Century 21 Ocean Real Estate Blog

June 25, 2024

The Rental Market: How to Invest in a Rental Property

Are you looking to make a solid investment in real estate? The rental market can offer lucrative opportunities for investors willing to navigate the landscape wisely. In this blog, we'll delve into the ins and outs of investing in rental properties, providing you with valuable insights and tips to help you make informed decisions and maximize your returns.

 

 

1. Research and Location: The Foundation of Your Investment

The first step in any successful real estate investment is thorough research. Start by identifying locations with strong rental demand and growth potential. Factors such as proximity to amenities, job centers, schools, and public transportation can significantly impact your property's appeal to potential renters.

 

2. Property Type and Target Audience

Deciding on the right type of property is essential. Are you interested in single-family homes, apartments, condos, or perhaps a multi-unit property? Consider your target audience – families, young professionals, students, or retirees – and choose a property type that aligns with their preferences and needs.

 

3. Financial Analysis: Crunching the Numbers

Before making a purchase, conduct a comprehensive financial analysis. Calculate all the associated costs, including the purchase price, property taxes, insurance, maintenance, repairs, and potential property management fees. Compare these expenses with the projected rental income to ensure a positive cash flow.

 

4. Financing and Mortgage Options

Investors have several financing options available, from traditional mortgages to specialized loans for real estate investment. Consult with a financial advisor to determine the best approach for your situation. Keep in mind that a larger down payment can lower your monthly mortgage payments and increase your cash flow.

 

5. Property Management: DIY or Professional Help?

Managing a rental property requires time and effort. You can choose to manage it yourself or hire a property management company. The latter option can save you time and stress by handling tasks like tenant screening, rent collection, and maintenance. However, it comes at a cost, which you'll need to factor into your budget.

 

6. Tenant Screening: Selecting Reliable Renters

Finding reliable and responsible tenants is crucial to the success of your rental investment. Implement a thorough tenant screening process that includes credit checks, rental history verification, and background checks. A reliable tenant can minimize potential issues and ensure consistent rental income.

 

7. Lease Agreements and Legalities

Create a comprehensive lease agreement that outlines terms and conditions clearly. Cover aspects such as rent amount, due date, security deposit, maintenance responsibilities, and rules for the property. Familiarize yourself with local landlord-tenant laws to ensure your lease agreement is legally sound.

 

8. Maintenance and Upkeep

Regular maintenance is essential to keeping your property in good condition and retaining its value. Address maintenance requests promptly and schedule routine inspections. Well-maintained properties not only attract quality tenants but also contribute to a positive reputation in the rental market.

 

9. Evolving with the Market

Stay attuned to market trends and adapt your investment strategy accordingly. Rental markets can experience fluctuations, and being flexible in your approach can help you navigate economic changes and optimize your returns.

 

10. Long-Term Vision: Building Wealth

Investing in rental properties is a long-term endeavor. Over time, as you pay down the mortgage and property values appreciate, your equity in the property will grow. Rental income can provide a steady stream of cash flow, and the property itself can become a valuable asset for your financial portfolio.

 

In conclusion, investing in rental properties can be a smart and rewarding venture when approached with careful research, financial analysis, and strategic planning. By understanding the rental market, choosing the right property, managing it effectively, and staying informed about market trends, you can position yourself for success in the world of real estate investment. Remember, patience and a long-term perspective are key to reaping the benefits of your rental property investment.

