Jul 31, 2023 | QA
Published on our July 2023 Newsletter
Question: “Can I use my lender in the states to get a loan for a property on St. Croix?”
Christie’s Answer:
It’s very important to use a lender who is licensed in the US Virgin Islands and complies with our laws.
Some Buyers do use a Home Equity Line of Credit Loan (HELOC). They are borrowing against the available equity in their stateside home and that house is used as collateral for the line of credit.
We would be happy to send you a complete list of licensed local and national lenders so that you have options. This includes both banks and mortgage companies. Contact us here!
Jun 30, 2023 | QA
Published on our June 2023 Newsletter
Question: “What are the different zoning codes I will see on a listing?”
Chris’ Answer:
When you are buying land to build your island home, it is important to know if you can use the land as planned. The most common zones you will see:
R-1 – residential, low density, set backs – 15 feet all sides
R-2 – residential low density (1 – 2 family dwellings), set backs – 15 feet front, 10 feet rear and sides
These are all of the zones:
A-1 Agricultural District
A-2 Agricultural District
R-1 Residence—Low Density
R-2 Residence—Low Density
R-3 Residence—Medium Density
R-4 Residence—Medium Density
R-5 Residence—High Density
B-1 Business—Central Business District
B-2 Business—Secondary
B-3 Business—Scattered
B-4 Business—Residential Areas
C Commercial
I-1 Industry—Heavy
I-2 Industry—Light
W-1 Waterfront—Pleasure
W-2 Waterfront—Commercial—Industrial
P Public
S Special
For in-depth descriptions of the different codes, their uses, and their restrictions, go to: https://law.justia.com/codes/virgin-islands/2019/title-29/chapter-3/subchapter-i/229/
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.
Jun 29, 2023 | QA
Published on our June 2023 Newsletter
Question: “What are zoning codes and what do the different codes mean?”
Christie’s Answer:
We get this question a lot from buyers and sellers! Zoning codes are a set of rules that regulate what can and can’t be done on a particular piece of property. There are four different types of land use zoning:
Functional zoning – residential, commercial, waterfront, administrative, industrial, and green space.
Intensity zoning – high density, average density, low density, no development.
Incentive zoning – rewards for development in defined areas.
Form based zoning – focuses on physical characteristics, defined as a form of urban identity.
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.
Jun 2, 2023 | QA
Published on our May 2023 Newsletter
Question: “At the $500,000 – $1,000,000 price point, will the house have a sea view?”
Christie’s Answer:
Of the 32 homes available today, 19 had sea views, and several more had more of a peek-a-boo sea view. Sometimes views can be opened up or enlarged by trimming plants and trees. The right house for you might have a view you can expand.
What $500,000 – $1,000,000 can buy you? In our November 2022 newsletter we discussed what $150,000 – $300,000 could buy you here on St. Croix. In our February 2023 newsletter we looked at what $300,000 – $500,000 could buy. This month’s newsletter has the next installment of that conversation. If you would like to see the other newsletters, go to our Contact Us page. That’s where you can sign up for the newsletters. There’s also a button to click which takes you to our last newsletter. Once there, in the top left side of the page is a button to click to see all the past newsletters.
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.
Jun 2, 2023 | QA
Published on our May 2023 Newsletter
Question: “At the $500,000 – $1,000,000 price point, will the house have a pool?”
Chris’ Answer:
Possibly. Of the 32 homes available today, 16 had pools. What’s important is the house. if you find the right house and there is not already a pool there, often pools can be added. Just make sure that there is room for one.
What $500,000 – $1,000,000 can buy you? In our November 2022 newsletter we discussed what $150,000 – $300,000 could buy you here on St. Croix. In our February 2023 newsletter we looked at what $300,000 – $500,000 could buy. This month’s newsletter has the next installment of that conversation. If you would like to see the other newsletters, go to our Contact Us page. That’s where you can sign up for the newsletters. There’s also a button to click which takes you to our last newsletter. Once there, in the top left side of the page is a button to click to see all the past newsletters.
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.
May 1, 2023 | QA
Published on our April 2023 Newsletter
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.
