Hello everyone.
This question is actually to all of real estate professionals who have have experienced this type of scenario.
I live in suburbs of Philadelphia and right now, Donald Trump is planning to build the first ever casino in city of Philadelphia. The casino would be located in a residential area of Fishtown. It's a very old neighborhood with lots of rowhouses and multi-unit apartment buildings.
Here's my question. Once the casino is built, what happens to real estate prices in that area? Do they go down, do they go up or will they stay the same? Also, what about the rent prices? I would think that someone who works at the casino, would want to live near by and that would increase the rent prices in that area. I might be wrong, but I've never heard anyone discuss this topic before.
I'm looking forward to hearing everyone's honest and professional opinion.
Thanks in advance.
Russell Volk
http://www.ePhiladelphiaRealEstate.com