It’s great news to see the new loan limits for 2023 on St. Croix, USVI for conventional and FHA loans. The caps have raised which means more potential buyers will qualify. With the recently lower mortgages rates (it has for the last 4 weeks!) and the increased loan limits for the upcoming year, this means homes would be more affordable to buyers who qualify.
Conventional Loan Limits for St Croix
Units:
1- $1,089,300
2- $1,394,775
3- $1,685,850
4- $2,095,200
FHA Loan Limits for St. Croix
Units:
1- $472,030
2- $604,400
3- $730,525
4- $907,900
In addition, Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 8 (according to the recent NAR Magazine):
30-year fixed-rate mortgages: averaged 6.33%, continuing their fall from previous week’s 6.49% average. Last year at this time, 30-year rates averaged 3.10%.
15-year fixed-rate mortgages: averaged 5.67%, dropping from previous week’s 5.76% average. A year ago, 15-year rates averaged 2.38%.
For more information on mortgages on island, here are some links that will be helpful:
Celebrate, hydrate and rejuvenate at the 2022 Crucian Coconut Festival on St. Croix! Hosted by St. Croix Farmers in Action, Inc., the Crucian Coconut Festival is focused on identifying and highlighting ways to reignite St. Croix’s economy with the help of coconuts. This two-day event offers a rich, cultural display of this cherished Caribbean fruit while showcasing the benefits of the coconut and coconut farming. Filled with numerous activities for the entire family, attendees can enjoy educational presentations, cooking demos, activities, games and live local music at this year’s festival. Coconuts create a wide assortment of byproducts that are used and enjoyed by people worldwide and is one of the few fruits in the world that has that capability.
The Crucian Coconut Festival does more than shine a light on coconuts. This event brings the community together in a safe, family friendly environment to support entrepreneurs, small businesses and farmers. The expansion of last year’s festival included the addition of the fine art exhibit complete with live entertainment on the opening night. This year will see a continuation of the art exhibit, showcasing visual art pieces by more than 30 artists of varying disciplines across the Virgin Islands, including woodworkers, painters and steel sculpture artists. The newest addition to the festival lineup is the Music and Fashion Show produced by local clothing brand, UpperClass OG. The show will feature some of the territory’s top local brands as they walk the runway and show off the creative spirit of our Virgin Islands.
Thanks to several vendors that will be in attendance, there will be an abundance of coconut-inspired crafts, local foods and treats available for purchase. The onsite greenhouse will host aquaponic tours that show how produce is grown using this fish powered food production system. There will also be a host of interactive educational presentations about the coconut as well as a family activity center with craft baskets and bags filled with coconut learning activities. Popular competitions will return such as the coconut jelly scooping contest and coconut husking competition where speed is the name of the game.
The Crucian Coconut Festival will kick off with the Fine Art Exhibit at Estate Bethlehem Sugar Factory on Friday, December 2nd from 4pm to 9pm; $25 entry fee for the opening night. An extension of the Fine Art Exhibit is the music & fashion show on Saturday, December 3rd from 7pm to 10pm; $15 entry fee per attendee. The main festival event will take place on Saturday, December 3rd and Sunday, December 4th from 11am to 6pm; $10 entry fee for all attendees. For more information, visit www.cruciancoconutfestival.net or call 340.332.7228.
Article written by Anquanette Gaspard (agaspard@cruzanfoodie.com) for Coldwell Banker, St. Croix Realty
Great news for the island, great news for Christiansted! The Protestant Cay redevelopment projects has been in the news throughout the year. Last week, The VI Consortium reported that the previous owners of the Protestant Cay property on St. Croix, known as Hotel on the Cay, have reached a deal with the Government of the Virgin Islands and the new operators, which will allow the renovation and expansion of the 7.2-acre iconic hotel property.
To illustrate the scope of the project, take a look at these notable articles:
“New Operators of Hotel on the Cay Settles With Former Owners; Lawmakers Impressed With Development Plans” – VI Consortium, November 17, 2022
“Protestant Cay Redevelopment Floated To Senate” – St Croix Source, November 15, 2022
“Bryan announces $25M lease to redevelop Hotel on The Cay property” – Virgin Islands Daily News, October 25, 2022
“$55 million project to transform St. Croix’s Hotel on the Cay” – Caribbean Journal, August 19, 2022
“Developer Eyes 2024 Completion for New $55 Million Hotel on the Cay; 115-Room Facility to be Renamed Christiansted Harbor Resort Hotel & Marina” – Virgin Islands Consortium, May 5, 2021
Secretary of the Interior Deb Haaland visited the Nature Conservancy on St. Croix in November and in a press conference, she highlighted the efforts to bolster coastal and climate resilience in the U.S. territories in a brief press conference held Saturday .
