NAPLES, Fla. (PRWEB) September 20, 2018
Valbridge Property Advisors, the largest independent commercial property valuation and advisory services firm in the United States, announced today the completion of market studies in four major U.S. cities to determine the impact, if any, on residential property values as a result of the presence of a wireless communication tower. These independent market studies were conducted in Phoenix, Arizona; Raleigh, North Carolina; Dallas, Texas; and Boston, Massachusetts by Valbridge Property Advisors at the request of T-Mobile.
Karl Finkelstein, Vice President of Marketing and Business Development for Valbridge Property Advisors, remarked, “Everyone always expects excellent cell phone reception and that connectivity requires an adequate cell phone infrastructure. We studied the impact cell towers have on property values, and our appraisals indicated there was no statistically significant impact. A majority of the property values in neighborhoods with cell towers are in line with a majority of the property values in areas without cell towers.”
The studies were conducted in multiple sub-areas of each city, which were then compiled to produce measurable results. Home sale values demonstrated no measurable difference for those homes within a 0.25-mile radius sphere of influence of the cell tower and those homes in a 0.50-1.0 mile radius outside of the cell tower sphere of influence. In many of the sub-areas, home prices increased nominally. No measurable difference is defined as a less than 1% difference; nominal difference is defined as 1-3%.
To prepare the sub-area studies, the center points of each sub-area’s primarily single-family residential areas or specific subdivisions were identified by latitude and longitude. Single-family residential sales with both a qualified buyer and a qualified seller from the first quarter 2015 through first quarter 2018 were located and verified to assess the transactions.
The Boston study revealed 10 of 22 pairings of home sales with higher sale prices within the 0.25- mile sphere of influence, 11 of 22 pairings with lower home prices, and one pairing indicating no difference. The data indicates cell towers do not have a negative impact on property values within a .25-mile radius of cell towers. Overall, the measurable difference is less than 1% in both the increasing and decreasing home price indications.
In Dallas, for homes in the .25 to 1.00-mile radius, there was no measurable difference. Out of 33 paired sales in five sub-areas, 20 pairings indicated higher values for those sales within the 0.25- mile sphere of influence, while 12 pairings indicated lower values and one indicated no difference. Overall, Dallas shows no measurable difference. The data indicates cell towers do not have a negative impact on property values within a .25-mile radius of cell towers.
There were 37 paired sales in the Phoenix market, and 20 of the pairings indicated increased home prices within the 0.25% sphere of influence while seventeen of the 37 pairings indicated decreased home prices. Four of the five sub-areas studied had no measurable difference and one sub-area had a nominal difference.
In Raleigh, fourteen of 22 pairings indicated higher home prices within the 0.25-mile sphere of influence while eight of 22 indicated slightly decreased home prices. Overall, the average and median prices increased in four of the five sub-area and one sub-area indicated no measurable difference. The data indicates cell towers do not have a negative impact on property values within a .25-mile radius of cell towers. Overall, the measurable difference is less than 1% in both the increasing and decreasing home price indications.
To request a copy of the study findings, visit Valbridge.com.