Casino to effect housing prices???? - Posted by XOFMOT

Posted by JT-IN on February 21, 2004 at 23:10:46:

Not through direct ownership having much of an impact on the prices, but rents will go crazy if there is any shortage of rental property now in existence.

The fact that rents rise will drive up the price of RE indirectly, but not quite the same as if all those Casino workers were going to become home buyers. Some will, but the vast majority of them are Tenants at heart. Poor credit and poor financial habits for the most part.

L/O strategies will work nicely in that type of mix of clientele… How do I know…? Well, I used to sit in an area that was within 25 miles of 3 casinos… and I became familiar with their ilk… These folks will buy more cars than houses… and have difficulty qualifying for those, with much easier underwriting standards.

Just the way that I view things…

JT-IN

Casino to effect housing prices??? - Posted by XOFMOT

Posted by XOFMOT on February 21, 2004 at 19:00:46:

There is a VERY (and I mean VERY) good chance that a large casino will be established in my hometown within the next two years. What will this do to housing prices???

Casino can be a very iffy thing… - Posted by David Krulac

Posted by David Krulac on February 22, 2004 at 15:02:26:

I just read an article in alocal paper today about casinos “coming” to Brownsville, Pa. So investor has been buying up the downstown and riverfront property for about a decade in anticipation of casino gambling.

Only one problem, casino gambling is illegal in Pa. and the prospects are probably 50-50 at best. One survey had 80% of the people opposed to it.

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