Cape Canaveral, Florida Real Estate Market

Cape Canaveral, Florida has experienced a wide range of highs and lows in its residential real estate market since 2000.  Several factors, both local and national in nature, have affected these trends.  Both the wrapping up of NASA’s Space Shuttle program and the national economic downturn have direct effects on the real estate market in Cape Canaveral, and throughout Brevard County.  The current real estate market is such that Cape Canaveral has declared a moratorium on converting commercially zoned areas to residential for the time being.

As of the first quarter of 2011, the median sales price of existing homes in the Cape Canaveral area was higher than that figure calculated the same time a year earlier.  After 53 consecutive months of prices being lower than their year-ago counterparts, these increases were welcome.  For just the fourth time in 12 months, the sale of existing single-family homes in and near Cape Canaveral topped 600.

The median sales price of single-family homes sold in Brevard County during the first quarter of 2011 was almost $110,000, up from March and April 2010.  During those months, there was a 22-percent increase, marking the biggest one-month jump in prices in at least a decade. The last time there was a bigger year-over-year increase than last month’s 5 percent was in June 2005.

There was also an increase in the sale of condominiums in Cape Canaveral when compared to the figures from the same time period in 2010.  However, the median sales price was down approximately $10,000 when compared to April 2010.  Still, fewer buyers purchased previously occupied homes in April 2011, and sales of previously occupied homes fell 0.8 percent in April 2011.  On the other hand, purchases made by first-time homebuyers did increase, while the median sales price decreased about 5 percent from the same month one year ago.

In the Cape Canaveral area, annual foreclosures rose from a low of 1,144 in 2005 to 9,228 in 2008.  From 2007 to March 2010, there were 25,600 foreclosure filings.  In 2010, it was found that 1/3 or more of real estate sales were due to foreclosures.  Despite the number of foreclosures, the region was rated as one of five “best” places in America to retire by Kiplinger.com in 2010.  Factors evaluated included cost-of-living, weather, the number of doctors, taxes, crime rates and recreational opportunities.

Climate and Storm History of Cape Canaveral, Florida

The climate in Cape Canaveral is classified as subtropical, which in a metrological sense refers to  the geographical and climate zones which are immediately north and south of the tropical zones of the Tropic of Cancer and the Tropic of Capricorn.  Subtropical climates experience winters that are relatively warm and mild, and the summer season is quite hot and humid.  Cape Canaveral rarely experiences frost or snowfall, enabling plants such as palm, citrus and many broadleaf evergreens to flourish.

There are distinguishable seasons in Cape Canaveral, with variably cooler winter months and much warmer summer seasons.  Rainfall is quite common in the summer during June, July and August, when the humidity can be extreme.  Rainfall typically occurs in the late afternoon and passes through relatively quickly.

Cape Canaveral has had its share of heavy weather, but the most noteworthy storm of recent history was Tropical Storm Fay, which struck the area on August 20, 2008.  The sixth named storm of the 2008 Atlantic hurricane season, Tropical Storm Fay dropped 20.03 inches of rain on Cape Canaveral after forming from a dynamic tropical wave on August 15 over the Dominican Republic in the Eastern Caribbean.  After passing over the island of Hispaniola, Fay moved into the Gulf of Gonave, crossed the island of Cuba, and made landfall on the Florida Keys late in the afternoon of August 18.  Fay then veered into the Gulf of Mexico and made landfall near Naples, Florida, in the early hours of August 19.

Tropical Storm Fay then moved in a northeasterly direction through the Florida peninsula, finally emerging into the Atlantic Ocean near Melbourne, Florida, southwest of Cape Canaveral, on August 20.  Severe flooding took place throughout several regions in Florida, as Fay was an extremely slow moving storm.  On August 21, the storm again made landfall near New Smyrna Beach, before moving due west across the Panhandle of the state, crossing Gainesville and Panama City, Florida.  As Tropical Storm Fay skipped over water to land and back again, it became the first storm in recorded history to make landfall in the state of Florida a total of four times.  Thirty-six deaths were blamed on Fay, and this storm also caused one of the most prolific tropical cyclone related tornado outbreaks since records have been kept.  In all, a total of 81 tornadoes touched down across five states, three of which were rated as EF2.  Economic damage as a result of Tropical Storm Fay was heavy, estimated at $560 million.

