PROPERTY VALUES DO DROP AROUND OIL FIELDS

 

Recently I had the opportunity to speak to a realtor who sells properties in the So. Cal. Area. I told her about the oil project then asked the question "Do property values drop around oil fields"? Her answer did not surprise me. It was "YES". She said that noise, dust, traffic and smells that come from oil fields (and they will come from Whittier's)
are the causes for property devaluation. These are no longer desirable areas to live. Logic would then tell me that this could have a ripple affect through the entire City. If home prices decline on the upper end so would prices on the lower end. With a depressed housing market do we want to loose more equity?