South Florida by the numbers: Miami Heat edition

Miami /
Nov.November 15, 2013 12:00 PM

“South Florida by the numbers” is a web feature that catalogues the most notable, quirky and surprising real estate statistics. The back-to-back NBA champion Miami Heat recently tipped off the start of basketball season and look poised to make another electrifying return to the Finals. But uncertainty abounds, with the “Big Three” of LeBron James, Dwyane Wade and Chris Bosh (as well as other key players) poised to become free agents at the end of the season. Is this the start of a dynasty or the sudden end of an era? Miami real estate pros are among those hoping (praying?) for the former, as the additions of James and Bosh – and the global attention earned from consecutive title runs – made a huge impact on the market. So let’s enjoy not one…not two…not three…but several fascinating Heat-related real estate tidbits in this edition of South Florida by the numbers!

$1 billion

Economic impact of the Miami Heat on South Florida, as predicted by Tony Argiz (CEO of the state’s largest Florida-based accounting firm) in 2011. Argiz based his prediction on the rough estimate of a single Super Bowl week’s $250 million economic boost to a local economy, the extended timeframe of the NBA playoffs, and the (correct) assumption that the Heat would make multiple long-term playoff runs. [World Property Channel]

12,000

Square feet in LeBron James’ Coconut Grove home, purchased for $9 million in 2010. The home also reportedly has a concrete dock that can fit two 60-foot yachts. (One for each ring?) [South Florida Business Journal]

3

Number of floors in a penthouse formerly occupied by Dwyane Wade at downtown’s Vizcayne condo, which was put on the market in September. (Wade apparently lived in the unit “…rent-free, lending his star power in exchange for an occasional crash pad.”) The number three is significant for Wade, as it is his jersey number, the number of championships he has won and has sometimes been used as a nickname. [The Real Deal]

$12.5 million

Price Chris Bosh paid in 2010 for his 12,000-square-foot home on North Bay Road. The seven bedroom, eight bathroom mansion has 20-foot ceilings and features an all-white design. During the Heat’s 2013 playoff run, Bosh told the South Florida Sun-Sentinel that he had put the house on the market (sparking all sorts of trade speculation), but his wife later tweeted “Our house is [definitely] not listed.” [Business Insider]

900

Linear feet of bayfront at the former Gables Estates home of Miami Heat president Pat Riley, which was sold for $16.8 million in March 2012. In December of that year, the buyer filed plans to raze the 12,856-square-foot Mediterranean-style spread to make way for an even larger mansion. [Miami Herald]

6,200

Square footage of Riley’s new penthouse villa, atop the ultra-luxury Apogee condominium in South Beach. Riley reportedly paid $11.75 million for the residence in September 2012, which boasts 180-degree water views. [Dime]

$2.3 million

Purchase price of former Miami Heat player Tim Hardaway’s former home, sold last month. Hardaway purchased the Pinecrest residence for $1.5 million when he joined the team in 1996, but eventually came to owe $120,000 in unpaid taxes, prompting the IRS to put a lien on the house. In a highly unusual move, the Miami Heat purchased the home from Hardaway in 2010 for $1.9 million. The sale earned the team a 16 percent profit. [Miami Herald]

This column is produced by the Master Brokers Forum, a network of South Florida’s 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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