Single home sale is not a good example
Kokomo Tribune | May 12, 2013 | kokomotribune.com
Recently, a homeowner in Tipton County sold his house for what appeared to be a fair price.
For some reason, the Kokomo Tribune has interpreted this to mean that wind farms will not cause a loss of property value, judging by the subhead of an article published on May 8.
What the article fails to mention is that this home is located almost 10 miles from an existing wind farm.
Independent research shows that homes within a 2-mile radius of a wind farm will lose approximately 25 percent in value. Homes closer to a wind farm decrease in value even more.
This home is not within that radius.
Although the home is within the footprint of the proposed Prairie Breeze Wind Farm, the fact that it doesn’t appear to lose value in the sale could be because of a number of reasons.
First, the Prairie Breeze Wind Farm has yet to move forward. Although juwi Wind originally planned to have its application for a conditional use permit approved by the Tipton County Board of Zoning Appeals in February, that date was moved to March. When it received its approval, new conditions were placed on it, including a 1,500-foot setback from property lines and a property value guarantee. Although juwi Wind could be moving forward digging foundations and burying power cables at this time, it is not.
In addition, the article also fails to mention that the home was purchased two years ago at below market value. The owner went on to make improvements. No one has seemed to consider how much a similar home outside of a potential wind farm would be valued.
The seller has said he is breaking even on the sale of a home he bought below market value. How does that mean there has been no impact on property values?
Any time a home is now sold in Tipton County, it does not mean the wind farm has had no impact.
Even if a home should sell for its market value, it could be for a number of reasons.
For example, the buyer may feel that an organized group consisting of hundreds of people will be successful in preventing wind companies from building nearby.
The buyer may not be aware of the negative effects of wind turbines.
Or, the purchaser may be a wind farm supporter.
The sale of one home 10 miles from an existing wind farm at a price where the owner is just “breaking even” after buying it below market value is hardly cause to question the effect of wind farms on the property value of homes in close proximity.
What this does say is that one family is so concerned about the possibility of a wind farm and its effect on their autistic child that they are willing to give up a beautiful home in a lovely rural setting.
It also says that if wind farms truly have no effect of property values, juwi Wind should have no problem giving homeowners in the proposed Prairie Breeze area a property value guarantee. If this one single home is to be the standard, it will end up not costing the wind company anything.
Tipton County Citizens for Responsible Development
URL to article: https://www.wind-watch.org/news/2013/05/12/single-home-sale-is-not-a-good-example/