References

Related to property value drops due to cell towers:
 
 
"Both the survey and market sales analysis find that CPBSs  (cell phone base stations, aka cell towers) have a negative impact on the prices of houses in the study areas." Note that "New Zealand has proposed yet more stringent levels, at .02 microwatts, 50,000 times more protective than the U.S. standard." This latter quote is from an article by Karen J. Rogers, an environmental scientist at the Mount Shasta Bioregional Ecology Center:

http://www.mountshastaecology.org/Archive/Health_Effects_from_Cell_Phone_Tower_Radiation.html
 
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The impact of cell phone towers on house prices in residential neighborhoods.

Publication: Appraisal Journal
Publication Date: 22-JUN-05
Format: Online
Delivery: Immediate Online Access
Full Article Title: The impact of cell phone towers on house prices in residential neighborhoods.(wireless telephones towers)
 
Article Excerpt
abstract 

This article examines whether proximity to cellular phone towers has an impact on residential property values and the extent of any impact. First, a survey approach is used to examine how residents perceive living near cellular phone base stations (CPBSs) and how residents evaluate the impacts of CPBSs. Next, a market study attempts to confirm the perceived value Impacts reported in the survey by analyzing actual property sales data. A multiple regression analysis in a hedonic pricing framework is used to measure the price impact of proximity to CPBSs. Both the survey and market sales analysis find that CPBSs have a negative impact on the prices of houses in the study areas. 
 
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It is primarily the fear of experiencing negative health effects that cause the depression in real estate values. (People are hesitant to buy in the area, and many sell at lower values to get away if they fear or have negative health effects from EMF's)
From a New Zealand study, "The impact of cell phone towers on house prices in residential neighborhoods.":

http://goliath.ecnext.com/coms2/summary_0199-5011857_ITM
 
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"Consequently, how these perceptions impact on property values was also mixed with responses from residents ranging from being prepared to pay the same to being prepared to pay more than twenty percent less for a property located near a CPBS "

http://www.prres.net/Papers/Bond_The_Impact_Of_Cellular_Phone_Base_Station_Towers_On_Property_Values.pdf

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