Home prices are on the rise in Atlantic City, where city officials and investors have been pushing to diversify a gambling- and tourism-dependent economy, according to the Wall Street Journal.
Redfin data shows that year-over-year prices were up 30 percent in the fourth quarter and up 35 percent in January. Brokers say that buyers from the Philadelphia area, seeking more space closer to the seaside, are helping to drive demand.
When casinos were first allowed in Atlantic City, they were billed as a way to lift up the whole city. But their success — which faded over time — never really carried over to the neighborhoods around them.
City officials have pushed to create more jobs in the cybersecurity industry and to build family-friendly infrastructure like parks. Developers are also building there. Last week, the city demolished the defunct Trump Plaza Hotel and Casino, a symbolic and practical step toward recasting the city’s image. [WSJ] — Dennis Lynch