As the Heat Signs James, Wade, and Bosh, the Economy Booms
With the announcement of the Heat's signing of three of the best players in professional basketball
, residents of Miami are poised with excitement. The possibilities of what affect this change in the roster could have on the economy of the entire state of Florida are almost endless. The Miami Heat is believed to contribute millions to the economy already, and this boost could be upwards of $600 million because of these players. From jobs to tourism to real estate, there are many industries that could enjoy a profound impact as the popular team shifts into what could be the powerhouse of the league in the coming season.
When it comes to real estate, the simple fact that these new players are moving to the area means there will be at least those three large real estate sales to boost the economy. It's been reported that LeBron James has already found a $49.5 million mansion in Coral Gable to call home. The sale of this huge 8 bedroom, 11 bathroom home has already given the economy quite the boost. With about $1 million in taxes and some $150,000 in utility bills per year, it's no secret that there will be many benefits to having LeBron call this place home.
There can be other impacts on the real estate market as the presence of these players will attract new residents as the job market booms and tourism grows. This could be the biggest boost the economy of the sunshine state has seen in years. As more people are drawn to Heat games to see the new line-up, there will be the inevitable result of more hotel stays, more tourism, new residents, and many other economic impacts. It could be the best way for some of the area hotels that have been battered by the economy to finally recover.
As Chris Bosh and Dwayne Wade also come to the area as new players on this powerful roster, they will surely be looking for a mansion to call home as well. The local realtors are excited by the possibilities these economic changes will have on the market, as many new residents look for a place to call home. As local residents excitedly wait to see the results of these big changes to the market, the Miami Heat is poised to be at the top of the league with the addition of some of the best players in the league.
As the Heat Signs James, Wade, and Bosh, the Economy Booms
By: Leon Belenky
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