Question: “Why are many condos sales cash sales only?”
Chris’ Answer:
After Hurricane Maria in 2017, insurance companies paid claims which were sometimes substantial. This is why you have insurance and why insurance premiums are usually included in HOA Fees. Many insurers decided to raise their premiums in subsequent years. Condo complexes handled those rate increases in different ways. Some passed them along as either increases in the monthly HOA fees or as special one time assessments. Some HOAs reduced their premiums by increasing their deductibles or by lowering the amount of their insurance coverage. This caused some unintended consequences.
Lenders want the properties they finance to have a certain amount of insurance coverage. Some lenders have become unwilling, in the short term, to lend on some complexes until these issues can be resolved by the insurers and individual HOAs. Condo Boards, and often special Condo Committees, are currently reviewing these issues, and working with the insurers to make adjustments to their coverage so that lenders are satisfied.
Contact us with any questions about home buying on St. Croix. We have worked with many Buyers on and off the island to purchase their dream home on St. Croix. We can help you with every step of the process.
Question: “I have concerns about the higher interest rates, and don’t know if I should buy now?”
Christie’s Answer:
Although interest rates are higher than a year ago, Buyers are understanding that if they see a property they really like, they should go ahead and buy it. Every property on St. Croix 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!
Contact us with any questions about home buying on St. Croix. We have worked with many Buyers on and off the island to purchase their dream home on St. Croix. We can help you with every step of the process.
We talked to a young friend from the states visiting family on St. Croix. He showed us this quarter. The night before he had gone with his family on the bioluminescence tour in the Salt River Bay National Historical Park and Ecological Preserve and described his delight in the tour seeing the mangrove forests in person! He knew a lot about the mangroves and why they are important to the wildlife. It was wonderful to hear! Now he has his own connection to that amazing habitat through his coin.
Mangroves are very important to wildlife and marine life. According to the National Park Service, magnificent mangroves are flowering trees that live in saltwater or brackish water in mudflats near shorelines. Red Mangroves are the most distinctive, with their complex ariel prop roots. These root systems, when submerged, support a diverse community of sponges, ascidians, algae, corals and crabs.
If you thinking about taking a bioluminescence tour on St. Croix, we recommend you taking a look at Go To St. Croix’s article. It highlights two of the Caribbean’s rare bioluminescent bays at Salt River Bay National Historical Park and Ecological Preserve and Altona Lagoon.
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.
