However, baby boomers know the value and benefit of owning real estate, and since they are in their peak earning years, many of them are taking advantage of it. Owning a home is a great investment, and people today are buying multiple properties – to rent out, as investments, etc.
The last two years have been records for second home sales, according to the National Association of Realtors®. Many consumers today believe that housing a good investment with vacation homes making up 12% of all home sales. Did you know that there are over six and a half million vacation homes in the United States? Many of these homebuyers purchase vacation homes dependent on their lifestyle. They want a “getaway” home or a peaceful retreat, and the last thing on their minds is renting it out to someone else.Once again, the baby boomers tend to make up the majority of second home buyers. Because of this demand for these vacation homes, the demand for them is expected to stay strong for years to come.
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The project is among $1.4 billion in new Atlantic City projects
Inquirer Staff Writer
ATLANTIC CITY – This booming gambling town is about to get a close look at its latest multimillion-dollar project.
The $200 million Pier at Caesars, an upscale shopping, dining and entertainment complex, opens next week at the heart of the Boardwalk. The developer, Gordon Group Holdings L.L.C., offered a preview yesterday to the media.
It is enough to give Scott Gordon the jitters. “You go through all of these emotions,” said Gordon, president of Gordon Group, which has been working on the project for the last four years. “Most of all, we’re excited to have customers start coming through those doors.”
For Atlantic City, there is more to come. From 2002 to 2005, the resort town captured about $3 billion in new capital investment. Over the next year and a half, $1.4 billion in new projects are planned. In the coming years, billions more will be invested, by Morgan Stanley and MGM Mirage.
The Pier at Caesars will resemble a luxury cruise ship framed by 70,000 square feet of neon signs and graphics created by New York’s Clear Channel Spectacolor.
The four-story Pier has 500,000 square feet, of which 320,000 square feet is being leased to 105 tenants. Ninety of those tenants will be retail and fashion boutiques. Retailers such as Betsey Johnson, Stuart Weitzman, BCBG and Coach are scheduled to open next week, with the other stores to open throughout the summer and fall. Continue reading “Pier at Caesars to debut”