 

 

June 10, 2024

June 2024 - Brevard County Statistics and Local News

Broker Note from Barbara

 

Happy June! I recently attended a dynamic and informative real estate conference in Miami. Ana Bozovic, a math and physics-trained Real Estate analytics advisor who migrated from Serbia, spoke as one of the presenters. She appears very bright, says she has no political party affiliation, and also appears very tough (she is a jiu-jitsu competitor). I could tell she’s a force to be reckoned with. Her presentation centered around wealth migration in the world, specifically in the US & Florida. Her data shows the Miami market as having the highest luxury sales in the world. Every time I go to Miami I’m blown away by the changes with new development. My question is, how much of this wealth trend migration will trickle north to our county &/or when? With growth comes other problems of course with increased traffic, etc, so these changes can be a double-edged sword. As you will see in other articles in our newsletters, developers are honing in on Brevard County so my prediction is for further increased property value appreciation for us here locally, even if at more normalized levels. I am already selling to and meeting a lot of new residents in our county from other countries as well as the NE and California. Just this week within two days I met a very skilled Russian handyman and Brazilian housecleaners, none of whom spoke English. Google Translate on the phone fortunately works extremely well in these situations! I have no idea of their immigration status, but it was nice to see hard-working folks in our area. Anyway, lots to unpack here so if you’re interested, take a look at the slides she presented, interesting information! As always, we’re here to serve you, so please reach out anytime. Thank you, Barbara

 

 

21 New Hotels Coming to the Space Coast

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Brevard County is experiencing a significant hotel building boom, reflecting the growth in local tourism. This construction is driven by various tourist groups, including cruise passengers from Port Canaveral, rocket launch spectators, families attending youth sports tournaments, beachgoers, and ecotourism enthusiasts. Additionally, business travelers from space and tech industries are contributing to the demand for hotel rooms. Peter Cranis, the executive director of the Space Coast Office of Tourism, noted that around 1,500 new hotel rooms, a 14% increase, are expected to be added over the next two years, pushing the total number of rooms over 12,000. By the end of 2025, up to 11 new hotels with 1,369 rooms might open. More hotels are also planned for 2026 and 2027, including a 502-room Westin Cocoa Beach Resort & Spa. Cape Canaveral, in particular, has seen significant hotel construction, driven by record passenger counts at the port and local building restrictions.

 

 

Yen Yen Building Redevelopment

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The building of the former Yen Yen Chinese Restaurant in downtown Cocoa Beach is undergoing a transformation into a modern multi-business building, signaling a shift in the city's landscape. Once a cherished dining spot known for its upscale Chinese cuisine and warm ambiance, the site will soon be transformed into a new style of business. The building will offer multiple dining and business stalls combined into one marketplace. The decision to repurpose the space reflects Cocoa Beach's evolving commercial landscape and the growing demand for diverse business ventures in the area. There hasn't been confirmation on what businesses will inhabit the new structure but it's clear that it will contribute to the community's dedication to bring in new business and promote foot traffic.

 

 

Vacation Home Sales Drop in 2023

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In 2023, the vacation home market experienced a significant downturn, with purchases declining nationwide. Several factors contributed to this trend, including rising interest rates, inflation, and economic uncertainty, which collectively dampened consumer confidence and purchasing power. The pandemic-induced surge in remote work, which had previously driven demand for vacation properties, began to stabilize, reducing the urgency for secondary residences. This shift in the market dynamics resulted in a noticeable decrease in the volume of vacation home sales compared to the previous boom years.

 

 

 

 

May 14, 2024

First Time Home Buyers Guide

Becoming a first-time homebuyer is an exciting milestone, but it can also feel overwhelming with the multitude of decisions to make and steps to take. In this comprehensive guide, we'll walk you through the essential aspects of the home buying process, from setting your budget to receiving the keys to your new home.

 

 

Assess Your Finances: Setting a Realistic Budget

Before you start shopping for homes, take a close look at your financial situation. Determine how much you can comfortably afford by factoring in your income, monthly expenses, and potential mortgage payments. Remember to consider additional costs like property taxes, homeowner's insurance, and maintenance.

 

Get Preapproved for a Mortgage: Knowing Your Buying Power

Getting preapproved for a mortgage helps you understand how much a lender is willing to lend you, based on your financial information. This step provides a clear picture of your buying power and makes you a more attractive buyer to sellers.

 

Define Your Priorities: Creating a Wish List

Make a list of your must-have features and preferences for your future home. Consider factors like location, number of bedrooms, yard size, proximity to schools, and your commute. Having a clear idea of your priorities will guide your home search.

