How do we choose where we want to live and recreate? How do buyers choose the homes, camps or towns they move to?
We don’t have to hire consultants to conduct a survey to determine why people choose to live and play here. It’s obvious. We place a very high value on:
- Being surrounded by nature.
- Enjoying wildlife.
- Being able to look to the horizon.
- Seeing the Milky Way at night.
- Natural quiet.
- Clean water.
- Hunting, fishing, camping, hiking, etc.
In order to live in this area, we have all made sacrifices. You learn to plan ahead because a trip to the grocery store is a half day affair. Some things we want, we have to do without. And yet we stay, so strong is the attraction of being surrounded by mountains, wildlife, clear lakes and rivers.
Read more here – Property Values, Preservation of the Downeast Lakes Watershed
Wind Turbines and Property Values
A presentation by Kurt C. Kielisch, ASA, IFAS, SR/WA, R/W-AC
President/Sr. Appraiser – Appraisal Group One
This is a well done study, the one issue is that they did not include viewshed values.
In 2009, Kurt Kielisch of Forensic Appraisal Group conducted a Wind Power Property Value Study and found realized property prices near wind projects fell anywhere from 12% to 40% from pre-wind prices, depending on proximity. He also found that there were far fewer sales occuring the closer you got to the wind projects. Click here to read the results.
In October, 2012 Lansink Appraisals and Consulting (a division of the Wellington Realty Group Inc.) of Toronto published a comprehensive set of case studies entitled Diminution in Price: Melancthon and Clear Creek Wind Turbine Analyses. Lansink studied actual residential property transactions before and after construction of two wind projects in Ontario and found the average reduction in property value at the first project was -35.69% and the average at the other was -38.81%. Of course, the specifics of the wind projects, type of homes, distances etc. are unique to those transactions. But this is one of many professional studies that show considerable loss of property value.
2009 study by Gardner Appraisal Group found declines ranging from 10% – 30% for properties within view of a wind complex.
In his June 10, 2005 direct testimony before the Wisconsin Public Service Commission, Kevin Zarem, a professional real estate appraiser, estimated that residential property near a proposed windplant “will likely be in the 17%-20% loss range.” He based this estimate solely upon visual impact. He did not assess potential loss due to wind turbine noise, motion, or shadows. Read his full report here.
Russell Bounds, a Maryland realtor, testified in a Public Service Commission hearing that, over the last several years, he has had at least 25 people who expressed interest in buying property in a local area targeted by wind developers. However, when he advised them about the plans for wind facilities, not one of those people expressed further interest. (A local real estate agent in the Lincoln Lakes area, who prefers to remain anonymous, told us in June 2012 that this happens frequently with recerational properties that have views of First Wind’s Rollins Wind project.)
In September of 2009 Appraisal Group One of Wisconsin published a very thorough Wind Turbine Impact Study. Here’s their conclusion:
“After reviewing articles and studies on wind energy, wind turbines appear to have a negative impact on the property values, health, and quality of life of residents in close proximity. Of the studies that found no impact on property value, nearly all were funded by wind farm developers or renewable energy advocacy groups. Of the studies and reports showing property loss, the average negative effect is -20.7%”.
This very detailed testimony by McCann Appraisal does a fine job of explaining why wind projects DO have a negative financial impact on nearby property values.
In Ontario, Wolfe Island residents are seeing their property values decline and are filing for abatements. Read about it here.
On 4/7/10 Watertown Daily Times (NY) ran an article entitled Property values blowing in the wind. It describes the impact wind projects have had on property in the area. This is particularly relevant to the Bowers Project as it describes an economy that depends on tourism and homeowners who value their viewshed.
This article, in East County Magazine, reports that Mike McCann of McCann Appraisal, LLC studied over 11,300 real estate transactions near northern New York state turbine arrays. He found that property owners experienced an average 25 percent value loss with some losing as much as 40%. He warned that the turbines being installed today are considerably taller and therefore have even greater impact on values.
A 2011 study Values in the Wind: A Hedonic Analysis of Wind Power Facilities by Clarkson economics professor, Dr. Martin Heintzelman [PDF].
A 2011 Study by appraiser Michael McCann on property value impacts in Cape Vincent, New York [PDF].
