Property Value Studies – Summary
March 6, 2013
Michael McCann Literature Review
Summary: Wind Turbine – Property Value Impact Studies |
||||||
Independent Studies |
||||||
|
Author |
Type |
Year |
Location |
Method |
Distance |
Impact % |
| Lansink | Appraiser |
2012 |
Ontario |
Resale(1) | < 2 miles | (39%) Avg. 23%-59% |
| Sunak | Academic RWTH Aachen University |
2012 |
Rheine & Neuenkirchen |
Geographic Weighted Regression (2) | 2 Km | (25%) |
| Heintzelman Tuttle | Academic Clarkson University |
2011 |
Upstate NY |
Regression Resale & Census Block | 1/10 to 3 miles | Varies to > (45%) |
| McCann | Appraiser |
2009 -2012 |
Illinois, (3) MI, MA, WI |
Paired Sales & resale | < 2 miles | (25%) 20% – 40% |
| Gardner | Appraiser |
2009 |
Texas |
Paired Sales | 1.8 miles | (25%) |
| Kielisch | Appraiser |
2009 |
Wisconsin (4) |
Regression & Survey | Visible vs. not visible | (30-40%)(24-39%) |
| Luxemburger | Broker |
2007 |
Ontario |
Paired Sales | 3 NM | (15%) $48,000 |
| Lincoln Twp. | Committee(5) |
2000-2002 |
Wisconsin |
AV ratio 104% v. 76% | 1 mile | (24%) |
Wind Industry-Funded Studies |
||||||
| Canning & Simmons | Appraisers (CANWEA) |
2010 |
Ontario |
Regression Paired Sales | Viewshed(6) | (7%-13%) (9%) |
| Hinman | AcademicISU ‐ REP Student thesis |
2010 |
Illinois |
Pooled Regression Realtor survey | 3 miles1/2 mile | No SS (11.8%) (7) |
| Hoen | USDOE-funded LBNL |
2009 |
9 states |
Pooled regression | 5 miles 3k ft – 1 mile | Increases (5.6%) (8) |
Sources
1. Lansink Resale study uses resales from developer to private buyers, with Easement in Gross condition of sale. Buyer accepts noise impacts, etc., waives liability
2. Lots only. No pooling of data
3. McCann Illinois study & research updated, multiple states
4. Kielisch regression lot sales; Realtor survey residential
5. Committee compared actual sale prices vs. AV and found homes up to 1 mile sold @ 76% of AV, and > 1 mile @ 104% of AV
6. Usually cited as being a study that found no impact. However, all methods used yielded negative numeric indication. Author concludes no statistical significance.
7. Cites Realtor who believes no impact on value > 3 miles. Concludes some results indicate “wind farm anticipation stigma” (11.8%)/Pg.55. Author states “the results neither support nor reject the existence of a wind farm nuisance stigma after the wind farm achieved commercial operation….likely due to only 11 properties selling during operations within 1 mile of wind farm.” Good neighbor payments to some nearby neighbors. Values near wind farm appreciated $13,524 after operation, following $21,916 decline measured under anticipation stigma theory. (Net loss of $8,392 pre‐ vs. post operation./Pg. 120.
8.Study excludes developer resales with 36% & 80% discounts from buyout price. Pooled data from 9 states 24 projects insures lack of statistical significance for value loss examples near turbines. Other sales nearby excluded due to deviation too far from mean and resale.
About Michael S. McCann:
- 30 years appraisal & consulting
- Most types of commercial, industrial & residential property
- State Certified General Appraiser
- Certified Review Appraiser (CRA)
- Member – Lambda Alpha International
- Qualified & testified as expert witness in 21 states, circuit courts & federal court
- Appraised variety of property value damage situations
- Consultant to governmental bodies, developers, corporations, attorneys, investors and private owners
- Appointed by Federal Court as a Condemnation Commissioner
- Evaluated & consulted 20+ utility scale wind projects in over a dozen states
No comments yet
Wind Wise ~ Massachusetts 