After reading lots of viewpoints on whether or not to invest in Atlantic City, I decided to ask Ian Lazarus, owner of Shore Points Realty – a residential and commercial brokerage in Wildwood, a long-time Jersey Shore Realtor who was part of Atlantic City’s second wave in the late 80s, what he thought of Atlantic City as a real estate investment, “I had my original 15 minutes of fame in Atlantic City in the late 88’s when Atlantic City was starting its second wave.
They aren’t re-births, the town never died. All things have cycles and this resort town isn’t immune to recessions. I think this time around it is different. Not because gambling isn’t the prime reason people are coming down here.
The biggest reason is the real estate prices for the first time have deflated since the casinos artificially cranked them up, so the entrance price to build a casino or non-casino developments was prohibitive. This wave is going to bring in other entertainment and businesses that have a shot to grow.
It’s still going to take years before it’s a luxury home market but until then, it’s going to be a lot of fun.”
A recent trip to Atlantic City has me convinced it’s headed in the right direction and could be a great place to invest in a Jersey Shore home, though it's important to remember the tax and insurance expenses in Atlantic City One of the keys will be to choose the right area.
