Transportation drives growth but transit growth also drives housing. Home values near a S. Fla. transit rail station are appreciating faster than those farther out.
MIAMI – Home values for properties near South Florida’s expanding rapid transit rail system are appreciating faster than other homes in the region.
The privately-owned rail service Brightline opened stations in Miami, Fort Lauderdale and West Palm Beach in 2018, and opened two more in Aventura and Boca Raton in 2022. This month, Brightline started selling tickets for a new stop in Orlando, scheduled to open toward the end of the summer.
The rail line’s popularity has enabled home sellers to command higher prices based on their proximity to the transportation system, according to an analysis by the real-estate data and analytics firm Green Street.
In Fort Lauderdale, home values for residences within the ZIP Code near the station have appreciated by 67% from 2018 to last year, compared with a 33% median price increase for the Broward County area over that period. In Miami, property values near the station were up 83% in price over that period, compared with a 38% median increase for the Miami area.
Rent has also increased at a higher rate near the Brightline train stops. In Fort Lauderdale, rental premiums are up most – 28% higher than the market average, according to Green Street.
With the new Orlando station and others under consideration, Brightline is helping to create the transportation grid South Florida needs to continue its growth trajectory, says Javier Aviñó, a lawyer who represents developers and specializes in land development and government relations.
Source: Wall Street Journal (05/23/23) Acosta, Deborah
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