Super Bowl buzz boosting home sales around Glendale
GLENDALE, AZ (3TV/CBS 5) — There are less than six months to go until Super Bowl LVII comes to the Valley, and visitors will be looking for a place to stay. Plenty of Arizonans are ready to make some extra income on everything from vacation to vehicle rentals.
It’s not just about current property owners. Investors have already been playing a big role in the hot housing market here in the Valley. And as it turns out, the countdown to the Super Bowl has only added to the boost in home sales, especially in the Glendale area.
Meet Mariela Elenes, with the Phoenix-based Elenes Team Real Estate Professionals. From folks in the Valley looking to upgrade, to investors looking for a fixer-upper opportunity, Elenes has helped clients find what they’re looking for. And a trend she’s seen in recent months involves clients who want to buy a home in Glendale.
“‘How about if I just buy in Glendale? Do you think I can rent it out?’ I say, why not? Take advantage of it. I mean, you’re going to be in the area, so there’s a lot of clients interested in just that because of what’s coming next year,” Elenes said.
Obviously, she’s talking about the Super Bowl that’s set to take place at State Farm Stadium in February. Elenes says she recently sold a home to a client who wanted to move from Buckeye to somewhere closer to the stadium. She says he’s planning to list the house as a vacation rental leading up to the big game and once it’s over, making it his own home.
“He’s like, ‘you know what? I’m just going to invest. Help me out to sell my house, get a newer one closer to the stadium with a pool, with a big yard that I can rent out and make that profit,’” Elenes recalls her client saying. “Because based on what they’re offering, I mean, there will be people that will be able to pay a whole year mortgage with that kind of money.”
What kind of money are we talking about? Arizona’s Family searched Airbnb to see what vacation rentals are going for in the area around the stadium during the week leading up to the Super Bowl and after. There are numerous listings, costing thousands of dollars! One rental with three bedrooms and two bathrooms was listed for more than $6,100 a night. A four-bedroom home was going for $10,500!
Elenes says her real estate team has also seen investors looking to buy in the Glendale area, also with the big game in mind.
“They’re just buying as much as they can, and I see that they’re buying them and they’re not flipping them right away,” she said. “And I see it’s because they’re all thinking about the Super Bowl. They’re just waiting.”
Elenes says investors are holding onto to homes so they can rent them out for the Super Bowl to make some big money, before renovating them to sell.
And how are rising interest rates playing a role? Elenes says because of the ability to make tens of thousands of dollars during the big game, it’s not really affecting those who are focused on winning with a short-term rental.
“Now you can buy a house for what it’s priced for; you can even get closing costs,” Elenes explained. “It’s slowed down a little bit for our buyers without having to give all this extra crazy money.”
Elenes says home prices are starting to level off and she expects the interest to only grow for folks buying homes near State Farm Stadium before Super Bowl LVII!
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