Steve Israel is a veteran reporter for the Times Herald Record daily newspaper. He’s been reporting on casino issues in Sullivan County for many a year and knows his facts. Here is his recently published article entitled “Sellers galore, but few buyers for property near Sullivan casino site”.
Sellers believe they’ve found the golden goose and are holding out for prices many investors and developers have passed on this far into the speculation arena. Just as the California Gold Rush produced great wealth, so too will properties surrounding the Montreign Resort/Casino at Adelaar.
Several or more factors, however, will determine just what the agreed to price tag will be for properties in the immediate casino area. There is an economic debate among casino business aficionados as to the ultimate success of the Monticello Casino. Major competition may be on the horizon in Northern New Jersey, Atlantic City will continue to draw, Indian owned properties maintain some market share, the Pennsylvania Pocono casinos are close by, road infrastructure concerns about traffic from New York City are being discussed, and the general sense the gambling scene is over saturated all contribute to the wait and see attitude taken by a more cautious investor mind set.
Residential sellers should be mindful of the message. A casino may be coming to town, but home values may remain static. Pricing within the current comparables is prudent for the time being. Supposing you’ve got the goose and raising your price based on what you believe is common sense, may not be the right approach. If you need or want to sell, forget the casino hype and call me for comps before you count the goslings who have not yet hatched.