Oct 10, 2023 | Reports
Find the monthly sales data, inventory, and days on market for the St. Croix, USVI real estate market! We have downloadable Coldwell Banker real estate reports — available below for each category: Homes & Condos, Condos, Homes, and Land!
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:
Homes & Condos – September 2023 Area Report
Homes – September 2023 Area Report
Condo – September 2023 Area Report
Land – September 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
Sep 29, 2023 | QA
Published on our September 2023 Newsletter
Question: “Why don’t so many condo complexes qualify for financing?
Chris’s Answer:
Currently most condos on St. Croix must be purchased for cash since they don’t qualify for financing. A condo complex is warrantable if it operates as closely to a residence as possible and is not seen as a “condo hotel” and complies with Fannie Mae and Freddie Mac Mortgage guidelines. When lenders are considering loans on condos in a specific complex, they look at many factors: some HOAs, while insured, don’t meet the lenders guidelines for coverage, the number of vacation rentals in condo complexes is increasing, and a couple of condo complexes rent office space to agencies that rent condos inside the complex which can appear to lenders that the complex is a condo hotel.
After Hurricane Maria in 2017, insurance companies paid claims which were sometimes substantial. 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.
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 into some complexes until these issues can be resolved by the insurers and individual HOAs. Many of the Condo Boards on St. Croix are currently reviewing these issues, and working with the insurers to make adjustments to their coverage so that lenders are satisfied.
Do you have other real estate questions, contact us!
Sep 29, 2023 | QA
Published on our September 2023 Newsletter
Question: “Why does it seem like Home Owner’s Association (HOA) fees are high on condos?”
Christie’s Answer:
Often people compare condo fees on St. Croix to condo fees in the states. A big difference is the HOA fees here usually include windstorm insurance. This is essential to have because it means that each individual condo and the common areas are insured and that the entire complex would be covered for damage from a storm. Those HOA fees cover other things too. While they vary from complex to complex, those other items usually include: maintenance of the exterior of the buildings, professional landscaping, pool maintenance, administrative expenses, monthly pest control, TV, and internet. Basically the complex can’t run and be maintained without the owners sharing in the expenses of the upkeep. When looking at HOA fees, consider what they include, and what they are not including, so that you know your own responsibility for other services.
Do you have other real estate questions, contact us!
Sep 11, 2023 | Reports
Find the monthly insight and sales data for the St. Croix, USVI real estate market! We have downloadable Coldwell Banker real estate reports — available below for each category: Homes & Condos, Condos, 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:
Homes & Condos – August 2023 Area Report
Homes – August 2023 Area Report
Condo – August 2023 Area Report
Land – August 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
Aug 31, 2023 | QA
Published on our August 2023 Newsletter
Question: “What are some things which add value to a home in a remodel?”
Chris’ Answer: When remodeling a home, consider the different ways you can increase value to the home:
- REDECORATING – Redecorating is the most popular home improvement. Changing the paint color is a relatively inexpensive way to improve your living space. Other things like new accent pillows, area rugs, and artwork make big changes!
- KITCHEN – Kitchens are often the main focus. You may not be able to afford a whole new kitchen but, for a relatively small budget, painting units or replacing cupboard handles or doors are great alternatives. Good lighting and clutter-free, clean surfaces will also make a big difference.
- FRESH BATHROOMS – In the bathroom, re-grouting, eliminating all limescale and replacing fixtures are good options. Bathrooms need to look fresh and hygienic.
- GARDEN APPEAL – If you have a front garden, spend a little time sprucing it up. Add plants in the flower beds or pots, and have a clear pathway. In the backyard, a well-designed garden can add a great deal of value. It should feel like an extra space for entertaining or relaxing.
- THE FRONT DOOR – First impressions count, and the front door of your home can say a lot about the rest of the house.
- LOOK SMART AND BE ENERGY EFFICIENT – Smart home technologies are increasingly important, along with solar or wind systems, to the value of a home. Statement systems like multi-room music platforms can also make a difference.
- FIX SUPERFICIAL DEFECTS – Small problems and defects can create an impression of a house being run down or not well cared for. Things to look out for include: peeling paint, dirty walls, dripping taps, squeaky floors, doors or stairs, and moldy sealant in kitchens or bathrooms.
