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 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, November 2007, there are 109 houses listed. Prices range from $149,600 for a 2 bedroom, 1 bath house on .38 acres in Mariendal to $5,000,000 for a 6 bedroom, 6.5 bath house on a 1 acre lot in Bakkaroe. The average of all 109 houses listed is around $1.2 million. That average is up from two years ago (August 2005), when 73 houses were listed with an average of $860,500. The greatest concentration of properties is in the $500,000 to $1 million range. Houses are generally situated on a half acre lot. In densely developed areas a quarter of an acre or less is typical. (Description continues after featured listings, scroll down.)
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RE/MAX Dream Properties
http://www.vidreamproperties.com
Let RE/MAX Dream Properties take care of all your Virgin Islands real estate needs. The Real Estate Professionals at RE/MAX Dream Properties can help you own a piece of the American Paradise. Let us help you find your dream home, land or condo and make your dream come true. If you want a rental, short or long term, we can help with that as well. Call us today.
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RE/MAX Dream Properties - Marsha Maynes
http://www.MarshaMaynes.com
Let Marsha Maynes of RE/MAX Dream Properties 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!
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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.
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 $50,000. Half acre to one acre lots range from
$50,000 to $150,000. 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 186 undeveloped lots on the market. Prices start at $38,000 for .16 acre in Agnes Fancy up to $3,300,000 for 8.13 acres in St. Peter. Looking for your own island? There are two islands/cays listed: 100 acres $11,250,000 and 500 acres at $33,750,000.
Recent land developments involving subdividing large estates have created an increase in land lots on the market. These developments include areas in Mandahl (31 lots listed). A development in Botany Bay on 360 acres of land consisting of plans for 150 homes/lots is in the works. The Botany Bay project is designed to be a high end, exclusive community. There are currently 16 lots listed in Botany Bay.
Costs of building a house start at around $175 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 $40,000 and $375,000 and one bedroom between $90,000 and $555,000. Larger condos with three or more bedrooms are $590,000 to $2,100,000. There are currently 136 condo properties listed.
Time share or fractional ownership options are usually available from $5,000/a week and up. Presently there are 41 timeshare openings available, ranging from $8000 for a studio condo located near downtown Charlotte Amalie to $280,000 for a 3 bedroom, 3.5 bath luxury, beachfront penthouse style condo.
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 15 commercial properties listed. They include a marina for $2,000,000, a restaurant at $399,000 and a commercial building at $2,200,000.
The overall inventory of St. Thomas real estate at this time includes 487 listings.
A real estate agent can introduce you to the listed properties and
help you narrow them down to those that fit what you are looking
for. Contact the featured real estate agents featured above for
more information on real estate on St. Thomas.
Note:
This section is
dated November 2007; prices, property estimates and numbers reflect the
market at the time this section was written. Information is believed to be accurate but is not
guaranteed.
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