FEMA or refinery wo...
 

FEMA or refinery workers looking for housing  

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lescooper
Posts: 157
(@lescooper)
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Joined: 4 years ago

I own one condo and purchasing a second condo on St Croix. I want to rent to either FEMA or refinery workers and would rather not pay a realtor commission.

I would appreciate any information on how to deal directly. Any contact information would help. Thanks!

58 Replies
Scubadoo
Posts: 2240
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The Virgin Islands Code addresses rent control and increases. In theory, there is a rent control officer on STX.

https://advance.lexis.com/documentpage/?pdmfid=1000516&crid=b66571eb-c4cb-441b-b67d-9ac0abeff315&config=014DJAA3OWU1MmYyMC1kNzRhLTQ4NDAtYTMxZS01YzJhMzBkZDA0NDMKAFBvZENhdGFsb2dSOvVciRp0EcGxvMymeAXd&pddocfullpath=%2Fshared%2Fdocument%2Fstatutes-legislation%2Furn%3AcontentItem%3A56WP-9S01-6G1M-90SB-00008-00&pddocid=urn%3AcontentItem%3A56WP-9S01-6G1M-90SB-00008-00&pdcontentcomponentid=234181&pdteaserkey=sr1&pditab=allpods&ecomp=-9g8kkk&earg=sr1&prid=f181f102-a372-4266-a6c2-a68e4a580965

"Subchapter III. Rent Control
§?846. Termination of emergency as rendering subchapter ineffective
The provisions of this subchapter shall remain in force and effect only for the duration of the public emergency with respect to the shortage of housing and business accommodations declared to exist by Ordinance of the Municipal Council of Saint Thomas and Saint John approved December 5, 1947 (Bill no. 92), which ordinance was made applicable throughout the Virgin Islands by section 13 of the Act of the Legislature approved March 31, 1955, Number 24. Upon declaration by Resolution or Act of the Legislature that such emergency has ceased to exist, the provisions of this subchapter shall have no further application."

I think it's a fair assumption that whatever emergency initiated this act in 1947 and 1955 no longer exists nullifying the act.

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lescooper
Posts: 157
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FEMA pays $247 per day. That's what they offer. How is that price gouging?

Refinery contractors get a very good per diem for housing. Two to four of them can room together in a 2 br condo. They offer to pay the higher rental rates because they can easily afford it.

It's a situation of high demand and limited supply. Landlords are simply accepting what is being offered. I would not call that price gouging.

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janeinstx
Posts: 656
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good luck. You won’t be getting any referrals from me.

FEMA pays $247 per day. That's what they offer. How is that price gouging?

Refinery contractors get a very good per diem for housing. Two to four of them can room together in a 2 br condo. They offer to pay the higher rental rates because they can easily afford it.

It's a situation of high demand and limited supply. Landlords are simply accepting what is being offered. I would not call that price gouging.

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lescooper
Posts: 157
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Well janeinstx , you were all talk and did absolutely nothing as far as providing referrals. You were nothing but a waste of time.

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Scubadoo
Posts: 2240
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With that $247/day there is no lease, no long term contract, no commitment whatsoever, no income guarantees for the owner. They might stay three months or longer. They might not. They can vacate without notice and will only pay for actual days stayed. Hence the higher hotel like rate.

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janeinstx
Posts: 656
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Well of course not. As soon as I saw your rate

Well janeinstx , you were all talk and did absolutely nothing as far as providing referrals. You were nothing but a waste of time.

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SkysTheLimit
Posts: 1914
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Joined: 12 years ago

Well janeinstx , you were all talk and did absolutely nothing as far as providing referrals. You were nothing but a waste of time.

How did she waste your time? She helped a neighbor and I fill vacancies.
If you think 4 of these guys will be renting a 2 bedroom condo you're dreaming.....
The guys working at the refinery will not be paying FEMA rates.

FEMA demand is down from where it was. As they leave, vacancies will open up.

