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

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slightly better than average condition. 48 Within the full sample, 6% and 58% <strong>of</strong> homes had a poor or below average VISTA rating, respectively; 26% <strong>of</strong> homes received an average rating on this scale, with 9% above average and 2% experiencing premium vistas (see Figure 2). Figure 2: Frequency <strong>of</strong> VISTA Ratings for All and Post-Construction Transactions All Transactions 470 4,301 1,912 659 117 PostConstruction Transactions 310 2,857 1,247 448 75 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% Poor Below Average Average Above Average Premium With respect to the variables <strong>of</strong> interest, among the post-construction subset <strong>of</strong> 4,937 transactions, the frequency <strong>of</strong> the DISTANCE categories is found to follow geometry with the smallest numbers <strong>of</strong> transactions occurring near the wind turbines and ever increasing numbers further away (see Figure 3). 67 transactions (1%) are situated inside <strong>of</strong> 3,000 feet (< 0.57 Miles), 58 (1%) are between 3,000 feet and one mile (0.57-1 mile), 2,019 (41%) occur outside <strong>of</strong> one mile but inside <strong>of</strong> three miles (1-3 miles), 1,923 (39%) occur between three and five miles (3-5 miles), and 870 (18%) occur outside <strong>of</strong> five miles (>5 miles). 49 In this same post-construction group, a total <strong>of</strong> 730 homes that sold (15%) have a view <strong>of</strong> the wind turbines (see Figure 4). A large majority <strong>of</strong> those homes have MINOR view ratings (n = 561, 11% <strong>of</strong> total), with 2% having MODERATE ratings (n=106) and the remaining transactions roughly split between SUBSTANTIAL and EXTREME ratings (n=35, 0.6%, and n=28, 0.5%, respectively). A full description <strong>of</strong> the variables <strong>of</strong> interest and how they are arrayed at the study area level is contained in Appendix A. Figure 3: Frequency <strong>of</strong> DISTANCE Ratings for Post-Construction Transactions 1 - 3 MIle (n = 2019) 3000 Feet - 1 Mile (n = 58) 3 - 5 Miles (n = 1923) > 5 Miles (n = 870) Other < 3000 Feet (n = 67) 48 <strong>The</strong> variable for the condition <strong>of</strong> the home was not uniform across study areas because, in some cases, it took into account construction grade while in others it did not. 49 <strong>The</strong>se numbers and percentages are skewed slightly from the overall population <strong>of</strong> transactions because homes outside <strong>of</strong> three miles were <strong>of</strong>ten under-sampled to reduce field data collection burdens. Further, higher numbers <strong>of</strong> homes fall into each <strong>of</strong> the categories when the post-announcement-pre-construction transactions are included, as they are in some models. <strong>The</strong>se additional transactions are described below in Table 7 under “All Sales.” 20
Figure 4: Frequency <strong>of</strong> VIEW Ratings for Post-Construction Transactions Moderate (n = 106) No View (n = 4207) Other Minor (n = 561) Substantial (n = 35) Extreme (n = 28) Table 6: Summary Statistics: All Sales and Post-Construction Sales All Sales Post Construction Sales Variable Name Description Freq. * Mean Std. Dev. Freq. * Mean Std. Dev. SalePrice <strong>The</strong> unadjusted sale price <strong>of</strong> the home (in US dollars) 7,459 102,968 64,293 4,937 110,166 69,422 SalePrice96 <strong>The</strong> sale price <strong>of</strong> the home adjusted to 1996 US dollars 7,459 79,114 47,257 4,937 80,156 48,906 LN_SalePrice96 <strong>The</strong> natural log transformation <strong>of</strong> the sale price <strong>of</strong> the home adjusted to 1996 US dollars 7,459 11.12 0.58 4,937 11.12 0.60 AgeatSale <strong>The</strong> age <strong>of</strong> the home at the time <strong>of</strong> sale 7,459 46 37 4,937 47 36 AgeatSale_Sqrd <strong>The</strong> age <strong>of</strong> the home at the time <strong>of</strong> sale squared 7,459 3,491 5,410 4,937 3,506 5,412 Sqft_1000 <strong>The</strong> number <strong>of</strong> square feet <strong>of</strong> above grade finished living area (in 1000s) 7,459 1.623 0.59 4,937 1.628 0.589 Acres <strong>The</strong> number <strong>of</strong> Acres sold with the residence 7,459 1.13 2.42 4,937 1.10 2.40 Baths <strong>The</strong> number <strong>of</strong> Bathrooms (Full Bath = 1, Half Bath = 0.5) 7,459 1.74 0.69 4,937 1.75 0.70 ExtWalls_Stone If the home has exterior walls <strong>of</strong> stone, brick or stucco (Yes = 1, No = 0) 2,287 0.31 0.46 1,486 0.30 0.46 CentralAC If the home has a Central AC unit (Yes = 1, No = 0) 3,785 0.51 0.50 2,575 0.52 0.50 Fireplace <strong>The</strong> number <strong>of</strong> fireplace openings 2,708 0.39 0.55 1,834 0.40 0.55 Cul_De_Sac If the home is situated on a cul-de-sac (Yes = 1, No = 0) 990 0.13 0.34 673 0.14 0.34 FinBsmt Water_Front If finished basement square feet is greater than 50% times first floor square feet (Yes = 1, No = 0) If the home shares a property line with a body <strong>of</strong> water or river (Yes = 1, No = 0) 1,472 0.20 0.40 992 0.20 0.40 107 0.01 0.12 87 0.02 0.13 Cnd_Low If the condition <strong>of</strong> the home is Poor (Yes = 1, No = 0) 101 0.01 0.12 69 0.01 0.12 Cnd_BAvg If the condition <strong>of</strong> the home is Below Average (Yes = 1, No = 0) 519 0.07 0.25 359 0.07 0.26 Cnd_Avg If the condition <strong>of</strong> the home is Average (Yes = 1, No = 0) 4,357 0.58 0.49 2,727 0.55 0.50 Cnd_AAvg If the condition <strong>of</strong> the home is Above Average (Yes = 1, No = 0) 2,042 0.27 0.45 1,445 0.29 0.46 Cnd_High If the condition <strong>of</strong> the home is High (Yes = 1, No = 0) 440 0.06 0.24 337 0.07 0.25 Vista_Poor If the Scenic Vista from the home is Poor (Yes = 1, No = 0) 470 0.06 0.24 310 0.06 0.24 Vista_BAvg If the Scenic Vista from the home is Below Average (Yes = 1, No = 0) 4,301 0.58 0.49 2,857 0.58 0.49 Vista_Avg If the Scenic Vista from the home is Average (Yes = 1, No = 0) 1,912 0.26 0.44 1,247 0.25 0.44 Vista_AAvg If the Scenic Vista from the home is Above Average (Yes = 1, No = 0) 659 0.09 0.28 448 0.09 0.29 Vista_Prem If the Scenic Vista from the home is Premium (Yes = 1, No = 0) 117 0.02 0.12 75 0.02 0.12 SaleYear <strong>The</strong> year the home was sold 7,459 2002 2.9 4,937 2004 2.3 * "Freq." applies to the number <strong>of</strong> cases the parameter's value is not zero 21
Page 1 and 2: LBNL-2829E ERNEST ORLANDO LAWRENCE
Page 3 and 4: LBNL-2829E The <st
Page 5 and 6: Table of Contents
Page 7 and 8: List of Tables Tab
Page 9 and 10: Acknowledgements The</stron
Page 11 and 12: This report builds on the previous
Page 13 and 14: Table ES-2: Impact
Page 15 and 16: Figure ES-3: Base Model Results: Sc
Page 17 and 18: In the Distance Stability Model, fo
Page 19 and 20: 1. Introduction Wind</stron
Page 21 and 22: model 7 and uses various forms <str
Page 23 and 24: A particularly useful application <
Page 25 and 26: Using different statistical methods
Page 27 and 28: Table 1: Summary of</strong
Page 29 and 30: By using a variety of</stro
Page 31 and 32: minimum of 164 fee
Page 33 and 34: 3.2.2. GIS Data GIS data on parcel
Page 35 and 36: In addition to the qualitative VIEW
Page 37: with the rest of t
Page 41 and 42: 4. Base Hedonic Model This section
Page 43 and 44: impose the least structure on the u
Page 45 and 46: of the home, home
Page 47 and 48: etween the reference study area (WA
Page 49 and 50: Figure 7: Results from the Base Mod
Page 51 and 52: 5. Alternative Hedonic Models <stro
Page 53 and 54: concentrated inside of</str
Page 55 and 56: all other components are as defined
Page 57 and 58: the distance from them might not oc
Page 59 and 60: explanation is that the additional
Page 61 and 62: 6) More than four years after const
Page 63 and 64: Table 19: Results from Temporal Asp
Page 65 and 66: Turning to the coefficient differen
Page 67 and 68: Table 21: Frequency Crosstab <stron
Page 69 and 70: 5.6.1. Dataset and Model Form Data
Page 71 and 72: with the scenic vista. In other wor
Page 73 and 74: 6. Repeat Sales Analysis In general
Page 75 and 76: Table 27: List of
Page 77 and 78: adjustment, and represent another t
Page 79 and 80: that are located within one mile <s
Page 81 and 82: 7. Sales Volume Analysis Th
Page 83 and 84: Figure 11: Sales Volumes by PERIOD
Page 85 and 86: three years before announcement), a
Page 87 and 88: 8. Wind Pr
Page 89 and 90:
Drawing from the previous literatur
Page 91 and 92:
Taken together, the results from al
Page 93 and 94:
9. Conclusions Though surveys gener
Page 95 and 96:
Davis, L. W. (2008) The</st
Page 97 and 98:
LeSage, J. P. (1999) The</s
Page 99 and 100:
Watson, M. (2005) Estimation <stron
Page 101 and 102:
Figure A - 1: Map of</stron
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all very small communities with lit
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A.2 TXHC Study Area: Howard County
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Census Statistics Name Type 2007 Po
Page 109 and 110:
Data Collection and Summary County
Page 111 and 112:
A.4 IABV Study Area: Buena Vista Co
Page 113 and 114:
Variables of Inter
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facilities than the towns o
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A.6 WIKCDC Study Area: Kewaunee and
Page 119 and 120:
Variables of Inter
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elatively high elevations o
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A.8 PAWC Study Area: Wayne County (
Page 125 and 126:
Census Statistics Name Type 2007 Po
Page 127 and 128:
ural landscapes, with the largest p
Page 129 and 130:
A.10 NYMC Study Area: Madison Count
Page 131 and 132:
Variables of Inter
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account, combined with the determin
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Appendix C: Field Data Collection I
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Figure A - 14: Field Data Collectio
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ABOVE AVERAGE VISTA PREMIUM VISTA 1
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EXTREME VIEW 6 turbines visible fro
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5 is a vector of d
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values, that effect seems likely to
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unrestricted Home and Site Characte
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with coefficients above zero and th
Page 151 and 152:
Figure A - 15: Histogram of
Page 153 and 154:
The M Distance his
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sold within the preceding six month
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Appendix H: Alternative Models: Ful
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Table A - 8: Full Results for the C
Page 161 and 162:
Table A - 10: Full Results for the
Page 163 and 164:
Table A - 11: Full Results for the
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