It is Super Bowl Sunday, which for many Americans means getting together with family, friends, and loved ones and enjoying some delicious food and beverages while watching the big game. With this said, a fortunate minority of people will actually get a chance to attend the biggest sporting event of the year in person. Of course, with an average ticket price sold being approximately $8,600, attendance in person is typically reserved for corporate executives and other elites.
What you may not be thinking about is the impact that the Super Bowl has on the local economy. In particular, the impact of the big game on the local real estate market. Below, we discuss some of these impacts that the Super Bowl has on the local housing market and overall economy.
The short-term rush from the Super Bowl
- Rental Bonanza: Expect a surge in demand for short-term rentals as fans, media, and other visitors flood the city. Landlords rejoice! But be prepared for increased wear and tear and potential noise complaints.
- Hotel Hustle: Occupancy rates skyrocket, potentially raising hotel prices and benefiting local businesses. However, existing residents might struggle to find affordable accommodations.
- Luxury Listings Shine: High-end properties near the stadium or with Super Bowl-themed amenities might attract affluent buyers looking for a unique experience.
The long-term play from the Super Bowl
- Increased Exposure: The city basks in the global spotlight, potentially attracting new residents and investors. This could lead to long-term population growth and economic development.
- Price Fluctuations: While some studies suggest a temporary rise in home prices, others show minimal impact. Ultimately, the long-term effect depends on various factors like pre-existing market conditions and infrastructure improvements.
- Neighborhood Reshaping: Super Bowl investments often include stadium upgrades, transportation improvements, and updated public spaces. These changes can attract residents and businesses, potentially altering the neighborhood’s character and desirability. Of course, these improvements are also executed to attract future Super Bowls as well.
The Super Bowl’s impact on real estate is complex and multifaceted. While it can bring economic opportunities and positive exposure, it is important to be prepared to take full advantage of this significant event. In particular, the luxury housing market stands to benefit the most from the big game. The shear volume of high net-worth individuals visiting a local market for the big game can result in more showings and even offers on your property. As always, consult with your local and knowledgeable real estate agent on how to maximize the exposure of your property for sale. For example, you may want to consider hosting several open houses prior to and after the big game!
Since South Florida has had the opportunity to host several Super Bowls, we have been able to maximize this event to sell several high-end homes for top dollar!
Are you thinking about buying or selling real estate in South Florida? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download our free Florida Home Search app for your smartphone or tablet.