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Updated over 14 years ago,
effects of casinos and tourism on local housing market, MS
I was recently looking at some news articles about Biloxi MS, ever since the hurricanes last year it appears as though the casinos are now able to build on land. According to the Biloxi website there are numerous contracts in the works for several large casino resorts in the area as well as large high end, high rise, beachfront condo complexes. I assume these large casinos would bring jobs to the area and these workers would need places to live. Housing in the surrounding suburbs is still pretty cheap but it's steadily rising. MS overall appears to still have a growing housing market. I was looking at a new development in the area in the 200k range but I'm still a little unsure of my theory. Number wise everything works out, the property should produce a small positive cash flow but what I'd be banking on is the appreciation of the land being in close proximity to Biloxi. Anyone have any input on this? thoughts, comments, etc. Also, if anyone has any experience with the area please chime in. I'm looking for a reputable mgmt company.