 

Research the Market: Finding the Right Neighborhood

Explore different neighborhoods that align with your preferences. Look into aspects such as safety, amenities, schools, public transportation, and potential for future property value appreciation. Online resources and local real estate agents can provide valuable insights.

 

Start House Hunting: Exploring Properties

Once you've narrowed down your search, start visiting homes. Keep an open mind and be prepared to compromise on some aspects. Take notes, photos, and videos during your visits to help you remember the details of each property.

 

Make an Offer: Negotiating the Purchase

When you find a home that matches your criteria, work with your real estate agent to make a competitive offer. Your offer should take into account the property's value, market conditions, and your budget. Be prepared for negotiations with the seller.

 

Conduct Inspections: Ensuring the Home's Condition

After your offer is accepted, schedule a home inspection to identify any potential issues. If significant problems are discovered, you can negotiate with the seller to address repairs or adjust the sale price.

 

Secure Financing: Finalizing Your Mortgage

Once the inspection is complete, work with your lender to finalize your mortgage. Provide any additional documentation they require and be prepared for a thorough underwriting process.

 

Closing the Deal: Signing the Papers

During the closing process, you'll review and sign various documents, including the mortgage agreement and property transfer paperwork. You'll also pay closing costs, which can include fees for title insurance, attorney services, and property taxes. On the day of closing, you'll receive the keys to your new home. Take the time to thoroughly inspect the property before moving in, and make arrangements for any necessary repairs or improvements.

 

Becoming a first-time homebuyer involves careful planning, research, and decision-making. By understanding your budget, priorities, and the steps of the home buying process, you can confidently navigate your way to homeownership. Remember to work closely with experienced professionals, such as real estate agents and mortgage lenders, to ensure a smooth and successful journey into your new home.

 

 
March 19, 2024

March 2024 - Real Estate News and Space Coast Statistics from Ocean to River Properties powered by CENTURY 21 Ocean

Noteworthy News and Space Coast Spotlight:

 

Note from Broker Barbara - Property Taxes, Homestead, & Portability

 

I recently attended a presentation by Dana Blickley, our Brevard County Property Appraiser. She is an engaging speaker and I always learn something new about some of the latest news in the community along with reminders about property tax valuations. A few quick notes are below:

*Most of us know that homestead exemption can decrease the property's taxable value by as much as $50k. Property taxes on homestead properties may also not increase by more than 3% OR the percent change in the CPI (Consumer Price Index). Note that for non-homestead properties of which there are many along the barrier islands, especially with 2nd homes or throughout the county on investment properties, there is a 10% cap.

*IMPORTANT to note for those occasionally renting their homestead properties as short term rentals; if a homestead property is rented on January 1st and not owner-occupied, an owner could lose the homestead exemption!

*If you are adding someone to a homestead property, be very careful how you title the property. If you add someone incorrectly, only 50% of the property may receive the homestead cap. The type of tenancy is extremely important so get legal advice before any changes!

*Any time a property has a change in title, an owner needs to refile for homestead exemption.

*Homestead Portability applies to any property in Florida as long as you don’t go more than 2 consecutive years without homestead. Max portability is $500k. Value is the difference between the assessed value and market value of a previously homestead property.

 

 

Buyers and Developers Continue to Adopt Sustainable Practices

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Real estate developers are increasingly prioritizing sustainability in response to growing buyer demand for eco-friendly homes. Features such as solar panels, energy-efficient appliances, and green building materials are becoming standard, driven by a global awareness of the environmental impact of buildings. In locations like Sweden and Puerto Rico, sustainability is an expected aspect of real estate, with buyers willing to pay more for homes aligned with environmental goals. Energy-efficient systems, such as solar and geothermal, are popular but come with a cost, partially offset by government tax credits. The trend extends beyond individual homes, with a focus on creating eco-friendly communities and commercial buildings. Investors are also considering environmental, social, and governance (ESG) factors, leading to increased interest in certifications like LEED and WELL. While sustainability is gaining prominence, the economic value of heavily investing in eco-friendly design may vary by location. 

