* How Will the Proposed ReVenture Park Gasification Incinerator Impact Property Values?

How Will the Proposed ReVenture Park Gasification Incinerator Impact Property Values?

No one really knows if the proposed ReVenture gasification incinerator will lower home values. No local study or analysis has been done. We doubt that it will be.

ReVenture believes and has stated that home values should increase because of the desirability of the eco-industrial park.

We disagree and here’s why we believe this:

  1. “Studies in Andover, Massachusetts strongly correlated 10% property devaluations with close incinerator proximity.” “The results show price responses to rumors of the facility. A strong price response was registered upon groundbreaking, and the distance premium persisted for seven years after the incinerator began operations.[1, 2]
  2. “Several studies have documented a decline in property values due to the existence of an undesirable facility, but most examine only two points in time. One study found declines in house values near an incinerator at several points in time, which were due to changes in information. This suggests that the adjustment period can be quite long: if prices do not adjust immediately, the house’s appreciation rates will reflect the speed of adjustment. This study finds that appreciation rates are affected as early as the construction stage of an incinerator, and the adjustment continues several years after the facility has begun operation.” [3]
  3. “In 2006, Cleveland State University professor Robert Simons coauthored a paper that looked at 58 peer-reviewed articles dealing with the effects of environmental contamination on real estate. In a phone interview with the Straight, Simons said that property values suffer a 20-percent drop at the border of a landfill. When the property is a half-mile to a mile away, land values fall five to 10 percent below the norm. In the case of waste incinerators, Simons said that the value of nearby real estate could fall over 10 percent depending on whether the land is downwind of the facility and on other factors, such as the amount of truck traffic and the number of birds that might be attracted to the area. “Let’s assume you’ve got really no odours or smells and you can’t see it, and it’s half a mile away,” Simons said. “Conceivably, you would have minimal impact—what I would mean is under five percent. This assumes there are not trucks coming down right in front of your street with garbage.” However, Simons cautioned that if there are problems at the incinerator site or if it becomes notorious as a result of an accident, property values in the vicinity could drop 10 to 20 percent. He also said that if dioxins are found in nearby soil, that could result in a loss of up to 40 percent in value.” [4]

So what can I do?

Tell your friends, neighbors and colleagues about the issue and the facts

Call, email, post on Facebook, Twitter and help to spread the word.

Facebook: Incinerator Free Mecklenburg Facebook: Stop ReVenture Park!!!

Write your local officials – mayor, council members/commissioners and others and tell them why you oppose the waste policy change and an incinerator in Mecklenburg County

Ask for a public hearing so your voice can be heard.

Join Incinerator Free Mecklenburg

Email: incineratorfreemeck@gmail.com More Info: http://charlottesierraclub.org/

Download Flyer

How Will ReVenture Gasification Incinerator Impact Property Values?

1. Wikipedia Incineration (http://en.wikipedia.org/wiki/Incineration). 2. “House prices during siting decision stages: the case of an incinerator from rumor through operation (http://www.faqs.org/abstracts/Environmental-services-industry/House-prices-during-siting-decision-stages-the-case-of-an-incinerator-from-rumor-through-operation.html). 3. “The Effect of an Incinerator Siting on Housing Appreciation Rates” (http://www.archive.org/details/TheEffectOfAnIncineratorSitingOnHousingAppreciationRates ). 4. “Metro Vancouver waste-to-energy incinerator could have an impact on nearby property values” (http://www.straight.com/article-336080/vancouver/burn-waste-burn-value).
This entry was posted in Charlotte, Incinerator, Incinerator Free Mecklenburg, Mecklenburg, ReVenture, Sierra Club. Bookmark the permalink.

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