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Everett hot now?

Posted by Scott Van Voorhis June 20, 2013 07:50 AM

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Cambridge, Davis Square and now Everett?

OK, the hipsters aren't flocking to Everett just yet, but condo prices are going through the roof.

This Globe piece theorizes that Steve Wynn's $1.2 billion casino proposal for a derelict old industrial site along the Mystic River is stirring fevered speculation in both residential and commercial real estate.

Wynn holds all the cards right now, with a casino referendum set for Saturday in Everett - and no serious opponents, are at least those with money to get their message out - to speak of.

The king of Las Vegas still has to win the nod of the Massachusetts Gaming Commission - hardly a sure thing given competition from Caesars and a group of high-powered business folks over at Suffolk Downs - but why spoil the party?

Apparently, some buyers, and more likely investors, are already uncorking the champagne.

Condo prices practically doubled over the past three months, to $243,000, while multifamily prices went through the roof as well, hitting $384,400, the Globe North reports. That's an increase of more than $108,000 in just a year.

What's your take? Are you ready to gamble on Everett now that a proposal for a Las Vegas casino is taking shape there? Would it make you more interested in living in the city?

Could Everett become an alternative for condo and home buyers priced out of Cambridge and Somerville?

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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