According to the St. Croix Source, Haaland said that Interior has invested $570,000 in the U.S. Virgin Islands and provided $400,000 in fiscal year 2022 for the coral reef and natural reef initiative. The program provides grant funding and management and protection of coral reefs to combat invasive species in insular areas, contributing to the health of coral reef ecosystems and other natural resources for long-term economic and social benefits.
Haaland also commented that she learned about the massive destruction caused by hurricanes Irma and Maria to homes, businesses, and communities, impacting people’s livelihoods and the economy, as well as damaging coral reefs on both St. Croix and St. John. She also learned about ongoing restoration work in the community as well as ongoing work to restore and maintain coral reefs that will sustain a healthy environment for the territory.
Photo provided by the Department of Interior, featuringSecretary of the Interior Deb Haaland taking a glimpse at the coral restoration process on St. Croix
Congratulations to the five USVI nonprofit organizations that received $10,000 grants each from The Community Foundation of the Virgin Islands (CFVI) as part of the recently established Popular VI Community Fund. These 5 organizations provide direct services in one or more of the grant’s focus areas, such as youth programs, entrepreneurship and/or environmental protection.
• Lion Haven Community Center in St. Croix plans to use its grant to focus on improving the academic performance, health and fitness, and social skills of 35-50 young people while also building and nurturing their creative talents.
• Caribbean Museum Center for the Arts is using the funding to continue its artist-in-residence program by bringing new artists, different perspectives, and fresh ideas to St. Croix.
• Virgin Islands Justice Initiative is using the grant to support its Youth Restorative Justice Program, which focuses on youth ages 18 to 26 who are currently attending or have recently completed a job training program and have a criminal arrest record that needs to be expunged.
• Gifft Hill School in St. John received a grant to support an after-school program that will provide tutoring services and enrichment club activities for 150-200 students throughout the course of the school year.
• United Jazz Foundation received grant funding to support a program that uses music to enhance student’s life skills and build their social intellect, music writing and notation skills, self-determination, experience in a professional recording environment, and the ability to express and convey their personal story through their craft in a public space.
According to a press release by the Banco Popular of Puerto Rico, the purpose of the fund is to support the philanthropic interests of and its employees in the islands. The bank established the Popular VI Community Fund at CFVI with an initial donation of $100,000. This initiative focuses on the well-being of the communities. Popular operates on St. Thomas, St. Croix, St. John, Water Island and Tortola. Read the full reporting from St. Croix Source and The Virgin Islands Daily News.
We recently saw 2 interesting hotel development news here on St. Croix. This is great news for tourism and the hospitality industry on island.
Hotel on the Cay
On an October 24, 2022 Facebook post, Governor Albert Bryan announced that the Government of the Virgin Islands has signed a fully negotiated and executed lease agreement with Christiansted Harbor Resort and Marina LLC for the redevelopment of the historic 7.2-acre Hotel on the Cayproperty (photo above). Governor Bryan is transmitting that agreement to the Legislature for its approval and ratification. Under the terms of the agreement, the company will receive a 60-year lease and undertake a two-phased $25 million renovation of the resort which includes:
renovation of the 55 existing hotel units
upgrades to the pool and existing restaurants
construction of 60 additional hotel units
dock extensions and ferry improvements.
To contact the hotel, call 1-855-654-0301.
Chenay Bay Beach & Resort
Also on October 21, 2022, Chenay Bay Beach & Resortannounced on their Facebook page that the property is officially under new ownership and management that day. They plan to re-open the restaurant in a few weeks and will be completely rebranding the property, renovating all cottages, building two new pools and a new restaurant. The cottage renovations will begin right away, the plans and permits for the pools and new restaurant will start later. The owners aim to break ground around April 2023, pending permitting, and be complete by November 2023. Call the resort for reservations at +1 340-201-1309.
