Somerset Brayton Point power station & Property Values (Fall River, Taunton: how much, houses)

[independent man]

We are considering buying a waterfront house which faces the Somerset Brayton Point power station cooling towers in across the river in full view. How much has this affected it current value? How much will this affect it's future value? What discount are houses in view of the cooling towers selling for today? Or are they selling at all? Lots of questions. Otherwise, this is a lovely area. Appreciate your thoughtful opinions.

[n1ey]

Originally Posted by independent man

We are considering buying a waterfront house which faces the Somerset Brayton Point power station cooling towers in across the river in full view. How much has this affected it current value? How much will this affect it's future value? What discount are houses in view of the cooling towers selling for today? Or are they selling at all? Lots of questions. Otherwise, this is a lovely area. Appreciate your thoughtful opinions.

Does this mean that you are considering Fall River? You probably should be looking in Westport or Dartmouth.
Both of those towns have their own school systems including high schools.

Bill

[independent man]

To avoid getting off topic: School system unimportant. Waterfront within 30 minutes of Providence. Specifically the area within view of the Brayton cooling towers.

[lrfox]

"30 minutes from Providence within view of the cooling towers" is really way too vague to give you anything resembling a definitive answer as that covers a huge swath of land ranging from Somerset, Berkley and Freetown MA all the way down to Bristol, Tiverton and Portsmouth. The communities in between vary in so many ways that the answer would be different for each of them.

If anything, the water quality of the Taunton River, Mt. Hope Bay, Narragansett Bay are bigger factors and water quality has been improving for the past 20 years or so (the cooling towers are contributing to that improvement). I think this will have a much bigger impact on property values in the area.

While the cooling towers aren't that old, the plant has been there for decades. It's been very visible from the waterfront for decades as well (big smoke stacks and sprawling complex). The cooling towers, in my opinion, haven't had too much of an impact on property values. Like most similar visual detractors, any impact would likely be felt most at first. So if it did affect property values, they've already been affected. I'm not a RE professional, but I've watched the market in that area and the only changes I've noticed have been as a result of the recent recession. Waterfront properties in that area have sagged a little, but they've still held stronger than most other types.

My parents have a waterfront home in Assonet, MA that is literally just out of sight of the cooling towers (about 15 kayak strokes from the back yard and you can see them). The giant new wind turbine in Fall River can be viewed clearly from their back deck. Neither the towers nor the turbine have had really any impact (in terms of value or quality of life) on my parents' or their neighbors' homes.

I know some of the property values of the waterfront (and non-waterfront) homes in Somerset in the immediate vicinity of the power plant have been hurt in the past few decades. That's not so much an aesthetic thing as it is a health issue. There are many theories that the plant has lead to increased cancer rates in the immediate area, but most studies have been inconclusive. Many steps have been taken to clean the plant up as much as possible (high tech scrubbers, additives to the coal, etc). Still, it's the dirtiest coal plant in New England.

The economy in Fall River has been somewhat of a double edged sword in some regards. When the city's population was around 120,000 and textile and manufacturing were booming, the plant (along with the other plant in Somerset) cranked in order to keep up with demand. When those industries left and the population declined to today's levels (89,000), the power demand subsided (energy efficiency and alternative sources have helped too). The power demand has decreased to the point that the second power plant in Somerset is completely shut down. Brayton Point is running well below capacity which means less output. From a health standpoint, this is a good thing. Still, I don't see any reason for alarm when it comes to health unless you're living literally right next to the plant. And even then, it's a minimal risk.

But in a nutshell, no; I don't think the towers have had much of an effect on property values. That plant has been an eyesore for decades so any impact has already been felt. Prior to the recession, waterfront values in the area were on an upward slope. While home values in that area of MA and RI in general have remained relatively low recently, waterfront properties in the area have already started to trend back upward.

Like I said, my parents have a waterfront home in that area. I have a boat I keep at a slip in that area as it's where most of my friends still live, it's affordable for a slip (as opposed to some of the more popular areas), and it's a great waterway from a recreational standpoint. I certainly wouldn't be too concerned about the view of the cooling towers. For all the complaining people did when they were under construction, you rarely ever hear anything about them today.

*edit*
I don't know if you're looking in RI, but homes in the Kickemuit River area (Bristol on one side and Warren on the other) are a good value and the area is beautiful. I do a lot of water skiing over there in the summer as it's about a 10-15 minute boat ride from my slip and it's nice and sheltered.

[massnative71]

Originally Posted by lrfox

"30 minutes from Providence within view of the cooling towers" is really way too vague to give you anything resembling a definitive answer as that covers a huge swath of land ranging from Somerset, Berkley and Freetown MA all the way down to Bristol, Tiverton and Portsmouth. The communities in between vary in so many ways that the answer would be different for each of them.

Well he said "faces the Somerset Brayton Point power station cooling towers in across the river in full view", so I assume that would be in FR (or just maybe Tiverton). If that is the case, I think the cooling towers would be the least of concerns as far as where property values go. The city is a mess and (while it should have potential) it seems to have no interest in picking itself back up again.

IMHO, the new cooling towers are an improvement over what was there before. I agree that the only place they have a negative effect on is nearby Somerset and maybe Ocean Grove (Swansea), but then again the plant has been there so long that it likely has affected past values more than future values. Somerset has a low tax rate as well, many thanks to hosting this dirty boy.

I love the general area around there and its geography. It's too bad the city of FR can't get its act together as well as other economic factors. But if the area prospered again, then home values would go up and there would be more crowding (much of the local "charm" might be lost.).

[independent man]

To be specific, the waterfront house under consideration is directly across the river in the Touisett section of Swansea. The cooling towers lord directly over the water view in a big way.

[massnative71]

Originally Posted by independent man

To be specific, the waterfront house under consideration is directly across the river in the Touisett section of Swansea. The cooling towers lord directly over the water view in a big way.

Oh that river (duh)! In that case it is VERY close to you. That might make me a little uneasy buying there, although I cannot say I know how that will effect FUTURE values.

Also, is it in a low lying area? I might be just as concerned about that. Ocean Grove (right up the street) has flooded in the past, and that is something that is only likely to grow in frequency.

[n1ey]

Originally Posted by independent man

To avoid getting off topic: School system unimportant. Waterfront within 30 minutes of Providence. Specifically the area within view of the Brayton cooling towers.

I would just run. Last year they had the gas fire test run. You could see the flames for miles while driving on the highway. Consider how far above the treeline that the plume must have run. It was so high that it was visible.

It doesn't sound like you are really looking at anything remotely nice for a place. The North side of Fall River in the Highlands is significantly better. I would pass over Swansea.

Have you even compared to some houses in Westport? Have you seen the prices? Swansea is a bit over priced. This is especially true for 2 bedroom homes.

[lrfox]

Originally Posted by independent man

To be specific, the waterfront house under consideration is directly across the river in the Touisett section of Swansea. The cooling towers lord directly over the water view in a big way.

If it's where I'm thinking (West side of the Palmer River), then it's not that bad. I have some friends who recently bought a house in that area (though not waterfront) and love it. It's a really pleasant area. I wouldn't be thrilled with waterfront property on the Lees River since the plant is right there, but the Palmer River has a little more distance in between it and the towers. Yes, they loom large but the smoke stacks from the plant have been looming there for years as well. I can't predict future value, but I don't imagine them hurting value any more than the plant's proximity has for some time already.

[independent man]

The house is in the Touisset area of Swansea on the Cole River. Not Lee or Palmer. The street is lined with several historic houses on larger lots with lawns to the water. Quite beautiful. The cooling towers view is the elephant in the room. More thoughts?