OT: Atlantic City, Sports Betting and Real Estate

[R1766U]

Sorry to those who do not like OT threads, but its slow and I always enjoy the different perspectives on things here, especially when it comes to things in the Garden State..and sports related.


What are everyone's thoughts on the future of Atlantic City? I know it has been addressed here before, but the reason i'm bringing it up again is because of a discussion that came up on whether or not it would be a good idea to buy some property in Atlantic City as a high risk investment. Real estate there is at rock bottom. If sports betting or something else comes along, do you think that the real estate market will follow? Again, a lot of "what ifs" involved here....just interested in what you folks think about the future of AC and whether or not buying a condo/house there would be a long term way to make some $$.

 

[RU96inNC]

Leave it alone. Will never recover in your lifetime. If you want to buy for future generations then maybe.

 

[RutgersUnion]

I dont think there is anything to be made there unless there was a major project/overhaul coming in.

 

[RU Golfer]

Leave it alone. Will never recover in your lifetime. If you want to buy for future generations then maybe.

I dont think there is anything to be made there unless there was a major project/overhaul coming in.

Could not agree more!

 

[Saint Puppy]

High Risk is the optimal word there. They were 1 of only 2 places in the country where gambling was legal for years and still that town was never picked up and remained a cesspool. I think any kind of revitalization is YEARS away - and I do mean YEARS! I'm not sure it's in the cards for them - if they got sports gambling I think you would see a lot of other places follow suit - it will never be like it was for them again with their east coast monopoly on gambling. Also you need to look at location - not sure there is really anything that is going to draw people all the way down there again like it used to. Sorry I think AC is a dead town walking!

 

[MV9000]

I too believe AC is a dead man walking. The area has been on a down trend for some time. The location isnt optimal, the hotels are run of the mill. Younger demo isnt even too interested in it anymore.

 

[mdk01]

Sports betting won't fill the casino hotel rooms, increase employment or change municipal governance. Pass.

 

[RUJohnny99]

I know it has been addressed here before, but the reason i'm bringing it up again is because of a discussion that came up on whether or not it would be a good idea to buy some property in Atlantic City as a high risk investment. Real estate there is at rock bottom. If sports betting or something else comes along, do you think that the real estate market will follow? Again, a lot of "what ifs" involved here....just interested in what you folks think about the future of AC and whether or not buying a condo/house there would be a long term way to make some $$.

You gotta ask as you're looking at a house investment, the city has had trillions invested in it since the mid 70s. Why is that house/condo still dirt cheap? The city is horribly corrupt & mismanaged, and pissed away every dollar that came to it. They ignored the area two blocks away from the casino until that outlet mall came around in the 00s & there is nothing to tell me they won't do that again if a ton of money comes in again.

Personally, if I had money to throw around on speculative real estate, I'd be buying up stuff in Camden. I could see it becoming a Brooklyn/Jersey City to Philly one day, once some developer comes in and gentrifies it once & for all.

 

[WhiteBus]

Sports betting wont help A.C. but it will be a great shot in the arm for Thoroughbred Horse Racing in NJ.

 

[drewbagel423]

I'm not sure it's in the cards for them

What you did there... I see it.

 

[NotInRHouse]

You gotta ask as you're looking at a house investment, the city has had trillions invested in it since the mid 70s. Why is that house/condo still dirt cheap? The city is horribly corrupt & mismanaged, and pissed away every dollar that came to it. They ignored the area two blocks away from the casino until that outlet mall came around in the 00s & there is nothing to tell me they won't do that again if a ton of money comes in again.

Personally, if I had money to throw around on speculative real estate, I'd be buying up stuff in Camden. I could see it becoming a Brooklyn/Jersey City to Philly one day, once some developer comes in and gentrifies it once & for all.

The problem is Philly is too cheap for there to be any meaningful growth in urban areas outside of it. My friend bought a three story townhouse, new construction, finished basement, roofdeck, under 500k in a fairly gentrified area of Philly. That would maybe get a 1BR in an elevator building in Hoboken or DTJC, or a far out area of Brooklyn. The price point in Camden would have to be so low I'm not sure it makes sense. And you can go out a few stops on PATCO and get something cheap in Cherry Hill and not be afraid.

 

[RUfinal4]

sports gambling will probably be allowed at some point.

