While many realtors are touting All Aboard Florida’s arrival as a boon for home values, it is yet to be seen whether their optimistic prognostications bare any truth.
Thus far multiple national studies have shown that home values increase on properties within a mile of a train station hub. But the same studies found only slight decreases or no changes in property values for homes adjacent to tracks.
And then again, that research might not apply to All Aboard Florida at all, as those studies were based on regional commuter lines in a condensed area, according to the Palm Beach Post.
The upshot being that statements regarding All Aboard Florida’s effect on property values is pure speculation, according to Florida State University professor Mike Duncan, who researches the effect of rail service on real estate.
“People are willing to pay a premium to live somewhere when they can get to work easier every day, but not necessarily when it’s a trip they may take two to three times a year,” Duncan said. [PBP] – Christopher Cameron