The Impact of Chris Paul on Los Angeles - Sports & Entertainment Real Estate
THE IMPACT OF CHRIS PAUL ON LOS ANGELES
How much does one player impact a city? Notice I did not say “team” but rather a “city.”
Finding the impact on a team is very easy. Is the team playing better with the new player added? Does it play like a cohesive team and does the new player mix in well and is he a positive influence? Those things are identifiable and they are what coaches look for in a new player or a free agent.
However, there is another aspect in acquiring a player that should and is considered, namely how will the new player impact the business community. Professional sports franchises are businesses. As much as the average fan would love it to be all about the game, the fact is that owners are trying to make money, and the franchise is the hub that makes the wheels of the business go round and round.
When Chris Paul joined the L.A. Clippers in December, 2011, it was assumed that he would make the team better and he has, in fact, done that. The impact to the city, however, was harder to predict.
Sixteen months into the Chris Paul experience we can now say that he has, definitely, helped the city of Los Angeles.
Attendance is up from 17,742 per game to 19,220 per game, and the Clippers are now ranked 6th in the League in attendance. What does that tell us? It tells us that obviously more revenue from tickets is being made, but it also means more team products are being sold. Fifteen hundred more fans each game means the restaurants and sports bars near the arena are doing much better. Increased business and downtown vitality means more investment dollars head downtown in the form of new businesses, new condos and higher occupancy rate.
And needless to say, a higher occupancy rate means higher demand and that means higher real estate prices in downtown Los Angeles.
At SportsRelocation.com we are all about keeping an eye on the sports world and at the same time staying tuned into the real estate world, since they both overlap so often in this business. We want to know what the market is doing with regards to occupancy and price because so many of our clients are professional athletes and entertainers.
So yes, we are interested when a player of Chris Paul’s caliber comes to town.
One player improves one team which improves one city. One player = more revenue = more real estate demand = higher real estate prices. It is the perfect business scenario and it is playing out in Los Angeles in 2013 and SportsRelocation.com is watching it closely so we can better serve our clients.
Ikem Chukumerije is the CEO of SportsRelocation.com. SportsRelocation.com assist players/coaches of all professional sports leagues including the NBA, WNBA, NFL, MLB, NHL, and entertainers relocate nationwide by servicing their Real Estate & Relocation needs. Ikem Chukumerije is licensed to practice real estate in New York, California, Nevada, & Florida. SportsRelocation.com operates nationwide and provides our elite services in all 50 states and internationally.