Written By: Samantha Guarderas
After two-weeks of outstanding performances, the 2012 Summer Olympics came to an end on August 12th. The U.S. led in the medal department with an astounding 104 medals overall. According to The Real Deal, victorious athletes such as gymnast favorite Gabby Douglas and swimming sensation Ryan Lochte are experiencing issues when it comes to real estate. Douglas’ and Lochte’s families are facing potential bankruptcy and foreclosure, respectively. These Olympic-level athletes dedicate not just their time to their beloved sports, but there is a large price to pay. It is estimated that Olympic-level gymnastics training costs up to $15,000 yearly. With the Olympics over and endorsements locked in, it’s assumed these issues will be resolved soon.
While some of these athletes are facing financial problems, London’s most prestigious neighborhoods are benefitting from the exposure brought by the Olympics. Home prices are increasing to record highs. Areas including Chelsea, Notting Hill, Hyde Park, and Mayfair are up 13.5% higher than the peak in 2008. The Olympics have even surprisingly brought real estate development to East London due to Olympic Park, which housed the Olympic athletes as well as a fitness center. The units will be converted into homes while the fitness center will be transformed into a school.
London home prices were not the only thing affected by the Olympic Games but also other aspects of the real estate business. The Olympics were an opportunity for real estate exposure. Century 21 Real Estate’s new commercial labeled “Smarter, Bolder, Faster” was planned to air over 100 times during the Olympic coverage. What better time to market your company than when the entire world is watching?
While there is much success with the real estate developments in London, we continue to see international buyers entering the U.S. real estate market to invest in properties. At Eklipse Real Estate we offer these investment opportunities with our current listing at 1411 Main Street as well as future developments.