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

Table 28: Results from Repeat Sales Model
Coef. SE p Value n
Intercept 0.005 0.02 0.81 354
WAOR Omitted Omitted Omitted 6
TXHC -0.01 0.02 0.63 57
OKCC 0.03 0.02 0.11 102
IABV 0.02 0.02 0.14 59
ILLC -0.01 0.02 0.38 18
WIKCDC 0.02 0.03 0.50 8
PASC -0.01 0.02 0.67 32
PAWC 0.02 0.02 0.16 35
NYMCOC 0.02 0.02 0.23 24
NYMC 0.03 0.02 0.13 13
SalePrice96 Pre -0.000001 0.0000002 0.00 354
SalePrice96 Pre Sqr 0.0000000 0.0000000 0.00 354
Acres 0.002 0.001 0.10 354
Sqft 1000 0.02 0.01 0.00 354
No View Omitted Omitted Omitted 305
Minor View -0.02 0.01 0.02 35
Moderate View 0.03 0.03 0.29 5
Substantial/Extreme View -0.02 0.01 0.09 9
Less than 1 Mile 0.03 0.01 0.01 14
Between 1 and 3 Miles 0.01 0.01 0.59 199
Between 3 and 5 Miles 0.01 0.01 0.53 116
Outside 5 Miles Omitted Omitted Omitted 25
"Omitted" = reference category for fixed effects variables
"n" indicates number <strong>of</strong> cases in category when category = "1"
Model Information
Model Equation Number 11
Dependent Variable
Number <strong>of</strong> Cases
SalePrice96_AAR
354
Number <strong>of</strong> Predictors (k) 19
F Statistic 5.2
Adjusted R2 0.19
Turning to the variables <strong>of</strong> interest, mixed results (see Figure 9 and Figure 10) are found. For
homes with MINOR or SUBSTANTIAL/EXTREME VIEWS, despite small sample sizes,
appreciation rates after adjusting for inflation are found to decrease by roughly 2% annually (p
values <strong>of</strong> 0.02 and 0.09, respectively) compared to homes with NO VIEW. Though these
findings initially seem to suggest the presence <strong>of</strong> Scenic Vista Stigma, the coefficients are not
monotonically ordered, counter to what one might expect: homes with a MODERATE rated
view appreciated on average 3% annually (p value 0.29) compared to homes with NO VIEW.
Adding to the suspicion <strong>of</strong> these VIEW results, the DISTANCE coefficient for homes situated
inside <strong>of</strong> one mile, where eight out <strong>of</strong> the nine SUBSTANTIAL/EXTREME rated homes are
located, is positive and statistically significant (0.03, p value 0.01). If interpreted literally, these
results suggest that a home inside <strong>of</strong> one mile with a SUBSTANTIAL/EXTREME rated view
would experience a decrease in annual appreciation <strong>of</strong> 2% compared to homes with no views <strong>of</strong>
turbines, but simultaneously would experience an increase <strong>of</strong> 3% in appreciation compared to
homes outside <strong>of</strong> five miles. <strong>The</strong>refore, when compared to those homes outside <strong>of</strong> five miles and
with no view <strong>of</strong> the wind facilities, these homes would experience an overall increase in AAR by
1%. <strong>The</strong>se results are counterintuitive and are likely driven by the small number <strong>of</strong> sales pairs
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