 

 

Dig into Florida landscaping with this garden party of a class series

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Sally Scalera will be teaching an eight-week Florida-Friendly Landscaping™ class series starting on April 2nd in Cocoa, Florida. The classes aim to educate participants on sustainable and environmentally friendly gardening practices, promoting soil health, attracting wildlife, and growing a healthy and attractive landscape. The series costs $90, and Zoom tickets are available for remote participation. The series covers essential gardening topics such as the soil food web, composting, vermicomposting, landscaping practices, attracting wildlife, hands-on gardening, landscape design, and much more!

Click Here for more information on registration!

 

 

Viera Among Best-Selling Planned Communities in U.S.

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Viera was ranked No. 20 on the John Burns list and No. 24 on the RCLCO list. The rankings in these lists are determined by the quantity of home sales as well as other factors that constitute the master-planned communities. The vision of this planned community was first started in the 1940s but has seen a bulk of it's growth in the last 20 years. Viera includes a blend of residential and commercial development, with designated areas reserved for ongoing environmental conservation.

Jan. 15, 2024

January 2024 - Ringing in the New Year with Housing Market Statistics and Local News

January 2024

 
 

Noteworthy News and Space Coast Spotlight:

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Note from Broker Barbara

Happy New Year to our friends, past customers, & future customers! One thing I've learned about the real estate market is that change is constant. Just like the stock market, we can see wild swings affect property values. These are generally in the short term though, so if you're investing or purchasing a primary residence, we hope you plan to hold it long enough to insulate yourself. 2023 was another interesting year with one of the fastest rises in mortgage interest rates in history, coupled with unique challenges in Florida with much higher insurance premiums and new State required engineering reports by the end of 2024 for all condos 3 stories or higher. Many condo complexes are seeing steep rises in HOA fees to fund the higher Reserve budgets that will be required and/or assessments to offset the HOA fee increases. Experienced, hardworking real estate agents like ourselves were continually on the phone or email explaining these issues and how it was putting downward pressure on property appreciation and longer days on the market for actively listed properties. The commercial real estate market had significant challenges too, with the higher mortgage rates significantly decreasing the ROI on commercial properties as well as short-term rental properties. On the barrier islands of the Space Coast, especially in the areas that allow shorter minimum stays, we also saw saturation of short-term rental properties. Frustrated newer owners of these properties were not seeing the returns they forecasted and some experienced short-term property owners saw decreased guest reservations. Some owners are in it for the long haul and will stay at it through this pullback while others are already ready to unload their properties, even if breaking even or at a small loss. In addition, Brevard County is seeing a lot of new hotel developments that have added to this pressure and it's been discussed that the post-pandemic travel craze has lightened after pent-up demand waned and some of the funds used for travel that may have come from PPP monies dried up. Another wrinkle to this that's been documented is that those who moved to their second homes during the pandemic when work from home was most prevalent decided to continue working from home in their second home and are selling their primary residences. Fortunately for us here in Florida, we've been more insulated from downward pressure in values than some other states with a continued influx of new residents to our state. Throughout the county, values overall have seen slight price appreciation on most property types, though there has been a slight pullback along the barrier islands due to the issues mentioned that especially affect coastal properties. I've always said that we pay a price to live near the ocean. Although final 2023 statistics are not in yet, in general, we saw slower sales volume and a return to a more normalized market. We welcome this for both sellers and buyers which will allow them to make less hurried and more thoughtful decisions. Please find us with your questions. We’d love to help you make the most informed real estate decisions that meet your life goals. As always, we welcome the opportunity to serve you!

