Sep 3, 2024 | QA
Question: “Why are condo fees higher on St Croix than in the States?”
Christie’s Answer:
Often people compare condo fees on St. Croix with condo fees in the states. A big difference is that the HOA fees here usually, but not always, include windstorm insurance. Those HOA fees cover other things, too. While they vary from complex to complex, the fees often include maintenance of the exterior of the buildings, landscaping, pool maintenance, administrative expenses, monthly pest control, TV, trash removal, and internet. Basically, the complex can’t run and be maintained without the owners sharing in the expenses of the management and upkeep. When looking at HOA fees, consider what they include and what they are not including so that you understand the value of the condo fees.
Contact us with any questions about real estate on St. Croix!
Aug 28, 2024 | Reports
July 2024 sales data, inventory, and days on market for the St. Croix, USVI real estate market is available in our downloadable Coldwell Banker real estate reports. The is a report 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 – July 2024 Report
Homes – July 2024 Report
Condo – July 2024 Report
Land – July 2024 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
Jul 24, 2024 | Reports
Monthly sales data, inventory, and days on market for the St. Croix, USVI real estate market is available in our downloadable Coldwell Banker real estate reports. The is a report 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 – June 2024 Report
Homes – June 2024 Report
Condo – June 2024 Report
Land – June 2024 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
Jul 9, 2024 | Island News
The V.I. Office of Disaster Recovery has announced the launch of the “Own a Lot, Build a Home” First-Time Homebuyers Assistance Program. This new initiative is designed to help Virgin Islands residents who own land but lack the necessary financing to construct a home. The initiative provides a zero percent interest forgivable loan to qualified applicants, easing the financial burden of constructing single-family homes on undeveloped properties. The program plans to utilize disaster recovery funding to help Virgin Islands subsidize expenses relating to high construction costs.
The VI Consortium reported that the program provides 50 percent of construction costs to first-time homebuyers. On St. Croix, the sum is capped at $498,257; $639,400 on St. Thomas, and $1,09,150 on St. John.
To apply for the landowners who have resided in the territory for at least three years must complete the first-time homebuyers program offered by the V.I. Housing Finance Authority and an application through participating lending institutions Banco Popular or Rural Development. Read more about the program in this VI Consortium article and this VI Daily News article.
Photo from VI Consortium
Jun 24, 2024 | QA
Question: “What are the costs associated by buying besides the purchase price?”
Chris’s Answer:
Depending on the property and whether you are getting a loan, you could be responsible for:
- Your attorney’s fees.
- Home inspection.
- An appraisal.
- Owner’s title policy.
- Property survey.
- Recording fee for the deed.
- Lenders title insurance.
- Title search.
- Transfer stamp tax (often paid by Seller or split between you).
- Prorated condo fees.
- Prorated dues.
- Prorated HOA fees.
- Prorated property tax.
- Prorated property insurance.
Contact us with any questions about real estate on St. Croix!
