Property Values

McCann Appraisals – Tipton Indiana – March 2013

Case Study – Ben Lansik –  Diminution in  Value – Wind Turbine  Analysis

February 2013, Ben Lansink – Lansink Appraisals & Consulting

Conclusions:

TransAlta Melanchton 133 Wind Turbine  Facility (Melanchton, Ontario)

Median Price Diminution -37.30%
Average Price Diminution -38.81%
Low -23.24%
High -58.56%

Frogmore-Cultus-Clear  Creek 18 Wind Turbine Facility  (Clear Creek, Ontario)

Median -32.96%
Average -35.69%
Low -22.47%
High -55.18%

Read entire Case Study Here: http://www.lansinkappraisals.com/downloads/CaseStudy_DiminutionInValue_InjuriousAffection_WindTurbines.pdf

FRENCH COURT CONVICTS SELLER FOR NOT REVEALING WIND FARM PLANS – April 24, 2009

The judgement confirms the visible harm and noise entailed by the proximity of the wind turbines, determining “that the property will experience a loss of value of about 20%”.

Courrier de l'ouest image

‘The proximity of a wind energy park (still in planning) could have lowered the price of a real estate property by 20%. The seller of a house in Tigné has been found liable by the court of Angers for “keeping silent”.’

‘The seller of a house sited 1.1 km from a future wind energy park in Tigné was convicted April 9 by the district court of Angers. The buyer of the property discovered, after signing the sales contract, that a wind energy project had been planned for several years in the commune and that the house that he was about to buy for $euro;180,000 would find itself in the area of six of the projected wind turbines. Considering himself a victim of “withheld information” on the part of the seller, he sought a reduction of the sale price by 20% which was refused.’

‘The seller kept silent’

‘The judges determined that the seller “knowingly kept silent” about crucial information for establishing the price of the property and the nature of which puts into question the sales contract. The seller “hid from the buyers the existence of the plan for a wind energy park that has a strong chance of seeing the light of day, the construction permit having been signed May 15, 2007, and is therefore not hypothetical …”.’

‘The judgement confirms the visible harm and noise entailed by the proximity of the wind turbines, determining “that the property will experience a loss of value of about 20%”. Therefore the sum of €36,000 was given to the buyers of the maison on the claim of damages and interests, the sum corresponding to the lost market value of the property.’

(April 24, 2009
Le Courier de l’ouest) http://windbyte.co.uk/housing.html#danishcompensation

Wind Farm blows house value away

January 9, 2004 – Justin  Hawkins

FURNESS couple have won a legal ruling proving that the value of their home has been “significantly diminished” by the construction of a windfarm nearby, reports Justin Hawkins.

Barry Moon and his partner Gill Haythornthwaite live in the shadow of the wind turbines at the controversial Ireleth windfarm near Askam. When they bought Poaka Beck House in 1997, the couple were unaware the arrival of the windfarm was imminent. Previous owners David and Diane Holding failed to tell the prospective buyers in spite of the fact they had vigorously opposed the initial application for the windfarm in 1995 and objected at the subsequent public inquiry in March 1997.

District Judge Buckley decided that this amounted to “material misrepresentation” and ordered the Holdings to pay compensation of 20 per cent of the market value of the house in 1997, £12,500, plus interest, because of damage to visual amenity, noise pollution and the “irritating flickering” caused by the sun going down behind the moving blades of the turbines 550 metres from the house.

In so doing, he made what is believed to be the first ruling of its kind relating to windfarms. He also made the Holdings pay legal costs and a further £2,500 as compensation for “nuisance and distress”. – Continue Reading here: http://www.thewestmorlandgazette.co.uk/news/447706.print/?%2F

Ontario windpower bringing down property values CBC news

Land registry documents obtained by CBC News show that 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.

The new buyers were required to sign agreements acknowledging that the wind turbine facilities may affect the buyer’s “living environment” and that the power company will not be responsible for or liable from any of the buyer’s “complaints, claims, demands, suits, actions or causes of action of every kind known or unknown which may arise directly or indirectly from the Transferee’s wind turbine facilities.”

The energy company admits the impacts may include “heat, sound, vibration, shadow flickering of light, noise (including grey noise) or any other adverse effect or combination thereof resulting directly or indirectly from the operation.”

For entire article read here:  http://www.cbc.ca/news/canada/ontario-wind-power-bringing-down-property-values-1.1003889

 

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