Casinos continue to push up property prices in Eastern Connecticut
As Mohegan Sun at Pocono Downs jump starts property values near the new casino in northeastern Pennsylvania, local casino leaders and real estate officials say real estate here continues to benefit from the gaming industry.
Norm Krayem, proprietor of Realty Estates in Groton and president of the Connecticut Association of Realtors, said after Mohegan Sun opened in 1996, the immediate area experienced a boost in property values.
“We saw pretty much the tripling of the values of residential properties along Route 32,” Krayem said. “Commercial values about doubled — from $125,000 to $150,000 an acre to $250,000 to $275,000 an acre.”
In 2004, Krayem sold a 78-acre tract with 780 feet of frontage on Route 32 in Montville for $2.4 million, then the highest price paid for a single parcel in town.