Brevard Business News Spotlight

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After serving as both Owner and Broker of CENTURY 21 Ocean for almost 9 years, I made the careful and thoughtful decision to remain the Broker but merge my company with a much larger brokerage to capitalize on economies of scale and focus on what I love doing best, working directly with buyers and sellers to help them reach their goals. I interviewed many brokerages and found that C21 Results based out of Atlanta, GA was the perfect fit. Lead by the ever enthusiastic Terry Swanson, C21 Results has many other successful satellite offices such as ours. In this quickly changing digital world, we are able to tap into their incredible software systems and support staff. Our name will remain C21 Ocean and I've adopted a new team name, Ocean to River Properties. I'm super excited for this transition and know that "less is more, focus is power". I look forward to passing on more depth of marketing and support to serve you even better!

 

Brevard November Sales Metrics

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The November sales metrics show an increase in median sales price and homes sold for single family homes compared to the same time last year. Condo's and townhouses fell slightly in price but there was an uptick in units sold. This return to a more normalized market isn't necessarily a bad thing. It allows buyers and sellers to make more educated and thought out purchases.

 

I Am A Freedom Fighter - Seaside Stride Beach Trek

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Ocean to River Properties is the proud supporter of the April 6, 2024 "walkathon" aka Seaside Stride hosted by I Am A Freedom Fighter, a locally run non-profit run by Jenny Pruett, former owner of Juice n Java in Cocoa Beach. Dedicated to raising awareness and funds for those trapped in the human trafficking trade, they are hosting two other outdoor events before the April 6th walk that my team is sponsoring. After I participated in 3 endurance mountain hikes for this cause in Alaska, Utah, and Wyoming, I decided it was time to 'bring it home' to the Space Coast and offer it to a wider audience that loves the outdoors but might not be up for traveling out of state or mountain hikes. Two options will be offered, a 10-mile or 20-mile distance walk either on the beach or along the coast on the sidewalk. Donations are of course highly welcome whether you decide to walk or not. Thank you for your support of this much-needed cause!

Click here to learn more about I Am A Freedom Fighter.

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Monthly Market Detail - November 2023

Brevard County Housing Statistics

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Dec. 4, 2023

December 2023 - Local Brevard County News and Recent Housing Market Statistics

 
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December 2023

Noteworthy News and Space Coast Spotlight:

Downtown Melbourne Planning for New 9-Story Apartment Complex

 
 
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A new 9-story development is in the works for downtown Melbourne. This $81 million downtown apartment complex is being pursued by the national developer North American Properties. This 9-story downtown Melbourne complex would boast 245 apartments and a 376-space parking garage. Melbourne City Hall estimates that the 350 tenants could bring a yearly $11 million into the local economy. The developer has also offered to donate a nearby parcel of land to the city of Melbourne for use as a public park. The initial conceptual framework was approved by Melbourne City Council and now it is in the approval stages for a master redevelopment agreement and zoning matters.

 

Cocoa Beach Kite & Beach Fest

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Cocoa Beach is hosting the annual Kite and Beach fest at Coconuts on the Beach again this year on January 20th and 21st! It's a free event that's great for the whole family. The festival will run from 10am - 4pm on Saturday and Sunday. Talented kite flyers from around the US will be performing kite maneuvers to music. The event kick off will be hosted at Friday Fest, Jan. 20, 2023 at 6pm with a night fly on the beach from 7-9pm.

 

Freedom Fighter's - Upcoming Events

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One of our main charity partners, I Am A Freedom Fighter, is dedicated to raising awareness about human trafficking. Some of the upcoming events that you can participate in are listed below.

January 27th, 2024 Light in the Darkness 5k

February 24th, 2024 Kayak and Stand-up Paddle Board Paddle

April 6, 2024 the first "walkathon" aka SEASIDE STRIDE Beach Trek that will take place in Brevard County!

Click here to learn more about I Am A Freedom Fighter.

 

 

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Monthly Market Detail - October 2023

Brevard County Housing Statistics

 

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Nov. 7, 2023

Home Staging Tips & Tricks to Sell Faster

Mastering Home Staging: Expert Tips to Accelerate Your Home Sale

Selling a home involves more than just listing it on the market. Home staging, the art of enhancing a property's appeal to potential buyers, can make a significant difference in how quickly and effectively your home sells. In this blog, we'll guide you through a range of valuable home staging tips and tricks that will help your property stand out and attract eager buyers.

