Articles filed under Property Values from New York
Experts disagree about whether the introduction of wind turbines to an area has any impact on property values.
HENDERSON HARBOR — Apex Clean Energy contends flawed methodology was used by a study that predicts impact of the proposed Galloo Island Wind Farm on property values in the town of Henderson.
Because Henderson wouldn’t receive any tax benefits from the wind project, its impact would be largely negative — especially for the value of waterfront properties. The analysis of property values in Henderson was based on a review of the impacts of the Wolfe Island Wind Farm on properties in Jefferson County, ...Based on the sale of 26 properties in Jefferson County with a view of the turbines on Wolfe Island, the analysis found that the value of the properties depreciated by about 15 percent after the wind farm became operational in 2009.
In Apex’s glossy brochure, the Wyoming County property that’s listed as having sold for $245,000 happens to have been mine. Apex conveniently left out the most important facts about the property: It was a 93-acre farm, sold for $245,000 on June 11, 2013, prior to completion of the 58-turbine Orangeville wind factory that was being constructed. The new owner subsequently broke up the property into three parcels ...The combined assessed value of the three parcels is now $205,000. That’s a $40,000 or nearly 20 percent loss of value after the Orangeville wind factory was built.
A $19,600 study led by the Potsdam-based Clarkson University School of Business to research various impacts of the 31-turbine project was approved Wednesday by the Town Council. The study — to be expanded if more towns participate — will explore the potential impact of Albany-based Hudson Energy’s project on Henderson’s economy, waterfront viewshed and property values.
Realtors say the value of waterfront homes in the town has slid steeply over the past five years due to the eyesore of Wolfe Island Wind Farm, creating a buyer’s market for those who don’t mind looking out at turbines.
What would happen if your home lost 40 percent or more of its value? This is the agonizing reality for residents and property owners in Chipmonk, Knapp Creek, the Four Mile and the Birch Run. ...Recently, the assessment rolls in Wolfe Island (on the St. Lawrence Seaway) were reduced by $3 million dollars because homes in close proximity to turbines lost value.
"Nearby homeowners, however, do not generally receive any direct compensation, and it is possible that PILOT payments are not completely making up for losses dealt to this group," he continued. "So, it may be necessary to develop other schemes which would compensate these affected parties."
"In Clinton and Franklin Counties proximity to turbines has a usually negative and often significant impact on property values, while, in Lewis County, turbines appear to have had little effect, and, in some specifications, a positive effect."
Heintzelman said past research, including a study of Madison County, showed wind farms had little or no impact on real estate values. But he found that hard to believe. "Anytime you put a large industrial or manufacturing facility in someone's backyard," he said, there is bound to be some impact.
"After completing my review of the subject location, it is clear that numerous homes in the Cape Vincent area will be adversely impacted, and the best available evidence indicates that value loss of 25 to 40 percent or more will occur to homes within approximately two miles of the turbines."
The town's Wind Committee voted 9-1 Tuesday evening to adopt the controversial Residential Property Value Guarantee and move it on to the Town Council as part of its proposed wind zoning law. ...With the move, the committee appears to have taken direct aim at the company most interested in locating a wind farm in Hammond.
The committee voted 9 to 1 Tuesday evening - with committee member and leaseholder, Michele W. McQueer, casting the lone dissenting vote - to adopt the controversial Residential Property Value Guarantee (RPVG) as a suggestion to the town board. In a recent letter from Iberdrola Renewables to the committee, Mark Epstein, Esq., senior counsel, wrote, "We believe that if the Committee chooses to pursue the RPVG, it will prevent any development of windpower facilities in Hammond."
The board is considering a law proposed by the town's wind committee that would require Iberdrola Renewables to compensate property owners who see drops in their land values because of the presence of wind turbines. The proposal also requires the company to buy out any property owner who objects to living near a turbine.
While Iberdrola Renewables says a proposed law requiring wind turbine companies to compensate property owners who see drops in their land values could force the company to drop plans for a development in Hammond, Town Supervisor Ronald W. Bertram says he supports the ordinance.
"According to expert organizations such as professional Certified Real Estate Appraisers, industrial wind development adversely impacts land values within the immediate wind-zone and a peripheral area of approximately two miles," according to Grabski. He based his data on research conducted by the Certified Real Estate Appraisers in various states for property within two miles of wind turbines.
The author of "Wind Turbine Syndrome: a Report on a Natural Experiment" told the Hammond Wind Committee on Monday that 14 percent of the town's residential dwellings will be adversely affected if the entire wind overlay zone is filled with wind turbines.
Sales records show that Cape Vincent has had a steeper decline in residential property sales than its neighbors and real estate professionals are starting to blame proposed wind power developments. "People do not want to buy near windmills," said Amanda J. Miller, owner of Lake Ontario Realty, Dexter, who specializes in waterfront property sales. "They avoid purchasing in towns like Cape Vincent."
There have been numerous papers written recently concerning the question of whether property values are affected by nearby wind farms. It's not a great leap of faith to realize that major structures close to residences like electrical transmission towers, highways, train tracks and wind turbines all affect the market value of our homes.