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Old 06-30-2020, 02:48 PM
 
143 posts, read 133,401 times
Reputation: 212

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I've been meaning to ask, are you concerned in the long term by sea level rise? I'd love to have a Merritt Island canalfront home for myself (and have looked at them very seriously, especially back when I felt they were great deals, a few years ago) but this was always a worrisome factor for me. (The mainland is at a slightly higher elevation, I was able to rationalize it, yet still, I don't want to have more than a fraction of my assets in the form of coastal FL real estate, I'm too paranoid about sea level rise.)

I imagine that eventually, what would get done is similar to what Venice is doing - having the inner lagoon at at lower level than the sea. The level of the water in this pic below would be the same as what it currently is, and the beach barrier islands would be the barrier.

I suppose the cost per property would be reasonable, all things considered. So maybe it's not that bad.

I'm sure I haven't thought about this as much as you have... I'm curious to hear your thoughts

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Old 06-30-2020, 08:34 PM
 
Location: Merritt Island, Fl
1,180 posts, read 1,684,176 times
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I have no such fear, at least not likely in my lifetime. Water levels are rising. The locks at the Port will help a bunch to slow this down. We are about 6-9 feet above sea level, so depending on your lot elevation, your flood insurance will run between $600-$1,000 a year. I have it on both of my canal fronts and that helps in easing fears. I have never needed to put in a claim since I have had them, even with several hurricanes. I believe we have at least 25 years before the waters rise enough to be concerned. Hopefully there will be better management and resources to combat this in the future.
You only live once. If you can get one, do it. Especially on an east side canal (only one of my three is). Having that constant breeze when standing by the water is priceless. Go a block or two in and you feel the difference. Same for my oceanfront condo. Wonderful breeze and the smell of the ocean. It will be tough to choose when that time comes. But I do have an offer to buy the east side canal front that I am considering selling, due to the cash flow issue, but very hard to decide now to let it go.
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Old 07-01-2020, 02:31 AM
 
143 posts, read 133,401 times
Reputation: 212
Looking at what's currently on the market, these two would have been my favorites. (Unsurprisingly, they're both contingent; looks like I'm not alone in thinking they're more interesting deals than average.)

https://www.realtor.com/realestatean...-45310?view=qv

https://www.realtor.com/realestatean...-77269?view=qv

Yours, with a dated kitchen and bathrooms, would be my ideal buy. Too bad you re-did the roof though (you're obviously going to want to recoup that, while I'd rather have substracted what the roof cost you from the price).

Out of curiosity, how much have you been offered for it? If you don't mind my asking.

You're right about the breeze, but since I'm mostly in FL during winter I would tend to find that more of a downside than a pro. Riverfront in winter can sometimes be a bit cool, while on the very same day it's probably pleasantly warm (i.e. swimming pool weather for a Yankee or a Canadian :P) in the backyard of my house not even that far away (just not directly riverfront).

A good friend of mine has a property straight on Indian River and with the breeze, it's always noticeably cooler there.
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Old 07-01-2020, 06:56 AM
 
Location: Merritt Island, Fl
1,180 posts, read 1,684,176 times
Reputation: 1006
Those two are good values but are located just off of North Bannana River Dr. You will hear cars driving past from your yard. Not for me. The closer you get to the east end of the canal, the quieter and the better the view to open water. The water also flows through better. You get less potential odor when algae blooms are high and less undesirable stuff that may wash up and just sit there if at the west end (unless you are on a bridge street). As you travel further east, prices will get into the mid $400's and up. If you are lucky enough to get a direct east end lot, you are likely doubling that. Mine is much closer to the end with a partial view of the Port and open water. Feel free to DM me for more details.
The one on Richardson back faces a commercial lot. Just behind that is a gas station and convenience store. Personally, I would not want that, especially if sitting out by my pool relaxing.
I tend to disagree about the winter breezes. We have been down many times and it is breezy, but not uncomfortably. Talking with neighbor's, it's the time of year to open your windows and shut the AC off. Of course comming from the north east, I may be less sensitive to it. But we love it all year and why we bought that particular one to move into at the time and why we struggle to consider selling it now.
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Old 07-01-2020, 12:51 PM
 
