‘The American Crossrail’: Florida’s Sunrail on track to boost Orlando property market
The revolutionary SunRail project in Florida – the rail line launched this year to greatly improve the state’s accessibility, for both commuters and tourists alike – is on track to go from strength to strength following the announcement of a proposed major expansion.
The Florida Transportation Department has revealed that they are looking into a potential move to increase the reach of the landmark project with a link to Orlando International Airport. Currently in the research phase, this expansion of 5.5 miles of additional track, from Orange County’s Meadow Wood station, if given the go ahead, would complete for an opening in 2020.
Already having an impressive impact in the region, the Sunrail commuter rail system is positively affecting the areas along its path, cutting commuting time, creating jobs and opening up transportation possibilities for the numerous businesses in the region.
Phillip Button, Managing Director of leading property investment specialists Brookes & Co, experts in the Florida property market, explains why this is good news for those buying in the region,
“Florida has been going from strength to strength, with the Orlando area in particular registering impressive growth in terms of both the economy and house prices in recent times. Now, with the impact of the new Sunrail, and its proposed major expansion in the pipeline, this is looking set to flourish further still.
“As has been seen in the UK with the much-anticipated Crossrail link that is expected to add an impressive £42billion to the UK’s economy, impacting positively on property prices even ahead of its opening in 2018, the Sunrail project is sure to further strengthen the Florida market. Reflecting Crossrail’s creation of thousands of jobs and opportunities for business, and with a predicted impact on the US economy of $8.8billion and the creation of 261,000 jobs in the coming 30 years, Sunrail will not only make travel easier, it will make doing business and making money easier, excellent news for the recovering US economy.”
And Button is right to highlight the property prospects of Sunrail. Through its similar expansion, the UK’s Crossrail project has already caused a surge in house price growth along its route, with a 30% growth in the average price of houses within a 10-minute walk of the central Crossrail stations since 2008, according to Knight Frank, with an average rise of 40% expected by 2018. It is revitalising areas, reinvigorating local economies and expanding interest in specific regions that will be touched by the new rail line.
Prior to the proposed airport expansion, the next phase of the Sunrail system will be a further 4 southward stations added to the existing 12, along with a new northern terminus, with a completion date of 2017 anticipated. As alluded to by Button, for those looking to invest in property in Orlando, the second phase of Sunrail is excellent news. As well as area-specific price increases around the proposed new station sites, the development is expected to contribute to a general uplift in property prices as the city expands.
With several successful property investment opportunities already sold out in Florida and an exciting new development about to be launched close to one of the new Sunrail stops, Philip Button certainly sees the true value of transportation upgrade when it comes to property prices. He explains,
“Adding a new commuter transportation system such as Sunrail to a city is about so much more than just moving workers from A to B. It is about ensuring that the city operates as efficiently as possible, making it an attractive destination for families to live and for tourists to visit.
“Orlando has some wonderful attractions for those looking to visit the area, but without being backed by a decent, modern infrastructure their charms would certainly begin to fade, with visitors spending their time queuing on crowded train platforms or sitting in traffic on congested roads when they should already be through the theme park gates and having fun.”
For more information about buying in Florida and the new investment opportunities soon to be launched, contact Brookes & Co on +44 1621 875 925, email firstname.lastname@example.org or visit www.brookesandco.co.uk