Top Cape Canaveral, Florida Restaurants

Cape Canaveral offers numerous restaurant options, from casual to fine dining, from seafood to steak, and from Italian to Mexican.  A couple are worthy of mention due to their great location and fantastic food.  First, an excellent choice to enjoy food and drinks in a casual patio setting is Rusty's Seafood & Oyster Bar of Port Canaveral, at 628 Glen Cheek Dr., Cape Canaveral, FL 32920.  Established back in 1993, Rusty’s theme is a cozy, come-as-you-are, fun-filled alternative to a fine dining atmosphere.  Relaxation is encouraged from the minute you walk in.  You can opt to take a seat at the oyster bar, sit outside on the enormous wood deck which overlooks the water, or simply head inside to enjoy the A/C in the sweltering summer months.  Dive into raw or steamed oysters, the famous peel-and-eat shrimp, seared ahi tuna sandwich, snow crab legs, or have a hearty bowl of seafood gumbo or clam chowder.  Other good ones to try include the fish and chips, crab legs and oysters. There are several specials during happy hour, including both food and drink deals.  Rusty’s is the only restaurant at the Port where you can “dock and dine,“ or in other words you can park your boat. The bar and restaurant has six slips.

A couple doors down is Grills Seafood Deck & Tiki Bar, at 505 Glen Creek Drive, Cape Canaveral, FL 32920.  The cuisine is American bistro-style, featuring sandwiches and seafood, and the spot serves dinner, lunch, and Sunday Brunch . Grills has a Sunday brunch.  The only dress code is anything goes, and you can dress up or down.  Grills has a popular tiki bar, and is a unique waterfront eating establishment.  Officially, it is the restaurant which is the closest to the Atlantic Ocean in the Port Canaveral area of Cape Canaveral.  Grills offers diners a chance to grab the chowder of the day or a freshly-grilled yellow fin tuna sandwich while watching the day's catch being brought in around sunset.  For breakfast, Grills offers the usual pancake fare as well as specialty omelets, one of which is made with crab meat, shrimp and toped with a Caribbean hollandaise sauce.  Dinner choices include a wide variety of fresh seafood, hearty steaks, and even a few vegetarian choices. Live music is offered Wednesday through Sunday.

Fun Activities and Historic Landmarks of Cape Canaveral, Florida

There are so many great activities for families, couples and anyone of all ages in Cape Canaveral.  Those attracted to water activities and sports will enjoy heading down to Port Canaveral, at 445 Challenger Road, Cape Canaveral, FL 32920.  This attraction is the world's second largest cruise port, and offers cruise itineraries for a few days up to a couple of weeks and longer.  There are also  gaming vessels that depart and cruise along the Atlantic Coast.  This area is a perfect spot to watch a space shuttle launch and enjoy the port's various amenities.  There are numerous recreational facilities, including public parks, boat launch ramps, restaurants, shopping, entertainment, camping, a 1,200 ft. fishing pier and beaches.

For anglers, there is the Fin Freak Cape Canaveral Fishing Charter at Sunrise Marina, 505 Glen Cheek Drive, Cape Canaveral, FL 32920.  This is a great attraction to get the experience of a lifetime with a true Florida Sport fishing charter.  Whether you’re a seasoned fishermen or just getting your feet wet as a beginner, the trip is an exciting experience that cruises out of Port Canaveral with U.S. Coast Guard licensed captains.

The fleet of boats includes the flagship “Fin Freak”, as well as a custom built, 2007 27ft, the “Blackfin” that features speedy twin 200 horsepower engines. Captains employ many different fishing techniques, including live bait fishing on the wrecks and reefs off of Port Canaveral, which produce our most exciting fishing experiences.  Fishing is seasonal and the sport fishing charter trip focuses on what is biting at the time.  The East coast of Florida off Cape Canaveral offers a number a species of fish, including include Mahi Mahi, Wahoo, King Mack, Grouper, Snapper, Amberjacks, Cobia, and many more.  Whether you want to enjoy just having a fish pull on your line or looking to catch a feast for your next fish fry, the action to is here.

