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Brevard County Space Coast: Palm Bay, Melbourne, Titusville area
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Old 07-02-2020, 05:29 AM
 
8,005 posts, read 7,216,461 times
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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.
The City of Cocoa Beach stopped enforcement some time ago giving all areas in the city tacit approval to do short term rentals. Cape Canaveral did the same thing years ago after the Attorney General of the State got involved.
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Old 07-02-2020, 05:39 AM
 
Location: Merritt Island, Fl
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Quote:
Originally Posted by 1insider View Post
The City of Cocoa Beach stopped enforcement some time ago giving all areas in the city tacit approval to do short term rentals. Cape Canaveral did the same thing years ago after the Attorney General of the State got involved.
What about Merrit Island, Palm Bay, and Satallite Beach? Just curious.
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Old 07-02-2020, 09:31 AM
 
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Quote:
Originally Posted by Nypafl4u View Post
What about Merrit Island, Palm Bay, and Satallite Beach? Just curious.
I have no idea about those cities. I can't imagine Merritt Island or Palm Bay would get much demand for vacation rentals. Cocoa Beach and Cape Canaveral have become filled with short term rentals spread all over both cities but the oceanfront units are still the prime moneymakers. The few oceanfront condos that allow short-terms in the two cities continue to see crazy high prices being paid for units. The gross rents being booked by some of the nicer units would shock most people.
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Old 07-02-2020, 09:11 PM
 
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Yeah, but I'd say it's still a bad idea to go with a business model that relies on the fact that they're currently choosing not to enforce zoning that only allows "residential" uses (implied: owner-occupier or long-term renting). That can change any time.

As mentioned already, I've got part of my hometown's downtown portfolio that's been run pretty much literally as hotel rooms for years now, and it's a nice way to diversify your customer base and market (also, another nice thing about it is that it's a great way to get around my home jurisdiction's crazily anti-landlord/pro-tenant laws; but that's not really a problem in Florida). But I would never have bothered setting this up, if I knew it could get shut down anytime.
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Old 07-02-2020, 09:18 PM
 
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(On the other hand, anyone who has a high-end Florida house in a tourist-oriented area that they keep for themselves when they're down there... already fully furnished anyway; it would be complete with utensils, plates, towels, bedsheets, toilet paper, etc. in any case. Then yes, okay, I could see considering making it available on Airbnb during all the moments of year you're home up north. It's entirely different from deciding to buy a high-end property in a place like Cocoa Beach for that specific purpose, with a business case for that investment built on Airbnb-level cap rates.)
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Old 07-03-2020, 06:41 AM
 
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Quote:
Originally Posted by lio45 View Post
(On the other hand, anyone who has a high-end Florida house in a tourist-oriented area that they keep for themselves when they're down there... already fully furnished anyway; it would be complete with utensils, plates, towels, bedsheets, toilet paper, etc. in any case. Then yes, okay, I could see considering making it available on Airbnb during all the moments of year you're home up north. It's entirely different from deciding to buy a high-end property in a place like Cocoa Beach for that specific purpose, with a business case for that investment built on Airbnb-level cap rates.)
I tend to agree. The numbers are so attractive for oceanfront condos that allow short-terms that someone looking to buy strictly for short term rental business would be foolish to look at non-oceanfront properties with unknown demand and inferior purchase price to income numbers. The very few condos in CB and CC that allow weekly rentals are specifically allowed to by their respective cities so can't be shut down.
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Old 07-03-2020, 08:53 AM
 
Location: Florida
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Condos are in condo buildings, basically too close to neighbors, that can get annoyed by the customer turnover. Single family home might be better for AirBnB for that reason. Neighborhoods with HOA: forget it. Lower end neighborhoods with no HOA (where cheaper houses reside) might be better, especially on main roads (instead of quiet streets), because neighbors might be less protective of their neighborhood from strangers, or less coherent of a community. Another thing might be available in Brevard, is large lots. Buy a property on an acre (in Malabar), then neighbors will never notice it, and renters dont have to face disapproving neighbors either. If you buy a big house on a large lot, might convert it into a duplex and AirBnB it to 2 tenants at a time.
Is there a map of areas where AirBnB is officially allowed?
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Old 07-03-2020, 10:39 AM
 
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How much demand will there be for a vacation rental in Malabar and how low will the rent have to be to compete with beachside rentals? Occupancy is the most important variable for a vacation rental investment. Demand and rent starts declining as the amount of ocean view declines. A first floor direct ocean unit commands less rent than an upper floor with big views. You can get 40+ weeks a year at over $2000 a week for the right kind of oceanfront condo. A house in Malabar might struggle to get a quarter of that occupancy at a greatly reduced rate. If you can buy it cheap enough the numbers might work out but the limited demand makes that too risky for most vacation rental investors.
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Old 07-03-2020, 03:43 PM
 
Location: Merritt Island, Fl
1,180 posts, read 1,682,907 times
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Quote:
Originally Posted by 1insider View Post
How much demand will there be for a vacation rental in Malabar and how low will the rent have to be to compete with beachside rentals? Occupancy is the most important variable for a vacation rental investment. Demand and rent starts declining as the amount of ocean view declines. A first floor direct ocean unit commands less rent than an upper floor with big views. You can get 40+ weeks a year at over $2000 a week for the right kind of oceanfront condo. A house in Malabar might struggle to get a quarter of that occupancy at a greatly reduced rate. If you can buy it cheap enough the numbers might work out but the limited demand makes that too risky for most vacation rental investors.
I 100% agree with this. The demand for non waterfront vacation property is much less than the other. You may be able to get interest when little else is available certain times of the year or holidays, but after that you have lot of vacancy time on your hands. Ocean front with a view will rent most of the year with little issue.
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Old 07-03-2020, 04:18 PM
 
Location: Florida
2,026 posts, read 2,775,342 times
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What about people moving to the area for higher paying jobs needing temporary housing?
What about snowbirds?
Beach front for $2k/week ? Not everyone can afford that. Most vacation hotels and rentals I was able to afford were without view, for like $1700/week in Hawaii or Florida, plus flight, plus other expenses.

Also beach front would be probably small condo, while a house or half of a large house on large lot might suit families, with private open space.
I was thinking on longer term rentals, like 1-2 months at a time.
Im renting a small old house for $2k/mo right now, for 2 months. Not 2k/week. But the house on zillow shows value $130k, while a beach view condo would be several times that.
So, $2k/mo on a $130k property, vs $2k/week on a $500k property (with $400/mo HOA).

Imagine a family of 5 driving down from Atlanta for vacation, with a limited budget, but want to stay within daytrip away from beach, rocket launch and disneyland.
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