The Impact of Wind Power Projects on Residential Property Values ...

views <strong>of</strong> the lake and areas to the West, others with views to the East over the wind facility, and
a few having significant panoramic views. <strong>The</strong> west side <strong>of</strong> the study area has a number <strong>of</strong>
drivers to its real estate economy: it serves as a bedroom community for Syracuse, is the home to
Cazenovia College, and enjoys a thriving summer recreational population. Canastota to the
North, and Oneida to the East, are older industrial towns, both <strong>of</strong> which now serve as feeder
communities for Syracuse because <strong>of</strong> easy access to Highway 90. Between the towns <strong>of</strong>
Cazenovia and Canastota are many rural residential properties, some <strong>of</strong> which have been recently
developed, but most <strong>of</strong> which are homes at least a half century old.
Data Collection and Summary
Data were obtained from the Madison County Real Property Tax Services department directed
by Carol Brophy. As the first study area that was investigated, IT and mapping specialists Kevin
Orr and Mike Ellis were subjected to a large number <strong>of</strong> questions from the study team and were
enormously helpful in helping shape what became the blueprint for other study areas.
Additionally, real estate brokers Nancy Proctor <strong>of</strong> Prudential, Joel Arsenault <strong>of</strong> Century 21, Don
Kinsley <strong>of</strong> Kingsley Real Estate, and Steve Harris <strong>of</strong> Cazenovia Real Estate were extremely
helpful in understanding the local market.
Data on 693 valid sales transactions <strong>of</strong> single family residential structures that occurred between
1996 and 2006 were obtained, most <strong>of</strong> which were within five miles <strong>of</strong> the wind facility. <strong>The</strong>se
sales ranged in price from $26,000 to $575,000, with a mean <strong>of</strong> $124,575. Roughly 68% <strong>of</strong>
these sales (n = 469) occurred after construction commenced on the wind facility, 13 <strong>of</strong> which
were inside <strong>of</strong> one mile, and 74 <strong>of</strong> which had views <strong>of</strong> the turbines. Of that latter group, 24 have
more dramatic than MINOR views <strong>of</strong> the turbines.
Area Statistics
Study Period Study Period Number <strong>of</strong> Median Mean Minimum Maximum
Begin End Sales Price Price Price Price
1/31/1996 9/29/2006 693 $109,900 $124,575 $26,000 $575,000
Facility Statistics
Facility Name
Number <strong>of</strong>
MW
Number <strong>of</strong>
Turbines
Announce
Date
Construction
Begin Date
Completion
Date
Turbine
Maker
Hub Height
(Meters)
Fenner <strong>Wind</strong> <strong>Power</strong> Project 30 20 Dec-98 Mar-01 Nov-01 Enron 66
Source: AWEA & Ventyx Inc.
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