Hi Everyone - hope everyone is staying safe. With Encore opening in Everett and seemingly not doing so hot, I wanted to get your take on the outlook of Everett. I live in JP and went to Everett for the first time (yes, first time) this weekend to look at a house. Liked the house but unsure on the location...thoughts on Everett short and long term?
I own 2 multis in Everett. It's ripe for a development and was rated the best town to live north of Boston. The sky Everett is coming in, a new luxury complex seems to come in every year, and I see 5-20 unit buildings popping up every where. Silver line extension is also a great thing for the city: http://realestate.boston.com/n...
Everett and it's neighbor, Chelsea, has experience 100-125% appreciation in the last decade as the city expands and people get priced out of the Boston proper zip codes. Given it's proximity to the city, it's a very commutable area for professionals and has a good balance of singles and multi inventory for you to pick from. As in any city, you will have you pockets of undesirables and more attractive homes but there's no 'war zone' in either zip codes as they're both very small and would be attractive to most renters.
I agree with both @Avery Heilbron and @Lien Vuong . Everett also has a really big, decent highschool which will continue to attract people there. Its only a matter of time before Encore figures it out. When Encore first opened, I read that it was still losing close to $1m per day. My only fear with Everett is that instead of Encore being the "high class" casino, it starts to take a dip because the revenues aren't what they were anticipating. I believe it has recently been purchased/transferred ownership so we will see what happens, but it does concern me that even in its outset, it was still losing money every day. Overall, I like Everett, but I do like some of the other surrounding towns better if you can find the right deal.
Thanks everyone! The house I looked at was situated high up and was nice. My concern is exactly as Brendon describes...if Encore goes to waste, that would be a shame. I read that the harbor area was previously an industrial wasteland and the developers agreed to clean it up as part of the deal. I very much wish they just created Assembly Row pt. 2.
@Angela Li I highly doubt that area around Encore will become an Assembly pt2 because of its distant to assembly, they are just too close. Be careful what developers say around that harbor area because as long as it has waterfront, a certain % of that area has to remain as industrial use. My father in law has a marine construction business right in that area on the water so I am familiar with some of the restrictions for real estate investing for industrial vs residential use.
Everett is a tough one to know for sure, it does depend on Encore, but I also don't think it'll go down severely if Encore goes under or down in quality because of its proximity to Boston
In my opinion the quality of Everett has little to do with the encore. It's not going anywhere soon and the casino owes the city a tax bill regardless of their revenues. A majority of people who visit the encore don't even realize it's Everett
@Avery Heilbron is definitely correct, Encore's value add to Everett is very small compare to the other economic advantages of the city. Only the entry way of Encore is Everett owned while the larger parcel belongs to City of Boston.