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Tag Archives: property value loss

Property value loss from North Stormont wind farm in the millions: Wind Concerns Ontario

06 Thursday Dec 2018

Posted by ottawawindconcerns in Renewable energy, Uncategorized, Wind power

≈ 2 Comments

Tags

EDP, Ford Nation, green energy, Nation Rise, North Stormont, Ontario, property value loss, wind farm, wind turbines

BerwickAreaFarm-DL

Berwick area farm: 33 huge industrial wind turbines planned could mean a loss of $37 million for nearby property owners [Photo Dorothea Larsen, Kemptville]

Homeowners in North Stormont will have to make a big sacrifice to “green” energy if the proposed “Nation Rise” wind power project is constructed, says Wind Concerns Ontario, a coalition of community groups and Ontario families.

Using research completed recently by a land economist with the University of Guelph and published in Land Economics, Wind Concerns calculates that overall, the property loss for houses within 5 km of the 33 planned turbines could be $87.8 million. Using other research that is less conservative, however, the property value loss could be more than $140 million.

Research done in 2016 by the partnership of Clarkson University and Nanos Research on U.S properties with a view of Wolfe Island wind turbines showed an overall property value loss of 15 per cent for homes “with a view” of the turbines. Older research done by Ontario real estate appraiser Ben Lansink in 2012 found a more dramatic reduction for properties closest to turbines, an average loss of 37 per cent.

University of Guelph associate professor Richard Vyn found a property value loss in communities opposed to wind power projects of 8.98 percent for houses within 2 km of turbines, and 8.62 per cent for properties within 4 km, post-construction of turbines.

For the Nation Rise power project, there are 828 properties within 1,500 metres of turbines according to the wind power developer, Portugal-based EDP, and approximately 2,500 residences within 2 to 5 km of the turbines, according to community group Concerned Citizens of North Stormont.

The houses within 1,500 metres of a turbine in the “Nation Rise” project could see a loss of $21.8 million using professor Vyn’s estimate, $37 million according to Clarkson-Nanos, or as much as $91 million in losses using Mr. Lansink’s calculations.

The community group has appealed the project approval on the basis of environmental, safety and health concerns, and is worried about the effect of turbine construction on the water supply, which could be an additional factor in property value loss.

Wind power proponents and Ontario’s municipal assessment agency have maintained that there is no appreciable property value loss, but an energy commentator wrote in Forbes magazine in 2015 that “there’s a heavily funded public relations machine to make Americans think that wind power doesn’t impact property values.”

“Renewable energy and the ‘environment’ are big businesses and they include not just energy producing companies but also various agencies, interest groups, and even university researchers,” Jude Clemente wrote. “Their grant money and careers are at stake.”

Clemente added that “Many members of the Real Estate and Appraisal businesses, however, have been clear that wind power DOES impact property values … it would seem to me that these groups have no vested interest in supporting wind power or not supporting it.”

A decision is expected on the Nation Rise project appeal in the first week of January, 2019.

Ontario’s Independent Electricity System Operator (IESO) says Ontario has an adequate supply of power until 2035. The 20-year contract for the Nation Rise project will cost Ontario more than $450 million.

 

#properties Value at $300K each Estimated loss – Vyn 8.8% Estimated loss-Clarkson-Nanos/Lansink 15%
3,328 $998.4 Million $87.8 million $140.7 million

 

Reposted from Wind Concerns Ontario December 5, 2018 www.windconcernsontario.ca

Sources

Richard Vyn, “Property Value Impacts of Wind Turbines and the Influence of Attitudes toward Wind Energy”, Land Economics. http://le.uwpress.org/content/94/4/496.abstract?etoc

Clarkson-Nanos: http://www.watertowndailytimes.com/news03/clarkson-study-henderson-could-lose-40-million-in-property-value-from-galloo-island-wind-project–20160405

Forbes: https://www.forbes.com/sites/judeclemente/2015/09/23/do-wind-turbines-lower-property-values/#4ea0a2d148cb

Lansink: http://www.lansinkappraisals.com/downloads/CaseStudy_DiminutionInValue_InjuriousAffection_WindTurbines.pdf

Realtors dispute economist study on wind farm neighbour property values

31 Wednesday Dec 2014

Posted by ottawawindconcerns in Renewable energy, Wind power

≈ 1 Comment

Tags

Canadian Journal of Agricultural Economics, Canadian Real Estate Wealth, Melancthon, mortgage financing, property value, property value loss, property values, real estate appraisers, real estate value, Realtor, Richard Vyn, University of Guelph, wind farm property value, wind farms, wind turbine, wind turbines

Wind farm “monsters bad for Ontario: Realtors shoot back at property value study

Looks like a great place to live!!
Looks like a great place to live!!

Jennifer Paterson, Canadian Real Estate Wealth, December 18, 2014

A recent study by the University of Guelph, which found wind turbines do not have an impact on nearby property values, might have earned a big sigh of relief from investors – but the study’s results have been strongly criticized by members of the real estate industry.

“I have had several deals fall apart in this area because, in the appraisal report, it has been mentioned that there are windmills visible or adjacent to the property and, once a lender gets wind of that (forgive the pun), they will not fund a mortgage,” said Angela Jenkins, a mortgage agent at Dominion Lending Centres, who lives and works in the Melancthon region, where the study was conducted.

“If a person cannot get financing due to windmills, then how can this be a positive thing?”

The study, which was published this month in the Canadian Journal of Agricultural Economics, analyzed more than 7,000 home and farm sales in the area, and found that at least 1,000 of these were sold more than once, some several times.*

John Leonard Goodwin, who has been a real estate broker for more than 10 years in the Grand Bend, Ont. market, asserted that wind turbines absolutely do affect property values. “Turbines complicate your property enjoyment, period,” he said. “That alone spells depreciated value(s).

“Turbines should be in remote, unpopulated locations. To all the folks who have turbines on their property: Enjoy your $18,000 per turbine per year, because you will be giving most of the lease payments back (in much lower property value) when you sell.

“These monsters are very bad for Ontario,” he continued. “We all pay to subsidize the electricity they produce and they will also cause a significant loss of real estate value.”

Lynn Stein, a sales representative at Hartford and Stein Real Estate, lives and sells real estate in Prince Edward County, where a large-scale wind turbine project is slated to begin.

“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?”

Read the full story and comments here.

*Wind Concerns Ontario Editor’s note– The writer is incorrect: Vyn had a data set of 5,414 residences but very few, 124, were within 5 km of a turbine. Several were as far as 50 km from a turbine. This is a tactic designed to “dilute” any actual effect. Author Richard Vyn himself said that the limitations of this study (sponsored by MPAC, perhaps to buttress their own disastrous study on this issue earlier this year) were significant and should not be overlooked. Toward the end of his paper he admits, “…while the results indicate a general lack of significantly negative effects across properties examined in this study, this does not preclude any negative effects occurring on individual properties.”

The Realtors and financing professionals contacted for this article also did not note that Vyn failed to include expired listings, i.e., properties that were listed for sale, but never sold.

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