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Study finds wind farm can decrease property values – sometimes

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The Syracuse Post-Standard reports that a study of real estate sales in three upstate New York counties has found that being closer to wind turbines can lead to reduced sales prices.  In two of the three counties, property values appear to have dropped by 8-15% for homes situated a half mile from the nearest turbine (which usually means several more are within a mile or two); the price drop was only slightly less for homes within a mile, while there was a smaller, 2-8% drop for homes within 3 miles of a turbine.  However, the third county studied showed no price reduction after the wind farm was constructed; the authors found that in this county, prices actually rose a bit just after construction, then settled  back to no significant change. This study uses a hedonic analysis methodology similar to two previous studies (Hoen and Hinman) that found no significant price change.  This new study, by Martin Heintzelman and Carrie Tuttle of Clarkson University, differs from the previous studies in that it does not combine all results, but rather looks at each county individually.

The Heintzelman study is still being finalized; an earlier version that combined all locations into an overall negative impact has circulated since March, but a new version that separates the locations and finds the more nuanced results is now available.

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