MIAMI HEATS BIG THREE: THE HOLY GRAIL FOR SOUTH FLORIDA REAL ESTATE?

Experts and speculators alike are waiting to see if the arrival of LeBron James, Dwayne Wade and Chris Bosh will give way to a burgeoning real estate market for Miami.

Four residential buildings define the skyline just across the street from the American Airlines Arena- Marina Blue, 900 Biscayne Bay, Ten Museum Park and Marquis Residence. These luxury condos for sale in Miami have been no exception to the hard-hit South Florida real estate market, with two of the four buildings selling empty units at off-peak prices. All four buildings continue to pursue tenants for thousands of square feet worth of empty office and retail space.

Though analysts admit that they don’t expect the Heat’s new lineup to completely heal the ailing housing market, there has been some reassurance that this latest addition could attract some serious investors. According to the Miami Herald, “At the Marquis, 1100 Biscayne Blvd., a penthouse unit sold for $4.2 million on July 8, the same day James announced he would be joining the Heat.” This was noted to be the most paid for a Miami condo for sale in the downtown area surrounding the arena. Russell Wright, the buyer, states, “I’m a big basketball fan and we chose the Marquis because we like the building and the location.”

The result of the arrival of the new Miami stars on the local economy remains unknown. However, there are signs that real estate in Miami could soon be picking up. “The four towers are likely to be in hundreds of aerial shots of Miami’s skyline during internationally televised Heat games, and each is looking to gain from that exposure,” notes the Miami Herald. Stay tuned!