Mississippi Gulf Coast
The Mississippi Gulf Coast refers to the three Mississippi counties which lie on the Gulf of Mexico: Hancock, Harrison and Jackson counties. This region was severely damaged by Hurricane Katrina in 2005. Resulting from this is the GO Zone Act which provides tax benefits and incentives for areas affected by Hurricane Katrina. Mississippi also receives $1 billion in FEMA Grants.
Right now casinos are being built in the region which will create 25,000 new jobs. Overall approx 70,000 new rental units will be needed with only 5000 building permits pulled so far.
Tax Benefits of the GO Zone:
- 50% Bonus Depreciation in First Year for Real Estate Professionals
- Depreciation Can be Used Against Non-Passive Income
- Net Operating Loss can be Carried Backwards or Forward Depending on Your Specific Tax Situation
"The state of Mississippi has determined that there are still 40,000 homes to be rebuilt in order to bring its six southernmost counties up to their pre-Katrina count."- The Journal of South Mississippi Business, February 2008
"There really is a new spirit on the Coast that is unlike anything we've experienced in the past," Slade said. "Small businesses are being encouraged to come and in fact, welcomed by large companies, who realize that the Coast will only be enhanced by the charm and uniqueness of boutiques and family restaurants. And of course, small service and retail businesses play an important role in supplying many large businesses with the products they need."- The Journal of South Mississippi Business, December 2007
The Gaming Industry has invested $1.4 billion for reconstruction on Mississippi & Louisiana Coasts, so far 10 casinos have been re-opened along the Gulf Coast. A total of 20,000 gaming industry employees are back to work with a combined annual salary of $500 Million. The Mississippi Coast Casinos payroll was $97.98 million in first quarter of ‘07. Mississippi casino revenues increased from $20.6 million in the first quarter of 2005 to $653.48 million in the first half of 2007.- American Gaming Association, June 2007
"80,000 Housing units are needed in the next 5 years to recover from Hurricane Katrina."- Anthony Topazi, president and CEO of Mississippi Power Co.
"The goal is to make the Coast a tier one tourist destination by 2010 with new lodging (condos, town homes and condo-hotels), the expansion of the airport and more convention space."- Governor’s Commission on Recovery, Rebuilding and Renewal
Katrina Destroyed 70,000 housing units in 3 Coastal Counties, but "there's never been more than 2,500 houses built in South Mississippi in one year. I wish I could say to you I believe we can build all the houses back in five years, but that would require us to build 14,000 houses a year, which is five times more than we've ever built in any year."- Gov. Haley Barbour
Cash Flow Properties available in the Mississippi Gulf Coast right now:
Courtesy of WeCashFlow.com
Oaks of Long BeachPre-construction Town home Residences
Long Beach is known as a "bedroom community" with established side-walked neighbourhoods. Beautiful oak and pecan trees adorn this peaceful community with amenities such as fitness center, shopping centres and other points of interest.
Bay Side ParkPre-construction Single Family Residences
Single Family Residences, Pre-Construction, No HOA fees, GO Zone benefits, and positive cash flow!
Located in the Gulf Port - Biloxi, Mississippi Metropolitan area, one of the hardest hit by hurricane Katrina, these homes are set to fill a desperate need for housing in an area undergoing rapid growth and expansion.
The ColonyBrand New, Go Zone Incentives
With billions being poured into the area, Biloxi/Gulf Port is quickly becoming one of the hottest up and coming markets to invest in. This pre-construction project in Gulf Port is in one of the top 2 markets US. Biloxi/Gulf Port is well on its way to surpassing Atlantic City in gaming revenue for the number 2 spot behind Las Vegas. 80,000 homes are now need in the area to keep up with the tremendous growth. In the past 10 years no more than 2400 homes have been built a year. With opportunity on the horizon the time to act is now.