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SkysTheLimit
Posts: 1914
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Joined: 12 years ago

Is this you Les?
https://virgin.craigslist.org/apa/d/st-croix-2-2-condo/6648711826.html

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Gator's Mom
Posts: 995
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For your reading pleasure. VI Annual Reports 1930-1978.

http://ufdc.ufl.edu/UF00015459/00021/allvolumes

The Virgin Islands Code addresses rent control and increases. In theory, there is a rent control officer on STX.

https://advance.lexis.com/documentpage/?pdmfid=1000516&crid=b66571eb-c4cb-441b-b67d-9ac0abeff315&config=014DJAA3OWU1MmYyMC1kNzRhLTQ4NDAtYTMxZS01YzJhMzBkZDA0NDMKAFBvZENhdGFsb2dSOvVciRp0EcGxvMymeAXd&pddocfullpath=%2Fshared%2Fdocument%2Fstatutes-legislation%2Furn%3AcontentItem%3A56WP-9S01-6G1M-90SB-00008-00&pddocid=urn%3AcontentItem%3A56WP-9S01-6G1M-90SB-00008-00&pdcontentcomponentid=234181&pdteaserkey=sr1&pditab=allpods&ecomp=-9g8kkk&earg=sr1&prid=f181f102-a372-4266-a6c2-a68e4a580965

"Subchapter III. Rent Control
§?846. Termination of emergency as rendering subchapter ineffective
The provisions of this subchapter shall remain in force and effect only for the duration of the public emergency with respect to the shortage of housing and business accommodations declared to exist by Ordinance of the Municipal Council of Saint Thomas and Saint John approved December 5, 1947 (Bill no. 92), which ordinance was made applicable throughout the Virgin Islands by section 13 of the Act of the Legislature approved March 31, 1955, Number 24. Upon declaration by Resolution or Act of the Legislature that such emergency has ceased to exist, the provisions of this subchapter shall have no further application."

I think it's a fair assumption that whatever emergency initiated this act in 1947 and 1955 no longer exists nullifying the act.

Reply
lescooper
Posts: 157
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Advanced Member
Joined: 4 years ago

Yes, that was my listing.
For the record:
I know a couple owners in Schooners Bay that have been renting to fema workers for several months getting $247 a night. That's almost $7500 a month. They tell me many of the female workers will be there for several more months.

For my condo I had 3 refiner contractors offer $2,000 each, totalling $6,000 per month.
I had 2 consultants for the startup offering $2500 each for a total of $5,000 per month.
I had two Realtors contact me saying they have clients with $5,000 to $6,000 budgets that would be very interested in my condo.

However, we really wanted a family that would take better care of the condo.
So, we rented to a family, from my home state of Texas, for $3,900.

So, it wasn't just about the money with us. I doubt any of you talking about price gouging have a rental property. So, ask yourself honestly... what you would do if you were being OFFERED these kind of rates?

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rosesisland
Posts: 703
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Joined: 7 years ago

I’ve had rental property for over 30 years and have always preferred to rent just below market value and have had renters staying for years and years. One Leasee stayed in one of my rentals over 10 years and only left when they purchased a home for themselves. I’ve always found less turnover means higher profits throughout many years.
I’ve seen properties here offered for way over market value and stayed empty for several months. Had that person lowered his rent, he’d probably rented quicker and had more money. It doesn’t take much monthly discount to offer than to have a place empty for several months. I’ve never had to advertise my properties because there was always someone want to move in as soon as someone moved out. Less down time over many years of your investments will in the long run give you more profits and less headaches.

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ironheadUSVI
Posts: 253
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Joined: 2 years ago

I’ve had rental property for over 30 years and have always preferred to rent just below market value and have had renters staying for years and years. One Leasee stayed in one of my rentals over 10 years and only left when they purchased a home for themselves. I’ve always found less turnover means higher profits throughout many years.
I’ve seen properties here offered for way over market value and stayed empty for several months. Had that person lowered his rent, he’d probably rented quicker and had more money. It doesn’t take much monthly discount to offer than to have a place empty for several months. I’ve never had to advertise my properties because there was always someone want to move in as soon as someone moved out. Less down time over many years of your investments will in the long run give you more profits and less headaches.

That's how I do it also.

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SkysTheLimit
Posts: 1914
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Trusted Member
Joined: 12 years ago

Yes, that was my listing.
For the record:
I know a couple owners in Schooners Bay that have been renting to fema workers for several months getting $247 a night. That's almost $7500 a month. They tell me many of the female workers will be there for several more months.

For my condo I had 3 refiner contractors offer $2,000 each, totalling $6,000 per month.
I had 2 consultants for the startup offering $2500 each for a total of $5,000 per month.
I had two Realtors contact me saying they have clients with $5,000 to $6,000 budgets that would be very interested in my condo.

However, we really wanted a family that would take better care of the condo.
So, we rented to a family, from my home state of Texas, for $3,900.

