With the recent announcement that the Cherokee Indian Casino is just around the corner in Murphy NC, it most certainly changes the face of our local economy. When I meet with those looking to sell their home or real estate, they understandably want to know what impact will it have on their home values. Buyers, too, want to know what we anticipate happening so they can “time” their purchase.
Things to consider: We have the Harrah’s Casino in Cherokee to look for as a template of what can happen here locally in Murphy. Harrah’s, as a business model, wants to capture as much of the business as possible directly in their facility. The less folks who venture away from the casino yields higher profits for them. Therefore, they have incredible offerings right on site: restaurants, entertainment, gaming, leisure, lodging, the whole nine yards. There is truly little reason to venture away from the facility for most people. Not only that, since the Cherokee own the land, they have no need to worry about immediate competition. We will not be Las Vegas or Atlantic City because no other competitors can purchase land and set up shop locally because it is illegal off of tribal land. Therefore, there will be one facility like that on the Cherokee Reservation.
What I anticipate: Personally, I believe our local economy will see an infusion. Laborers both locally and out of area will need to be hired to prepare and build the required structures. Those jobs, wages, and spending will put more capital into the economy. That will continue once the facility is built as they are anticipating 800+/- jobs to be created.
How will it impact the real estate market? I believe the demand for rentals will increase. On top of that, some tenants may have the ability to pay a higher rent. We have two markets for real estate here locally – primary homes (people purchasing to live full time) and secondary homes (vacation/retirement/etc. homes). I expect to see an increase in the primary market because of the additional and/or increased wages. I think the secondary market will see a different result – little to no change. I find it difficult to believe folks will buy a vacation home so they can be close to the casino when lodging is offered by the casino and they strive to keep people on their property. Some will buy as a result, some will not want to buy because of the casino, and others will buy here because of the “classic” reasons they have always wanted to come to Murphy. I think in the end, it will be a flat to slightly higher increase in demand.
This topic is full of varying opinions, beliefs, and much more. I’d love to hear your thoughts on this issue – especially on the impact you think it will have. Let us know by clicking the “Comment” button and leaving your response. Do remember it has to be approved by me so it may take a bit before it comes live. Thanks!
The Poltrock Team – REMAX of Murphy NC – www.MyMurphy.com–JohnPoltrock@gmail.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team