LeBron James helping the Miami real estate market.
LeBron JamesIt looks like LeBron James has done more than just take his talents to South Beach, because his presence on the Miami Heat has meant a boom in real estate in the area.
Michael Miller (not the new Heat guard) writes on MiamiNewTimes.com writes how millionaire Russell Wright and his wife dropped $4.2 million on the penthouse atop the luxury Marquis skyscraper -- three blocks from American Airlines Arena -- the same day LeBron announced his decision.
That's the most spent on any downtown apartment so far this year, according to the article.
Edgardo Defortuna, head of Fortune International Realty, says the LeBron effect is real but hard to quantify. He says 49 units at Icon Brickell have sold since LeBron's announcement, and July sales for downtown were nearly double the number in June. "I've had friends from South America call and tell me they'll buy an apartment," he says, "but only if I can find them Heat tickets first."