Dec 1, 2023 | QA
Published on our November 2023 Newsletter
Question: “What are the top 5 hidden costs of home buying?”
Chris’ Answer:
- Closing costs, prepaid fees, and other fees. Getting a loan costs money. Plan on paying for your loan to be processed along with an appraisal fee. Closing costs and prepaid fees generally range between 3% – 5% of the purchase price.
- Inspections. We feel an inspection by a licensed home inspector is key to any home or condo purchase. The owner will disclose anything of which they are aware, but an inspector will give you a full detailed report. For a home or land, you will want a survey done. Often an appraisal is needed.
- Association fees. Condos have HOA fees. Some homes do, too. These fees will be pro-rated for the year at closing.
- Maintenance, repairs, and decorating. Your monthly budget responsibilities after purchase could include landscaping, pool maintenance, pest control, garbage pickup, cable TV, and internet. Also, you will want to make your new home YOURS. So, budget for decor, paint, landscaping, furniture, or anything else you may want to change.
- Utility bills. Don’t let budgeting for utilities get lost in your excitement. Think about the energy you will be using (water, electricity, AC, pool, washer/dryer, etc.), and add that to your monthly budget.
Contact us with any real estate questions!
Dec 1, 2023 | QA
Published on our November 2023 Newsletter
Question: “What is holding buyers back from buying a property?
Christie’s Answer: Inventory and affordability are the two top issues for Buyers, according to ABR’s (Accredited Buyers’ Representative) monthly magazine. The third issue is that Buyers seem to have unrealistic expectations.
On St. Croix, inventory has been low for several years, and this continues to be true. Since every property here is truly unique, it’s important to be ready to make an offer when a property you love becomes available. It most likely will be sold when you are ready to relocate. Buy it now! Until you are ready to live there yourself, you can rent it as either long-term, or a vacation rental. Knowing what you would like in a property and possible location on the island is key to a successful purchase.
Buying property on St. Croix differs from buying property in most states. To assist our Buyers to have realistic expectations, we take time to discuss the process, and answer all questions.
Despite all of the preparations, sometimes there are unforeseen challenges which can delay closing. For example, on one large parcel of land we sold, an archeological site was found of a Pre-Columbian ball court. Historical research was needed, and legal documents prepared. Ultimately, that portion of the land could not be disturbed by the new owners. They were delighted to have such a site on their land!
Contact us with any real estate questions!
Nov 20, 2023 | Community Events, Island News
The unofficial start of the holiday season on St. Croix begins with Christiansted Holiday Jump Up. To “jump up” means to dance with jubilation, and guests should expect to fully commit to doing this and much more at this popular event! A festival-like block party, Christiansted Holiday Jump Up is when the streets of downtown Christiansted are blocked off to vehicular traffic to allow everyone to “jump up” and enjoy an evening of excitement and togetherness at this unique and cultural experience. Christiansted Holiday Jump Up is hosted by Christiansted Retail & Restaurant Association (CRRA), a community organization comprised of downtown area businesses that focuses its efforts on the needs of the Christiansted community. Held four times a year on a Friday night, the last Jump Up of the year typically takes place the Friday after Thanksgiving.
Locals, residents, and visitors flood the streets to enjoy live street performances from some of the island’s most cherished groups. Moko Jumbies, the infamous cultural icon of the U.S. Virgin Islands, make their esteemed appearance with Guardians of Culture Moko Jumbies. A staple in our Virgin Islands culture for centuries, it is said that they ward off evil spirits and protect those around them from any oncoming danger. This is why it is considered a blessing to be in their presence. Enjoy live music at every turn with the sweet sounds of pan and iron steel pan groups, smooth jazz sounds, and melodic tunes from musical groups that cover genres ranging from R&B, calypso, soca, and pop. Street vendors set up their tables throughout downtown Christiansted serving local foods and drinks and selling jewelry, arts and crafts, and much more. Christiansted Holiday Jump Up is the perfect time to get a jump start on holiday shopping! As a bonus, Christiansted businesses and restaurants will extend their hours to 9pm to accommodate the crowds and offer several specials in celebration of the event.
The event takes place four times a year. Upcoming dates are November 24, 2023, and Feb. 14, May 5 and July 7, 2024. The biggest Jump Up is held in February on Valentine’s Day.
Come out and enjoy a night on the town with good food, family, and friends!
Written by Anquanette Gaspard agaspard@cruzanfoodie.com
Nov 2, 2023 | QA
Published on our October 2023 Newsletter
Question: “What effect has the increase in mortgage rates had on buyers and sellers?
Christie’s Answer:
Here are the three things which have the potential to affect on Buyers:
- The cost of homeownership has increased.
- It is affecting the ability of some buyers to qualify for a mortgage.
- In markets such as this, some lenders tend to become a little more conservative. While we don’t expect them to change guidelines, we do expect that they may become more conservative in their pricing.
Sellers could be affected in these ways:
- Second home sales, whether houses or condos, may begin to slow. This is a big part of the St. Croix market.
- Investment and speculative buying may also begin to slow. These buyers are likely to search out other investment options which may b more attractive as rates increase.
- As the real estate markets and players try to “right size” themselves after a few boom years, we may find that Days on Market will be affected.
Oct 12, 2023 | Island News
On St. Croix, breadfruit is something very familiar to us. We see beautiful breadfruit trees on island, and breadfruit used in restaurant menus, snacks, and cocktails. We love breadfruit and all of its uses. According to a recent Forbes article, “With its immense potential for food resilience and security, breadfruit or Artocarpus altilis is being celebrated as a staple crop with the opportunity to boost global climate smart sustainable development.” This article highlights examples of how breadfruit is being used in products and menus (such as in an episode of the National Geographic series, Gordon Ramsay: Uncharted). St. Croix’s Mutiny Island Vodka which is made of a combination of breadfruit and Caribbean rainwater is also featured. Read the full article here.
Nutritionally, breadfruit is an energy-rich food and a good source of complex carbohydrates, fiber, vitamins, and minerals. Here on St. Croix, USVI, it is an ingredient common in West Indian and Latin cuisine. It has potato-like consistency when cooked, and a good source for gluten-free and vegetarian recipes.
According to The National Tropical Botanical Garden, breadfruit is an important component in traditional agroforestry systems and can be grown with a wide range of plants. Trees begin to bear fruit in three to five years, producing for many decades. The trees require little attention or care, producing an abundance of food with minimal input of labor or materials, and thrive under a wide range of ecological conditions. The ethnobotanist Diane Ragone from the NTBG said in a NPR interview, “compared to other food staples, these fast-growing perennial trees require far less labor, fertilizer and pesticides than crops like rice and wheat. They’re also more productive. A single tree yields an average of 250 fruits a year and can feed a family for generations.
For some ways to use breadfruit in your meals, take a look at the Cruzan Foodie’s blog article about how she uses breadfruit!
