Oct 19, 2023 | Island News
Condé Nast Traveler announced in October the results of its annual Reader’s Choice Awards with the U.S. Virgin Islands recognized as a top island in the Caribbean.
The USVI has been recognized by other publications this year. Here are a sample:
- Condé Nast Traveler as a ‘Best Places to Go in 2023
- Travel + Leisure has ranked USVI as one of its 50 best 2023 destinations in its For Beach Vibes
- Yahoo! Life listed the USVI as one of the top 10 tropical islands to get to in under three hours from the U.S. mainland
- Travel Magazine voted USVI as the Best Caribbean Cruise Destination for 2023
- Frommer’s gave the territory top billing in its annual Best Places to Go in 2023
- Condé Nast Traveler editors voted USVI as having the Best Airbnb in the Caribbean
There is no better time than now to visit St. Croix! If you’re still considering what homeownership in the Caribbean can
look like for you, let us help you navigate this process. Our current listings include several exceptional properties sure to have you envisioning life’s next chapter living in America’s Paradise. Give us a call to discuss your options and schedule a showing or two; we’d love to hear from you!
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
