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tmclelland
(@tmclelland)
Active Member

On St. Croix there is a property,

76 & 77 Eliza's Retreat EA 00820 mls # 13-877
here are the directions
Going East take the first right after Welco Gas Station into Eliza's Retreat. Follow the road up going past Spy Glass. Lot's are the third and fourth on the left.

Hello everyone!! Seeking advice from your pools of wisdom once again......First off, what can anyone tell me about the area this property is in, as far as .......well, just any and everything you may know. Then, who are the vimovingcenters recommended, different home/construction builders in the usvi or on st. croix, and any contact info such as websites(as I'm only able to find one so far......All Points Construction.....I've emailed them an hour ago) or any names and numbers. Looking into buying land and building something vs buying existing. Any thoughts on that topic are welcome as well ! Thank all of you so much for all the honest, pertinent and free advice you give everyone !

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Topic starter Posted : July 13, 2013 2:44 am
divinggirl
(@divinggirl)
Trusted Member

That area is just east of Christiansted and near Gallows Bay. It has been a long time since I have been up that road but it used to be awful to get up (read...need 4WD). Once up there the views are beautiful.

I HIGHLY recommend M & M Construction. They are the most professional and competent group I have worked with on STX (and I have worked with many). They also do home inspections: http://inspectorpages.com/kmashburn

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Posted : July 13, 2013 10:40 am
Alana33
(@alana33)
Expert

Just be prepared for it to take longer and cost more than you expected to build.

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Posted : July 13, 2013 1:25 pm
Jim Dandy
(@jim_dandy)
Trusted Member

In the currently depressed real estate market on STX it makes no economic sense to build. Properties are selling at a huge discounts from their replacement value. Build only if must have your exact dream home in paradise and can afford to write off a huge portion of your investment

If you build a home its value will be determined in a large part by the market value of comparable homes. In today's market If you build a new home it will immediately be worth significantly less than your investment.

In today's market buy a home from a motivated seller paying fifty cents on the dollar for their improvements redecorate and make modest improvements and then enjoy.

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Posted : July 13, 2013 3:00 pm
Alana33
(@alana33)
Expert

Building costs range from $350/sq foot and higher. (STX may be slightly less but doubt it) It is important to hire a VI licensed Architect or engineer to sign off your house plans and submit to the DPNR (PHONE: 340-774-3320). Building specs can be obtained through DPNR. Permitting can take from 3-9 months for approval. All buildings must withstand a minimum wind speed of up to 110 mph and Zone 4 earthquake provisions. Insurance costs can run approximately 1.75% to 2.75% of property value depending on type of construction. (A frame home is higher than masonry material).

If you haven't purchased the property as yet here are some things to be aware of:

Most situations are basically the same in terms of additional closing costs, etc., but can vary depending on the circumstances.
You will need a minimum of 5-10% down to buy a Primary home that you will occupy. Investment property usually requires a 20% down payment or more depending on your good credit standing. Lawyers fees usually range from $800 to $5000 and require you to engage the attorney to orchestrate the entire closing for you. Flat-cost items such as Attesting the Deed, Recording the Deed and a Transfer Stamp Tax are based on a sliding scale. For a $100,000 property, Stamp tax is: 2% of the sold/value of the property up to $350,000 2.5% of $350,000 to $1 million 3% of $1,000,001 to $5,000,000 3.5% over $5,000,000 These fees are paid at closing and can be paid by the Buyer or Seller or split equally by both parties. Your title company or bank may require a plot plan/as built survey, which will cost approximately $400 - $1,200, and there may be prorations for Rent, Deposits, Taxes, and Insurance at the date of closing. the bank will also charge you an appraisal fee and money lent will be based on their appraisal.

You should always have a home inspection, if purchasing a residential property.

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Posted : July 13, 2013 4:05 pm
tmclelland
(@tmclelland)
Active Member

These 1st few comments are EXACTLY the reason I wouldn't do ANYTHING in the VI's w/out consulting this forum !!!! 🙂 Thanks for all the info !!!

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Topic starter Posted : July 13, 2013 5:19 pm
Alana33
(@alana33)
Expert

"On St. Croix there is a property,
76 & 77 Eliza's Retreat EA 00820 mls # 13-877"

I just looked at the MLS report. Great price.;)

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Posted : July 13, 2013 9:27 pm
Stxer1
(@Stxer1)
Advanced Member

I must disagree completely with the earlier poster about M & M Construction. Myself and many, many friends have had the same experience with this outfit. Things start out fine but along the way things go bad. They talk the talk but don't walk the walk. Lawsuits and grief are not what a customer needs.

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Posted : July 14, 2013 12:20 pm
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