Location: Florida
2,026 posts, read 2,777,078 times
Reputation: 1382
How much % is the return on investment on an AirBnB in Brevard?
After expenses, assuming you dont have to pay a mortgage but the place is bought with cash?
How about the % return on low end ($130k sfh house in MB/PalmBay) vs higher end properties (near river or beach, $300-400k)?
I am staying in an airbnb in Palm bay for 2 months, a 50 year old house, I pay $2050/mo. Weekly rental would be more expensive, but over 30 days its with a discount.

Lots of new high tech jobs at defense and aerospace companies, people (like me) spend 2 months in temporary housing while moving. Winder sown birds can rent for 5-6 months straight, other times vacations for 1-2 weeks each.
Most airbnbs are condos, but I am staying in a whole house, small but separate from neighbors with a yard, 1000sqft.
Must it have swimming pool?
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Old 07-01-2020, 01:53 PM
 
143 posts, read 133,401 times
Reputation: 212
Quote:
Originally Posted by buenos View Post
How much % is the return on investment on an AirBnB in Brevard?
After expenses, assuming you dont have to pay a mortgage but the place is bought with cash?
FYI, there's already a name for this exact concept: cap(italization) rate.

I'm also interested in the approximate cap rate one could get from Airbnbing in Florida. I would say it's almost impossible to know what reality is (in practice, not merely "on paper" or in theory) unless you've tried it or know someone who has.

In my own case, in my hometown, I have a 7-unit building devoted to Airbnb entirely plus part of three other buildings (one full story dedicated to Airbnb in each of those; I try not to mix Airbnb and long-term tenants too much, as a favor to the latter). This was a friend's idea, he's the one who convinced me, and he's handling absolutely everything. The way it works is that he takes ~40% of the gross Airbnb revenue, furnishes the apt to his standards (he knows his business and his target customer, I don't; I stay out of that part), oversees the cleaning ladies, does or pays for minor maintenance (while I'm the one handling/paying for major maintenance), and that leaves me with about the same net that having those apts rented all year long would have brought, which is the goal.

I'm pretty sure I'd never have gone into Airbnbing if it weren't for the fact that I had him and he insisted he could do it (the first year, we just ran an experiment with an unit that was empty anyway; it worked very well so we slowly expanded over the following years).

The Nypafl4u equivalent of my Airbnb experience would be if he had a good friend or neighbor that he trusts who's in FL and who says "hey, look, there's more money to be made here, let me Airbnb that one and handle everything for you, I'll take a pretty big chunk of the gross and be happy, and your canalfront house will bring you more than before so you'll be happy too".

I'm not saying it's not doable without having such a person (otherwise, I wouldn't have brought up the idea), because I have never handled that aspect myself. Maybe I'm overpaying him and it's easier than I think... (honestly, I don't think so, though.)

It's certainly more work than having long-term tenants in all units, that's for sure.



Quote:
How about the % return on low end ($130k sfh house in MB/PalmBay) vs higher end properties (near river or beach, $300-400k)?
Better cap rates on low end, for sure.


Quote:
Must it have swimming pool?
For Airbnbing it, with vacationers (groups and families) as your main target customers? I'd say "most definitely".
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Old 07-01-2020, 02:10 PM
 
