patrick.net

I would respectfully say that your statement, "Over the next 5 years there will be a direct correlation with the sudden burst in demand and high prices in downtown Miami properties with the arrival of Lebron James. The opposite will be true for Cleveland real estate," is a crock of shit.

Although some people might be thrilled that Lebron James will be playing for Miami, it doesn't magically create jobs, inflate housing and recreate the boom years. Same thing with Cleveland and the "massive hit in value" of which you speak.

Sure, there are some diehard fans out there. But certainly no enough to make a difference like you describe.

I think you're underestimating the impact Lebron had on Downtown Cleveland:

http://www.cleveland.com/business/index.ssf/2010/06/how_much_is_lebron_james_worth.html

Lebron brings with him a reason to spend money around the arena. You shop at the stores, you buy drinks, you eat at restaurants, you stay in hotels, you fly in and out of a city perhaps on a trip to see him, etc. etc.

All those jobs are gone, the night scene will dry up, the downtown will become a shell of what it once was, a downtown condo is going to drop significantly in price.

Miami, you get the opposite.

OnTheFence says

a reason to spend money around the arena. You shop at the stores, you buy drinks, you eat at restaurants, you stay in hotels, you fly in and out of a city perhaps on a trip to see him, etc. etc.

Ricco: Sonny! we are back in business..
Sonny: Time to bust some Peruvian nose candy dealers...

I don't think Lebron will make any difference in prices of homes

Is this post serious?

As a local this thought actually struck my mind for a moment but the oversupply of high rise condos in downtown Miami is so high they could bring Kobe, Chris Paul, Stoudamire and every other NBA superstar to the Heat and it still wouldn't make a dent.
As far as actual downtown Miami goes (as opposed to South Beach) - there is no there there. 41 nights out of the year there is a professional basketball game. The problem is the other 324 nights. No greenspace, little nightlife, noone on the streets after dark - essentially no community

The only thing I know is Lebron will never be able to sell his 20K sq ft custom home built in Cleveland, no one will be able to take over. On the other hand, Lebron will be in the market for a home where Tiger and other sports star live and hang out.

The Lebron decision is not a real estate issue, I wonder how much taxes and cost of living plays into where he choose to play. In Florida, there is no state income tax. In New York, there is a state income tax and New York City Income tax which is a huge difference. In New York, sports star like Derek Jeter buys penthhouse Condo for 10M. In Florida, they buy gated golf community for less. It's something to think about if you believe we should tax the rich even more.

"If you live in Miami and have a condo downtown, congrats your home has stopped a downward spiral and is now a hot piece of real estate."

"Lebron has swooped in and saved the day. Your Lebron bubble has just formed, and depending on the number of years he is signed for, you know exactly when it will burst."

Following this logic, (sorry to be so graphic) the Miami real estate market is then one step away from tanking after the guy beats up a girl friend or is involved in a dog fighting ring.

SF ace says

It’s something to think about if you believe we should tax the rich even more.

What's to think about? Are you afraid the rich will all move out of the country and take their US investments with them? Where will they go? Last I checked, taxes were pretty high in Europe and they have that dreaded universal health care over there as well.

SF ace says

The only thing I know is Lebron will never be able to sell his 20K sq ft custom home built in Cleveland, no one will be able to take over. On the other hand, Lebron will be in the market for a home where Tiger and other sports star live and hang out.
The Lebron decision is not a real estate issue, I wonder how much taxes and cost of living plays into where he choose to play. In Florida, there is no state income tax. In New York, there is a state income tax and New York City Income tax which is a huge difference. In New York, sports star like Derek Jeter buys penthhouse Condo for 10M. In Florida, they buy gated golf community for less. It’s something to think about if you believe we should tax the rich even more.

I fail to see the logic in your post regarding taxes. You really think Lebron went to Miami instead of NY because of taxes as opposed to joining a team of 2 superstars to win multiple championships? Taxes didn't seem to affect Stoudamire's decision - going to NY. Using your logic, the Yankees should be a completely disfunctional organization because of the significant handicap of being in a high tax state like NY. The Lakers are another disadvantaged team in a high tax state. You think Kobe is really concerned with taxes?

Liz Pendens says

Following this logic, (sorry to be so graphic) the Miami real estate market is then one step away from tanking after the guy beats up a girl friend or is involved in a dog fighting ring.

You forgot the obvious, Liz: what if the gf is so fugly that she's beaten after losing a dog fight? Must I always be the voice of reason?

Who the F--- is Lebron James and why does anyone give a crap about what NBA team he plays for? Short of being an NBA owner, Arena vendor operator/manager, or hospitality business owner near an athletic arena, Lebron James is a non issue economically. Besides, professional basketball players are narcissistic pussys, in my opinion.

-Hooch

Diehard b-ball fans care. Otherwise, it's the common man whose home is woefully upside-down and still dropping like a rock who can't afford tickets:

"When James played for Cleveland, the Miami Heat saw ticket prices climb 55 percent to $78 from $51 for Cavs-Heat games, which featured the marquee James-Dwyane Wade matchup. Heat fans can expect ticket prices to soar with James, Chris Bosh in the Miami lineup.

"In Chicago, ticket prices surged 311 percent to a jaw-dropping $400-plus each on average when King James and the Cleveland Cavaliers appeared on the Bulls' home court, according to FanSnap, the ticket search engine. That average price of $411.45, registered on March 10 for a United Center game, plummeted to $86.51 three weeks later for a Bulls-Cavaliers game absent an injured James."

Read more: http://www.charlotteobserver.com/2010/07/08/1552010/miami-heat-fans-can-expect-a-steep.html#ixzz0tO4yQvcY

Certainly had no effect when Raiders left and came back to Oakland!

http://blogs.miaminewtimes.com/riptide/2010/08/lebron_james_lures_miami_milli.php

I'm not convinced. a few sales here & there don't a gold rush make. I doubt that this guy single-handedly will bring Miami back from the brink.

there aren't enough jobs for real people.

That was hilarious.

+10