This thesis investigates how proximity to parks, historic district designations, and water quality are valued at residential housing prices. The first essay argues that the negative influences of parks and historic districts, if not noticed, could promote negative externalities and unincentivized investments. I find a negative impact on housing values for a close proximity to a park, suggesting disamenities in park features. When the boundary discontinuity and park amenities are considered, I find a positive valuation for a park. Overall, these results imply a mixed influence of parks on homeowners. From the historic district standpoint, I find a positive valuation of the local historic districts over the surrounding neighborhoods. The latter findings indicate that the benefits of locally designated areas outweigh the negative impacts. The second essay researches a probable lead risk in the water supply on the residential market. I argue strongly for the possibility of hidden-type information relative to lead in water supplies. I find that the influence of lead risk in their water supply is not statistically significant. The test for asymmetric information validates the expectation that homes in the relatively high lead-risk neighborhoods might not be informed of the level of lead-risk in their water supply.