Sep 3, 2024 | QA
Question: “Why do so many condo listings say “cash-sale only?”
Chris’s Answer:
Currently many 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, 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.
- Have the number of vacation rentals in the complex been increasing?
- Does the condo complex rent office space to agencies which rent condos inside the complex?
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 lowering the amount of their insurance coverage.
Many of the condo boards have been reviewing these issues and working with insurers to make adjustments to their coverage so that lenders are satisfied.
Contact us with any questions about real estate on St. Croix!
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
Aug 22, 2024 | Island News
Crucian Heritage and Nature Tourism Inc. (CHANT) has begun revitalization efforts of seven historic homes on Hospital Street on St Croix. CHANT is working with the property owners to renovate seven homes in the Free Gut area of Frederiksted that were originally built by freed slaves. These homes will be renovated into rental units as part of a preservation training program offered by CHANT. The nonprofit has provided educational and art programming as well as workforce development training to the island’s youth. The training is focused on preserving some of the wooden homes that are still standing on Hospital Street that were built by freed slaves during the Danish colonial era. The trainees learn woodworking, masonry, and other transferrable skills related to historic restoration and preservation. Read articles on WTJX here and on St. Croix Source here.
Photo from WTJX features trainees enrolled in a preservation training program offered by CHANT
Jul 28, 2024 | QA
Question: “What are 5 changes to how Realtors will be working with Home Buyers?”
Chris’s Answer:
You’ve probably heard in the news about the changes being made nationally regarding real estate commissions and how that will effect Buyers and the way all Realtors® in the United States will work with Buyers. These new policies will go into effect beginning August 17th. Here are 5 changes to know:
- A signed Buyers’ Representation Agreement is now required by the settlement agreement.
- Agreeing to and signing the Buyers’ Representation Agreement must be done before taking Buyers to a property in person or virtually.
- Compensation has always been negotiable, but now it’s part of a discussion documented in the agreement.
- Compensation to the Buyers’ Agent could be paid by either the Seller or the Buyer, and this will be disclosed and understood prior to a Buyer seeing a property.
- If the Seller has not agreed to pay the Buyers’ Agent compensation, a Buyer will know ahead of time that they will be responsible to compensate their Agent and can decide whether or not to see that property.
We would love the opportunity to help you. If you have any questions, please contact us!
From Chris & Christie’s July 2024 newsletter (read it here).
