Property values etc
How Wind Turbines Affect Property Values
Will nearby turbines affect my property listing?
The Ontario Real Estate Board recently added the following question to the “Seller Property Information Sheet” for homeowners listing their properties for sale: “Are there any hydro generating projects planned for the immediate area? e.g. Windmills?”
What is happening locally, with White Pines and Ostrander nearing approval?
County realtors report that in southern wards of Prince Edward County where wind projects are planned, detached home sales have slowed, whereas they have remained brisk in other parts of the County.
Are there any independent studies on property values?
The following was extracted from CBC News 1, 2 Oct 2011: “The government and the wind energy industry have long maintained that industrial wind turbines have no adverse effects on property values. However, the CBC has documented scores of families who have discovered their property values are not only going downward, but also some who are unable to sell and have even abandoned their homes because of concerns that nearby turbines are affecting their health…
Meanwhile, the industry rejects claims of lower land values. While acknowledging a lack of peer-reviewed studies in Ontario, Robert Hornung of the Canadian Wind Energy Association (CANWEA) said that CANWEA commissioned a study of the Chatham-Kent area, where new wind turbines are appearing, and found no evidence of any impact on property values. However, Ron VandenBussche, a Re/Max agent along the Lake Erie shore, said the reality is that the wind turbines reduce the pool of interested buyers, and ultimately the price of properties. The president of the Brampton Real Estate Board examined real estate listings and sales figures for the Melancthon-Amaranth area, home to 133 turbines in what is Ontario’s first and largest industrial wind farm. On average, from 2007 to 2010, he says properties adjacent to turbines sold for between 20 and 40 per cent less than comparable properties that were out of sight from windmills…
Some property owners who complained about noise and health issues and threatened legal action did well if they convinced the turbine companies to buy them out. Canadian Hydro Developers bought out four different owners for $500,000, $350,000, $305,000 and $302,670. The company then resold each property, respectively, for $288,400, $175,000, $278,000 and $215,000. In total, Canadian Hydro absorbed just over half a million dollars in losses on those four properties. Getting a mortgage on your house might not be that easy. One bank in the Melancthon area is not allowing lines of credit to be secured by houses situated near wind turbines – the bank wrote, “we find your property a high risk and its future marketability may be jeopardized.”
Read the complete CBC report at http://www.cbc.ca/news/canada/story/2011/09/30/ontario-wind-power-property-values.html . What was the public reaction to CBC’s report? Viewers posted 1260 comments representing a wide spectrum of opinion!
Wisconsin study confirmed property devaluations
A 2009 study in Wisconsin by Appraisal Group One confirmed that a wind farm having turbines 90 feet shorter than those now proposed for South Marysburgh had a very significant negative effect on property values.
Read the complete report at http://www.acousticecology.org/wind/winddocs/property/Kielisch%20-%20Wind%20+%20Property%20Value.pdf or watch a brief slide presentation at http://www.acousticecology.org/wind/winddocs/property/Kielisch%20-%20Wind%20+%20Property%20Value.pdf