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.
May 1, 2023 | QA
Published on our April 2023 Newsletter
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.
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
