South Florida’s real estate market is already experiencing the effects of the recent announcement that LeBron James will join the Miami Heat. Realtors noticed the rise in price of at least one condo near the American Airlines arena since the news.

LeBron’s move has sparked an influx of rumors on where he will live. Speculators are betting on mansions in Coral Gables such as in the Gables Estates, while others claim he will settle in a luxury condo penthouse in downtown Miami or South Beach. 355 properties were listed for sale in Miami at prices over $4
million in May, according to analysis by Esslinger-Wooten-Maxwell
Realtors; therefore James has quite the selection awaiting him.

Regardless of where James buys a home, average home sales prices in Miami will undoubtedly rise. The real estate market will continue to see positive activity as a result of James’ decision to join the Miami Heat. Chris Bosh, another NBA star who signed with the Heat, is rumored to be on the hunt for a new home as well. Miami is keeping a close eye on where these stars settle and their impact on the city’s real estate and tourism.

Originally from Condo.com – Condo News