Atlantic City Leaders Betting on Real Estate Market Rally
Amid the woes of Atlantic City casinos and the growth of non-gaming revenue in the city, officials hope to continue expanding the real estate market in the coming year.
Speaking on the Steel Pier Tuesday, Atlantic City Mayor Don Guardian said in 2014, developers are set to break ground on 500 units, including "250 apartments that will eventually be flipped to condos once the market is right. They're building them starting this fall. There will be condos for rent and sale, and there will also be homes."
Guardian says pilings are going in for homes on Atlantic and Adriatic avenues as well as developments near Revel.
The addition of Stockton College in the city has Guardian hoping for an infusion of youth into the rental and real estate markets.
"For the first time, kids coming out of college think it's kind of cool to live in an urban environment," the mayor said. "Where 10 years ago we were talking about 'driveability,' now we're talking about 'walkability.'"
In 2013, Atlantic City announced its first gated community, with 12 single-family homes.
Guardian said real estate prices are half of what they were six years ago, so now is the time for people to buy.
"I would compare Atlantic City to Fort Lauderdale or Miami Beach five years ago," he said. "(The price of real estate) dropped to 50 percent or less, then it went back up again."