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

Table 19: Results from Temporal Aspects Model
Temporal Aspects
Variables <strong>of</strong> Interest Coef SE p Value n
More Than 2 Years Before Announcement -0.13 0.06 0.02 38
Less Than 2 Years Before Announcement -0.10 0.05 0.06 40
Inside 1 Mile
Between 1-3
Miles
Between 3-5
Miles
Outside 5 Miles
Model Information
Model Equation Number
Dependent Variable
Number <strong>of</strong> Cases
Number <strong>of</strong> Predictors (k)
F Statistic
Adjusted R Squared
After Announcement Before Construction -0.14 0.06 0.04 21
2 Years After Construction -0.09 0.07 0.11 39
Between 2 and 4 Years After Construction -0.01 0.06 0.85 44
More Than 4 Years After Construction -0.07 0.08 0.22 42
More Than 2 Years Before Announcement -0.04 0.03 0.18 283
Less Than 2 Years Before Announcement 0.00 0.03 0.91 592
After Announcement Before Construction -0.02 0.03 0.54 342
2 Years After Construction 0.00 0.03 0.90 807
Between 2 and 4 Years After Construction 0.01 0.03 0.78 503
More Than 4 Years After Construction 0.00 0.03 0.93 710
More Than 2 Years Before Announcement 0.00 0.04 0.92 157
Less Than 2 Years Before Announcement 0.00 0.03 0.97 380
After Announcement Before Construction 0.00 0.03 0.93 299
2 Years After Construction 0.02 0.03 0.55 574
Between 2 and 4 Years After Construction 0.01 0.03 0.65 594
More Than 4 Years After Construction 0.01 0.03 0.67 758
More Than 2 Years Before Announcement Omitted Omitted Omitted 132
Less Than 2 Years Before Announcement -0.03 0.04 0.33 133
After Announcement Before Construction -0.03 0.03 0.39 105
2 Years After Construction -0.03 0.03 0.44 215
Between 2 and 4 Years After Construction 0.03 0.03 0.44 227
More Than 4 Years After Construction 0.01 0.03 0.73 424
"Omitted" = reference category for fixed effects variables.
"n" indicates number <strong>of</strong> cases in category when category = "1"
7
LN_SalePrice96
7459
56
404.5
0.75
What these results suggest (as shown in Figure 8) is that homes inside <strong>of</strong> one mile in the sample,
on average, were depressed in value (in relation to the reference category) before and after the
announcement <strong>of</strong> the wind facility and up to the point that construction began, but that those
values rebounded somewhat after construction commenced. 81 This conclusion also likely
explains why a significant and negative effect for homes that sold between 3000 feet and one
mile is found in the All Sales Model presented in Section 5.3: homes within this distance range
that sold prior to facility construction were depressed in value and most likely drove the results
for homes that sold after announcement. Regardless, these results are not suggestive <strong>of</strong> a
pervasive Nuisance Stigma.
81 As discussed in footnotes 47 (on page 19) and 74 (on page 38), the “announcement date” <strong>of</strong>ten refers to the first
time the proposed facility appeared in the press. “Awareness” <strong>of</strong> the project in the community may precede this
date, however, and therefore transactions occurring in the period “less than two years before announcement” could
conceivably have been influenced by the prospective wind project, but it is considerably less likely that those in the
period more than two years before announcement would have been influenced.
45