Real Estate
How Might a Casino Impact Nearby Real Estate Values?
Increased jobs could bring decreased values, but that could be temporary.
Tewksbury is set to vote on a proposal to build a casino on the Andover border Tuesday night, and that could affect Andover residents.
Would a casino be good or bad for nearby home values?
The answer isn't exactly cut-and-dry.
"Whenever any casino activity comes into play, you have an increase in jobs which is a great thing," Lisa Sevajian of Remax said. "You also have to look at traffic impact, noise, overall headache for homeowners, so for some time, the people living nearby may see their quality of life will drop."
That could result in a temporary drop in values for homes near the casino. But, Sevajian added, having a sudden boost in jobs and people coming to Andover for work could also spur condo sales in that area.
Home prices are on a steady rise, showing a strengthening market that may be able to bear the temporary strain on values that a casino would bring.
But there is also a 40B affordable housing complex planned for that area. That combined with a slots parlor could present a bigger obstacle for home values.
"Though it would bring an enormous amount of jobs and do great things for our economy, bringing new people into our area, it would put strain on our resources and could also change the quality of life short term," Sevajian said.
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