Market Survey / Rock Quarry

[Anonymous]

Anyone know a good expert who would do a market study. The question is will a rock quarry adversely affect nearby rural property values. Consultant will need to compare the other quarries in the county to see if they are impacting values.

 

[Pamela Crowley (Florida)]

Nope.

What an interesting assignment! Something I would love to be able to do.

 

[Jo Ann Meyer Stratton]

Contact Michael Cartwright in Reno, NV. I think that is his specialty. You can find him over on the AI forum.

 

[Dale Smalley]

I dont know how the effect is on your current market.
In South FLA what were once quarrys are now lake front properties due to urban sprawl. However this took 10-20yrs.

 

[jtrotta]

Some of the quarry's here, after they've been dug out - are becomming useable sub-division's; lake created - then housing, land is fairly inexpensive, as the profits have already been harvested and builders know what complications are involved in getting approvals via "inland wetlands" - Coastal Area Management - Wildlife Preservers - etc.; all of which are now involved in each and every municipality in our state.

Not as easy as it used to be, for sure.

 

[Tom Hildebrandt]

Terrel

I have done some consulting work (possible residential development) on a former rock quarry, and assisted a client in negotiating the purchase of his residence (and sheep farm) by another rock quarry.

I never did a market study, but my quick cut is minimal impact on surrounding rural residences so long as there is a meaningful buffer between the residence and the actual quarry. The other significant issue is the truck traffic generated by a quarry. If this is new traffic and is on what would have otherwise been a residential service road, that would be an issue.

Otherwise, I would not expect to see big impact to scattered rural residential sites.

Regards

Tom Hildebrandt GAA

 

[Restrain]

Check the AI directory or Wayne's site, and contact a commercial appraiser around Austin or San Antonio. There are numerous rock quarrys in immediate proximity to residential and commercial properties. They should have your data right at their fingertips as they deal with it all the time.

 

[Rlong]

I did a market study for a group of homeowners who opposed a large expansion of a local stone quarry. The MAI I worked with was to testify before the county commitioners. I tried going back over the years tracking changes in average prices compared to similar neighborhoods without quarry's and studied resales. I could not say definativly that there was a negative impact- unfortunatly for our clients. In this case the neighborhood was in the foothills of the rockies and they had experienced 150% appreciation over 20 years or so, along with the expansions of the mine. I tried to look in Boulder and other areas and did not find definative data. I did find some cases that got written up online, for every MAI that tried to say there was an effect, another MAI and/or MBA working for the mines could "prove" that their wasn't an effect. I DO believe it depends alot on the surrounding area. In my case the overall area was so nice the mining impact became somewhat insignificant. PS the county approved the mine expansion. Bob in CO

 

[Anonymous]

Thank all of your comments, but I doubt experience in other areas will be adequate....The market study will have to be here. There are some 7 limestone quarries in the area. The client owns one and wants to open a second. none have the buffer this site will have (about 80+ acres surrounding a minable 40 acres. The local county planning board has stepped in claiming they have authority (after the state has already issued the permits) The landowners nearby are hollaring their heads off claiming value damage.
The game plan is to compare sales within 1 mi, 2 mi, 3 mi. of each quarry. There will be no appraisal, just a comparison. Does the land values increase as the distance from the quarrry increases??
Since my original post, an MAI firm has agreed to do the study. Another firm was found but they were 90 days backlogged. It needs to go to the Planning Commission on appeal within 30 days. The client intends to carrot and stick approach. What can we do to make this better? Second, demonstrate no damage to property values will happen. The state will then be asked to override the county as lacking jurisdiction. There is no zoning in the county. If this fails to satisfy they will claim reverse condemnation and sue.

 

[Oregon Doug]

We got one going on here (Eugene, OR) right now. Gravel Co wants to open a new pit in cloes in rural area surrounded by homes. I don't know when it's gonna come to a head, but it should be soon - if I do get involved (trying not to), I'll share the findings with you if you want. I doubt that any answers will be available before Summer.

Oregon Doug