Great news for first-time homebuyers who are looking to make homeownership a reality! V.I. Housing Finance Authority (VIHFA) announced the launch of the ‘Own A Lot, Build a Home’ program, a secondary financing initiative providing 20-year, zero-percent forgivable grants up to $250,000 for the construction of new single-family homes, as reported by the St. Croix Source. The program targets low-to-moderate-income eligible residents who own land, but also need financial assistance to develop it. Financing assistance will hopefully make home construction affordable for residents. The VIHFA has partnered with Banco Popular for the program. Read more about the requirements and the application on the VIHFA website. Read the full article here.
The territory has been experiencing severe flight shortages between St. Croix and St. Thomas since 2022, so we are excited to hear that more flight options are on the horizon! As the VI Daily News reported, Cape Air and Silver Airways currently offer flights between St. Thomas and St. Croix, but the high cost, a lack of available flights, and cancellations has caused frustration for the traveling public.
The Virgin Islands Port Authority recently hosted a ribbon-cutting ceremony to welcome Fly the Whale, the newest airline to provide air service between St. Croix and St. Thomas, U.S. Virgin Islands. Fly the Whale will begin daily flights between St. Croix and St. Thomas with a soft launch of four flights on Friday, April 27, 2023 as described in the press release.
According to an article from the VI Consortium, the aircraft are said to be just a little bigger than Cape Air planes and seat about 9 people. Read full article here.
Watch the video on the Fly the Whale aircraft flight commencing between St. Thomas and St. Croix below.
WAPA plans to install substantial amounts of solar and wind energy facilities in the next two years! Great news on the recent announcements of power purchase agreements for the wind and solar projects on St Croix, St. Thomas, and St. John! According to an article on VI Consortium, the governing board of the VI Water and Power Authority (WAPA) approved contracts that include wind farms on St. Croix and St. Thomas, as well as two solar parks on each of those two islands, and one on St. John. When completed, the wind and solar projects will provide as much as one third of the territory’s annual energy needs according to WAPA CEO Andrew Smith. Read the full article here.
Are you ready to list your home? Are you looking for a new home on St. Croix? We encourage you to take a look at the March 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.
Question: ““Sometimes I see 3 units for sale on a property zoned R-1 or R-2 when there should only be 2 permitted by code. Why is that?”
Chris’ Answer:
This is permitted if there are two separate lots involved being sold together. If they are both R-1 or R-2, buying both lots means that you can have 3 units, and even 4.
Another reason you see this is that the building codes could have changed after the units were built. After Hurricane Hugo in 1989, building codes did change, and anything built or repaired after the hurricane was built to the new codes.
Sometimes people put in another apartment without thinking about the zoning. Unless it’s a cash sale, to meet mortgage lenders’ requirements, the building would need to meet the current code as to the number of living spaces. For example, if it’s a single lot zoned R-1, and there are 3 kitchens (denoting a separate apartment), one kitchen would need to be removed for the property to qualify for financing.
See our discussion about the different zones for multi-unit listings here.
