According to the Washington Post, over the past 18 months, mortgage rates have more than doubled as the Federal Reserve has repeatedly increased interest rates to fight inflation. Mortgage rates jumped to their highest level in more than two decades, with the average 30-year fixed loan coming in at 7.09 percent the week before this August 18, 2023 article was published. Read the full article here, we recommend it!
Mortgages have become more expensive because of the Federal Reserve’s campaign to get inflation under control by raising short-term interest rates to try to cool down the economy. This also causes longer-term rates like mortgages to also rise (see what experts say about this in an article from CBS News here).
The higher rates make home-ownership less affordable for many would-be buyers who rely on home financing. Similarly, the higher rates have also made potential sellers reluctant to sell their current homes for those who would likely have to pay more in mortgages for their next house purchase. However, industry analysts point out that home buyers still bought homes and took out mortgages when mortgage rates climbed throughout the 1970s and reached more than 18 percent in the early 1980s.
When home buyers with concerns on the high interest rates ask us when is the right time to buy, we advise buyers that the decision is based on their own readiness to buy and comfort level. Here on St. Croix, every property is truly unique. As we tell people, it may be your “forever home”, but it doesn’t have to be your “forever loan”. When interest rates go down, you can refinance, and you will have the property you love!
Find the monthly insight and sales data for the St. Croix, USVI real estate market! We have downloadable Coldwell Banker real estate reports — available below for each category: All Properties, Condos, Single Family Homes, and Land! The sales data will be help you understand the number of listings sold, days on market, the median price listed and sold, and much more.
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.
On our scenic drives on the East End of the island, we often stop by and visit Cramer’s Park. It is a popular local park and beach amongst locals and a wonderful place to spend time with family and friends. It is close by Point Udall a popular attraction on St. Croix that we often frequent. Cramer’s Park has been undergoing a complete renovation of the facilities as part of the Cramer’s Park Pavilions Hurricane Repair Project by the USVI Department of Sports Parks and Recreation.
When you visit, look for the beautiful Bas Reliefs at the park pavilion area. We always enjoy the artwork here. As part of the repair project, the wall behind the Bas Reliefs received some a new coat of green paint that better help accentuate these marine sculptures. Raised a few inches from the background, the sculptures have an interesting three-dimensional effect.
As you can see from the plaque, the Bas Reliefs is a part of a sculpture project by the The Coral Conservation Corps is an after school program composed of students learning about St. Croix’s coral reef ecosystems, marine stewardship and advocacy. Thanks to the sponsorship of the Buccaneer Hotel, artist Kate Miller, and the Manor School, this Bas Relief mural of was completed in 2012.
If you are visiting Cramer’s Park, stop by the pavilion area and enjoy the beautiful artwork at the park!
Jump Up Deli and Dem Tings is a classic deli and gift boutique with a Caribbean twist. Find classic deli sandwiches, traditional meats, cheeses, soups and salads at this unique bistro tucked away in the courtyard of Apothecary Hall on Company Street. Owners Ellen Ross and Todd Kirkpatrick both moved to St. Croix in 2017 before hurricanes Irma and Maria. Through a shared love of football and supporting one another during the catastrophic storms, they fell in love. The connection they witnessed and felt during the rebuilding of the island solidified their desire to become part of the downtown Christiansted community by providing a fun place for families and kids to eat, laugh, and shop.
Todd is an accomplished chef who dreamed of one day opening a New York style deli featuring sliced meats and cheeses, fresh salads, soups, and sides. Ellen brought her talent in sales and marketing that expanded during her time at Procter and Gamble offering all “Dem Tings” you didn’t know you needed. There is something for everyone at this unique St. Croix gift boutique, from tadpole tings for kids, mermaid tings for women, pirate tings for men, and furry friend tings for pets. “It’s a crazy little store, and we have fun with the selections we offer,” said Ellen. She boasted that they have the best selection of toys and treats for all kinds of pets, including dog and cat wines. “You can alter your attitude and your animal’s attitude at Dem Tings!”
Jump Up Deli and Dem Tings opened in December 2022, and they knew they found the perfect location in the former Café Christine location in Apothecary Hall. The deli menu items are named after notable island landmarks and locations, like the ever-popular hot sandwiches named The Christiansted and The Blue Mountain. They offer gluten-free and vegetarian options as well. This family friendly café makes waiting a pleasant pastime with fun games on the porch tables and a pirate chest with free toys for the kids. “We want to make sure kids can have fun along with the adults.” Customers visiting the deli also get to snap a picture of them jumping up in the space. The tradition started when a guest said their order made them jump up with joy; since then, every new customer gets their picture taken mid-jump when they jump for joy with their orders.
Each Art Thursday, they host “Arf Thursday” where St. Croix Animal Welfare Center sets up a petting area with their loveable pets to encourage adoption and donations to the organization. Beautiful artwork from their artists-in-residence, Pat Alfrey and Emelyn Morris-Sayre, are also on display for purchase and viewing during the event.
Jump Up Deli and Dem Tings is opened Tuesday to Friday from 10am to 5pm and Saturday from 10am to 4pm. The store opens at 10am; the grill opens at 11am. You can find them in downtown Christiansted at 6 Company Street in the historic Apothecary Hall courtyard across from LEVELS VI. Check out their menu and see more of “dem tings” they offer by visiting their website at www.jumpupdeli.com. For takeout orders, call 340.712.0002.
Question: “I’m interested in buying land to build a commercial property. Who would I contact?”
Chris’s Answer:
The same lending institutions for home loans could potentially lend to build a commercial property. The Lender’s Commercial Loan Department handles this type of lending. They will require much of the same information in our other Q&A. It’s always a good idea to call to speak with a Commercial Loan Officer.
