South Jersey! Why is there no chatter on BP about the impact on REI with the impending loss of 5000 jobs (and more job loss coming) on South jersey Real Estate

[Ana Nomys]

Hello South Jersey-ans,

I am one that believes in one persons loss is an others gain (NOT BEING MEAN HERE BUT REALISTIC) 

Is there now an opportunity to buy low now and sell high later now? I have heard the chatter all the way up to Southern Ocean County about the job losses caused by the 2 casinos closing in a couple days in Atlantic City NJ and maybe another one in a couple months as my friends whom are B & H ers (and bought to high) have tenants that rely on the casino industry and they were just notified by there tenants they may be forced to leave. This is is an area that was also impacted by Hurricane Sandy. 

I have many NY investors that are looking for oceanfront and bayfront properties. Their is definitely going to be a ripple effect and many more than the 5K are going to be displaced at some point. When is the right time to buy? Should I wait a little longer till the real impact is felt or do I start to market my "We buy houses now" without really knowing how low prices might go(and will in my opinion). 

Any feed back from South Jersey ans would be appreciated... 

[Timothy Gleason]

I grew up in Brigantine. The direct impact of the casino closings will not be an exodus of bay front/oceanfront property owners. Most of the casino workers are service workers (waters/maids/dealers). Most of the waterfront owners are NYC/Philly residents or retirees. 

If you were to market, I'd choose a peripheral market that will still have a tourism draw (Ocean City, Brigantine, Avalon, etc). I think Atlantic City = Detroit in many ways. Always has been. 

Good luck either way.