Jerry Flynn has been doing some research into the connection between the value of real estate and the proximity of cell towers.

1- New York Times news story, “A Pushback Against Cell Towers,” published in the paper’s Real Estate section, on August 27, 2010: 

http://www.nytimes.com/2010/08/29/realestate/29Lizo.html?_r=1&ref=realestate.  

2 – In December 2009, 27 Burbank real estate professionals signed a petition/statement offering their professional opinion that the proposed T-Mobile cell tower at Brace Canyon Park would negatively impact the surrounding homes. 

http://www.getthecelloutatl.org/

3 – “The effect of distance to cell phone towers on house prices” by Sandy Bond, Appraisal Journal, Fall 2007, see attached. Source, Appraisal Journal, found on the Entrepreneur website, 

http://www.prres.net/papers/Bond_Squires_Using_GIS_to_Measure.pdf

4 – The Observer (U.K.), “Phone masts blight house sales: Health fears are alarming buyers as masts spread across Britain to meet rising demand for mobiles,” Sunday May 25, 2003 :

http://www.guardian.co.uk/money/2003/may/25/houseprices.uknews

5 – “Cell towers are sprouting in unlikely places.” The New York Times reported on January 9, 2000 (fears that property values could drop between 0 to 40 per cent because of neighboring cell towers)!

https://sites.google.com/site/nocelltowerinourneighborhood/home/decreased-real-estate-value