A 2011 Report by appraiser Michael McCann on property value impacts in Brewster, Massachusetts [PDF].
Testimony of appraiser Michael McCann on property value impacts in Adams County, Illinois [PDF download].
A study done by Metropolitan Appraisal, regarding the Forward Wind Project (Wisconsin).
A valuable report: “Impact of Wind Turbines on Market Value of Texas Rural Land” by Gardner Appraisal Group [PDF download].
“Living with the impact of windmills” presentation by Real Estate broker Chris Luxemburger, is an analysis of some 600 sales over a three year period.
Testimony of Maturen & Associates, Real Estate Appraisers, concerning the effects of wind projects on home values.
In addition to being an excellent noise an health effects report, this document has a twenty page appendix on property values.
“Wind Power Siting Issues: Overview” (by energy expert Tom Hewson): cites several studies.
“A new slant on wind projects” offers a very helpful idea as to put some of the economic benefits of wind projects into perspective.
This site has a fine collection of property value articles.
“Property Values decrease by 40% if view of wind turbines” is an analysis of a real estate broker on turbine impacts on residential values.
An excellent discussion by the Wisconsin Realtor Association about the adverse effects of wind development.
An analysis by an Illinois Realtor about effects of wind projects.
A survey by a Wyoming Realtor concluded that properties nearby a wind project were virtually unmarketable.
“Property values blowing in the wind” is a report done by a local Realtor about wind project effects in her area of northern NY.
See “Landowners say Turbines have Hurt their Property Values.”
“How Industrial Wind Projects Affect Property Values” is a worthwhile commentary by Chuck Ebbing.
A nice presentation “Turbine Effects on View Shed” by engineer Chuck Ebbing.
Some good observations and references on this topic, from Save Western NY.
A newspaper article: “Critics say wind turbines hurt land values.”
“Wind turbine homes threat” is a news report.
“I predict a series of rural ghettos of abandoned, unmaintained homes” says an experienced appraiser.
The Better Plan website has a good example of a real estate problem, plus some good recommendations.
Here is a good news story about homeowners holding out for the wind developers to buy their property — and succeeding very well.
This article says: “Horizon, opponents debate effects on property”.
“U.S. wrestling with property values and setbacks for its wind turbines” touches on several related matters
This UK site site lists several other sources regarding property values.
“Giant blades are slicing home prices” an article about experiences in England.
“An Ill Wind Blowing” is a story about an English family’s experiences with a wind project depreciating their home value.
Ontario Parliament member calls for a provincial home value study about another English family’s experiences with a wind project depreciating their home value.
“Windfarm Blows House Value Away” is a story about another English family’s experiences with a wind project depreciating their home value.
“Wind farm property sells at sheriff’s sale.”
“Property value declines from 20 to 43 percent can be expected in parcels within two miles of turbine sites.”
“Nobody in the area could believe it. They were so loud.” The NY Times on the Fox Island wind turbines
NY Times: Turbines Too Loud for You? Here, Take $5,000
If noise is not an issue as the BRSA claims, why is Caithness Energy paying off local residents in Ohio?
Wisconsin Real Estate Magazine: New Wind Farm Regulations Could Decrease Property Values
“Do Wind Projects Adversely Affect Proximate Residential Property Values?” A compilation of property value articles from John Droz.
A survey by a local realtor may have confirmed the worst suspicions of Stan Mundy, whose home is closest to Chevron’s wind farm northeast of Casper.
Critics say wind turbines hurt land values.
Michigan Wind Working Group – Impact of Wind Turbines on Property Values
Property values blowing in the wind.
Landowners say turbines have hurt their property values.
A proposed 120-metre wind turbine would knock 50 per cent off the value of thousands of nearby homes.
Wind farm property sells at sheriff’s sale.
This agreement was drafted by attorneys in Illinois. If adopted as a condition of approving a wind energy facility, the agreement would guarantee property value protections. The BRSA will do this when hell freezes over.
Among those terms and conditions of the property site were … 3) It not be near “windmills.”
Wind farms are a wonderful source of renewable energy. But have you tried living near one? As Ross Clark reports, they can seriously damage the value of your house
Giant blades are slicing home prices. Wind turbines and Property Value – Real Life Experience
Living with the impact of windmills