Harry Reid is no longer in the senate and the Dems don't control congress. Republicans are more about states rights so I can see a new law overturning the old law from 40 years ago and allowing sports gambling.

As an fyi - Reid who was a NV Senator was majority leader and wouldn't allow any bills that would weaken Nevada's gambling position.

 

[newell138]

The real estate in AC is dirt cheap but property taxes are SKY HIGH. They have doubled for most people over the last couple years. My wife and I walk the boardwalk every Sunday morning there and its ridiculous that some of those beach blocks around the Tropicana have not changed since Nucky Thompson was running the place. They look like 3rd world tenements.

Stay away, there are better places to invest your money in Real Estate. Ocean City is a good way to go, low property taxes, fairly inexpensive real estate for a shore town and high rental income, primarily all by families, so no one is getting drunk and trashing the place.. If you are interested, let me know, my daughter is a realtor in town.

 

[R1766U]

The real estate in AC is dirt cheap but property taxes are SKY HIGH. They have doubled for most people over the last couple years. My wife and I walk the boardwalk every Sunday morning there and its ridiculous that some of those beach blocks around the Tropicana have not changed since Nucky Thompson was running the place. They look like 3rd world tenements.

Stay away, there are better places to invest your money in Real Estate. Ocean City is a good way to go, low property taxes, fairly inexpensive real estate for a shore town and high rental income, primarily all by families, so no one is getting drunk and trashing the place.. If you are interested, let me know, my daughter is a realtor in town.

I am not planning on buying any property, but agree with most of you...I think AC will be a wasteland for the next 30+years. My buddy was arguing that it would turn around much quicker, I just don't see it. I really don't think anything will save AC at this point except for time. It is a shame.

 

[RUBigFrank]

You guys heard buy low sell high. When every thing is good you sell. AC is in the buy low scenario.

Ac is slowly on the up tick - emphasis on entertainment and beaches is the right direction.

 

[GoodOl'Rutgers]

Sorry to those who do not like OT threads, but its slow and I always enjoy the different perspectives on things here, especially when it comes to things in the Garden State..and sports related.


What are everyone's thoughts on the future of Atlantic City? I know it has been addressed here before, but the reason i'm bringing it up again is because of a discussion that came up on whether or not it would be a good idea to buy some property in Atlantic City as a high risk investment. Real estate there is at rock bottom. If sports betting or something else comes along, do you think that the real estate market will follow? Again, a lot of "what ifs" involved here....just interested in what you folks think about the future of AC and whether or not buying a condo/house there would be a long term way to make some $$.

Get plugged into the gay community and buy before they decide to rebuild AC.

My best guess is the only thing that can save AC is high speed rail to NYC and Philly.. and redevelop all the places poor people live.

 

[Saint Puppy]

Great predictor of a community turning around is to follow the gays and artists - see Chelsea and Asbury!

 

[G- RUnit]

It still has the beach and ocean and it was not too long ago that Ocean City was down on its luck filled with halfway houses, group homes, etc.
Asbury Park and Long Branch have made amazing strides.

I dont think recovery is impossible.

 

[WhiteBus]

Get plugged into the gay community and buy before they decide to rebuild AC.

My best guess is the only thing that can save AC is high speed rail to NYC and Philly.. and redevelop all the places poor people live.

A high speed rail from NYC to AC??? WTF are you smoking.
First AC casinos need high rollers to succeed. High Rollers dont take trains.
Second the cost to build that line would cost more than all of AC real estate combined.

 

[newell138]

there already is a train from AC to Philly, granted its a slow speed rail but its a train.

 

[NotInRHouse]

There was a direct train from NYC to AC...it was not popular enough.

It will turn around, sports betting will help. If weed gets legalized with a new gov that will bring in some tourists. I also think they should add an Amsterdam style red light district.

 

[Plum Street]

It will come back at some point. Asbury , Hoboken , Jc were slums and you couldn't give property away. Ac has casinos and the beach . It will make a comeback. But you may invest and won't be around to see it.

 

[RU Cheese]

There was a direct train from NYC to AC...it was not popular enough.

It will turn around, sports betting will help. If weed gets legalized with a new gov that will bring in some tourists. I also think they should add an Amsterdam style red light district.

when? I don't ever recall a direct train like this existing

 

[WhiteBus]

There was a direct train from NYC to AC...it was not popular enough.

It will turn around, sports betting will help. If weed gets legalized with a new gov that will bring in some tourists. I also think they should add an Amsterdam style red light district.

