Apr 12, 2023 | Reports
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.
Open reports by clicking on links below:
All Property Types – March 2023 Area Report
Single Family Homes – March 2023 Area Report
Condo – March 2023 Area Report
Land – March 2023 Area Report
Note: The average sales price and the average days on market could be skewed greatly by only one sale or because of the small number of sales.
#stcroixusvi #usvirginislands #virginislands #realestate #realtor #coldwellbanker #caribbean #caribbeanhomes
Mar 31, 2023 | QA
Published on our March 2023 Newsletter
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.
#multiunitlistings #stcroixusvi #usvi #virginislands #realestate #realestateagent #realtor #coldwellbanker #chrisrealestate #realestatequestions
Mar 31, 2023 | QA
Published on our March 2023 Newsletter
Question: “What zoning allows multiple units?”
Christie’s Answer:
When buying or building a multi-unit property, the zoning is important. R-1 is Residential — Low density and R-2 is also Residential — Low density, both allow accessory buildings and Detached Single-Family and Two-Family Dwellings.
R-3 Zoning is Residential — Medium density which allows Attached, Detached, Group, Multiple, Semi-detached and Single-Family and Two-Family Dwellings.
#multiunitlistings #stcroixusvi #usvi #virginislands #realestate #realestateagent #realtor #coldwellbanker #christiesrealestate #realestatequestions
Mar 28, 2023 | Island News
On St. Croix, we are generally seeing homebuyers putting less money down now compared to 2 years ago, similar to what is happening in other US markets. According to a report from Redfin in March 2023 that looked at 40 of the most populous metropolitan areas in the US, and records indicating homebuyers who took out a mortgage, the typical down payment of a US homebuyer has fallen 10% from a year ago for the purchase price of the house. The median down payment is now 10% of the purchase price of the house, off its peak of 17.5%, (which amounted to $65,000), in May 2022. You can find the full report on Redfin and a good summary in this Axios article.
With elevated mortgage rates compared to years past, and home prices staying steady, buyers are facing higher monthly mortgage payments, and therefore more constrained in what they can afford to put down, as pointed out in the Axios article. On St. Croix, we are also seeing some earnest money deposits less than 10% for some higher price properties.
What does this mean for homebuyers? Whether you are searching for a modest home or financing a premiere property, it’s still possible to get your offer accepted with a smaller down payment compared to one or two years ago.
#homebuying #mortgages #downpayment #stcroixusvi #virginislands #coldwellbanker #realestate #realtor
Mar 22, 2023 | Island News
The Buccaneer Beach & Golf Resort and V.I. Department of Tourism shared news about the improved flight connectivity to St. Croix in a recent article on St. Croix Source! This is excellent news! Here are the highlights:
American Airlines
- Operate twice daily in their St. Croix service, including flights which arrive in both the afternoon and evening and depart St. Croix early morning and in the afternoon. There is convenient inbound and outbound connections to and from a vast number of U.S. cities, including the west coast!
- Serve St. Croix’s Henry E. Rohlsen Airport (STX) from Miami (MIA) with twice-daily flights through the summer peak. Service will scale back to daily service in the fall. Then in early November, twice-daily flights resume to meet the holiday demand, including Thanksgiving and Christmas. Weekly Saturday service is available for visitors originating in or transiting through Charlotte, N.C., throughout the year with some expected reductions in the fall.
Delta Airlines
- Operate flights five days per week through early April from Atlanta, with weekly Saturday service scheduled from mid-April through the summer as well as certain periods in the fall. Daily flights will be available to meet the high travel demand from mid-December 2023 to early January 2024.
Spirit Airlines
- Offers daily nonstop service to St. Croix out of Fort Lauderdale, Fla.
#stcroixusvi #virginislands #tourism #flights
