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

dataset spans the period starting three years prior to facility announcement and ending four years
after construction. All homes in this dataset are situated inside <strong>of</strong> five miles, and each is located
in one <strong>of</strong> the eight represented study areas. 97
<strong>The</strong> final set <strong>of</strong> homes potentially “available to sell” and that actually “did sell” are then
segmented into three distance categories: inside <strong>of</strong> one mile, between one and three miles, and
between three and five miles. For each <strong>of</strong> these three distance categories, in each <strong>of</strong> the eight
study areas, and for each <strong>of</strong> the three years prior to announcement, the period between
announcement and construction, and each <strong>of</strong> the four years following construction, the number
<strong>of</strong> homes that sold as a percentage <strong>of</strong> those available to sell is calculated. 98 This results in a total
<strong>of</strong> 24 separate sales volume calculations in each study area, for a total <strong>of</strong> 192 calculations across
all study areas. Finally, these sales volumes are averaged across all study areas into four
development period categories: less than three years before announcement, after announcement
but before construction, less than two years after construction, and between two and four years
after construction. 99 <strong>The</strong> resulting average annual sales volumes, by distance band and
development period, are shown in Table 29 and Figure 11.
Table 29: Sales Volumes by PERIOD and DISTANCE
Inside
1 Mile
Between
1 and 3 Miles
Between
3 and 5 Miles
Less Than 3 Years Before Announcement 2.2% 1.8% 2.3%
After Announcement Before Construction 3.0% 2.5% 3.7%
Less Than 2 Years After Construction 2.1% 3.0% 4.2%
Between 2 and 4 Years After Construction 2.8% 2.8% 4.2%
97 <strong>The</strong> number <strong>of</strong> homes “available to sell” is constructed for each year after 1996 based on the year the homes in
each study area were built. For many homes in the sample, the year built occurred more than three years before
wind facility announcement, and therefore those homes are “available to sell” in all subsequent periods. For some
homes, however, the home was built during the wind facility development process, and therefore becomes
“available” some time after the first period <strong>of</strong> interest. For those homes, the build year is matched to the
development dates so that it becomes “available” during the appropriate period. For this reason, the number <strong>of</strong>
homes “available to sell” increases in later periods.
98 For the period after announcement and before construction, which in all study areas was not exactly 12 months,
the sales volume numbers are adjusted so that they corresponded to an average over a 12 month period.
99 <strong>The</strong>se temporal groupings are slightly different from those used in the hedonic Temporal Aspects Model.
Namely, the period before announcement is not divided into two parts – more than two years before announcement
and less than two years before announcement – but rather only one – less than three years before announcement.
This simplification is made to allow each <strong>of</strong> the interaction categories to have enough data to be meaningful.
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