There is no direct train anymore. New Yorkers have their own casinos. There is a zero chance to reclaim land from the old line.

 

[GoodOl'Rutgers]

A high speed rail from NYC to AC??? WTF are you smoking.
First AC casinos need high rollers to succeed. High Rollers dont take trains.
Second the cost to build that line would cost more than all of AC real estate combined.

Same could have been said for a rail line at all.. yet there is one from Philly.

But high speed rail along the northeast corridor and off-shoots to AC would open up huge swaths of land for more development as easy commutes from longer distances would drive up real estate prices.

Once you decide to do something like that.. extending to AC is more feasible... and that would help turn AC around. Once AC gets more busy in-general, doing things to attract high-rollers becomes easier.

So, you don't build high speed rail JUST to save AC.

And that "direct line" to AC? That was bullspit.. that was a train practically to Philly that then went across to AC. Not the same thing at all as a shore line going straight there.

 

[WhiteBus]

Same could have been said for a rail line at all.. yet there is one from Philly.

But high speed rail along the northeast corridor and off-shoots to AC would open up huge swaths of land for more development as easy commutes from longer distances would drive up real estate prices.

Once you decide to do something like that.. extending to AC is more feasible... and that would help turn AC around. Once AC gets more busy in-general, doing things to attract high-rollers becomes easier.

So, you don't build high speed rail JUST to save AC.

And that "direct line" to AC? That was bullspit.. that was a train practically to Philly that then went across to AC. Not the same thing at all as a shore line going straight there.

The rail line from Philly has been cut back dramatically and maybe shuttled all together. Nearly zero ridership from Philly to AC anymore

 

[needmorecowbell]

Sorry to those who do not like OT threads, but its slow and I always enjoy the different perspectives on things here, especially when it comes to things in the Garden State..and sports related.


What are everyone's thoughts on the future of Atlantic City? I know it has been addressed here before, but the reason i'm bringing it up again is because of a discussion that came up on whether or not it would be a good idea to buy some property in Atlantic City as a high risk investment. Real estate there is at rock bottom. If sports betting or something else comes along, do you think that the real estate market will follow? Again, a lot of "what ifs" involved here....just interested in what you folks think about the future of AC and whether or not buying a condo/house there would be a long term way to make some $$.

I don't think I would personally do it but it's typically time to buy when no one wants in. Based on the feedback here, it may be time. It really depends on the price and upside.

 

[Armor and Sword]

The original idea of revitalizing a major tourist destination with casino gambling is the idea of a dying and now dead generations who grew up with a different AC than the generations from late Boomer to Generation Z. Besides, every state that surrounds NJ has casinos, so who want to go to AC just to gamble? Whether AC will come back or not is an open question. But CAN AC come back? I say yes it can, but it's going to have to follow a different model than the first attempt at revitalization. That model is a combo of Asbury (LGBT) and Pittsburgh (colleges and healthcare).Stockton U tried to expand into AC and screwed it up,but it looks like they got a couple parcels of land elsewhere in AC and will open a campus there is 2018. AC needs to think of itself less as a tourist destination and more a city by the sea that needs to fix itself like Asbury did. AC's big downside is its remoteness (distance from NY and Philly) and no other big industries and economic generators in the area besides gambling and summer tourism.

 

[RUJohnny99]

It still has the beach and ocean and it was not too long ago that Ocean City was down on its luck filled with halfway houses, group homes, etc.
Asbury Park and Long Branch have made amazing strides.

I dont think recovery is impossible.

When was Ocean City ever down on it's luck? Ever since I could remember (late 70s) it's been a paradise. The Ocean City boardwalk was a great place to grow up.

 

[newell138]

When was Ocean City ever down on it's luck? Ever since I could remember (late 70s) it's been a paradise. The Ocean City boardwalk was a great place to grow up.

I was wondering the same. I live here now and I often feel like I have stepped back in time. Its an absolutely great little town and a great place to raise a family. From the people I talk to that have been here forever they say its always been like that. Most likely thats due to the fact that its a dry town.

 

[Section124]

AC needs to turn itself into a family destination. Focus on the beach, boardwalk entertainment and golf courses. There are many really nice courses in the area. Build high rise condos by the beach, town house communities and stores. Think Ocean City Maryland. It's too remote to become an Asbury.

