CHARGER’S MOVE TO STUBHUB_WHAT IT ALL MEANS

Area residents are filled with anticipation, optimism, and concern about the Charger’s move to the StubHub Center, where the first NFL games will be played in the 30,000 seat stadium in mid-August. Local businesses expect higher revenue from fans, NFL personnel, and out of town media. Interest in area development is likely as builders consider investment upsides, which is possible if spending patterns meet the expected trend.

Back in 2013, Anschutz Entertainment Group (AEG), who operates the stadium, signed a six year naming rights deal with StubHub at an estimated 9 million dollars a year. The StubHub brand is expected to draw up to 154 million in branding depending upon how aggressive the Charger’s are marketed.

The Chargers announced in late March that all available tickets have been sold and there has been a hold placed on several thousand other seats reserved for players. The best seats near the Charger’s bench would cost about $3,750.00 for all ten home games including two exhibition games in August.

There has been a spawn of recent development in Carson including the 357 unit apartment complex across from City Hall, as well as the Porsche Experience Center and expected development of 157 acre site next to the 405 that was first proposed as the possible new home of the Chargers and Raider before NFL decided on Inglewood.

The business climate in Carson is upbeat and will continue moving upwards with the oil refineries, auto dealerships, and the Southbay Pavilion Mall generating top sales tax revenue. The port operation in nearby San Pedro has been a driving force of many of the land use and land value decisions.

Although there have been several management staff changes at City Hall, focus is on balancing the budget, updating infrastructure/ major corridors, and attracting new residents. The city now has control over the proposed NFL site as ownership of the site was transferred to the Carson Reclamation Authority.

The real estate market in Carson is doing well as there is about 2.7 months of inventory with 96 Carson homes for sale through third week of May. There has been a rise in sales and a decrease in inventory, which makes Carson a seller’s market. The area has seen 76 detached homes for sale, 11 townhouses , and 5 condos for sale. Reports from the MLS indicate 58 new listings in Carson, with 23 price changes, 33 new contracts, and 36 home sales.

Speculative sales listing prices are expected by home sellers, and those in the market to purchase may be drawn to the area. Although the median sales price had dropped from $450,000.00 to $443,000.00 recently, the current median sales price is right at $494,000.00 with the average home being on the market for 63 days.

Over the last 30 days, there have been 36 real estate transactions in Carson, sold at a median sale price of $492,450. Recent sales activity in Carson equates to a +6.5% change over the previous month.

by M.A. Williams

Sources: MLS, Homesnap, Long Beach Business Journal, ESPN.com