Lebron James could be the stimulus many South Florida home owners, real estate professionals, hotels, restaurants, and other local establishments, have been waiting for to hopefully get out of the economic doldrums. Our firm is very bullish about Lebron James’s impact on our local economy given the likely yearly prospects of having the Miami Heat competing and winning championships for the next 5 to 7 years. And that will keep Miami in the national spotlight for years to come.
Our firm’s very own Francis Suarez, the current commissioner for the City of Miami, was on hand to personally give Lebron James the key to the City of Miami during the Miami Heat’s exciting welcome party held at the American Airlines Arena in front of thousands of local fans and broadcast live on national TV.
Aside from the obvious impact on the hardwood, what impact will the Lebron James signing have on Miami? If nothing else, the Miami Heat will earn an extra $10 million a year in playoff revenue. But what about the real estate market and other segments of our local economy?
Miami is an event town, and very dependent on tourism. The signing of Lebron James plays to both of Miami’s economic strengths. It will further fuel a desire for many to come to Miami.
Many will be lured to Miami after watching Lebron James play on TV and noticing the swaying beautiful palm trees on a warm brisk January day while they sit at home snowed in from yet another nasty winter storm. Others will be lured by the active night life on South Beach, and the chance of running into a celebrity, or two, at such notable celebrity hotspots like Prime 112. All of this will only fuel an increased desire to come to Miami.
But will this increased desire to be in Miami be enough to curtail the ongoing foreclosure crises in South Florida? While some are already reporting the positive impact the Lebron James’s signing has had on local real estate prices, his signing alone probably won’t do much to curtail the current foreclosure crises. But if the economy starts to improve, banks start to unload their growing inventory of REO properties at a faster pace, and companies to start to hire again, then the foreclosure crises may come to a halt. And who knows, the Lebron James signing may serve as the catalyst to push the local economy in the right direction.
It becomes important to consult with an experienced foreclosure defense attorney to understand your rights. We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure.
If you are on the brink of foreclosure, and need to assess your legal rights, please contact our office today.