Lebron James and His Effect on Miami Real Estate Prices

Can one man affect an entire region’s real estate market?  That is the debate currently being held in the Miami area.

Since James arrived in Miami in 2010, there can be no doubt that real estate prices have risen in downtown Miami.  Statistically, since 2010 real estate prices in that area have risen 20%.  They are still not at the level they were prior to the recession, but a 20% increase is something to notice and analyze for sure.

Can it be attributable to one man? More likely it can be attributed to a number of factors.  Real estate has been recovering across the country, so a portion of that 20% increase is attributable to the natural state of the market.  There can be no doubt, however, that a successful professional sports franchise brings business into an area, and increased business will generally bring about increased real estate prices.

Restaurants, sports bars, new condos and other related construction have certainly occurred since James came to Miami and the team became successful.  Since winning the NBA Championships in 2012, construction has increased dramatically, and more and more related businesses have opened in the downtown area near the basketball arena.  As more residential buildings are built and more jobs created, the natural progression is for prices to increase.

So, to answer the question of whether James has increased and improved the real estate market in Miami, quite probably a more accurate statement would be that the Miami Heat, through the acquisition of James and subsequent success, have most definitely been a positive influence on the Miami real estate scene.

Ikem Chukumerije is the CEO of SportsRelocation.com. SportsRelocation.com assist players/coaches of all professional sports leagues including the NBA, WNBA, NFL, MLB, NHL, and entertainers relocate nationwide by servicing their Real Estate & Relocation needs. Ikem Chukumerije is licensed to practice real estate in New York, California, Nevada, & Florida. SportsRelocation.com operates nationwide and provides our elite services in all 50 states and internationally.