Thoughts on Atlantic City?

[Rick Borgo]

Hi, I was just wondering what people thought about Atlantic City as an investment opportunity? I know it is a pretty run down area, but do you think it ever could come back? If so, I think it would be a great "buy low" opportunity. Just wanted to see what everyone thought about the area.

[Georgeanna Tracey Newmones]

I may be a little "biased" since I am a local from the city and a Realtor ( Buy/hold investor) but here goes. Many areas in the city are thriving, such as Gardners Basin, Venice Park, Chelsea, Chelsea Heights, Monroe Park, WestSide, Bungalow Park, etc. Where on the east coast can you purchase property on the boardwalk (condominiums) for under $100,000 (Studio and one-bedrooms). I agree with the others as the city is definitely on the uptick with plenty already vested in the area. The city is predominately renters and second home market, making it an excellent opportunity for LTR and STR. Many investors in the area (from long ago) failed to raise rents and maintain their property (I see opportunities). We just rented two 2brs 1ba listed at $1,250 (my client purchased both units for $56,000 each with paint and carpet cleaning) and had an overwhelming amount of applications (which allowed us to cherry-pick the best applicant). You have to be open to the possibility others are wrong....you can only find opportunities when you dig deep for the gold!!