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Everett and Plainville Massachusetts are the settings for a huge real estate revival with the arrival of Wynn’s casino, but is the real estate gamble a situation in which the house will win? Wynn plans to build a $1.6 billion casino by the Mystic River in Everett, and will be one of the largest development projects in the area, according to boston.com. Penn National is building a $225 million casino in Plainville.
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Home prices in the two locations have gone through the roof. The Everett project should create 3, 300 more jobs and should be completed by June of next year. Meanwhile, houses have become 11% more expensive, with single-family homes selling at over $300, 000 and condos up a staggering 50%.
Mari Pena, a real estate in the area said that while people are desperate to cling to their homes in the belief they will continue to increase in value, the bubble might pop and homeowners could lose their bets, especially if the casinos increase the amount of crime in the area. “This is a bubble, ” she said, “I don’t think it is going to stay too long. Prices are going to go up too quickly, and they are going to go down again.”
