impact of wind turbines on market value of texas rural land
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Impact of Wind Turbines on Market
Value of Texas Rural Land
Gardner Appraisal Group Inc.Derry T. Gardner
147 E. Mistletoe AvenueSan Antonio, TX 78212
www.GardnerAppraisalGroup.com
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Prepared for the South Texas Plains Agriculture
Wind & Wildlife ConferenceFebruary 13, 2009American Wind Power Center & Museum,
Lubbock, Texas
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Will a wind turbine affectmy property value?
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WILL A WIND TURBINE ON MY PROPERTYEFFECT THE MARKET VALUE
OF MY NEIGHBOR’S PROPERTY?
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WOULD YOU PAY THE SAME PRICE FOR THIS LANDAFTER WIND FARM AS BEFORE WIND FARM?
AFTER
BEFORE
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Do you know how bigthey really are?
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THIS IS HOW BIG THEY ARE!
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When valuing real property, first determine the property rightsto be appraised; the most complete form
of ownership is “title in fee” or FEE SIMPLE INTEREST
Most complete form of ownership
Unencumbered by any other interest or estate
Only subject to limitations imposed by the government
(taxation, eminent domain, police power, escheat)
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• Ownership of a fee
simple interest =ownership of thecomplete bundleof rights;
• Each rightrepresents a partialinterest in the
whole
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BUNDLE OF RIGHTS
Real property ownership includes a bundle of rights – each with a value:
right to sell/lease/mortgage an interest
right to occupy the property right to convey right to do nothing at all
unlike mineral rights, Texas is UNDECIDED as to “wind rights” – can they be conveyed? can they be retained?
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Market forces create value; same market forces have a bearing on the
HIGHEST AND BEST USE OF LAND
HIGEST AND BEST USE MEANS THE USE OF THE PROPERTY THAT
RESULTS IN THE HIGHTEST VALUE THAT IS ALSO:
LEGAL; REASONABLY PROBABLE; PHYSICALLY POSSIBLE; AND
FINANACIALLY FEASIBLE
HIGEST AND BEST USE IS THE FOUNDATION UPON
WHICH MARKET VALUE RESTS
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TAYLOR COUNTY HUNTING(RECREATIONAL) LEASESBRING $12.00 TO $18.00 PERACRE… COMPARED TOGRAZING LEASE S BRING$2.50 TO $3.50 PER ACRE…
RECREATIONAL USEINCLUDES:HUNTING, FISHING,CAMPING, HIKING, , ETC…WILDLIFE RESOURCES &CONSERVATION, LIVEWATER, WEEKEND PLACE,PEACE & QUIET
IN THE PAST 25 YEARS THE HIGHEST & BEST USE OF TEXASRANGELAND HAS CHANGED
FROM AG RICULTURAL USE TO R ECREATIONAL USE
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DIRECT SALES COMPARISON APPROACH;MOST WIDELY USED AND ACCEPTED
APPROACH TO VALUEING RURAL PROPERTY
•
Defined as an estimate of value of recentsales of similar property in the surroundingor competing areas - as compared to thesubject property
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PROPERTY CHARACTERISTICS NECESSARYFOR THE COMPARISON
Property rights conveyed Financing of the purchase Conditions of sale Market conditions over time
Mineral interests Improvements Size/Shape Physical Characteristics
Live Water Fencing Location/Access Views
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NOT COMPARABLE
RESIDENCE RURAL
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PAIRED SALES ANALYSIS
Within the direct sales comparison approach -several techniques are used to quantifyadjustments - most commonly used
technique is that of paired sales :
When two properties are in all other respects
equal, a single difference can be measured todetermine the difference in price between the two.
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TWO TRUCKS – BOTH FORDS; BOTH F-150; BOTH FOUR WHEELDRIVE; BOTH 2009 MODELS – ONE DIFFERENCE
LARIET PCKGE VS KING RANCH PCKGE
LARIAT$36,000.00
KING RANCH$45,000.00
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COMPARING THESE TWO TRUCKS UNDER PAIREDSALES TECHNIQUE:
KING RANCH PCKGECONTRIBUTES $9,000 IN VALUE
OVER THE LARIAT PCKGE
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PAIRED SALES TECHNIQUEis used in determining the value of :
Undivided interests (multiple owners of property)
Conservation easements Burned Property (due to wildfires, grassfires)
Presence of Power Lines & Transmissionlines
Presence/ view shed of wind turbines Other property conditions
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WHAT WE KNOW ABOUT WIND TURBINEScommon sense stuff
Up to 600’ feet tall constant noise shadow/flicker view shed effect -
turbines tower over horizon ,changing the view
construction ;transmission lines ;substations
turbines forever change
the aesthetics; a moreindustrial feeling loss of native wildlife
habitat
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VARIABLES NOT USED IN REPP
• Rising or falling market• # of days from listing to sale• Residential property; not rural property• Did not take into account effect of noise,
flickering, shadow• Does not factor in distances….• Possible change in Highest and Best Use
because of presence of wind turbine…
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Appraisal Research Shows:
• A VIEW adds value to rural property• Take view away – added value goes away• Brokers in rural areas confirm that property
values in areas of wind facilities are 10% - 30%less than property not in areas of wind facilities.
