By Joshua Burd
Like its gaming revenue, property values in Atlantic City have plummeted over much of the past decade.
That’s according to a new story by The Press Atlantic City, which found that total property assessments in the city have fallen from more than $20 million in 2008 to roughly $7 million today. It’s another sign of desperate times for the struggling resort town, which has been decimated by the rise of casinos in neighboring Pennsylvania during that time and by increasing competition from other states.
The report analyzes the trend in the context of the classic American board game, Monopoly, and notes that “(the) pain has spread across the board, so to speak, to all segments of the market.”
For more, see this weekend’s story by The Press of Atlantic City.
More New Jersey real estate headlines
13-story, 240-unit mixed-use building tops out at 3 Journal Square Plaza, Jersey City (New York YIMBY)
Newark’s Lower Broadway neighborhood will soon see a new 84-unit project (Jersey Digs)
Green Brook mall sells for $11M-plus (NJBIZ)
Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.