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Health & Fitness

Leaving Its Footprint

As you most likely know, the massive coal-fired power plant in Salem Harbor is closed. It has been closed for over a month and preparations are being made for the demolition of the old structure. The site will become home to a new natural gas plant, a cruise ship dock, parks, and mixed-use commercial and industrial space. The new power plant will be much small, making it much easier on the eye. As a local Realtor, I get asked plenty of questions about the impact these changes will have on property values. What people seem to want to know is if their homes values will go up. The best answer I can give is "probably".

The reason for such an inconclusive answer is because some of the coming changes are hard to measure. For example, studies show that removing an old, large industrial building such as a power plant do help property values go up. Of course, a new power plant will be built, albeit much more modern looking, much smaller, and much more energy efficient. Removing the large stacks will improve the look of the area and views from those of us lucky enough to live near the water. It's hard to say how much that actually improves property value though. On the other hand, some aspects are easier to measure. The increased green space does improve the property value for home located near the new parks. 

The proposed changes certainly will improve the look of the city. However, this already was a popular city with tourists, and property values were already on the rise in the area. Will these changes make Salem a more desirable place to live? All I can say again is "probably".

If you have any real estate- related questions, feel free to contact me at ryan.guilmartin@gmail.com or 617-852-0040. Happy house hunting!


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