St. Thomas offers both bustling shopping areas and quiet neighborhoods. The island is mountainous and many hillside homes are graced will incredible views of the ocean. The real estate market on St. Thomas includes houses, land, condos, time share and commercial properties.
Presently, August 2013, there are 196 houses listed. Prices range from $120,000 for a 3 bedroom 2 bath fixer upper in Annas Retreat; to $35,000,000 for a 6 bedroom 8 bath luxury home in gated Botany Bay. Houses are generally situated on a half acre lot. In densely developed areas a quarter of an acre or less is typical.
Most residents finance their homes through conventional mortgages with local banks. Interest rates are slightly higher in the Virgin Islands than in the US mainland. A typical down payment is 20 to 30 percent. Banks require earthquake and windstorm insurance with mortgages; the cost is around 2-3% of replacement value.
Marsha Maynes - Blue Water RealtyFeatured Real Estate Broker(340) 779-4600(340) 690-0243
Let Marsha Maynes of Blue Water Realty help fulfill your dream of owning a home in the U.S. Virgin Islands. Whether you are looking for a vacation getaway, condominium, full time residence, land or an investment for your future, Marsha can help you find your piece of Paradise. If you need help buying or selling real estate, you can rely on the expertise of a seasoned professional. Contact Marsha Maynes today for the BEST move you'll ever make!
Coldwell Banker Stout RealtyFeatured Real Estate Agency(340) 777-7653 (866) 750-8784
Coldwell Banker Stout Realty has been successfully helping newcomers and other customers buy, rent, manage and sell real estate on St. Thomas for over 20 years. Owner and managing broker, Jeyan Stout, and a team of friendly and knowledgeable agents will work hard with you to fulfill any of your real estate needs, whether for houses, condos, land, commercial or rentals. Through the Multiple Listing Service, CBSR can access any listed property in addition to its own listings. Convenient office locations at American Yacht Harbor and at The Anchorage.
In general land is available in quarter, half, three quarters and one acre lots. The price for a quarter acre to half acre lot is often less than $70,000. Half acre to one acre lots range from $50,000 to $200,000. Larger lots are also available. Factors to consider when looking for land include location, view, access to the property and any site preparations that might be necessary in order to build.
There are presently 274 undeveloped lots on the market. Prices start at $22,500 for .09 acres in Hospital Ground; to $8,000,000 for 139 acres in Perseverance. Looking for your own island? There was recently a 500 acre island listed for 45 million.
Recent land developments involving subdividing large estates have created an increase in land lots on the market. These developments include one in Mandahl and another in Estate Nazareth.
Costs of building a house start at around $250 per square foot; the amount varying considerably depending on materials used for building and finishing. Keep in mind that preparations and special structural requirements may need to be met making the total cost of the construction project more. A cistern for water storage and a septic tank are necessary components of a house on St. Thomas. The cistern alone will account for almost 10 percent of the total building cost. Land owners should depend on the experts when it comes to building on St. Thomas; plans must be prepared by an
architect, engineer or draftsperson licensed in the Virgin Islands.
Condos on St. Thomas are often located on or near a beach. Facilities might include tennis courts, swimming pool(s), restaurant/bar, marina and water-sports center on the beach among others. Studio condos currently on the market range between $34,500 and $250,000 and one bedroom between $75,000 and $319,000. Larger condos with three or more bedrooms are $99,000 to $2,595,000. There are currently 166 condo properties listed.
Time share or fractional ownership options are usually available from $5,000/a week and up. Presently there are 15 timeshare openings available, ranging from $1,500 for 1 week in May in a studio unit at Bluebeards Castle; to $22,450 for 1 week in March in a 2 bedroom 2 bath unit at Frenchman's Cove.
Guest houses, restaurants, yachts, inns and retail stores are examples of commercial properties that have recently been or are on the market. Currently there are 28 commercial properties listed. They include a restaurant at $899,000, a shopping center at $598,000 and a nursing home at $21,500,000.
Note: This section is
dated August 2013; prices, property estimates and numbers reflect the
market at the time this section was written. Information is believed to be accurate but is not
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