 

 

1. Declutter and Depersonalize: Create a Blank Canvas

The first step in effective home staging is to declutter and depersonalize your space. Remove personal items, excess furniture, and clutter that can distract potential buyers from envisioning themselves in the home. Create a neutral and welcoming atmosphere that allows buyers to imagine their own lives in the space.

 

2. Clean and Repair: Present a Pristine Environment

A clean and well-maintained home is essential for leaving a positive impression on buyers. Clean every surface, from floors to ceilings, and address any minor repairs or maintenance issues. Fix leaky faucets, replace burnt-out light bulbs, and touch up paint where needed.

 

3. Focus on Curb Appeal: Make a Great First Impression

Don't underestimate the power of curb appeal. Enhance your home's exterior by trimming bushes, mowing the lawn, and adding colorful flowers or plants. A freshly painted front door and a clean, welcoming entryway set the tone for what buyers can expect inside.

 

4. Consider Neutral Tones: Appeal to a Wide Audience

When it comes to color choices, opt for neutral tones on walls and larger furniture pieces. Neutral colors create a versatile backdrop that allows potential buyers to visualize their personal style and decor in the space.

 

5. Rearrange Furniture: Highlight Space and Flow

Arrange furniture in a way that highlights the flow of the rooms and maximizes space. Avoid blocking natural pathways or creating cramped arrangements. Furniture should enhance the sense of spaciousness and functionality.

 

6. Enhance Lighting: Let There Be Light

Good lighting can significantly influence the atmosphere of a home. Open blinds and curtains to let in natural light, and ensure that all rooms are well-lit. Consider adding floor or table lamps to areas with limited lighting.

 

7. Add Decorative Touches: Accentuate Key Features

Strategically placed decorative elements, such as vases, artwork, or throw pillows, can add warmth and personality to the space. However, keep it simple and avoid overwhelming the rooms with too many accessories.

 

8. Stage Key Rooms: Prioritize High-Impact Areas

Focus your staging efforts on key areas that potential buyers value most, such as the living room, kitchen, master bedroom, and bathrooms. These spaces should be clean, organized, and thoughtfully arranged to showcase their potential.

 

9. Create Inviting Outdoor Spaces: Extend the Living Area

If your property has outdoor space, such as a patio or balcony, stage it as an extension of the living area. Set up outdoor furniture and create a cozy ambiance that encourages buyers to imagine enjoying the space.

 

10. Professional Photography: Capture the Beauty

Once your home is staged to perfection, hire a professional photographer to capture high-quality images. These photos will be essential for online listings and marketing materials, enticing potential buyers to schedule viewings.

 

 

Home staging is a powerful tool that can significantly impact how quickly and effectively your property sells. By decluttering, cleaning, and enhancing your home's appearance, you create a space that appeals to a wide range of potential buyers. With a welcoming and well-presented home, you increase the likelihood of receiving competitive offers and achieving a swift and successful sale.

 

 

Oct. 9, 2023

October 2023 - Real Estate News and August Market Statistics in Brevard County

Noteworthy News and Space Coast Spotlight:

A few notes from Barbara

The Real Estate market continues to be an interesting ride! The health of the market in Brevard County remains strong, however in the last year & a half we've seen a slow down with interest rates hikes, insurance woes, more competition for sellers with a rise in listing inventory, and state required engineering reports by the end of 2024 for condominiums 3 stories or higher. This slow down has been especially prominent along the barrier islands. Working with a skilled and knowledgeable real estate agent is especially important in these times to help protect your investments.

 

STATE OF THE CITIES ~

On October 3rd I had the privilege of attending the first annual State of the Cities breakfast with City Managers and representatives from across all Brevard County municipalities. They were each given a chance to give updates about their cities and discuss the challenges they're facing as a whole. It was an engaging discussion and reminded me why I love living on the Space Coast. Some of the highlights are below along with article links on a few of the topics.

