Do Cemeteries Affect Real Estate Prices in New York?

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Do Cemeteries Affect Real Estate Prices in New York?

Do Cemeteries Affect Real Estate Prices in New York?

Manhattan’s limited housing market is scary enough, and as most know, the three rules of buying real estate is location, location, location. So, depending on your point of view, living near a cemetery can be the answer to a “wish list” of amenities, or an aversion to what you think is a rather a gloomy location. Further, under the heading of taking something one step more, some buyers actually purchasing mortuary chapels or graveyard keeper’s lodges in order to convert them into single-family homes inside what would then be their very own gated community. There are downsides for these folks, be it whether it is nearly impossible to get Chinese take-out delivered and worse, running into a brick wall when waiting for a package from, say, FedEx, or scaring off the much-needed cable guy.

Redfin, a nationwide real estate company, analyzed the prices of homes less than 50 feet from cemeteries last October and compared them to the price of homes further away—100, 200, 500 and even a 1,000 yards. Results indicated that, on average, homes rather close to cemeteries were slightly smaller, but sold for more due to a higher cost per square foot. []

Continue Reading – Source: 6sqft

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