Another Real Estate Value - Turbine Impact Report

The reports - authored by University of Rhode Island and funded by the Rhode Island Office of Energy Resources, the state agency that oversees energy policy for the state.

http://www.energy.ri.gov/documents/Onshore%20Wind/Final%20Property%20Values%20Report.pdf

The appendix http://www.energy.ri.gov/documents/Onshore%20Wind/Final%20Property%20Values%20Report%20Appendix.pdf

I’m left wondering why so much analytical talent has been wasted on what’s been performed much more simply and effectively with those who buy and sell homes (i.e. property appraisers and realtors). The report uses percentiles and graphs to obscure the obvious.   A clearer picture, rather than the apparent confusing analytical ‘stretch’ can be found in what some of your neighbors have said.  These are the folks who’s jobs are to sell and find Falmouth houses for prospective clients (see link Falmouth Real Estate — “The Turbine Effect”).  

Given Falmouth's recent events, and an appearance of nuisance, supported by a superior court injunction order, the market has reflected the negative impact of town turbines upon home values out to a turbine impact area of at least 1800 feet. 

With the nuisance established in Falmouth, the value trend tends to be reflected in the market.  Three (3) properties in Craggy Ridge have been on the market for nearly 3 years.  The average drop in listing price percentage for the three properties has been 30%.  This could be explained by the sellers listing properties too high at the outset, but time on market, coupled with significant price reductions without any marketability effect, definitely signals a stigmatized neighborhood.  The "Difference" - their proximity to the town's wind turbines.

So much for studies and reports seemingly designed to defy “on-the-ground” reason and common sense.