effects of casinos and tourism on local housing market, MS

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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.

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I grew up on an hour north of the Gulf Coast and can tell you a good deal about that area. Your right since the hurricane Katrina there are now laws in place that allow the casinos to build on land however I'm not sure about how far from the water they are allowed so far I haven't seen anything more than across the street from the water.

Many of the residential homes that were found on the beach line however are not being rebuilt. Areas that have stood for a hundred years or more are now being zoned for commercial use.

With the building of the new commercial properties especially new casino and resorts there is a greater need for new housing and I believe even more multifamily units. I think that the need not only for affordable housing will rise but hopefully the need for luxury housing. Places like Pass Christian and Waveland still seem to be keeping the small town mentality and are nice for families. At least the last time I talked to friends from that area that's how it was.

If your looking to buy and hold you should be able to find plenty of properties in Biloxi as well as Gulfport. Just make sure that if you look at anything built before the Hurricane that you do your due diligence well, like any other place in need some contractors came in a did piss poor jobs on the homes an ran.

I have a cop buddy down there too that bought a new home after the Hurricane I want to say he payed in the 120's range or so, nice little place i believe it was a 2/2 I would have to ask, it was in Gulfport.

I did see a few weeks ago an REO property just north of the coast line in Gulfport that was a new subdivision development for sale, it has something like 70 plots laid out if I can remember correctly, the website pictures showed minimal readiness and I don't think utilities had been run yet, but I remember seeing the letters from utility companies and the State Dept of Agriculture about the land. Found it once but can't remember where I found it. I've looked a couple of times but with no luck.

Sorry the post was so long. Hope that answered some of your questions. If you want to know more feel free to ask, or colleague request and you can pm me.