Marlins’ Park Real Estate: Where Are All the Homebuyers?

by Isaac Benmergui, Esq on May 17, 2012

You’d think the new Miami Marlins’ stadium would draw legions of fan homebuyers, eager to be near a revitalized neighborhood and the site of the former Orange Bowl. The Marlins’ organization showed it commitment by acquiring high-profile players, changing the team colors and logo and hiring a well-known manager. Their efforts paid off with a 50 percent increase in fan attendance. But the expected investment by new homeowners in the real estate surrounding the stadium has not come.

Since January, only seven homes, three condos and two rental buildings have been purchased in the Marlins Park neighborhood. If that trend continues, there could be only 50 or so sales in the area for the entire year.

The most probable factor in lack of buyer interest is that the health of the South Florida real estate market has always depended on a large number of foreign investors. The Marlins’ stadium is not as endearing to those investors as pristine beaches, high-end  shopping, exciting nightlife and luxury living. Coupled with the fact that many buildings surrounding the stadium are simply outdated and lack sufficient parking and amenities, buyer interest may not return until upgrades are made.

One bright spot, however, is the number of newly signed rental agreements; now 23 so far this year, compared with 30 total in 2011.

Getting Legal Help

If you’re in the market for a new home, you’ll want an attorney to represent your interests. Florida real estate can be tricky and mired in mistakes that could cost you thousands to fix later. The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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