• Wind energy development creates an income
stream, increasing property’s production value;increased production value does not necessarilyresult in increased market value
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Case Study One - 2007
• 350 acres in Erath County – top end ranch purchasedfor retirement homestead….
• 27 wind turbines within 1 ½ mile radius• For sale for $2,100,000.00• Prospective buyer agreed to sales price• Disclosure of wind turbine project to buyer• Buyer backed out of offer• Seller agreed to 25% discount to Buyer• Buyer declined discounted offer• Currently little interest in property in spite of other
characteristics of property
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Wind turbine on the property
SaleNumber
Wind Turbine Presence(western Taylor County; 1700+acres; 3 wind turbines on property;seller reserved “wind rights”)
Price/Acre DiminutionValue
One Turbines on property $850.00
Four No wind turbines in visual range $1,290.00 34%Five No wind turbines in visual range $1,536.00 45%
Six No wind turbines in visual range $1,200.00 29%
Seven No wind turbines in visual range $1,416.00 40%
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TURBINES ON PROPERTYDiminution in value
29%-45%37% average
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Wind turbine within .2 - .4 miles
SaleNumber
Wind Turbine Presence(1,110+ acres ; Taylor County; 2wind turbines in within .2 & .4miles
Price/Acre DiminutionValue
Two Turbines within .2 - .4 miles $1,000.00
Four No wind turbines in visual range $1,290.00 22%Five No wind turbines in visual range $1,536.00 35%
Six No wind turbines in visual range $1,200.00 17%
Seven No wind turbines in visual range $1,416.00 29%
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TURBINES WITHIN.2 - .4 MILES
Diminution in value is 17%- 35%
26% Average
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Wind turbine within 1.8 miles
SaleNumber
Wind Turbine Presence(550+ acres in Taylor County, 1turbine 1.8 miles away)
Price/Acre DiminutionValue
Three Turbines within 1.8 miles $1,016.00
Four No wind turbines in visual range $1,290.00 21%
Five No wind turbines in visual range $1,536.00 34%
Six No wind turbines in visual range $1,200.00 15%
Seven No wind turbines in visual range $1,416.00 28%
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TURBINES WITHIN1.8 MILES
Diminution in value is 15%- 34%
25% Average
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Diminution in Value Summary
Turbines on propertyAverage 37%
Turbines within .2 -.4 milesAverage 26%
Turbines within 1.8 milesAverage 25%
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Possible Additional
Diminution in Value
Additional 15% - 25% diminutionIn value of property due to the following:
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HIGH POWER TRANSMISSION LINE S
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SUBSTATIONS
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ADDITIONAL TRAFFIC FOR SERVICE OFWIND TURBINE AND POWER LINES
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ADDITIONALROADS
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Market Data and common sensetell us property values are
negatively impacted by thepresence of wind turbines.
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Consider &weigh impact on
your property’soverall valuewhen leasing for
wind turbines…
THE BIG QUESTION
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THE BIG QUESTION
• Does increased income from windturbine off set the potential
decrease in market value?
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IN SOME SITUATIONS, ITWILL, IN OTHERS ITWILL NOT…
MAKE AN INFORMEDDECISION WITH A VIEW TOTHE FUTURE OWNERSHIP OFTHE PRECIOUS RESOURCEOF LAND…
THE BIG ANSWER:
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Studies Developed by:
• Gardner Appraisal Group, Inc.• Austin Valuation Consultants• Various real estate appraisers and brokers
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This report was prepared for a presentation given at the South PlainsAgriculture Wind & Wildlife Conference, in Lubbock, Texas, dated February13, 2009. The findings and conclusions contained herein are the exclusive
property of Gardner Appraisal Group, Inc., and cannot be re-produced withoutthe express written permission of Gardner Appraisal Group, Inc.
Wildlife Conference, in Lubbock, Texas, dated February 13, 2009.The findings and conclusions contained herein are the exclusive property of
Gardner Appraisal Group, Inc., and cannot be re-produced without the expresswritten permission of Gardner Appraisal Group, Inc.
The contents of this presentation are subject to the following conditions and to
such other limiting conditions set for forth herein:• information, estimates & opinions furnished to the authors of the presentationherein and relied upon in reaching the conclusions, judgments or decisionscontained herein, were obtained from sources considered reliable and believed to betrue & correct. However the authors herein assume no responsibility for theaccuracy of said sources.• the author’s expertise is in the valuation of real property. No responsibility isassumed for any detrimental conditions which may exist in the sales data, or forany studies or expertise required to discover same.
GARDNER APPRAISAL GROUP, INC.DERRY T. GARDNER
210-737-1321www.gardnerappraisalgroup.com
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