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

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

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?