Gone with the wind

By John Miner, The London Free Press
Homeowners close to wind turbines can expect to see much of their property values blown away, a provocative study by a London property appraiser has found. Sellers in the future could even find their properties are worth nothing, says the study by Ben Lansink of Lansink Appraisals and Consulting.

“If there is no buyer, there may be no value,” Lansink concluded. Industrial wind turbines have become a huge sore point for many in Ontario, with about 1,200 of the often-unwanted behemoths now in operation now and with the province having signed deals that will more than double that number in the next couple of years.

Lansink, who’s been qualified as a real estate expert in court proceedings, analyzed properties in the Shelburne area, north of Orangeville, home to Ontario’s first major industrial wind farm — the 133-turbine Melancthon Wind Facility.

He found five homes that had been bought by the wind farm developer, Canadian Hydro Developments, a subsidiary of Calgary-based TransAlta, at fair market value. Canadian Hydro later put those houses back on the market and they sold for an average loss of 38%. One brought 58.5% less.

“The erection of a wind turbine creates apprehension in the general public, which makes property less desirable and thus diminishes the prices of neighbouring property,” Lansink said. Read article

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Posted on October 4, 2012, in Property value. Bookmark the permalink. Leave a comment.

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