Can Basketball Really Help Miami?

James, Wade, Bosh

Will the signing of Lebron James and Chris Bosh to the Miami Heat help improve the lagging economy in South Florida?

Some may be skeptical but a Heat ticket is now the hottest ticket in all of sports, replacing the Lakers ticket, proving the boost of interest in Miami. This activity or the "buzz" surrounding the team may stimulate the local economy. Economist suggest that the real estate market and the above average unemployment rate will be slow to recover. This may take several years but Reef Tropical’s pool construction and landscape divisions are receiving calls and delivering proposals suggesting renewed optimism.

Lebron and the Heat will certainly need help to bring Miami out of the troubled times but according to the International Business Times, “People are hopeful that Lebron and company can make a meaningful impact upon Miami's fragile economy”. With the signing of the two super stars, there will be an increase in the migration of wealthy individuals seeking to buy second homes in the Miami area. Also, when athletes of this caliber are introduced into a city, the city has a chance to become a premier sports hotspot similar to New York and Los Angeles. “Miami will become a more attractive destination for travelers and tourists, as well as sports fans, and that should have a positive spillover effect upon downtown restaurants, hotels, cruise-lines and other related businesses.”

Considering the pick up in pool construction projects at Reef Tropical in the last three months, we remain optimistic that the South Florida Real Estate market is the last piece of the puzzle before the economy takes an upward path. Some of the others positive affects of the signing include; hotel occupancy rates, tourism, higher TV advertising fees and merchandising revenues. Go Heat!