City of Cape Canaveral, Florida: General Information

Cape Canaveral is a city in located in Brevard County, in the State of Florida, United States.  From 2000 census figures the population stood at 8,829, and estimations calculated by the U.S. Census Bureau in 2008 approximated that the population was 10,147.  The city is part of the Palm Bay–Melbourne–Titusville Metropolitan Statistical Area along the Atlantic Ocean Coast in the central portion of the state.

Other census results in 2000 show that there are 5,066 households, and 2,097 families residing in the city of Cape Canaveral.  Population density figures are 3,788.0 inhabitants per square mile, and there are 6,641 housing units at an average density of 2,849.3 per square mile.  Of the 5,066 households, 11.9% included children under the age of 18 residing in them, and 30.7% were married couples living together.  Other statistics show that 7.4% of households had a female householder with no husband present, and 58.6% were sharing housing but not related.  Individuals living alone comprised 47.1% of all households, and 13.8% had someone living alone who was 65 years of age or older.  The average household size was 1.74 persons, with an average family size 2.41.

In the City of Cape Canaveral the entire population was dispersed with 11.3% being under the age of 18, and 6.4% were aged from 18 to 24.  Other age ranges include 30.4% from 25 to 44, 28.8% from 45 to 64, and 23.1% who were 65 years of age or older.  The median age in Cape Canaveral at the 2000 Census was 46 years.  For every 100 females, there were 109.1 males, though for every 100 females age 18 and over, there were 107.7 males.

Economically speaking, the median income for a Cape Canaveral household was $30,858, and the median income for a family was $43,109.   Males in the city had a median income of $33,571 versus $22,423 for females. The per capita income for the Cape Canaveral was $23,537. About 9.2% of families and 11.6% of the population were below the poverty line, including 28.7% of those under age 18 and 7.1% of those age 65 or over.

History of the City of Cape Canaveral, Florida

The history of Cape Canaveral, Florida traces back to the first permanent settlement established in 1848.  The first contemporary structure was a lighthouse, prompting a few families to move in and a small, but stable, town developed.  Over time, when the threat of attacks by native tribes started to decrease in number, settlers began to move into the area around the Indian River.

In the 1920s, a group of journalists from Orlando invested funds to purchase beach acreage that is now the area encompassing several president-themed streets in Cape Canaveral.  The group named their development Journalista in honor of their profession.  The retreat was intended to be a seasonal haven for inland residents that would one day become as popular a resort area as the fashionable Cocoa Beach a few miles to the south.  A main factor in the town‘s development as a coveted destination was the construction of wooden bridge connecting Merritt Island to the area.

Around the same time, fishermen, retirees, and descendants of the original official lighthouse keeper of the Cape Canaveral Light resided in the northern part of the present-day Cape Canaveral  city limits.  The regions was named Artesia and it occupied the area that is now Port Canaveral.

With the Great Depression came many hardships to the area, and many investors defaulted on their holdings.  A wealthy newspaper owner and his son recovered much of this land after they sold property in Orlando, and they used the remaining $4,500 to purchase much of the Avon area.  Their dream was that a port would be developed and a direct route to Orlando would eventually be constructed.

By the 1950s, the region benefited from the boon of America’s Space Program.  According to local law at the time, an adjacent city could annex an unincorporated area without requiring a vote of the residents.  Therefore, property owners were discussing the feasibility of forming a new municipality in order to avoid a possible annexation by the City of Cocoa Beach.

Property owners were asked for their position on the proposed annexation into Cocoa Beach.  With the drawbacks of Cocoa Beach’s substantial city debt and exorbitant land taxes, most residents preferred not to become part of the city to the south.  Therefore, the landowners decided that the time was right to pursue incorporation and create a city of their own.