Articles filed under Property Values
HINTON, Oklahoma - Homeowners in Western Oklahoma are divided over wind energy. While many property owners are leasing their land for wind turbines, others are trying to escape their shadow.
Greer told attendees of a presentation he gave last week that it doesn't make fiscal sense for property owners to enter into agreements with the wind power industry. Payments to landowners through lease agreements are negligible, and the towering structures could make property unsalable should residents decide to move, he said.
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.
An offshore wind farm erected off the coast of North Carolina would reduce coastal rentals and potentially harm tourism, even if the energy project was placed at a maximum distance from shore, a study by N.C. State University economists found.
McCann said he was hired to appraise a house in June 2011 in Mason County, Michigan, where representatives from the Lake Winds Energy Farm Project had been negotiating leases with property owners; however, they had not yet applied for permits with the county. ...A 476-foot turbine was built 1,139 feet from the residence, and the 56-turbine Lake Winds Energy Farm Project became fully operational in November 2012, McCann said. “After three years on the market and several price drops, this house ended up being sold for 40 percent of what it was originally worth,” he said.
When J.T. bought his property in Calhan 16 years ago, he considered it a permanent move. In 2013, J.T. had his property appraised, so he could refinance it. The house appraised for $235,000, he said. The house today is appraised at $194,000, with no viable reasons for the decrease, except for one: the wind farm.
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 member of the Multi Municipal Wind Turbine working group says an assessment of property values confirmed a 25% property devaluation due to industrial wind turbines.
A lawsuit regarding the 411-foot wind turbine in the North Kingstown Green subdivision off Ten Rod Road in North Kingstown has been dismissed.Under the terms of the agreement with the Newcombes, ...DePasquale’s (turbine owner) lawyer argued the Newcombes broke the terms of the contract when they discussed the terms of the settlement, the turbine and their displeasure with it with a potential buyer. It also was argued DePasquale “suffered damages including the loss of a potential purchase of the property.”
One of the concerns cited by homeowners is a sharp drop in home values that is caused by the aesthetics, noise pollution and related health effects. Neighbors reference instances where families have abandoned their homes after years of being unable to sell but the developers, Swanton Wind, points to academic and government studies reporting there is no evidence that wind farms damage home values.
The neighbors in Swanton will be just over 2,000 feet to the proposed turbines, which is more than 1,000’ closer to the project than any homes on Georgia Mountain. The proposed turbines in Swanton are also nearly 60’ taller than the ones here. So I think it’s safe to say that they have a very valid reason to be worried about their property values.
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.
While disgruntled cottage owners near the new wind farm at South Canoe are upset by the way their view has been altered and about a possible drop in property values, an expert on renewable energy at Dalhousie University thinks they have little to be concerned about.
A court ruled in the couples’ favor, confirming the proposed wind farm clearly had the possibility of impacting on both the future value and the buyers’ enjoyment of their new home. The solicitors were found to be negligent in failing to inform their clients about these plans and as a result the buyers received a substantial compensation settlement.
In a statement attacking the proposals, Bournemouth Tourism Management Board also said it was furious that EDF Energy, one of the backers of the Navitus Bay project, was “completely disregarding the environmental and consequential economic impact on the local area and refusing to compensate for the multi-million pound damage local businesses face”.
He also illustrated reasons for people to sell property with a turbine on or near it include health impacts. ...He said it’s [not] a “conspiracy theory” among neighbors when it comes to those health impacts, but he affirmed those events do occur. ...Property impact studies have been done throughout the world and one he described showed assessed values indicated a 20 percent deviation from assessed sale value.
The Wisconsin Realtors Association asked the state Supreme Court to invalidate a 2009 rule establishing setback requirements for building wind turbines near residential housing because, they said, it doesn’t go far enough.
“The turbines that are proposed here are quite large,” she said. “The majority of the population here very clearly doesn’t want them. Put simply, if you were to buy your future home, given the choice, would you buy where you would have noise, shadow flicker, an industrial view, potential health issues caused by the turbines, and the possibility of a very difficult resale, or would you spend your money elsewhere?”
The paper by Vyn and McCullough (2014) should not have been published in its current form as the results are being misinterpreted and highly publicized in the press and in radio broadcasts. The core issue is the lack of power in the statistical tests, a problem partially acknowledged by the authors but then dismissed by their focusing attention on tests for the sensitivity of their model specification.