Posted on | March 22, 2013 |
A casino will emerge on this humble work site. (bohemia.com photo)
You don?t have to make it past the doors to enter a casino to hit the jackpot.
According to our friends at bohemian.com, folks who own land near a Rohnert Park casino project are already striking it rich?with higher property values.
Bohemian did a public-records search and learned that land surrounding the new casino in the Northern California community ? being built by the Federated Indians of Graton Rancheria and Station Casinos of Las Vegas ? is valued at more than $1 million per acre.
In 2005, the tribe paid $100 million for a 254-acre belt of land that includes the property where the casino is being built. That?s $393,700 per acre. The current rate is more than 10 times the value of just four years ago, though, during the depth of the post mortgage-crisis crash.
Read the whole story here.
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View Casino project near Rohnert Park in a larger map
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Source: http://blog.pe.com/watchdog/2013/03/22/gambling-casino-concept-driving-up-real-estate-values-nearby/
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