 

CITY HIGHLIGHTS:

Cape Canaveral:

-$100mil Aquarium

-The Community Redevelopment Act (CRA) has been extremely successful in attracting redevelopment projects

- Multiple hotels have been built in last several years with 2 more being built and discussion about an additional 2

 

Cocoa:

-Pushing hard for a Brightline train stop

-Affordable housing is a priority

 

Cocoa Beach:

-$3mil visitors per year which makes traffic control and safety key challenges; 5-7 DUI’s weekly and these are primarily visitors not locals

-36 canals in the process of de-mucking

-Short term rentals remain controversial across the county but especially in Cocoa Beach. See article for more information

 

Indian Harbor Beach:

-One of the lowest crime rates in the State

 

Rockledge:

-800+ acres slated for development with smart planning in place

 

Satellite Beach:

-City owns 40% of beachfront with a majority of that earmarked for conservation

-Highest population of military residents in the county

 

Titusville:

-5,400+ residential units under construction

-Boeing recently moved a facility from Virginia to Titusville

 

CHALLENGES FOR BREVARD COUNTY:

-Affordable housing, especially on the landlocked barrier islands

-Infrastructure as the county continues to grow

-Misinformation on social media along with lack of political collaboration

-Beach Renourishment

-Storm Safety planning, reserves for sanitation & debris removal, and quick permitting processes after any major storm

-Health of the Indian River Lagoon. See below for more information on a possible solution

Staying informed on the current home insurance increases

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There is an increased importance of understanding the rise in insurance rates throughout Florida. It's a key element in purchasing a home and it's important for real estate professionals to address insurance-related issues proactively to avoid potential deal derailments and protect their clients' investments. Insurance companies have struggled to keep up as major storm events continue to cause damage around Florida. The main factors to keep in mind when purchasing a home are staying informed on current rates and knowing your properties insurability. When purchasing a home it's important to research past claims on the property as well as making sure to do your research on what insurance your property needs. It's always good to be prepared for an increase in quotes but if you do your research and work with a knowledgable real estate agent you should be well informed going into a new property. For more information on this, read the article here.

Algae harvesting in the Indian River Lagoon

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It's no secret that in the last few decades we have seen an increase in algae in the Indian River Lagoon. While algae is a key component in producing oxygen for our Earth, an excess of it can kill off other aquatic life and suffocate our lagooons. The rapid growth of algae is caused by leaking septic tanks, sewer systems and over-fertilizing which creates an excess of nitrogen and phosphorus. There have been numerous research projects conducted to help understand the algae problem and thanks to recent support there could be a solution in cleaning it out.

A grant from the Florida Department of Environmental Protection with allow Brevard County to use AECOM's barge-mounted algal harvester will help reduce the algae overgrowth in our lagoons. The question now is what to do with the harvested algae?

Aug. 21, 2023

Weighing In: The Pros and Cons of Buying a Fixer-Upper

Are you ready to dive into the world of real estate and considering the allure of a fixer-upper? The idea of turning a dated house into your dream home can be thrilling, but it's essential to weigh the pros and cons before taking the plunge. In this blog, we'll explore the advantages and challenges of buying a fixer-upper.

 

Pros of Buying a Fixer-Upper:

1. Affordability

One of the most significant advantages of buying a fixer-upper is the potential for cost savings. These properties often come with a lower initial price tag compared to move-in-ready homes, allowing you to get more house for your budget.

2. Personalization

With a fixer-upper, you have the opportunity to customize your home to your preferences. From choosing the layout and finishes to creating unique design elements, you can shape the property to reflect your style.

3. Potential for Equity Growth 

If you're willing to invest time, effort, and a bit of sweat equity, a well-executed renovation can significantly increase the value of your home. You could potentially build equity faster than if you bought a move-in-ready property.

4. Creative Satisfaction 

For those with a passion for design and DIY projects, a fixer-upper can be immensely satisfying. Turning a neglected space into a beautiful and functional area can be a source of pride and accomplishment.

