Florida property feels "the crossrail effect"

The rail line in Florida launched this year, greatly improving the state's accessibility, for both commuters and tourists alike. Now, though, it is set for a possible expansion, which is expected to put Florida's property market on the fast track from strength to strength.

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.

The Sunrail commuter rail system is already positively affecting the areas along its path, cutting commuting time, creating jobs and opening up transportation possibilities for the numerous businesses in the region.

The positive impact echoes that seen in the UK from Crossrail, which has sparked a 30 per cent growth in the average price of any home within a 10-minute walk of the central Crossrail stations since 2008, according to Knight Frank. In total, Crossrail is expected to add an impressive £42billion to the UK's economy.

"As has been seen in the UK... the Sunrail project is sure to further strengthen the Florida market," comments Phillip Button, Managing Director of leading property investment specialists Brookes & Co.

Indeed, Sunrail is expected to have an impact upon the US economy of $8.8billion, creating 261,000 jobs in the coming 30 years.

While work may continue on the ground, though, Florida is also working on expanding its presence above: Orlando International Airport is set for an equally ambitious expansion, with $1.1billion being spent on increasing its visitor capacity. Indeed, the airport saw arrivals jump 4.2 per cent in August, with annual fliers expected to reach 45 million by 2020.

“Florida’s tourism sector is an important part of the state’s economy and a significant proportion of those tourists access Florida via Orlando. The expansion scheme will ensure that those visiting Florida find the process of getting here a pleasant one, as the airport’s capacity grows in line with demand," comments Button.

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, Button certainly Sees the true value of transportation upgrade when it comes to property prices.

“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," he says. 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."

Indeed, while investors have become a decreasing presence in the Florida property market, overseas lifestyle buyers are returning, encouraged by strong visitor numbers.

Colin Murphy of Torcana tells OPP Connect: "The investors and the cash buyers are still around hunting deals, but they are also looking at other states where there isn´t quite so much investor activity and therefore more low-hanging fruit."

BUt with tourism figures up and property prices climbing steadily for the past three years, Murphy says he Sees "a lot more lifestyle buyers coming back" to the Florida market.

"It´s unlikely that Florida will ever be knocked off its longstanding perch as the biggest beneficiary of overseas property buyers."