There's also the hyped released of the Reebok Shaqnosis, which is due to hit the shelves Friday, he said. Performer Chris Brown wore this style at the BET Awards a few weeks ago. The retail price is $125, but demand is expected to quickly drive up that figure.
"You would think that you are buying sneakers and wasting your money, but you realize really quickly that the kids are really smart and it is an investment, too. The prices really go up after the release date. You can trade them, too," said Khan.
And, it's not just teens and young adults driving sales. Jaime Penaloza, a member of an Instagram group called "Sneakaholics," doesn't fit the stereotypical profile of a sneaker fanatic. He's an accountant in his mid-30s and is married with children. Penaloza buys sneakers to wear and as an investment.
"My wife is OK with it," he said. "She knows that they are not a waste of money. She sees that I can make real cash if I turn around and sell my sneakers. I don't want to though. I have a good job. I don't need to do that."
Penaloza buys about 100 pairs sneakers a year and stores them in his home office, closet and garage. The self-proclaimed sneakerhead isn't sure how many he owns. But he has spent as much as $500 for a pair. That pair was the Nike Zoom Rookie Galaxy, which retailed for $215. After they quickly sold out, he bought them from a reseller on the day of the release.
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There's chatter that the demand and price explosion could be contributing to a bubble. But, there's a case against it.
"As long as there is new innovative product there will be a market as there are new teenagers coming into the market every day," said Samuel Poser, managing director at Sterne Agee.
And, what's old can be new again. Reebook is selling a new version of the pump, which was first released in 1989, but you may not want to chuck your vintage Reebok pumps just yet. There's a previously worn men's pair from 1990—with a broken right pump—offered on eBay at $159. Start your bidding.
(CORRECTION: A previous version of this story incorrectly stated Furqan Khan considers to the Air Jordan 3 Retro '88 to be the hottest sneaker right now. It should have been Nike's Air Jordan 4 Retro "Toro Bravo," which will be released on July 13.)