So, it wasn't just about the money with us. I doubt any of you talking about price gouging have a rental property. So, ask yourself honestly... what you would do if you were being OFFERED these kind of rates?

Hey, If they are happy to pay it take it. Good for you. Those rates are not sustainable though.

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SkysTheLimit
Posts: 1914
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Joined: 12 years ago

One bedroom Club St Croix $3500 WOW. It's getting crazy!

https://virgin.craigslist.org/apa/d/1-bedroom-beachfront/6647339780.html

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sunshinefun
Posts: 681
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Joined: 7 years ago

One bedroom Club St Croix $3500 WOW. It's getting crazy!

https://virgin.craigslist.org/apa/d/1-bedroom-beachfront/6647339780.html

You have to pay, if you're gonna play!

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Falcon197003
Posts: 2
(@Falcon197003)
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Joined: 1 year ago

Sad. You are also impacting real estate prices for people like my wife and I who are just looking to buy a condo or house in St. Croix now, after planning for 3 years or so.

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ironheadUSVI
Posts: 253
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Joined: 2 years ago

Sad. You are also impacting real estate prices for people like my wife and I who are just looking to buy a condo or house in St. Croix now, after planning for 3 years or so.

Your poor planning isn't our fault. If you want to buy cheap you should have done it in 2012/2013 when the market was low and we were taking losses.

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SkysTheLimit
Posts: 1914
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Joined: 12 years ago

Sad. You are also impacting real estate prices for people like my wife and I who are just looking to buy a condo or house in St. Croix now, after planning for 3 years or so.

"You"? You mean the market?

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islandjoan
Posts: 1727
(@islandjoan)
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Joined: 12 years ago

It sucks I know, but that's just life. No one has a crystal ball.

Sad. You are also impacting real estate prices for people like my wife and I who are just looking to buy a condo or house in St. Croix now, after planning for 3 years or so.

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lescooper
Posts: 157
(@lescooper)
Advanced Member
Joined: 4 years ago

Well, you should have been paying attention. There were articles on both the VI Consortium and The Source online news about the refinery deal coming. Several weeks before the official announcement.

I saw what was coming and quickly purchased a second condo for a rental property. I took a chance that has really paid off. You also had that opportunity.

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islandjoan
Posts: 1727
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Joined: 12 years ago

I'm guessing they were saving up for 3 years so were not ready before the announcement?
Les it's great that you bought at the right time but to me, your tone sounds a bit disparaging.

Well, you should have been paying attention. There were articles on both the VI Consortium and The Source online news about the refinery deal coming. Several weeks before the official announcement.

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SkysTheLimit
Posts: 1914
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Joined: 12 years ago

I'm guessing they were saving up for 3 years so were not ready before the announcement?
Les it's great that you bought at the right time but to me, your tone sounds a bit disparaging.

Well, you should have been paying attention. There were articles on both the VI Consortium and The Source online news about the refinery deal coming. Several weeks before the official announcement.

Yup! He called Jane out because she "wasted his time" too. Not cool..

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lescooper
Posts: 157
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Advanced Member
Joined: 4 years ago

Well, did not intend to offend them...
If they had been saving for 3 years and ready to buy now. They should have been ready to buy a month ago before the refinery official announcement.

As I and others have, they should have taken advantage of the window of opportunity. So, here they are complaining when they should be blaming themselves for not acting sooner.

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islandjoan
Posts: 1727
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Joined: 12 years ago

We don't know their circumstances. Other arrangements might have slowed down their planning.

The world sucks enough as it is without people chiding others on boards.

You never know what is going on in someone else's life.

Peace out!

Well, did not intend to offend them...
If they had been saving for 3 years and ready to buy now. They should have been ready to buy a month ago before the refinery official announcement.

As I and others have, they should have taken advantage of the window of opportunity. So, here they are complaining when they should be blaming themselves for not acting sooner.

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Scubadoo
Posts: 2240
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Joined: 5 years ago

All so true, unfortunately that's the nature of the market. Even without the refinery impact we could have expected demand to go up coming out of the last recession. I've been watching STX condo market since 2013 before we bought our current condo when the number of condos on the MLS was something around 170 and held steady for months. For the past few weeks it's been 55. Probably a record that hasn't been seen in a long time. The realtors are probably even worried, nothing to sell. Contrast that to STT at about 100. And the number of single family homes on the MLS is at 151. Slim pickin's. Plenty of land for sale though for the adventurous.

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