Fracking Suspense Cuts Into Second-Home Sales - Green Blog ...

As I report in the real estate section of The Times, many would-be buyers are deferring purchases of second homes in upstate New York out of concern that hydraulic fracturing might be allowed nearby. For now, no one knows whether Gov. Andrew M. Cuomo?s administration will allow this controversial natural gas drilling process to go forward.

So far, officials in the Cuomo administration have indicated that the drilling might initially be limited to five New York counties above the Pennsylvania state line where the formation known as the Marcellus Shale is thought to be the most productive. But gas industry officials have cautioned that the extent of the gas deposits will be unknown until they start to drill. The Marcellus Shale spans more than two dozen New York counties, from Chautauqua and Erie in the west to Green and Albany in the east.

While many New Yorkers worry that the drilling could result in groundwater contamination or mar the beauty of the landscape, some are actually hoping that drilling will come to their areas along with jobs and royalties paid for leased land.

The uncertainty is affecting both sales and relationships in the real estate market. Many buyers who are concerned about the environmental risks of the drilling complain that some real estate agents skirt the issue.

Annie M. Van Assche, 62, a computer trainer who lives in Astoria, Queens and has been hunting for a property in the Catskills?where she could raise alpacas and grow organic produce, said she resented that lack of candor. ?I?d ask, ?What?s the situation with fracking up here?? ? she said, an agent might typically reply, ?I haven?t been following it.?

Ms. Van Assche is now considering expanding her search to Maine and Vermont.

John Pratt, an opponent of fracking who lives in central Sullivan County and is treasurer of the county board of realtors, said he was candid with clients and that he would make sure they were aware of the issue before closing a deal. ?I tell my clients that I am against fracking and a proponent of alternative energy solutions,? he said.

But Mr. Pratt said he generally sold in areas that are unlikely to see drilling. ?I focus on selling in areas not currently being leased to gas companies, and I also sell in the area of the Neversink Reservoir, where I think we can safely say fracking will not be taking place anytime soon,? he said.

State officials have said they will not allow fracking in the watershed that supplies drinking water to New York City and Westchester, Putnam and Dutchess counties downstate.

Yet Mr. Pratt conceded that nothing is set in stone until the state issues its decision. ?I think I?m in denial,? he said. ?It seems like fracking is an issue on the western side of the county, but eventually the industry can come to where I am.?

Source: http://green.blogs.nytimes.com/2012/09/28/fracking-suspense-cuts-into-second-home-sales/

ny giants shaun white carolina panthers kate middleton mitt romney denver broncos amanda bynes