With the introduction of slot machine gaming and pending development of the first of 5 proposed indian gaming facilities in the Monticello, NY area, real estate prices in the general area have been booming since the summer of 2002. Average prices for both commercial and residential properties have risen 2-3 fold during this period. Speculation is pretty evident. Properties that were selling at distressed prices ( 10-20 percent of comparable NYC properties) are now selling at about 80 % parety to NYC prices. This is expected to continue for quite some time as a large number of big commmercial construction projects commence.
Here is a partial list of large non-residential projects currently underway:
Project Costs Status
Bethel Woods PAC $85 mil Completed, Opens July 1.
Simon Shopping Mall $400 mil Construction underway.
New Int'l Airport $200 mil Planning and sitework.
3 new hotels/motels $50 mil Construction underway.
Mohawk Nation Casino $800 mil Final appoval pending.
Here is a partial list of large non-residential projects currently underway:
Project Costs Status
Bethel Woods PAC $85 mil Completed, Opens July 1.
Simon Shopping Mall $400 mil Construction underway.
New Int'l Airport $200 mil Planning and sitework.
3 new hotels/motels $50 mil Construction underway.
Mohawk Nation Casino $800 mil Final appoval pending.
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