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

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<str<strong>on</strong>g>of</str<strong>on</strong>g> the home, home and lot size, number <str<strong>on</strong>g>of</str<strong>on</strong>g> bathrooms and fireplaces, the c<strong>on</strong>diti<strong>on</strong> <str<strong>on</strong>g>of</str<strong>on</strong>g> the home,<br />

the quality <str<strong>on</strong>g>of</str<strong>on</strong>g> the scenic vista from the home, if the home has central AC, a st<strong>on</strong>e exterior, and/or<br />

a finished basement, and whether the home is located in a cul-de-sac and/or <strong>on</strong> a water way. 59<br />

Table 9: List <str<strong>on</strong>g>of</str<strong>on</strong>g> Home and Site Characteristics Included in the Base Model<br />

Variable Name Descripti<strong>on</strong> Type<br />

Expected<br />

Sign<br />

AgeatSale <str<strong>on</strong>g>The</str<strong>on</strong>g> age <str<strong>on</strong>g>of</str<strong>on</strong>g> the home at the time <str<strong>on</strong>g>of</str<strong>on</strong>g> sale in years C -<br />

AgeatSale_Sqrd <str<strong>on</strong>g>The</str<strong>on</strong>g> age <str<strong>on</strong>g>of</str<strong>on</strong>g> the home at the time <str<strong>on</strong>g>of</str<strong>on</strong>g> sale squared C +<br />

Sqft_1000<br />

<str<strong>on</strong>g>The</str<strong>on</strong>g> number <str<strong>on</strong>g>of</str<strong>on</strong>g> square feet <str<strong>on</strong>g>of</str<strong>on</strong>g> above grade finished living area<br />

(in 1000s)<br />

C<br />

+<br />

Acres <str<strong>on</strong>g>The</str<strong>on</strong>g> number <str<strong>on</strong>g>of</str<strong>on</strong>g> Acres sold with the residence C +<br />

Baths <str<strong>on</strong>g>The</str<strong>on</strong>g> number <str<strong>on</strong>g>of</str<strong>on</strong>g> Bathrooms (Full Bath = 1, Half Bath = 0.5) D +<br />

ExtWalls_St<strong>on</strong>e<br />

If the home has exterior walls <str<strong>on</strong>g>of</str<strong>on</strong>g> st<strong>on</strong>e, brick or stucco<br />

(Yes = 1, No = 0)<br />

B<br />

+<br />

CentralAC If the home has a Central AC unit (Yes = 1, No = 0) B +<br />

Fireplace <str<strong>on</strong>g>The</str<strong>on</strong>g> number <str<strong>on</strong>g>of</str<strong>on</strong>g> fireplace openings D +<br />

Cul_De_Sac If the home is situated <strong>on</strong> a cul-de-sac (Yes = 1, No = 0) B +<br />

FinBsmt<br />

Water_Fr<strong>on</strong>t<br />

If finished basement sqft > 50% times first floor sqft<br />

(Yes = 1, No = 0)<br />

If the home shares a property line with a body <str<strong>on</strong>g>of</str<strong>on</strong>g> water or river<br />

(Yes = 1, No = 0)<br />

B +<br />

B +<br />

Cnd_Low If the c<strong>on</strong>diti<strong>on</strong> <str<strong>on</strong>g>of</str<strong>on</strong>g> the home is Poor (Yes = 1, No = 0) OC -<br />

Cnd_BAvg If the c<strong>on</strong>diti<strong>on</strong> <str<strong>on</strong>g>of</str<strong>on</strong>g> the home is Below Average (Yes = 1, No = 0) OC -<br />

Cnd_Avg If the c<strong>on</strong>diti<strong>on</strong> <str<strong>on</strong>g>of</str<strong>on</strong>g> the home is Average (Yes = 1, No = 0) Reference n/a<br />

If the c<strong>on</strong>diti<strong>on</strong> <str<strong>on</strong>g>of</str<strong>on</strong>g> the home is Above Average<br />

Cnd_AAvg<br />

OC<br />

(Yes = 1, No = 0)<br />

+<br />

Cnd_High If the c<strong>on</strong>diti<strong>on</strong> <str<strong>on</strong>g>of</str<strong>on</strong>g> the home is High (Yes = 1, No = 0) OC +<br />

Vista_Poor If the Scenic Vista from the home is Poor (Yes = 1, No = 0) OC -<br />

Vista_BAvg<br />

Vista_Avg<br />

Vista_AAvg<br />

If the Scenic Vista from the home is Below Average<br />

(Yes = 1, No = 0)<br />

If the Scenic Vista from the home is Average<br />

(Yes = 1, No = 0)<br />

If the Scenic Vista from the home is Above Average<br />

(Yes = 1, No = 0)<br />

OC -<br />

Reference<br />

n/a<br />

OC<br />

+<br />

If the Scenic Vista from the home is Premium<br />

(Yes<br />

Vista_Prem<br />

OC<br />

= 1, No = 0)<br />

+<br />

"C" C<strong>on</strong>tinuous, "D" Discrete, and "B" Binary (1 = yes, 0 = no) values are interpreted in relati<strong>on</strong> to "No"<br />

"OC" Ordered Categorical (1 = yes, 0 = no) values are interpreted in relati<strong>on</strong> to the reference categorical<br />

case and are expected to have a m<strong>on</strong>ot<strong>on</strong>ic order from low to high.<br />

Sirmans et al., 2005a), save AgeatSale and AgeatSale_Sqrd, which are expected to be negative and positive,<br />

respectively. <str<strong>on</strong>g>The</str<strong>on</strong>g> magnitude <str<strong>on</strong>g>of</str<strong>on</strong>g> the coefficient <str<strong>on</strong>g>of</str<strong>on</strong>g> AgeatSale is expected to be larger than that <str<strong>on</strong>g>of</str<strong>on</strong>g> AgeatSale_Sqrd<br />

indicating an initial drop in value as a home increases in age, and then an increase in value as the home becomes<br />

c<strong>on</strong>siderably older and more “historic.”<br />

59 Some characteristics, such as whether the home had a deck, a pool, or is located <strong>on</strong> a public sewer, are not<br />

available c<strong>on</strong>sistently across the dataset and therefore are not incorporated into the model. Other characteristics,<br />

such as the number <str<strong>on</strong>g>of</str<strong>on</strong>g> bedrooms, the number <str<strong>on</strong>g>of</str<strong>on</strong>g> stories, or if the home had a garage, are available but are omitted<br />

from the final model because they are highly correlated with characteristics already included in the model and<br />

therefore do not add significantly to the model’s explanatory power. More importantly, and as discussed in<br />

Appendix G, when their inclusi<strong>on</strong> or exclusi<strong>on</strong> are tested, the results are stable with those derived from the Base<br />

Model.<br />

27

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