Trophy Club: I love TC.
Click here for a list of homes listed in Trophy Club
It's a beautiful town built around a golf course located in Denton County between Dallas and North Fort Worth. It boasts Northwest ISD campuses like Byron Nelson High School (among others) and has a variety of adult and family-friendly amenities besides the golf course. Nearby are lakes, boat slip areas, dirt bike trails, community parks and pools, and the list goes on.
Currently our brokerage has a property for sale in The Highlands of Trophy Club. This is a newer part of TC (some were built in the 70s-2000s and there is still new construction today...) We hosted a few open houses over the last couple of weeks and we have been asked the same variety of questions by buyers at each open house:
- How does the local drilling affect homeownership?
- How does the oil or gas drilling affect my property value?
- How does the well activity affect my environment?
There are a few answers to those questions. And we are not the expert on them all.
First, the property I have for sale is not within eyesight of the drilling. Smile! My point is, visibility matters. It matters to the person who lives in my subject property and it matters to the people who asked me the questions at these open houses! It has been a 100-per-center. 100% of the people I talked to (and there have only been a handful, thus, I am no expert) care whether it is there or not less so than they care whether it is visible from their property. Visibility matters more than general presence matters.
Second, if everyone is asking the question, then obviously everyone has some care and concern. It's a worthy question. But...
With that said, please remember these are not permanent fixtures! Try to remember there is a vacant piece of earth where that drilling site sits that will one day be... something else.
How does an oil or gas well or drilling site affect property value? It dramatically impacts the desireability while the drilling rigs are there at the time they are there. But it is not going to last forever! It will return to it's desireable state again.
See the foliage and mature trees around it?!
Another point: The effect on value depends on the market at that time. Example, lower priced homes ($400,000 and under) sell, on average, faster than $500,000 and up homes, in general, right now. It's a supply and demand factor. It is no different when you add a temporary caveat like the gas drill site. It will change not only the value a little, but also the days on market -- who will even look at the home and give it serious consideration in the first place?
Big point: The effects do change with price point changes. In other words, the answer is a little different based on the price point, in general.
Last, and please hear me on this, I would be less concerned about the current drill site and more concerned with what's next?! Since the drilling is temporary, but the space will still be there, I would be more likely to ask what the plans are for the site once the well closes.
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