April 17, 2008

Excerpt taken from Housing Predictor: http://www.housingpredictor.com/mississippi.html

More than two dozen condominium projects planned for Biloxi are in a wait and see mode. Some 4,000 condo units were planned before Katrina and now there are 12,000 units under proposal, which would turn the city into a condo haven.

A special federal and state “Gulf Zone” investment and tax incentive program has been developed to attract investors and new home builders to the area. The Mississippi governor says the area needs at least 100,000 new homes right now and as many as 300,000 over the next three to five years, and the big news for investors is that real estate is still comparatively cheap in the Biloxi area.

Before Katrina Biloxi had the second largest gambling center to Las Vegas in the U.S. But the hurricane wiped almost all of it away. Biloxi is on a path to a slow but promising future. Homes are selling, especially in the lower price ranges, but it will take many years for the area to rebuild.

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