In 30 years of appraising, studying and consulting on all types of real estate and development projects, I have never seen the effects, impacts and reactions of the magnitude or severity that turbine neighbors and their property rights are subjected to. Short of a nuclear reactor meltdown (e.g., Chernobyl), nothing has caused so many people to experience the physical and health-driven need to relocate. It is amazing that industry and government both are doing absolutely nothing to address this trend, and correct it before it is too late for even more residents.
If this continues unchecked, I predict a series of rural “ghettos”—of abandoned, unmaintained homes, and an economically disadvantaged class of people finding these devalued homes to be the only place they can afford. Great places to hide illegal operations—few neighbors, cheap structures and the ability to vacate in a hurry if the heat gets turned up—much like the old buildings in poor neighborhoods in the cities. Who else is going to want them?
Wind companies should be required to offer buy-outs at market value (pre-project value) within 2 miles of projects, and certainly within the massive footprints. In this manner they can prove they are not destroying value by reselling for the same price. However, in each instance I know of when a wind developer did indeed buy and resell a neighboring home, they re-sold for 60% to 80% below their purchase price.
Thus, an erosion of homeowner equity has in fact been proven by the cause—the wind industry itself.
Any readers who have factual information or personal accounts of this nature are invited to email details contact me to discuss.
McCann Appraisal, LLC
500 North Michigan Avenue
Chicago, Illinois 60611
(312) 644-9244 fax
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