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How is the neighborhood down by Tropicana? I am seriously considering buying a condo on Iowa Avenue.... perfect price, right by the boardwalk (but not on the boardwalk)... Just HOW sketchy is A.C. these days? It is the only thing holding me back from buying...
I think you need to ask yourself why you want to buy a condo in AC? Will you be working there? If not, I don't see any good reason in doing so. I can't speak about specific neighborhoods, but the city as a whole is in a state of turmoil and will either declare bankruptcy or get taken over by the state government. All in all, it's pretty depressing, can be dangerous, and it's also just simply inconvenient to live there as a resident. For example, you will have to go outside of city limits just to go to a supermarket.
I have simply stopped going to AC. Too much crime, tons of homeless people (they also have a Rescue Mission there), place is dirty.... Go to the Press of Atlantic City site and read back issues for the last 6 months or so. That will give you a good idea of what AC is like. http://www.pressofatlanticcity.com/
How is the neighborhood down by Tropicana? I am seriously considering buying a condo on Iowa Avenue.... perfect price, right by the boardwalk (but not on the boardwalk)... Just HOW sketchy is A.C. these days? It is the only thing holding me back from buying...
I don't know the specific street or building/complex you are looking at, but I go to AC often and use a friend's condo. Of course there are streets, sections, neighborhoods that are sketchy. Without question. However, I also find that when I stay there -- and I spend very little time inside the casino properties, except for a business meeting -- all is fine for me. I eat at Vola, Knife and Fork, Vagabond, Cafe 2825 (recently named the best Italian restaurant in NJ), I go Gardiner's Basin, the outlet shops, etc., and I enjoy a nice time.
I don't spend endless hours walking around, except on the Boardwalk or Atlantic Ave., but having specific destinations, I enjoy and have a good time. I have no problem going shopping, the supermarket, any number of stores, some are not near Atlantic, the Boardwalk, etc.
If you are thinking of buying there, do you already spend a great deal of time there? Maybe you should in order to see for yourself. Not being facetious, but you can be an educated consumer so to speak. Good luck!
From a purely investment standpoint, I think it could be worthwhile to buy up once it completely bottoms out, which will be when either the bankruptcy or state takeover happens. Nowhere to go but up from there IMO. Or maybe not.
I think the fiscal woes will eventually get in line. I firmly believe the casino closures were simply a matter of the city "right-sizing" itself. 12 casinos were okay when they had an, ahem, Monopoly, on gaming, but with neighboring states now offering gaming, it was only a matter of time. Some of them HAD to go.
I think where they are now is appropriate. Maybe if and when Revel officially opens up, it can hopefully push out the Taj Mahal. And honestly, I'm still baffled by the Showboat closure. They were still profitable. That was a real shame to me because the House of Blues was there and had so many great rock concerts come through those doors.
There needs to be more investment within the city itself though. I don't know what Stockton's plans are, but if they are still interesting in opening a second campus there, doing it within the heart of the city could be the kind of shot in the arm that the city needs.
You couldn't give me a free room there nowadays. Never mind buying something to live there.
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