand, the rehabilitation of contaminated sites will be in increasing demand from both public and private sectors. The US Senate has passed legislation to ease restrictions on rehabilitating the nation's brownfield sites. If enacted, the law would remove the threat of liability facing owners of contaminated property and stimulate economic investment in brownfield cleanup.

"Global warming, MTBE, soaring energy prices, smart growth, land preservations, brownfield redevelopment and community opposition to projects all will confront real estate developers, buyers, sellers and government policymakers with difficult and costly challenges in the years ahead," adds Acks.