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.
Residential Sales – St. Thomas
Presently, September 2016, there are 160 houses listed. Prices range from $14,500,000 for a 6 bedroom, 8 bath luxury estate home on a 4-acre lot in a gated community; to $175,000 for a 3 bedroom, 2 bath on .24-acre lot in Anna’s Retreat. Houses are generally situated on a half acre lot. In densely developed areas a quarter of an acre or less is typical.
| Year | Number of sales | Low | High | Average |
|---|---|---|---|---|
| 2000 | 28 | $65,000 | $575,000 | $230,161 |
| 2001 | 94 | $63,000 | $2,000,000 | $254,589 |
| 2002 | 105 | $27,500 | $1,010,000 | $287,186 |
| 2003 | 115 | $60,000 | $2,600,000 | $416,250 |
| 2004 | 118 | $32,500 | $2,500,000 | $507,000 |
| 2005 | 97 | $80,000 | $2,110,000 | $550,560 |
| 2006 | 100 | $74,000 | $3,300,000 | $672,926 |
| 2007 | 80 | $130,000 | $2,500,000 | $703,950 |
| 2008 | 63 | $110,000 | $2,800,000 | $600,967 |
| 2009 | 46 | $175,000 | $3,400,000 | $696,446 |
| 2010 | 66 | $65,000 | $3,950,000 | $505,981 |
| 2011 | 53 | $30,000 | $1,650,000 | $511,415 |
| 2012 | 68 | $90,000 | $2,175,000 | $533,418 |
| 2013 | 72 | $100,000 | $3,300,000 | $606,694 |
| 2014 | 95 | $34,000 | $8,855,000 | $902,209 |
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.
Land – St Thomas
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 216 undeveloped lots on the market. Prices start at $26,000 for .15-acre residential lot in St. Peter; to $10,000,000 for 79.88 acres in a central area of the island close to commercial and residential developments. 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.
| Year | Number of sales | Low | High | Average |
|---|---|---|---|---|
| 2001 | 66 | $15,000 | $650,000 | $84,814 |
| 2002 | 83 | $10,000 | $1,500,000 | $80,804 |
| 2003 | 112 | $19,000 | $3,100,000 | $117,217 |
| 2004 | 144 | $12,500 | $3,000,000 | $152,775 |
| 2005 | 124 | $12,000 | $1,350,000 | $139,590 |
| 2006 | 137 | $26,000 | $8,900,000 | $553,707 |
| 2007 | 82 | $20,000 | $2,450,000 | $298,593 |
| 2008 | 41 | $22,500 | $1,900,000 | $240,445 |
| 2009 | 41 | $35,000 | $964,000 | $150,220 |
| 2010 | 38 | $36,000 | $1,410,000 | $189,263 |
| 2011 | 48 | $40,000 | $662,000 | $118,635 |
| 2012 | 33 | $30,000 | $750,000 | $131,669 |
| 2013 | 30 | $30,000 | $250,000 | $106,883 |
| 2014 | 49 | $15,000 | $1,113,393 | $137,519 |
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.
Condominium – St. Thomas
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 start at $69,000. One bedroom condos range between $152,000 and $245,000. And larger condos with three or more bedrooms run between $479,500 and $660,000. There are currently 130 condo properties listed.
| Year | Number of sales | Low | High | Average |
|---|---|---|---|---|
| 2000 | 85 | $23,990 | $416,000 | $135,194 |
| 2001 | 104 | $10,000 | $359,000 | $101,976 |
| 2002 | 145 | $20,000 | $402,400 | $124,863 |
| 2003 | 189 | $23,000 | $420,000 | $139,159 |
| 2004 | 206 | $35,000 | $530,000 | $175,319 |
| 2005 | 200 | $45,000 | $542,500 | $232,718 |
| 2006 | 154 | $82,000 | $720,000 | $273,005 |
| 2007 | 104 | $70,000 | $1,742,500 | $315,788 |
| 2008 | 93 | $75,000 | $685,000 | $269,853 |
| 2009 | 64 | $85,000 | $650,000 | $259,466 |
| 2010 | 69 | $50,000 | $633,750 | $220,459 |
| 2011 | 68 | $45,000 | $549,000 | $210,503 |
| 2012 | 64 | $55,000 | $640,000 | $236,706 |
| 2013 | 85 | $37,500 | $550,000 | $204,061 |
| 2014 | 101 | $39,000 | $770,000 | $214,417 |
Time share or fractional ownership options are usually available from $6,000/a week and up. Presently there are 25 timeshare openings available.
Market Inventory Table – St. Thomas
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 37 commercial properties listed. They include a a 4800 square foot commercial building in a popular residential area for $695,000; to a fast food business for $1,500,000.
| Listings | Homes | Land | Condos | Commercial | |
|---|---|---|---|---|---|
| Sept. 2006 | 377 | 89 | 168 | 78 | 20 |
| Nov. 2007 | 487 | 109 | 186 | 136 | 15 |
| Sept. 2008 | 557 | 147 | 161 | 182 | 19 |
| Oct. 2009 | 590 | 151 | 174 | 207 | 29 |
| Aug. 2010 | 669 | 180 | 238 | 189 | 36 |
| Aug. 2011 | 593 | 152 | 211 | 170 | 29 |
| May 2012 | 587 | 157 | 231 | 171 | 28 |
| Aug. 2013 | 664 | 196 | 274 | 166 | 28 |
| Mar. 2015 | 690 | 200 | 284 | 149 | 28 |
| Sept. 2016 | 568 | 160 | 216 | 130 | 37 |
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 above for more information on real estate on St. Thomas.
