In September, the company Hyperloop One announced the winners of the Hyperloop One Global Challenge, and it means significant changes to the FL Real Estate Market. Hyperloop is a mode of transportation that is brand new, and an efficient way to move people and cargo from city to city.
The Miami-Orlando Hyperloop
Hyperloop One identified the route from Miami to Orlando as one of the strongest in the challenge. 52 other potential Hyperloop locations chosen from all over the world, in the U.S., Canada, India, Mexico, and the United Kingdom. The 257 mile Florida line is one of only four routes chosen in the U.S. The Miami-Orlando route is slated to be one of the first 10 to be developed.
An engineering firm called AECOM leads Florida’s Hyperloop team. They are working with the Miami- Dade Metropolitan Planning Organization and the Miami- Dade Department of Transportation and Public Works. There are also several other public and private entities involved in the project.
What is a Hyperloop?
This new mode of transportation takes people and goods directly from urban center to urban center at lightning speed. The Hyperloop has a vehicle that floats above the track via magnetic levitation. It then gradually accelerates through a tube to airline speeds. The Hyperloop uses electric propulsion so has no direct carbon emissions. It is entirely enclosed so also unaffected by weather, and is either buried underground or up on columns to avoid dangerous crossings.
How Fast is Hyperloop?
The Florida Hyperloop would take passengers and cargo from Orlando to Miami in 26 minutes, not to mention its top speed is 670 miles per hour. Its exclusive proprietary electric propulsion system makes this incredible feat posible. The Hyperloop is 2 to 3 times faster than existing high-speed rails.
The Hyperloop draws its power from whatever sources are available as it passes through. This fact means the entire system is 100% carbon free if it is pulling from solar or wind energy. It is more efficient than other high-speed modes of transportation because it only brings electricity to the section of track it is using. Other systems have power along the entire line.
Is Hyperloop Safe?
Florida residents first want to know if Hyperloop is safe, and the answer is yes. Hyperloop One designed it to be extremely safe and reliable. There are no at-grade crossings, and no driver-related errors because there is no driver. The Hyperloop is not affected by weather, and it has a multitude of breaking techniques.
The tubes themselves consist of super durable, thick steel, and there is very little chance anything could puncture them. The Hyperloop is built to handle air pressure that’s equal to being 200,000 feet in the air.
What Will It Feel Like to Ride in Hyperloop?
Riding in the Hyperloop will feel similar to riding in an elevator. As it is building up speed, it will feel like a Boeing 747 taking off. There is zero turbulence so the journey will be quite comfortable.
How Would Hyperloop Impact the FL Real Estate Market?
The Hyperloop would affect the FL real estate market in several ways. In Palm Beach County, getting to Orlando in 26 minutes would open up the possibility of residents working there. It takes 47 minutes to get from Boca Raton to Miami so the Hyperloop would make commuting to Orlando a realistic idea.
Orlando Job Market
Forbes Magazine named Orlando, Florida as one of the top 10 cities for jobs in 2017. Tourism means thousands of jobs are available at Orlando’s many resorts, and tech and healthcare companies are also moving in. Disney World alone offers thousands of jobs from Maintenance Electrician to Pirate Host.
Palm Beach County FL Real Estate Market
The Palm Beach County real estate market is dynamic, with more affordable housing in the west and higher priced homes on the coast. Older homeowners are selling, correspondingly, there is room for new Millenial home buyers. Median prices in Palm Beach County have been rising since the market meltdown that happened.
Because of its location at the southern edge of Palm Beach County, Boca Raton is one of the communities that stands to benefit the most from Hyperloop. The classic Florida beach community atmosphere attracts home buyers to Boca Raton. It has excellent public schools, beautiful public parks, several colleges, and a thriving arts scene. Boca Raton also boasts some of the best golfing in the world and fantastic restaurants.
The Hyperloop is a fantastic concept that may soon be a reality in Florida, and it will transport people and cargo from Miami to Orlando in just 26 minutes. Hyperloop could mean Palm Beach County home buyers could take advantage of South Florida prices and abundant jobs in Orlando. The exact impact it could have on the FL real estate market is still unknown, but Hyperloop could be a real boon to South Florida.