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House Prices  

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CptWally98
(@CptWally98)
Active Member

Hello St Croix.My husband and I have been trying to purchase a home in St. Croix since March 2017, ( A previous house deal fell through) IMHO, it appears that the asking price for houses has increased since the hurricane. Does anyone know if this is true and if so way?

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Posted : January 26, 2018 2:41 pm
speee1dy
(@speee1dy)
Islander

why would be because thats the price people are willing to pay.

did you think you would get fire sale prices just because of a hurricane

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Posted : January 26, 2018 2:47 pm
islandjoan
(@islandjoan)
Noble Member

I'm sure that asking prices depend on the owners and what they think they can get for their property, or the realtor's advice based on comps.

Maybe the home you want to purchase suffered no damage, and now they think they can get more for it?

If the deal fell through it would be helpful to know why. There might have been a problem with the property or just could be the buyer's financing fell through.

So many variables not easy to know why.

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Posted : January 26, 2018 3:06 pm
CptWally98
(@CptWally98)
Active Member

No, not fire sale prices, but at least the same, not higher.

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Posted : January 26, 2018 3:06 pm
singlefin
(@singlefin)
Prominent Member

The national economy is getting better, so prices are going up nationwide.

Rumors are circulating on St. Croix that theres a good possibility of the old Hovensa plant restarting the refining of crude once again. The same rumor includes a very large increase in the number of new employees (3000-4000 people). Before Hess shuttered the plant, a little over 2000 were employed there. This would be a massive boost to St. Croix's economy and real estate prices will climb upward.
The increase in prices may have already begun due to just the rumors.

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Posted : January 26, 2018 4:11 pm
vicanuck
(@vicanuck)
Noble Member

The national economy is getting better, so prices are going up nationwide.

Rumors are circulating on St. Croix that theres a good possibility of the old Hovensa plant restarting the refining of crude once again. The same rumor includes a very large increase in the number of new employees (3000-4000 people). Before Hess shuttered the plant, a little over 2000 were employed there. This would be a massive boost to St. Croix's economy and real estate prices will climb upward.
The increase in prices may have already begun due to just the rumors.

I deal with a lot of real estate agents...this is what I have been told also.

I, for one, am delighted at the increasing home prices.

There is also grumbling on a few Facebook pages by "locals" concerned with gentrification which I see as a very good thing too.

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Posted : January 26, 2018 5:47 pm
CptWally98
(@CptWally98)
Active Member

Singlefin, that is a very reasonable explanation, thanks for your response.

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Posted : January 26, 2018 6:56 pm
Scubadoo
(@Scubadoo)
Noble Member

Supply and demand. A few less houses on the market after the hurricanes due to needed repairs. There is also the seasonal effect. More houses seem to go on the market just before or during high season when there are more potential customers on island. They start out with higher asking prices. If they don't get offers and don't want to wait they start lowering the price after a while. Many are in no hurry to sell.

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Posted : January 26, 2018 7:18 pm
singlefin
(@singlefin)
Prominent Member

If I had the extra cash, I'd consider buying more real estate myself right now. I think we're on the verge of something very positive here.
The good Lord knows this island has been waiting patiently for a very long time... like since the 1980's

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Posted : January 26, 2018 8:28 pm
SkysTheLimit
(@SkysTheLimit)
Noble Member

Trump's fault.

Alan
St. Croix resident since 2000

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Posted : January 26, 2018 8:38 pm
JohnnyU
(@JohnnyU)
Reputable Member

The refinery restarting would be nice but I don’t see refining operations being an wise investment without access nat gas

Goverment and the current financial issues are the biggest hinderance.

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Posted : January 26, 2018 9:31 pm
singlefin
(@singlefin)
Prominent Member

This was part of an article by "The Source" one year after the Hovensa closure. Imagine regaining this tax revenue, and if the local government was able to manage it responsibly?

Tax revenues, which are hurting due to the overall economic situation, are depressed considerably by the Hovensa closure.

In a report issued in June, to accompany the administration’s budget projections and recommendations, Berger estimated the closure would cause overall tax revenues to decline by roughly $140 million.

The Bureau of Economic Research projected the V.I. economy as a whole would see a $580 million shortfall in economic output attributed to the refinery’s closure.

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Posted : January 26, 2018 11:43 pm
Scubadoo
(@Scubadoo)
Noble Member

This was part of an article by "The Source" one year after the Hovensa closure. Imagine regaining this tax revenue, and if the local government was able to manage it responsibly?

Yeah at the same time the government shouldn't rely so heavily on as single source of income for precisely the reason of the mess that resulted from the closure.

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Posted : January 27, 2018 12:09 am
islandjoan
(@islandjoan)
Noble Member

Scubadoo as far as I know the government hasn't come up with any new sources of revenue in the last 5 plus years so chances are pretty good that they won't.

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Posted : January 27, 2018 10:13 am
STTsailor
(@STTsailor)
Island Expert

Don’t forget the sin tax.

ReplyQuote
Posted : January 27, 2018 4:44 pm
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