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Russell Volk

Casinos and Real Estate... What happens to appreciation and rents?

By: Russell Volk
Tuesday, February 06, 2007 1:07 PM

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

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Comments

Melinda  Roark
Member Since '06

Melinda Roark said:

The areas around our Casino Boats (Harrahs in Maryland Heights & Ameristar in St. Charles) have done quite well for our communities.  Since their arrival we have built a Amphitheater in Maryland Hts for outside concerts and Hotels. In St. Charels we have built a huge Convention Center which are wonderful for tourists.  The school districts are booming and winning top awards.  There are plans now to create a quite large marina on the river.  Our real estate has done wonderful - older homes are getting make overs and new ones are popping up where ever someone finds room! I have yet to see the draw backs of it other than the occasional sad story where someone took gambling to far personally.  And yes, they have created a lot of jobs too!  Feel free to contact me if you should have any more questions - If I can I would love to answer them for you.

February 6, 2007 1:21 PM
Nancy Piloto
Member Since '04

Nancy Piloto said:

I live in the neighborhood where the Seminoles built their Hard Rock Casino/Hotel in Hollywood, FL.  It's huge and it brings excitement to our city.  You can go there and not need to go anywhere else.  We also have some other venues nearby like horse tracks that are now getting into the casino biz.  I think it's a boost.  We've seen the value of our homes go up steadily even with the so-called "burst" of the real estate bubble.  Yes there's a lot of homes on the market but I've also noticed a lot of moving trucks unloading.  And the homes that are listed in the area all boast that they're near the casino/hotel. These places bring hundreds of jobs to the community and it's a boost of the local economy making the homes in the area quite desirable.

February 6, 2007 10:46 PM

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Russell Volk
Mid-Atlantic Real Estate

Russell Volk
Member Since '06

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