 

[cubuffsdoug]

AC needs to turn itself into a family destination. Focus on the beach, boardwalk entertainment and golf courses. There are many really nice courses in the area. Build high rise condos by the beach, town house communities and stores. Think Ocean City Maryland. It's too remote to become an Asbury.

I think this is where Alantic City went wrong. Vegas reinvented itself by incorporating family themes into the new developments. New Jersey politicians are short-sighted. It's not always been about gambling. Atlantic City didn't take the time to stay one step ahead of a ever-changing environment. Dirty politicians didn't help the situation either.

 

[jabbs1]

AC needs to turn itself into a family destination. Focus on the beach, boardwalk entertainment and golf courses. There are many really nice courses in the area. Build high rise condos by the beach, town house communities and stores. Think Ocean City Maryland. It's too remote to become an Asbury.

I agree.....they do not focus on the beach at all. The Casinos could clean up if they could ever cooperate with the City. I believe the beaches are owned by the city.

 

[ruready4somefootball]

I think this is where Alantic City went wrong. Vegas reinvented itself by incorporating family themes into the new developments. New Jersey politicians are short-sighted. It's not always been about gambling. Atlantic City didn't take the time to stay one step ahead of a ever-changing environment. Dirty politicians didn't help the situation either.

I feel AC is far from dead.The surrounding states don't come close to offering what AC does in a great flat beach with no real surf break. A boardwalk that a little money could turn into a gold mine and projects like the Outlets and now the redevelopment of Tennessee Ave.http://www.pressofatlanticcity.com/...cle_0134d564-ecbf-57b8-ac21-d9441325f0e8.html

 

[RU1977]

The hotel casinos that are still there are still packed every weekend, charging hundreds of dollars a night to stay. During the week they are dead. Borgata is still #1, and they aren't even on the beach! If Revel (or whatever it's going to be called now) would copy Borgata, and offer more than Borgata (add some family-oriented activities), they would clean up down there. It's still a beautiful hotel and it's on the beach. Unfortunately it seems that morons have been running the city and haven't brought it anywhere near it's full potential. Don't see it happening anytime soon.

 

[jabbs1]

I feel AC is far from dead.The surrounding states don't come close to offering what AC does in a great flat beach with no real surf break. A boardwalk that a little money could turn into a gold mine and projects like the Outlets and now the redevelopment of Tennessee Ave.http://www.pressofatlanticcity.com/...cle_0134d564-ecbf-57b8-ac21-d9441325f0e8.html

I totally agree AC has the potential and can offer what others can't......the problem is the people in charge of getting things done are either incompetent or corrupt.

 

[ruready4somefootball]

The hotel casinos that are still there are still packed every weekend, charging hundreds of dollars a night to stay. During the week they are dead. Borgata is still #1, and they aren't even on the beach! If Revel (or whatever it's going to be called now) would copy Borgata, and offer more than Borgata (add some family-oriented activities), they would clean up down there. It's still a beautiful hotel and it's on the beach. Unfortunately it seems that morons have been running the city and haven't brought it anywhere near it's full potential. Don't see it happening anytime soon.

Borgata runs free shuttles to the beach in the summer months.We've used them a lot. AC also must invest in police presents to the highest degree in the boardwalk area, showing criminals they got no chance of dirty deeds.

 

[GoodOl'Rutgers]

I was wondering the same. I live here now and I often feel like I have stepped back in time. Its an absolutely great little town and a great place to raise a family. From the people I talk to that have been here forever they say its always been like that. Most likely thats due to the fact that its a dry town.

Ha! a dry town with the state's largest liquor store just over the border! But yeah, been there a few times with a friend with a house there.. it was great.

 

[NotInRHouse]

when? I don't ever recall a direct train like this existing

https://en.wikipedia.org/wiki/Atlantic_City_Express_Service

 

[R1766U]

Check out this article, http://www.pressofatlanticcity.com/...cle_8fb58c54-29d7-11e6-8c5a-df03b351f651.html


Harry Bassford went to the Atlantic County Sheriff’s sale in May and bought an Atlantic City property — 441 N. Tennessee Ave. — for $3,000.

It was his 10th Atlantic City purchase in 2016.

In April, he bought 212 N. Texas Ave. for $3,700. In February, he bought 1402 N. Michigan Ave. for $5,500. About a week later, he scooped up 2000 Grant Ave. for $1,100.