Home Buying in Benzie County>Question Details

Miacat, Home Buyer in Benzie County, MI

Are real estate agents in Benzie County, Michigan telling people about the industrial-scale windpower that will reduce property values by 20% to 40%?

Asked by Miacat, Benzie County, MI Sun Jan 9, 2011

Duke energy of North Carolina is planning to install 56 industrial generators in Benzie County. These are 50 story towers topped by bus-sized generators with turbines the size of 747s spinning at 120 miles per hour.

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From what I have read about the "PROPOSED" wind farm is that it is not even a certain thing yet. I don't see how you or anyone can predict that property values will go up or down and certainly not by 20-40%, so no agent will use those figures. Agents will deal with it as they would if an interstate highway is proposed in the county, they advise and inform the buyers as best they can and let buyers decide what they wish to do. You might see an influx of tree huggers who might want to move there to be part of such a green concept. Wind farms will also bring in some jobs to the area and that can't hurt property values.
2 votes Thank Flag Link Sun Jan 9, 2011
In response to the question, I would say that most agents are not likely to make mention of this or any other project that is not close to approval. It's up to each individual agent to decide which factors they feel they should disclose to potential buyers. If I were representing a property that was immediately adjacent to or in close proximity to a site that was likely going to be used for a wind farm, I would probably inform the client of the situation and let them decide for themselves what the impact might be. To assume a drastic fall in values across an entire county due to the introduction of wind turbine is quite extreme in my oppinion and coutner to a lot of other studies that have been conducted. Here' s a good example of research that was done suggesting there would be very little if any discernable change in property values if such a project were introduced. http://newscenter.lbl.gov/press-releases/2009/12/02/wind-pow… For every individual who is turned off by such a proposal, there may be another who is attracted to the idea of renewable energy. Please feel free if you need helping finding a property in Benzie County whether it is near the site of the proposed wind farm or far, far away. I'd be happy to help.
1 vote Thank Flag Link Mon Jan 10, 2011
McCann Appraisals, LLC has provided oral and written testimony to the Adams County Illinois board about property values and setbacks (see web reference). It IS A CERTAINTY that property values will decrease because of an industrial-size generating facility.

Also, it seems that even in the planning phase, people should be provided with the guidance from Michigan State University called "Landowner Guidelines For Evaluating Wind Energy Production Contracts.

Perhaps it is unwise to use the pejorative "tree huggers" for people who may be interested in living in and contributing to the success of Benzie County because of its understated beauty.
1 vote Thank Flag Link Sun Jan 9, 2011
Real Estate agents don't predict the future. Until the coming of the turbines is a certainty and until your pricing figures are confirmed, I think you are being an alarmist. If a potential buyer asks about it, I would share all the knowledge that I have, but to just assume the decline in values just because some wind turbines, that I did not want, are going in anyway, makes this question sound like either sour grapes or panic.
0 votes Thank Flag Link Mon Oct 1, 2012
The study often quoted by the wind companies includes homes 10 miles away, only .8% of the total homes are, I believe within 2000 feet.
Real Estate Agents should tell people that wind turbines are being planned to be in the area as depending on how close these industrial wind turbines are placed to the homes there will be noise, shadow flicker and loss of enjoyment of their own property. And over all loss of property value. There should be full disclosure of industrial wind turbines.
Real Estate agents must disclosure other property problems, radon, lead, etc. this too should be disclosed.
0 votes Thank Flag Link Tue Jan 18, 2011
Regarding the Lawrence-Berkeley study; the analysis was based upon modeling rather than on-the-ground, reality based assessments by appraisers. Hedonic models also have a bias that demand is elastic and fungible. Think about the case where hedonic analysis will say that once you cannot afford hamburger you will instead buy and eat tofu.

These are industry-based models, and like those from the National Renewable Energy Laboratory, they are biased due to their management by for-profit enterprises like Battelle.

Real appraisals, like those in Illinois, show property value reductions as much as 2 miles from industrial generators.

Also, consider the current state of knowledge about noise. The NY times article indicates a near certainty of impact .
0 votes Thank Flag Link Tue Jan 11, 2011
I cannot see that drastic of a property value decrease! look at the homes around the wind generator in TC. Property values have fallen but not due to having a "Green Energy" tower. I don't think "Mackinaw", "Cadillac/McBain" have seen ANY drop in value doe to this. and it is only "proposed".
seems like the same people that complain about not having "Green" energy also complain when they try to implement it. go to http://www.heritagewindenergy.com/projects.html and read some "FACTS"
0 votes Thank Flag Link Mon Jan 10, 2011
I have heard arguments on both sides, as I know someone involved in the wind farms that are going-up in the thumb of Michigan (Huron County). You will be able to find arguments to both points.
0 votes Thank Flag Link Sun Jan 9, 2011
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