The brand new commuter line covering 31 miles, SunRail is all set to begin service in less than 6 months. However, a handful of Orlando realtors have already started to use SunRail along with their real estate listings in Orlando. Realtors in and around Orlando and other parts of Central Florida have started listing proximity to the SunRail station as one of the amenities to advertise their property.
Expectations from SunRail
A large number of Orlando realtors are of the opinion that the billion-dollar rail line is likely to drive up the value of Orlando real estate prices in and around the areas where the SunRail stations are located. Many realtors are also expecting that the new commuter rail is also likely to increase sales in Orlando. However, market research has shown that the new transit line may not have a significant impact on real estate prices. But, the realtors are hoping for the best as earlier case studies and reports have suggested that commuter lines play a role in real estate prices. However, the rate of acknowledgment may depend greatly on the type of rail line.
Mixed reactions
While the realtors seem to be highly optimistic about the SunRail commuter transit, the market researchers have been skeptical if the SunRail would lead to any rise in the cost of real estate. One of the researchers, Mike Duncan suggests that commuter rail stations that include spacious parking lots are generally meant for commuters that live farther away from the station. He also says that these type of Par and ride type of facilities generally have a tendency to have an impact on properties that are in close proximity to the stations.
However, he also suggests that prices of properties located in close proximity to other kinds of transit systems have a tendency to increase once the new system has been announced. As a result, once the transit system is in full function, the prices may experience a rise depending on the market conditions and the scope for further development. In concurrence with Duncan’s findings, real estate agents in and around Orlando have not yet observed any sales driven by the prospect of proximity to the SunRail station as of now. In addition to this, people are also concerned about the noise and other dangers involved in living in close proximity to a rail station.
