(PRWEB) January 21, 2013
With Super Bowl XVII just days away, city officials in New Orleans are predicting a $432 million economic impact from all the money that visitors and locals will spend on activities surrounding the big event. Leading real estate portal Houses.com's infographic shows that the National Football League's championship game every year means big business for the host city, with millions of dollars spent locally on dining, transportation, entertainment, accomodations and the retail sector. Take a look at the infographic stats on Super Bowl XLV’s host city of Dallas/Arlington in 2011, where the economic impact was reported to be $611.7 million for example. With tens of thousands of visitors expected in town over an approximately 10-day period for the February 3rd Super Bowl, the event may be a catalyst for longer term growth as well, including an increase in interest in the New Orleans real estate market.
Looking at other cities that have hosted what is considered the world's largest one-day sporting event, data at Houses.com shows higher year-over-year traffic just a month after the Super Bowl as people search for houses for sale and houses for rent in some of those host cities. A prime example was the number of searches for houses in host city, Dallas, TX, after Super Bowl XLV, which increased 24% in March last year compared to the previous year. That could be the case for the Crescent City as well, which has been recovering steadily since Hurricane Katrina hit in 2005. There is still strong optimism that 2013 will continue that trend. According to the U.S. Census Bureau, New Orleans was the fastest-growing large city in the country between 2010 and 2011. The metropolitan statstical area that includes Orleans Parish now has approximately 1.19 million residents.
Super Bowl visitors will have an opportunity to get a firsthand look at the New Orleans housing market where the average sales price last year was $182,015 ($157,000 in Q3 2102), according to Houses.com statistics. Some of those buyers are people who lost their homes after Hurricane Katrina and have now returned because they missed the city's unique vibe and character, according to Claudette Reuther, president of the New Orleans Metropolitan Association of Realtors.
Reuther cites the city's music, diversity and food among top reasons that people have been coming back to live there. Others who have shown an interest in buying a house in New Orleans are the people who came to help clean up after the deadly storm. Whatever their background, “home buyers are finding a great value in places like beautifully kept subdivisions where houses for sale can be as low as $175,000…those types of homes would demand $300,000 to $400,000 in other areas”, added Reuther. Home prices in New Orleans also seem to be especially attractive to younger professionals who are first-time home buyers.
Real estate agents are already reporting an increase in referrals and inquiries about the real estate market in New Orleans. Because of that, some residents have listed their houses on the short-term rental market. While home sales may not be immediate, Richard Jeansonne of French Quarter Realty sees the Super Bowl as a way to introduce first-time visitors to the city's offerings. He knows they may not buy a home next month because most people want to do their homework. “But maybe those people will come back in six months to buy”, he stated.
Overall, home buyers in New Orleans will discover a world-famous city that has invested some $1.2 billion in improvements to its infrastructure, airport, hotels, store fronts and more. It's like cleaning house “when you have company coming over,” Mark Romig, president and CEO of the New Orleans Tourism and Marketing Corp., told The Times-Picayune news.
Regardless of the economic impact of this year’s Super Bowl, real estate professionals say New Orleans will continue to be a place where people buy houses, so it remains poised to see a boost in its real estate market to some capacity. Houses.com will be tracking the change in traffic and leads the weeks following Super Bowl Sunday 2013 to further analyze the expected uptick in the New Orleans housing market.
To read more on New Orleans and the 2013 Super Bowl; or to access the infographic for your website, click here: http://www.houses.com/Learn/HousingNews/New-Orleans-Looks-to-Score-in-the-Housing-Market-as-Super-Bowl-Host-City
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eReal Estate Holdings LLC owns and / or operates the category-defining portals Condo.com, Houses.com, Property.com and Location.com. These real estate portals are the world’s largest online marketplaces for real estate with more than 30 million properties for sale, rent and vacation in the United States and 70-plus countries around the world. The sites receive more than 1.5 million visitors per month, and cost-effectively deliver exposure and qualified leads to builders, real estate professionals and homeowners. The privately held eReal Estate Holdings LLC is headquartered in Miami, Florida. For more information, please visit http://www.erealestateholdings.com.