The Real Deal Miami

South Florida by the numbers: LeBron is Gone edition

October 24, 2014 11:15AM
By Master Brokers Forum

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LeBron James

LeBron James

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.

The NBA’s 2014-15 season tips off on Tuesday, and unless you’ve been living under a very large rock, you know that the Miami Heat will enter the season without the all-world talents of LeBron James. King James’ four-year tenure in South Florida was an electrifying era marked not only by two consecutive NBA championships, but also by a substantial impact on Miami’s economy.

While the Heat appear poised for respectability in the wake of LeBron’s departure, what effect will his absence have on local real estate and businesses? 

$100 million: Estimated loss in value for the Miami Heat franchise with James returning to Ohio. However, Moody Analytics economist Kwame Donaldson said the decision, “will not impact the Miami economy in any discernible respect. Basketball fans in the area will merely shift their spending and attention to other entertainment venues.” [Daily Business Review]

$770 million: Estimated value of the Heat as of July, making it the seventh-most valuable franchise in the NBA. According to Forbes, “Cleveland will see a much bigger boost than Miami will see a reduction … Miami is still a large market, and as we’ve seen with large market teams that have won multiple past championships … those titles can help buttress a team’s value even during lean years because of the city’s market size.” [Forbes]

$1.4 billion: According to a Downtown Development Authority study, the combined economic impact of the Heat and AmericanAirlines Arena on Miami’s urban core during LeBron’s tenure. Alyce Robertson, executive director of the authority, said, “Downtown Miami’s resurgence was well underway before [LeBron] arrived, gained momentum alongside four consecutive championship runs, and won’t be slowing down anytime soon.” [GlobeSt]

$9 Million: Price James paid in 2010 for a 12,000-square-foot home on the bay in Coconut Grove with six bedrooms and eight-and-a-half bathrooms. The selling broker was Master Broker Judy Zeder of EWM. [South Florida Business Journal]

$17 Million: Asking price for the same home, which James put on the market earlier this month. [The Real Deal]

This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.

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