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Re: Saint Croixs economy
March 23, 2012 04:23PM
Prices have come down dramatically at Colony Cove and Mill Harbour in recent months. There is a unit at Mill Harbour listed at $79K right now. The lowest listing prices are below the selling prices from 8 years ago. St. C's has also dropped from $250K sales 3-4 years ago to $140K-$150K in recent sales prices.

Not EVERY seller has dropped their listing price since some bought near the top of the market and can't afford to drop below a certain point or they might as well just give it to the bank. It's definitely a buyer's market with more than double the inventory compared to historic figures.

Alexandra Bentley
Great House Real Estate
St. Croix, USVI
Re: Saint Croixs economy
March 23, 2012 06:00PM
I do not know if this is true -- but I was told by someone (who should know a great deal about WAPA) that contrary to popular belief, the amount being paid for the fuel to run WAPA is actually at "market rate" and thus the additional cost should only be transportation/handling. Thus, at least according to this person, the government expects the increase in cost to produce to go up just a bit less than 10%. I can't vouch for this info -- but it should be easy enough for someone to check and see if we were actually at the market rate for a number of years now. It came as a bit of a suprise to me. I thought we got a 'deal' that we would be losing--beyond just the transportation costs. As for the real estate prices -- if they are down that much, the Dept. of Tourism or some smart realtor should open an office in NYC and let people know they can get a place on the beach in a U.S. Territory at REALLY good prices !
Re: Saint Croixs economy
March 23, 2012 09:42PM
Quote
Alexandra
Prices have come down dramatically at Colony Cove and Mill Harbour in recent months. There is a unit at Mill Harbour listed at $79K right now. The lowest listing prices are below the selling prices from 8 years ago. St. C's has also dropped from $250K sales 3-4 years ago to $140K-$150K in recent sales prices.

Not EVERY seller has dropped their listing price since some bought near the top of the market and can't afford to drop below a certain point or they might as well just give it to the bank. It's definitely a buyer's market with more than double the inventory compared to historic figures.

Hey Alexandra,
Now would finally be the time for the wife and I to buy from you, except that the economy and dysfunction at JFL has run us off the island~! I miss it everyday, except when I find myself buying a cart of groceries for almost HALF of what I used to pay at Plaza.

I was looking at the wapa thread comment about the cost of shipping fuel oil only adding 10% to the cost of fuel, and was wondering why butter on island was over $6/lb when I can get it here for $2.50/lb. Crazy.
Re: Saint Croixs economy
March 23, 2012 10:00PM
Carl- I've said for awhile that STX would be wise to pursue development as a retiree destination. Jazz up the medical care to make it possible and then advertise low housing prices in a warm weather location one flight from Miami.

The best thing about retirees is that they don't need jobs but they do spend money, which creates jobs for others. This addresses many of our current issues. We could sell off the extra property inventory, generate extra service jobs, bring in consumers to shop and eat out etc., and don't need new industry jobs to attract this segment of the population base. We'd get improved medical care for all as a bonus. It could even boost tourism when their relatives come to visit.

Better medical care and a sense of safety would have to come first. It is worth pursuing.

Neil- I didn't realize you had gone. Where are you now? Everything is happening so swiftly these days. Lots of departures. I'll be away for a bit but do plan to return. While real estate is so slow it makes sense to make the most of other opportunities while realtors can take turns covering for each other's absences. Unfortunately some sellers don't understand that but you can't please everybody. Life is too short to worry about that too much.
Re: Saint Croixs economy
March 24, 2012 09:33AM
There are now 216 Condo's for sale and 354 Homes for sale on Stx according to the MLS...
Re: Saint Croixs economy
March 24, 2012 10:38AM
Quote
DaChief
There are now 216 Condo's for sale and 354 Homes for sale on Stx according to the MLS...

But those are total listings, not new listings. Some of those go back years, to 2007, 2008, 2009 etc..there have been about 560 listings total thus far in 2012, but there were about 2160 new listings total in 2011, so the numbers aren't really outrageous yet. Additionally, many folks list at the beginning of the winter season for obvious reasons...that's the most common time for looking at real estate if you are a visitor to the island, even if the sales might not happen for months afterward. Not saying the market is good, of course, unless you are perhaps a buyer with cash...and then there are good buys for sure. There have been more forclosures on stx in the past months than I've ever seen before, and unfortunately that number is likely to increase as well..
Re: Saint Croixs economy
March 25, 2012 10:18AM
We listed our home 12/1/11 and after 22 showings signed a contract with a visiting stateside couple on 2/29/12. We accepted an offer that was below our asking price but we are satisfied.. We feel forunate to have found a buyer given the current economic situation...

Jumbie-STX.

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