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