Sunday, August 11, 2019

How much does I-4 Construction Affect Real Estate Values?

For anyone who has lived in Central Florida since 2014, they are very well aware of the Ultimate I-4 Project, and the construction that has engulfed a 21 mile stretch from West of Kirkman Road near Universal Studios in Orange County to the East of State Road 434 in Seminole County. Driving this stretch of road currently can bring on frustrations for many drivers and being alert is very important for the safety of all who drive this highway.
This project began in early 2015 and is expected to be completed in 2021, but that date is fluid. The project timeline is posted on the Ultimate I-4 website, linked below, and you can sign up for text/email alerts to keep up with the latest updates.

This project will add two new toll roads, Express Lanes in each direction of I-4, replacing more than 140 bridges, reconfiguring 15 major interchanges and reconstructing the entire roadway while increasing the posted speed to 55mph.

So, the question posed here is regarding how much this construction affects real estate values of the properties near this project? 

Earlier this year, on February 26th, 2019, WFTV a local broadcaster reported a homeowner claiming construction damaged his 1920's home with cracking throughout the home. This is not the first homeowner and surely won't be the last before the construction is finished. Especially with the Orlando Sentinel reporting that as of May 2019, the project is nearly 9 months behind the original completion target date. 

But beyond the effects of ongoing construction, what will the future hold for residential and commercial real estate near this interstate? Let's first look at the fact that this section of interstate runs through two counties and multiple cities where it touches homes, businesses, government buildings, and tourist areas. This is a broad range of property types and the data to examine would be vast and not that important to the average person, but let's focus on that average person. 

That person may own a home that is less than a mile from the interstate, so what is he or she thinking about? Increased traffic or better traffic flow? More people driving near their home or less because an existing exit is now re-routed? What about the increased noise? It is being reported by the FDOT that there will be sound barriers (concrete walls) built to reduce the noise. A majority of property owners adjacent to the proposed barriers were in favor according to an FDOT survey. All in all, there are negatives and positives to this project where real estate is involved, and can only be evaluated on a case-by-case basis. 

As we progress towards the completion of this project, we as real estate professionals will be tasked to determine some of these home values in the near future or now and the new I-4 interstate will have an impact. To what extent of the impact, that is truly yet to be seen but if a property owner has questions about their investment value, we suggest reaching out to discuss your concerns. Your property may be increasing in value regardless of this project, because of the growth that it promises to bring. It is easy to take the negative road but let's focus on the positives with the knowledge of how things look now. 

Lastly, on a humorous note, if you admire the way that human beings like to express themselves online, then check out the twitter feed for the hashtag, ultimatei4. It will give you a little laugh and an occasional nod in agreement. Perhaps, the people of Central Florida are just showing their love for this project in their own special way.

If you have a comment about the Ultimate I-4 project or want to chat about your property values, I invite you to comment below. 

I encourage you to Reinvest in Orlando Real Estate today! 
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Copyright 2019 Theresa M. Kraa, REALTOR®
Associate of Premier Sotheby's International Realty.
All data references are linked and credited within the content of this blog post. 
All rights reserved, Any opinions expressed in this publication are that of the opinion of the editor, not of the brokerage of record and all data is deemed reliable with sources provided within the content.

© 2019 Premier Sotheby’s International Realty. All rights reserved. This material may not be reproduced, displayed, modified or distributed without the express prior written permission of the copyright holder. Premier Sotheby’s International Realty is a holding of The Lutgert Companies. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered service marks used with permission. Each office is independently owned and operated. Equal Housing Opportunity.

1 comment:

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