143 posts, read 133,401 times
Reputation: 212
Quote:
Originally Posted by Nypafl4u View Post
Those two are good values but are located just off of North Bannana River Dr. You will hear cars driving past from your yard. Not for me. The closer you get to the east end of the canal, the quieter and the better the view to open water. The water also flows through better. You get less potential odor when algae blooms are high and less undesirable stuff that may wash up and just sit there if at the west end (unless you are on a bridge street). As you travel further east, prices will get into the mid $400's and up. If you are lucky enough to get a direct east end lot, you are likely doubling that. Mine is much closer to the end with a partial view of the Port and open water. Feel free to DM me for more details.
The one on Richardson back faces a commercial lot. Just behind that is a gas station and convenience store. Personally, I would not want that, especially if sitting out by my pool relaxing.
I tend to disagree about the winter breezes. We have been down many times and it is breezy, but not uncomfortably. Talking with neighbor's, it's the time of year to open your windows and shut the AC off. Of course comming from the north east, I may be less sensitive to it. But we love it all year and why we bought that particular one to move into at the time and why we struggle to consider selling it now.
I'm not really keeping that much of an eye on the market for canalfront stuff (my main focus is on the mainland, more specifically Cocoa/Rockledge) but if I hadn't missed this one I might have been very interested in it. Looks like a steal UNLESS developing there would be astronomically expensive for various plausible reasons (some physical, some artificial like skyhigh fees, etc.)

10 acres, with enough canal access to build a bunch of canalfront properties
(The two pieces of land sold together.)

https://www.realtor.com/realestatean...-17156?view=qv



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Old 07-01-2020, 02:20 PM
 
143 posts, read 133,401 times
Reputation: 212
Quote:
Originally Posted by Nypafl4u View Post
- (...) but are located just off of North Banana River Dr. You will hear cars driving past from your yard. Not for me.

- The closer you get to the east end of the canal, the quieter and the better the view to open water.

- The water also flows through better.

- You get less potential odor when algae blooms are high and less undesirable stuff that may wash up and just sit there if at the west end

- Mine is much closer to the end with a partial view of the Port and open water.

- The one on Richardson back faces a commercial lot. Just behind that is a gas station and convenience store. Personally, I would not want that, especially if sitting out by my pool relaxing.
Haha, you're pretty spoiled :P

I agree with you on all counts, obviously.

The only time I got close to buying a canalfront house (visited it, was interested, almost made an offer), it was on the western part of MI (I can recall it was on Koloa Drive, I could easily find the exact house again), so in my view, in terms of boating access, I was amused that you were like "pffft, that one on the Banana River side isn't even close to the east end of the canal!"

I'll message you for details
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Old 07-01-2020, 07:39 PM
 
Location: Merritt Island, Fl
1,180 posts, read 1,684,176 times
Reputation: 1006
Before everyone gets all excited about AirBnB, please relize those types of rentals are pretty much illegal in most of Brevard County. There is area in Cocoa Beach, not exactly sure where, that you can do that. Otherwise, to my understanding, if you get caught, there could be an order to shut down or pay some fines. I do see them out there, but you risk breaking some codes here. I was discouraged by one of realtor friends for that reason.
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Old 07-01-2020, 10:44 PM
 
143 posts, read 133,401 times
Reputation: 212
Quote:
Originally Posted by Nypafl4u View Post
Before everyone gets all excited about AirBnB, please relize those types of rentals are pretty much illegal in most of Brevard County. There is area in Cocoa Beach, not exactly sure where, that you can do that. Otherwise, to my understanding, if you get caught, there could be an order to shut down or pay some fines. I do see them out there, but you risk breaking some codes here. I was discouraged by one of realtor friends for that reason.
Yeah, not surprised by that. It's like that pretty much everywhere.

As I mentioned earlier, in my home city, the only properties where I allow myself to do this are the ones that are downtown, in commercial zoning that permits the land use type "hotel / short term rental". It takes effort to set up an apt for Airbnb, and the last thing I wanted was to get a place all furnished and ready (at not insignificant cost), and then quickly have the authorities shut me down at that location, because, Murphy's Law of course.

It's ironic that my Airbnbing would actually benefit from my city cracking down more on all the illegal Airbnbs (competitors, to me) that are in residential neighborhoods (a majority of them) :P

In your case, I have to say, that's an excellent reason to avoid trying it - your neighbors would all notice it, none would be very happy, and it would only take one of them denouncing you to the County for it to be over.
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