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Construction surge helps wide variety of local businesses

MoreOrange and Sullivan are on a roll.  A number of projects are underway or on the drawing table for the region.  The bell curve is moving up. It’s about time our area is finally revitalizing, revving up, and flexing its potential to provide goods and services that create jobs and stimulates local economies.

Projects bring development.  Development brings jobs.  Jobs mean the ability to qualify for mortgages.   Folks can get caught up on delinquent taxes, eat out more, and spend like the good times are back.

Take a look at the current simulative environment emerging in the Upper Hudson Valley and Sullivan County.  The Times Herald Record explains here.

LegoLand May Be Coming to Goshen

GoshenLegoland may be coming to Goshen. According to the Times- Herald Record, Merlin Entertainments, owner-operator of the amusement side of Lego, is pursuing land purchases just off Route 17 at exit 125.

Orange County officials and New York State have been working with the amusement group and offering incentives to entice the building of what could be a 250 million dollar park build out. If built, Legoland will bring 1000 jobs and spur more regional development.

The Town of Goshen was chosen for its close proximity to major routes leading to and from the Greater New York City metropolitan area. Drawing crowds surrounding population centers, while maintaining a country environment, seems to be a good formula for success.

Governor Andres Cuomo is expected to make a announcement sharing this information. Local officials are holding off on commenting until the project is made official.

Possible casinos in northern NJ, Manhattan could oversaturate market

CrapsBy The Associated Press

Posted Feb. 18, 2016 at 12:55 PM
Updated Feb 18, 2016 at 1:04 PM

Read The Associated Press article here.  Then, consider the following implications for the Montreign Resort and Casino at Adelaar.

If casinos are built in Northern Jersey and perhaps Manhattan, the Sullivan resort scheduled to open in early 2018 could be in serious trouble. The article makes the “over saturation”  and “slice of the pie” arguments.  There is a limited number of gambling folks thus the proliferation of casinos within a short driving radius of the NYS Metro area will simply dilute the customer base.

Goodbye jobs, major development, economic bounce-back, etc for Sullivan County.  This is a nasty prognostication few in our Sullivan Catskill Community welcome.  There is no input to render as to how New Jersey, and the New York State Gaming Commission will react; nor are the cards dealt regarding the business consortiums who make the decisions to build or pass on a casino development.

The implications for investors, as mentioned in my previous blog on this subject, is substantial.  And, that is why a “wait and see” attitude concerning property purchases has been adopted by those who follow casino/business news.  Based on the uncertainly of the Montreign’s ultimate success, residential sellers should be very cautious about pricing and believing there is now a seller’s market underway in Monticello, or for that matter, Sullivan County, NY in the entirety.

 

 

 

Sullivan County NY Catskills Casino and Real Estate Update January 2016

casino aIt’s full speed ahead in the Sullivan County, NY Catskills. New York State has granted the required gaming license permitting the Adelaar Casino, at the Montreign Resort, to operate a full scale, Las Vegas/Atlantic City type gaming complex.

The local excitement and enthusiasm surrounding the build out is palpable with business meet-ups, rejuvenated Chambers of Commerce events, and county level, municipal planning sessions evident.

EPR has sponsored two recent job and contractor events in both Sullivan and Orange County and is the lead company responsible for resort development. According to the Wikipedia: Empire Resorts is a company that owns the Monticello Raceway racino in the Catskill Mountains 90 miles from New York City. Headquartered in Monticello, New York, Empire is 78.6% owned by Kien Huat Realty Sdn Bhd of Kuala Lumpur, Malaysia.

Local projects envision an influx of tourist dollars to be generated by the renewed interest in Sullivan County. This former tourist, destination fallen on hard times over the last fifty years, is making a come back. Investors and speculators are measuring up potential opportunities as the infrastructure revs up for the billion dollar Montreign Resort.

Look for continued commercial real estate sales to burgeon with residential rental inventory tightening. Working men and women need solid housing and in the short run, Sullivan doesn’t have near enough to accommodate the influx of temporary workers.

The rental market will continue to grow based on the new jobs created by the resort project. Expected to be completed in early 2018, two thousand plus jobs will drive the need for comfortable and affordable housing.

Residential real estate will also enjoy a boost driven by the Sullivan County revival. Still a buyer’s market right now, sellers can look forward to a more even market where fair value eventually returns to par.

All in all, prospects are brighter than ever for Sullivan County. Second home owners still have the rarefied back road byways, commercial interests will seize routes 42, 52, 55 and I86/Route 17 corridor leading to Monticello.

Look for real estate price improvement and be sure to contact me for current information about Sullivan, Ulster, Orange County.