Resources for the Future, an American nonprofit organization that conducts independent research into environmental, energy, and natural resource issues, released a report on December 20 2013 titled “The Housing Market Impacts of Shale Gas Development.” The abstract of the article can be read below, and a copy of the text can be found here as well as under “additional resources” on our resource page.
Abstract: Using data from New York and Pennsylvania and an array of empirical techniques to control for confounding factors, we recover hedonic estimates of property value impacts from shale gas development that vary with geographic scale and water sources. Results indicate large negative impacts on nearby groundwater-dependent homes, while piped water-dependent homes are positively impacted by proximity (although by a smaller amount), suggesting an impact of lease payments. At a broader geographic scale, we find evidence that new wellbores can increase property values, but these effects diminish over time. Undrilled permits, conversely, may cause property values to decrease.
The Cornell University Library recently let us know they are permanently archiving our website.
“To ensure that this important trove of information is available to future generations of scholars, the Cornell University Library is creating a permanent archive of the web sites concerned with the issue of hydraulic fracturing in New York.”
Reuters recently investigated homeowners and developers that have been increasingly holding on to mineral rights underneath their projects. Reuters investigated this issue in 25 states, and found that in most states, seller aren’t legally required to disclose to home buyers whether they are severing the mineral rights to the property.
In one case, Denver community members whose mineral rights are leased to Anadarko Energy are so concerned about their children and families that they have begun to exhibit health issues like panic attacks. On the other hand, some homeowners are angry that they cannot financially benefit from something they thought they owned.
“As drilling has moved into more densely populated areas, energy companies have typically sent teams of so-called land men to knock on homeowners’ doors and try to persuade them to lease their mineral rights. Each lease can have different terms, depending on negotiating skill of the homeowner. Now, by dealing with builders and developers, energy companies can lock up entire neighborhoods via a single lease. “
Some communities are beginning to mobilize around this issue; in Colorado, a bill is expected in 2014 that would require sellers to disclose mineral rights ownership to buyers before sale.
Read the Reuters article here:
A landowner in Madison County NY was denied the renewal on his homeowner’s insurance policy because there is a gas well on their property. For more information, see the article here: http://marcelluseffect.blogspot.com/2013/08/ny-landowners-denied-homeowners.html
Good news for some people who have leased with Chesapeake. On August 7, Reuters published an article (see below) that indicates Chesapeake will not contest the November 15 court decision that rejected Chesapeake’s claim of force majeure. If you or someone you know has an expired Chesapeake lease but is not one of the 200 people in this lawsuit, Fleased is available to provide free assistance.
On Monday August 26 at 7pm, there will be a Fleased forum in Bath at the Bath Fire Hall (50 E Morris St). This forum will address expiring gas leases, force majeure, land rights, mortgages and homeowners’ insurance, and more. Attorney Joe Heath and Fleased founder Ellen Harrison will be presenting, with a Q & A to follow.
On July 22, the Concerned Citizens of Triangle will be hosting a Fleased Forum. The forum will take place at 6:30 PM at the Mary Wilcox Library (2630 Main St, Whitney Point) and will cover lease termination, force majeure, real estate implications and town bans. Please see the attached flyer, and share with your networks and communities. For more information, please contact FleasedNY@gmail.com