Warren County, Ohio is a southwestern territory that is perhaps receiving a double benefit from the move by the state to embrace legal gambling. Not only is Warren county within easy reach of the new Cincinnati casino, it’s now destined to be the home of its very own thoroughbred race track. As with Cincinnati, the Warren County real estate investor beehive is buzzing loudly.
Long time in planning and even longer waiting for Ohio to open its arms to gambling the projected racetrack will provide over 700 new jobs, and millions of dollars in tax revenues, and both Warren County home owners and residents along with those heading the project hotly anticipate high patronage. Warren County Commissioners met in Lebanon to approve a new Taxing District. The new track is one of 5 that are pending, and one current functioning and open track near Columbus.
The race track is positioned close to Lebanon and popular Monroe, Ohio and named the new track “The Lebanon Raceway.” The land purchased to construct the raceway is formerly a state prison farm, located more specifically at Ohio Route 63 along Union Road in Turtle Creek Township, and near the popular Cincinnati Premium Outlets in Monroe. Very easy access from along Interstate 75. Lebanon Correctional Institution is directly across from the site on Ohio 63. Sale of the 120 acre property for $5 million is currently pending. The state of Ohio agreed to sell the site to Miami Valley Gaming & Racing of Buffalo, N.Y.
Over all, Ohio’s real estate market is gaining steam with rising values along with as of yet historically low rates. Combine this with a notable drop in unemployment and fewer reported foreclosures hitting the market we have a recipe for rebound.
Warren County houses are currently enjoying fewer days on market and more residents becoming home owners. As with investors teeming over income properties and single family residences around Cincinnati's dozens of suburbs due to the casino, in the same way Warren County is heating up with the added bonus of the new Racino in its future.
Interestingly, though home values continue to edge upward, those seeking to buy as owner occupants still can save thousands of dollars on Warren County properties. Lebanon and Monroe both fall into designated USDA Guaranteed Rural Housing Program territory.
As a partner and manager of the referral department in our brokerage, I’m still mildly surprised that first time buyers don’t know that buying a home with no money down not just saves them out of pocket expenses, but provides them with smaller monthly payments vs. traditional means of financing. And, interestingly, you don’t necessarily have to be a first time buyer to take advantage.
Lebanon and also suburban Monroe both have homes that qualify for this type of purchase.
It’s like exercising at first when you aren’t used to it. The fatigue sets in the moment you try, but then with repeated effort, one begins to feel good and next it’s addictive and pride sets in. Legalized gambling has provided fresh motivation to “work out” for buyers and investors. This is how it feels to be a Realtor in Ohio currently, and we look forward to Ohio flexing its “real estate muscle” increasingly more in the future.