Articles filed under Property Values
A bid to push along the town’s commitment to buy power from a proposed wind turbine project in Plymouth has stalled because the Board of Selectmen wants more information about the town’s costs and savings as well as the lawsuits surrounding the proposal.
The study, by the London School of Economics (LSE), reviewed more than a million homes within close proximity of large wind farms over a 12-year period, finding that their property values fell by 11 per cent. According to Professor Steve Gibbons, Director of LSE’s Spatial Economics Research Centre, "Property prices are going up in places where they’re not visible and down in the places where they are.”
In a study McCann did on Lee County, Ill., the average price per square foot for a home outside 2 miles of the wind project was $104.72. For those that were within 2 miles of the project the average sale price was $78.84 per square foot - a decline in value of approximately 25 percent. One couple that was part of a panel at Friday's forum - Scott and Melodie McLane from Georgia, Vt. - experienced the depreciation of the value their home first hand.
Jo Fagan thought she had sold her house in the village, but was amazed to receive a letter from her estate agent saying the sale would not happen because of the proposed five-turbine wind farm at Hough Grange Farm, Hough on the Hill.
"An increasing number of people are coming to me with clear evidence that the value of their home is significantly less than what it otherwise would be were the wind farm not there. "I'm seeing a minimum 10 per cent to 15 per cent reduction," he said. "Some are seeing a loss of one-third of the value. How can that be fair?
Westcountry homes close to wind farms have lost up to a third of their value, an MP has claimed as the Government considers paying compensation if developments cause a property price plunge. Geoffrey Cox, Conservative MP for West Devon and Torridge, said constituents have been told by estate agents their homes are worth “significantly less” thanks to giant turbines, and that it is an “injustice” they lose out while developers and land owners potentially pocket millions.
City officials said Portland has consistently grown at about 1.5-percent for the past 10-15 years, adding that they have done that by encouraging single-family home development ...However, they said that being so close to the wind turbines in nearby Taft will be the city's biggest challenge for further growth. "What we understand from talking to developers is that they are reluctant to build single-family subdivisions in the shadow of wind turbines."
'Three huge turbines are visible when gazing across the gardens from the bay windows in the chateau’s grand salon. ‘Every day we have to suffer the visual and noise pollution. I can see the turbines from everywhere in the house, from every room.’
In one case, as reported in the Sunday Free Press, the value of property was decreased by a whopping $50,000 from a price of nearly $410,000 because of proximity to a wind turbine. A homeowner saw a $700 reduction in the annual tax bill. Now that’s real cash gained because of financial harm — bona fide or perceived, it doesn’t matter. Though in terms of reducing enjoyment of property because of noise, altered views or flicking lights, this change is not exactly a favorable return on investment.
“Although they are not as universally hated as things like electricity pylons, which are an absolute no-no for buyers, they can be a big negative for many people,” he said. ...The average price of a house in the UK – £242,415 – would fall to around £223,000 if a wind farm were to be built nearby.
The letter, sent to eight properties, warned that development consent was not a defence against possible legal action and recommended recipients seek legal advice. Mr Hodgson said he had been advised by his lawyers that there was "extensive" precedent to sue his neighbours should the turbines prove a nuisance, and that he would seek damages.
When Melodie McLane of Georgia used to drive by the wind turbines in Clinton, N.Y., she says, she always looked at them with wondrous curiosity. But now, after four industrial wind towers were built near her home on Georgia Mountain Road, she dreads them. 'I had no idea it would be this bad,' she says, describing a constant noise she says makes it hard to sleep or go outside.
Member for Hume Angus Taylor says rural land owners who’ve had their properties devalued by neighbouring wind farms deserve to be compensated. His comments come follow the publication of a preliminary report into the issue, which showed properties across the region that adjoined either energy developments or proposed energy developments had seen 33 to 60 per cent write downs.
“We were contacted by the estate agent and he basically informed us there was no point in having this property on the market while this application was going through – it would be almost impossible to sell.” The family spoke to other estate agents and all said their home was unsaleable because of the wind farm plan.
Resident Margaret Moor, who has lived in the village for 16 years, added: "The company is offering to put £50,000 a year into the area but that's just them trying to buy us. "Nobody wants a wind farm here and the turbines are taller than in other areas because they need to be able to reach the winds coming over the Wolds."
The members unanimously agreed that the sound of the turbines-- any sound-- was enough. "It's a noise that's a constant sort of noise. I once described it as if you're on a coastline and way off in the distance, there's a freighter going by and you hear the engine going-- chug, chug, chug. That's the kind of noise that you experience," Vickers explained.
Rural landholders across Australia may face a disappearing pool of buyers and plummeting values of up to 60 per cent because of neighbouring wind farms, a new, independent report has established. Most reports so far have not produced evidence that rural land holdings have been impaired by wind turbine development. However, registered valuer Peter Reardon has compiled a 30-page dossier on the impacts of wind farms on adjoining or nearby rural farms.
“Estate agents are now advising those wanting to sell their homes to lower the price by 30%. Sadly, some find they cannot sell at all.” Struan Stevenson MEP added: “Some homeowners are suicidal because their homes are worth a fraction of their original cost and many were counting on them for their pensions. The rush to make millions from wind farms is a cruel blow to homeowners whose only crime has been to live in the countryside.”
The Daily Telegraph last month disclosed that Mr Paterson, the Environment Secretary, had compiled a study about how turbines impact the rural economy. ...As a result of the intervention by Mr Davey, the study will now look at the impact of all renewable energy sources on the rural economy, including fracking.
A national study that claims there is "no statistical evidence" that real estate prices near wind turbines are negatively impacted is misleading because it lumps homes close to the turbines with those miles away, according to Wind Wise Massachusetts. ..."Wind turbines near residential areas are devastating to home values," according to Michael McCann, president of McCann Appraisal of Chicago.