Originally posted by @Matt I.:
Atlantic city seems to have the ingredients of a successful urban district. A train running from Philadelphia, the integration of more college satellite campuses, and the highest density of casinos and gambling on the east coast. Not to mention its a beachfront city.
In recent years it seems like tri state cities boomed overnight. Years ago nobody wanted to deal with Hoboken, Asbury park, jersey city, Philadelphia... But with more millenials wanting to move to cities, when can we expect AC to have its turn? I even heard there's a 40 minute train line from Philly to AC. As an architect and prospective investor, there are many layers to my curiosity..
This is all just speculation on my part, but I'm curious to know what experiences people have had with investment properties in Atlantic city. Is there a rental demand yet? What about vacation rentals and air Bnbs? Houses well under 100k are abundant which is almost unheard of in jersey, let me reiterate this is beachfront property..
Matt much of your points are why I bet all my chips on AC a few years back. All of it at purchase was for yearly tenants but AirBnb is taking over and we are transitioning.
Most of the cheap houses are tear downs and future flooding is an issue in low lying areas so it is not that easy to find a good deal.
With the train, it's a mess. It's not in service now and even when it is it takes close to 90 minutes to get into Philly. Buses are great and you can get direct into philly and nyc which is nice (the bus station is a horror show in the middle of the night but there is security there). I'd bet autonomous cars will fix this issue anyway in the next decade. On Absecon Island you have second home owners who commute into Philly in the summer time (many already in Teslas)