5. Lower Competition

Fixer-uppers often have less competition from other buyers compared to move-in-ready homes. This can give you more negotiating power and potentially lead to a better deal.

Cons of Buying a Fixer-Upper:

1. Time and Effort

Renovations can be time-consuming and demanding, especially if you're doing much of the work yourself. Be prepared for months of planning, decision-making, and hands-on labor.

2. Unexpected Costs

Renovation projects rarely go exactly as planned. Hidden issues may surface during the process, leading to unforeseen expenses that can strain your budget.

3. Stress and Uncertainty

The renovation process can be stressful, especially if you're juggling the demands of daily life along with the project. Delays, setbacks, and unexpected challenges can take a toll on your patience and well-being.

4. Financial Risks

While there's potential for equity growth, there's also the risk that your investment might not yield the returns you expect. The real estate market is unpredictable, and there's no guarantee that the value of your fixer-upper will appreciate as anticipated.

5. Skill and Knowledge Required

Taking on a fixer-upper requires a certain level of expertise in construction, design, and project management. If you lack the skills or experience, you might end up with subpar results or additional expenses from hiring professionals.

6. Opportunity Cost

The time and money you invest in renovating a fixer-upper could be spent on other pursuits, such as enjoying your free time, pursuing hobbies, or even searching for a move-in-ready home that better meets your needs.

In conclusion, buying a fixer-upper can be a rewarding endeavor for the right person, but it's not without its challenges. It's important to carefully consider your budget, skills, timeline, and overall vision for the property. If you're prepared to put in the work and navigate the potential setbacks, a fixer-upper could be the perfect canvas for creating a home that's uniquely yours. However, if you prefer a more straightforward buying experience or lack the time and resources for extensive renovations, a move-in-ready home might be a better fit. Always weigh the pros and cons before making your decision to ensure that your investment aligns with your goals and capabilities.

Aug. 3, 2023

August 2023 Brevard County Florida Real Estate News

August 2023 Brevard County Florida Real Estate News

 

Noteworthy News from the Space Coast:

Palm Bay Tops List of Best Cities for 1st-Time Homebuyers

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Buying a home for the first time is an exciting and important milestone for many Americans. Their purchases make up a sizable chunk of the market, too. In 2022, 26% of home purchases were made by first-time buyers.

In a recent study, WalletHub compared 300 cities across the US and ranked Palm Bay as the top city for first-time home buyers. These cities were ranked based on affordability, real estate market health and overall quality of living, with 22 individual metrics within each category.

 

Amazon’s Project Kuiper Invests $120 Million in Florida’s Launch and Landing Facility

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Amazon has chosen NASA's Kennedy Space Center for the construction of its upcoming network of space-based internet satellites called Kuiper. This $120 million project will include the development of a 100,000-square-foot processing plant. Projects like this bring jobs and economic benefits to Brevard County.

 

Amphitheatre at Veterans Memorial Park in Merritt Island

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Since 2017, the Merritt Island Redevelopment Agency (MIRA) has undertaken an ambitious commitment to enhance the Veterans Memorial Amphitheatre, with a generous funding of over $2.4 million dollars. These exciting enhancements are currently in their final design stages, progressing through permitting review, bidding, and construction. The project is set to reach completion in early-mid 2024, promising to transform the amphitheater into a venue for various events and performances.

 

Restaurant Highlight - The Daley Trade in Downtown Titusville

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The Daley Trade is a creative wine and tapas restaurant located in historic downtown Titusville. Entering through the European market you can browse the selection of artisan sourdough loaves, handmade pasta, and an extensive selection of craft beers and natural wines and well as other dry goods. The dining room offers an ever changing specials menu that highlights seasonal foods and fresh local produce. Pair these creative tapas with craft beer or wine from a carefully curated wine selection featuring natural, organic, and biodynamic wines.

 

Monthly Market Detail - June 2023 \\\

Brevard County Housing Statistics

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