06.05.2014
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somewhat counter-intuitive. This result is likely driven by the small number ong>ofong> sales pairs that are located within one mile ong>ofong> the wind turbines and that experience a dramatic view ong>ofong> those turbines. 62
7. Sales Volume Analysis ong>Theong> analysis findings to this point suggest that, among the sample ong>ofong> sales transactions analyzed in this report, wind facilities have had no widespread and statistically identifiable impact on residential property values. A related concern that has not yet been addressed is that ong>ofong> sales volume: does the presence ong>ofong> wind facilities either increase or decrease the rate ong>ofong> home sales transactions? On the one hand, a decrease in sales volumes might be expected. This might occur if homeowners expect that their property values will be impacted by the presence ong>ofong> the wind facility, and therefore simply choose not to sell their homes as a result, or if they try to sell but are not easily able to find willing buyers. Alternatively, an increase in sales volume might be expected if homeowners that are located near to or have a dominating view ong>ofong> wind turbines are uncomfortable with the presence ong>ofong> those turbines. Though those homes may sell at a market value that is not impacted by the presence ong>ofong> the wind facilities, self-selection may lead to accelerated transaction volumes shortly after facility announcement or construction as homeowners who view the turbines unfavorably sell their homes to individuals who are not so stigmatized. To address the question ong>ofong> whether and how sales volumes are impacted by nearby wind facilities, sales volumes are analyzed for those homes located at various distances from the wind facilities in the sample, during different facility development periods. 7.1. Dataset To investigate whether sales volumes are affected by the presence ong>ofong> wind facilities two sets ong>ofong> data are assembled: (1) the number ong>ofong> homes available to sell annually within each study area, and (2) the number ong>ofong> homes that actually did sell annually in those areas. Homes potentially “available to sell” are defined as all single family residences within five miles ong>ofong> the nearest turbine that are located on a parcel ong>ofong> land less than 25 acres in size, that have only one residential structure, and that had a market value (for land and improvements) above $10,000. 95 Homes that “did sell” are defined as every valid sale ong>ofong> a single family residence within five miles ong>ofong> the nearest turbine that are located on a parcel ong>ofong> land less than 25 acres in size, that have only one residential structure, and that sold for more than $10,000. ong>Theong> sales data used for this analysis are slightly different from those used in the hedonic analysis reported earlier. As mentioned in Section 3.3, a number ong>ofong> study areas were randomly sampled to limit the transactions outside ong>ofong> 3 miles if the total number ong>ofong> transactions were to exceed that which could efficiently be visited in the field (n ~1,250). For the sales volume analysis, however, field data collection was not required, and all relevant transactions could therefore be used. Secondly, two study areas did not provide the data necessary for the sales volume analysis (WAOR and OKCC), and are therefore excluded from the sample. Finally, data for some homes that were “available to sell” were not complete, and rather than including only a small selection ong>ofong> these homes, these subsets ong>ofong> data were simply excluded from the analysis. ong>Theong>se excluded homes include those located outside ong>ofong> five miles ong>ofong> the nearest wind turbine, and those available to sell or that did sell more than three years before wind facility announcement. 96 ong>Theong> resulting 95 “Market value” is the estimated price at which a home would sell as ong>ofong> a given point in time. 96 For instance, some providers supplied sales data out to ten miles, but only provided homes available to sell out to five miles. As well, data on homes that did sell were not consistently available for periods many years before announcement. 63
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LBNL-2829E ERNEST ORLANDO LAWRENCE
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LBNL-2829E The <st
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Table of Contents
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List of Tables Tab
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Acknowledgements The</stron
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This report builds on the previous
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Table ES-2: Impact
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Figure ES-3: Base Model Results: Sc
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In the Distance Stability Model, fo
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1. Introduction Wind</stron
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model 7 and uses various forms <str
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A particularly useful application <
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Using different statistical methods
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Table 1: Summary of</strong
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By using a variety of</stro
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minimum of 164 fee
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3.2.2. GIS Data GIS data on parcel
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In addition to the qualitative VIEW
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with the rest of t
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Figure 4: Frequency of</str
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4. Base Hedonic Model This section
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impose the least structure on the u
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of the home, home
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etween the reference study area (WA
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Figure 7: Results from the Base Mod
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5. Alternative Hedonic Models <stro
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concentrated inside of</str
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all other components are as defined
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the distance from them might not oc
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explanation is that the additional
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6) More than four years after const
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Table 19: Results from Temporal Asp
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Turning to the coefficient differen
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Table 21: Frequency Crosstab <stron
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5.6.1. Dataset and Model Form Data
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with the scenic vista. In other wor
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6. Repeat Sales Analysis In general
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Table 27: List of
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adjustment, and represent another t
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that are located within one mile <s
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Figure 11: Sales Volumes by PERIOD
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three years before announcement), a
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8. Wind Pr
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Drawing from the previous literatur
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Taken together, the results from al
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9. Conclusions Though surveys gener
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Davis, L. W. (2008) The</st
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LeSage, J. P. (1999) The</s
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Watson, M. (2005) Estimation <stron
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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
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Data Collection and Summary County
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A.4 IABV Study Area: Buena Vista Co
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Variables of Inter
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facilities than the towns o
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A.6 WIKCDC Study Area: Kewaunee and
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Variables of Inter
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elatively high elevations o
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A.8 PAWC Study Area: Wayne County (
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Census Statistics Name Type 2007 Po
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ural landscapes, with the largest p
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A.10 NYMC Study Area: Madison Count
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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
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Figure A - 15: Histogram of
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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
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Table A - 10: Full Results for the
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Table A - 11: Full Results for the
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