Question: “What are the most important features to think about when looking at St Croix properties?”
Christie’s Answer:
Consider the features that suit the needs of your lifestyle both now, and in the future:
Outdoor space. Because of the temperate climate, be sure to think about creating wonderful outdoor spaces. Even in condos, there will be galleries. You’ll want enough space for you to relax and enjoy the view and breezes, and maybe entertain outside.
Air flow. Unless you intend to use AC all of the time, having cross breezes and ceiling fans are important. This will keep you cool, and having fresh air circulating will deter mold growth.
View. What do you want to see when in your outdoor space or looking out your windows? Many people want a sea view. It can be an expansive one, or just small. Some people love a view of the rolling hills or of a garden. Others want to see the old buildings in one of the towns.
Activities. Do you like to be near diving or snorkeling? Do you like to hike or bike and want to be near places to do that? Perhaps you are an artist who would want to be near the Botanical Garden or historic sites? If you have a boat, you may want to be close to where it’s moored. If you are a star gazer, you may want to be in a more rural area where the glorious moon, stars, and planets will shine brighter!
Pets. We live with our dogs and cats, all Crucian rescues. We have enough space for them inside and outside. Although they are not pets, we have created garden spaces with flowering plants for hummingbirds and banana quits (sugar birds). We have several bird baths, bird houses, feeders for the sugar loving birds, feeders for finches, and we put out cracked corn for the doves, pigeons, and the 2 peacocks which roam the neighborhood.
Contact us with any questions about real estate on St. Croix!
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.
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.
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!
Question: “Will you put these recent rate increases into historical perspective for us?
Looking back, starting in the 1980’s by decade, on a Freddie Mac 30. Year fixed mortgage for a primary residence, the rates from the St. Louis Fed Survey looked like this:
1980’s – about 9.00% 1990’s – about 6.75% 2000’s – about 5.25% 2010’s – about 3.50% 2020’s – about 2.75% and we are currently hovering just under 8%
We’ve all gotten accustomed to the lower rates over the last 10 years. We are now entering a period where the rates are normalizing and that rate environment is more in line with historical rates. These current rates are more in line with what the “cost of money” should be based on the last four plus decades.
