Gambling, tourism increasing sales of condos along the Gulf Coast

Monday, March 20, 2000 | 9:24 a.m.

The developers, all of whom have selected sites on U.S. 90, are targeting visitors who want to sample Coast attractions: beaches, sailing, golf, fine dining, nationally known entertainers and, of course, the casinos.

"We're going out and marketing in the same areas that the casinos market for people looking for secondary homes," said Richard Landry, a spokesman for the New Orleans-based Beau View development, which is planned between Eisenhower Drive and DeBuys Road. "We want to come in this market before it gets priced out."

Rosy predictions for continued economic growth and a strong demand for housing on the Coast also have boosted interest in building condominiums. "There's no evidence of overbuilding," said Ivan Miestchovich Jr., director of the Center for Economic Development at the University of New Orleans and a forecaster of the Coast condo market. "North of Interstate 10, you could build houses until you get to Jackson."

Miestchovich said one potential group of condo buyers is casino executives and managers, many of whom bounce back and forth from the Coast and other gambling locales and don't want to own a home.

"They're suited for someone who comes in for training before they get shipped off to Las Vegas or Atlantic City," he said. "That way, they know someone will be coming in who they can sell the condo to for a profit or at least get what they paid for it."

While Miestchovich acknowledges the market, he questions the high price tag for some of the condos. Even though the developers are targeting high rollers and other well-heeled and frequent visitors, those folks may opt to stay in the plush rooms available - sometimes at no charge - at the casino resorts. Ben Favret, managing member of proposed condos called The Portofino at the site of Slippery Sam's water park, said his project, which will include penthouses, is aimed at people who don't want to spend part of their weekend checking into a casino hotel or scrambling for a parking spot. "Once you get to your unit," he said, "you're done."