One of the central points being put forth by the opponents of a Hanover intermodal site is that it will dramatically reduce the value of the approximately 350 homes within a quarter mile of the site. A few realtors who live in
have given this notion their professional endorsement as well. Hanover
This is a specious claim at best. Future values of real estate are affected by a wide variety of variables and are therefore difficult to predict. Now, Phoebe Woods Orsini, another realtor who lives in the Elkridge/Hanover, took it upon herself to contact an outside expert in the field and concluded that “we would be looking at under 10 percent in value decrease,” if the intermodal terminal were located there.
Under ten percent is a far cry from dramatic.
In this story in Elkridge Patch, Phoebe tells how she arrived at her value prediction.
“I have had the honor to be in contact with Robert (Roby) Simons, Ph.D. He is one of the nation's leading experts on environmental property damages, brownfield redevelopment and real estate economics, and he does research on effects all over the world.”