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

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

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

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.