Condos on STT
I have recently been searching around using resourceful tools such as www.realtor.com and when looking for a condo (with no specific requirements) I have found some condos priced around $25,000. There listings don't mention that they were seasonal or only a few months a year, and I find this to be unreal, especially when some listing offer a 3 week a year condo rental for over %140,000.
Does anyone know what a reasonable price for a studio/1-2 bedroom, 1+ bathroom condo is on STT (to buy)? Thanks in advance for your help.
The $25,000. price sounds low...it might be a time share or "interval ownership" (same thing, different name).
Try going to www.stoutrealty.com and link to the STT Condo MLS.
I think you'll find prices ranging from $125,000. to over $1M, depending on size & location.
If you provide more insight as to your requirements/resources I might be able to steer you in the right direction. Send me a Private Message.
Just a couple of years ago there were condos on St Thomas for around $25,000. But, things have changed...BIG Time... Right now the lowest listed condo on st Thomas is $75,000. It is not in the development or condition that would interest most people.
As FI L'ander infers, most desirable condos are well above $200,000.00
Maybe it's time to wait for the next real estate cycle.
I plan to move next year. Hopefully the rates will be low at that time. I do not want to spend $200,000 plus on a condo. A studio with one bathroom would work just fine for me.
Thanks so much for your assistance! =)
you might want to look at Point Pleasant. studios there start at 165K. Sapphire also has studios for around 200K.
Or maybe you want to just come to St. Croix and get a 2-BDR instead of a studio for your $165K!!
LOL Thanks again for the responses. My aunt lives in STT and I want to attend the university there, and I like the idea of a more upbeat lifestyle than STX, so I was kindaaa leanin' towards STT, lol. I figure it will give me an opportunity to get to know my aunt and her children whom I've only met a few times!! But if anyone sees anything in the lower price range on STT, I'd appreciate it if you would let me know!
are there many 2br condos on STT in the 150k to 220K range? I see a few on the MLS but I'm not sure how often the MLS is updated? And are those condo's in decent neighborhoods?
You can search the STT MLS via several local realtor websites. I like to go to www.calypsorealty.com and use their MLS engine because you can choose a number of search parameters.
Yes, the cost of buying a condo (and anything else there) has risen quite a bit in the last four years but is still fairly affordable... sort of. Do not forget to look at the HOA fees and insurance! That's what will make your monthly expenses high. Condo fees + insurance range from ~$400 to $1000+ per MONTH. It's entirely possible to get a loan for a itty bitty condo and have your monthly HOA/insurance fees be higher than your mortgage payment.
Also, see if the property is self-insured or underwritten by an insurance company. Personally, I'm a little squeamish about buying a condo that is self-insured. Do a search of this message board for more detailed discussions about self-insured condos.
From the newspaper this week: There is a 1 bdrm at Mahogany Run for $229K, a studio at Sapphire Beach for $225K, a 2 bdrm at Elysian for $435K, a 1 bdrm at SeaCliff Villas for $218K, 2 Sapphire Village studios, $99K and $135K.
About self-insurance, I wouldn't necessarily be squeamish. Find out about the damage in Marilyn. Some places did well, but can't buy affordable insurance with a decent deductible. If they truly have put enough money aside to self-insure, that is one thing!