TLDR- power company building next to hood which will have large negative impact on community. Is there any recourse as far as property values are concerned?
My buddy has an issue in their hood they are dealing with and I told him I would ask about it here to see if anyone has experience or helpful input.
2 years ago or so he bought a house in a small neighborhood of say 20 to 30 homes all on 1-3 acre lots in SE Harris County. Adjacent land to part of the neighborhood is owned by Centerpoint. He contacted Centerpoint prior to purchasing to ask about their plans with the parcel, and was given an answer direct from CP that they were not going to be doing anything with it, as they already have what they need built on the land. I'm sure that conversation was more detailed, but I was not privy to those details.
Fast forward to a year after close and CP now wants to build a substation directly next to the property and clear cut the land not used for the substation and put in a retention pond. Once this was announced the neighborhood began the process of fighting back through the channels afforded to them through the city. They wanted an amicable solution that would minimally impact their property values and aesthetic appeal. It seems the city and CP are going to do what they want which is why they are exploring this option.
I understand this is a utility company and there is not much, if anything, they can do to stop it. What they are exploring is if they have any recourse for the decline in property value due to this substation?
Would it make sense to have an appraisal done before and after construction showing the impact of the construction and use that to try and get something out of CP? HCAD just jacked his valuation up 72%, which was basically a 100% increase in improvements, so it is kind of a double whammy that HCAD is trying to squeeze him from one side and his property value is actually being diminished due to the construction on the other side.
Speaking with another RE professional, i was told that the subset of appraisers that could do these valuations and actually back up their findings in a suit is probably pretty small. Would this be worth pursuing, or would it really only be helpful to fight the CAD? As ground has not broken yet, I am not sure if he is using this in his protest with the CAD, but that is another issue.
I appreciate the info and insight. I also expect one of the first responses to be "if he didn't want to live next to a power station he shouldn't have bought land next to something owned by the power company". That may be, still interested in responses. TIA.
My buddy has an issue in their hood they are dealing with and I told him I would ask about it here to see if anyone has experience or helpful input.
2 years ago or so he bought a house in a small neighborhood of say 20 to 30 homes all on 1-3 acre lots in SE Harris County. Adjacent land to part of the neighborhood is owned by Centerpoint. He contacted Centerpoint prior to purchasing to ask about their plans with the parcel, and was given an answer direct from CP that they were not going to be doing anything with it, as they already have what they need built on the land. I'm sure that conversation was more detailed, but I was not privy to those details.
Fast forward to a year after close and CP now wants to build a substation directly next to the property and clear cut the land not used for the substation and put in a retention pond. Once this was announced the neighborhood began the process of fighting back through the channels afforded to them through the city. They wanted an amicable solution that would minimally impact their property values and aesthetic appeal. It seems the city and CP are going to do what they want which is why they are exploring this option.
I understand this is a utility company and there is not much, if anything, they can do to stop it. What they are exploring is if they have any recourse for the decline in property value due to this substation?
Would it make sense to have an appraisal done before and after construction showing the impact of the construction and use that to try and get something out of CP? HCAD just jacked his valuation up 72%, which was basically a 100% increase in improvements, so it is kind of a double whammy that HCAD is trying to squeeze him from one side and his property value is actually being diminished due to the construction on the other side.
Speaking with another RE professional, i was told that the subset of appraisers that could do these valuations and actually back up their findings in a suit is probably pretty small. Would this be worth pursuing, or would it really only be helpful to fight the CAD? As ground has not broken yet, I am not sure if he is using this in his protest with the CAD, but that is another issue.
I appreciate the info and insight. I also expect one of the first responses to be "if he didn't want to live next to a power station he shouldn't have bought land next to something owned by the power company". That may be, still interested in responses. TIA.