Congratulations to St. Croix for being selected for a major national award that will boost St. Croix’s natural ecosystems! The National Fish and Wildlife Foundation (NFWF) announced this month that 74 new grants totaling $141.3 million through the 2023 America the Beautiful Challenge (ATBC). St. Croix received a $2.1 million grant for the project, titled “Human and Nature Connections: U.S. Virgin Islands Territorial Parks, Waters, Trails, and Work Program,” which is a collaborative effort involving The Nature Conservancy, Crucian Heritage and Nature Tourism, and the Virgin Islands Trail Alliance according to an article from the VI Consortium. It also said the initiative aims to employ a youth conservation corps to restore over a quarter of the wetlands on the island. This will establish habitat corridors spanning between Altona Lagoon and Great Pond, stretching from the north to the south shores of the island. This will include new hiking trails too. An article from St. Croix Source said that the initiative, managed by the new Territorial Parks System, is slated to increase public land protection from 5 to 12%, increasing opportunities for the public to connect with nature through activities such as hiking, biking, birding, fishing and other wildlife experiences.
NFWF‘s Description of the Grant Awarded Project
Leveraging Public-Private Partnerships to Connect Conserved Lands of the U.S. Virgin Islands Grantee: Government of the Virgin Islands
Create the first conservation corridor that spans the length of St. Croix by partnering with local organizations and employing a youth green skills corps. Project will expand public access while stemming erosion along 2.11 miles of beach and will use environmental engineering interventions and reforestation to restore a total of 260 acres or 27 percent of wetlands on St. Croix.
(for a complete list of awardees and their projects, click here)
Find the monthly sales data, inventory, and days on market for the St. Croix, USVI real estate market! We have downloadable Coldwell Banker real estate reports — available below for each category: Homes & Condos, Condos, Homes, and Land!
If you are not familiar with with the implications of the data, please give us a call or email us directly with any questions. We are Accredited Buyer’s Representative (ABR) and Seller Representative Specialist (SRS) and have the experience and local knowledge to help you in every step of the process. We can help you narrow down neighborhoods based on your priorities. We can also advise you on the market trends in your desired neighborhoods.
Are you thinking of moving your business to St. Croix, or beginning a new business on island? Should you lease or buy an existing building, or purchase land to build what you envision?
The location of your business will determine how convenient and cost effective it is to operate and how accessible it is to the public. These will be key factors in your decision making, along with zoning of course. As these examples of 6 Company St and 28 Diamond show, a downtown Christiansted property is perfect for a retail or restaurant endeavor, or small office space. It’s a popular location for shops, restaurants, and professional offices. The land parcel would be a great location for a business that needs to be close to busy streets, the airport, and near the deep water container port. These are two very different locations for very different types of businesses.
If you would like to discuss more about this and look at commercial listings on St. Croix, please contact us. We are experienced realtors who also represent buyers and sellers with commercial real estate needs.
Question: “Will you put these recent rate increases into historical perspective for us?
Looking back, starting in the 1980’s by decade, on a Freddie Mac 30. Year fixed mortgage for a primary residence, the rates from the St. Louis Fed Survey looked like this:
1980’s – about 9.00% 1990’s – about 6.75% 2000’s – about 5.25% 2010’s – about 3.50% 2020’s – about 2.75% and we are currently hovering just under 8%
We’ve all gotten accustomed to the lower rates over the last 10 years. We are now entering a period where the rates are normalizing and that rate environment is more in line with historical rates. These current rates are more in line with what the “cost of money” should be based on the last four plus decades.
Question: “What effect has the increase in mortgage rates had on buyers and sellers?
Christie’s Answer:
Here are the three things which have the potential to affect on Buyers:
The cost of homeownership has increased.
It is affecting the ability of some buyers to qualify for a mortgage.
In markets such as this, some lenders tend to become a little more conservative. While we don’t expect them to change guidelines, we do expect that they may become more conservative in their pricing.
Sellers could be affected in these ways:
Second home sales, whether houses or condos, may begin to slow. This is a big part of the St. Croix market.
Investment and speculative buying may also begin to slow. These buyers are likely to search out other investment options which may b more attractive as rates increase.
As the real estate markets and players try to “right size” themselves after a few boom years, we may find that Days on Market will be affected.
