Only 2 Under $800,0...
 

Only 2 Under $800,000?  


singlefin
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Every couple of months, the ruts and holes in the neighborhood dirt road start to get to me and I roll out my wheelbarrow and shovel. In the middle of slinging dirt over a particularly irritating hole, a couple in a Jeep who I didn’t recognize, stopped to ask me a few questions about real estate in the area.
I haven’t be paying much attention to real estate lately, but these people kept insisting that there were hardly any homes available in their price range in the area. They voluntarily told me they had over a half million to play with. I pointed them toward a local real estate office and assured them that surely there were some options available in the area. After all, most of the houses out here are off dirt roads!
Well,
I Checked the MLS this evening just for laughs... I was shocked! Only 2 homes available, for sale on STX, East End-B, under $800,000.

21 Replies
Scubadoo
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Well there's only 147 active/pending house listings island wide and 87 of those are under $800K not counting condos.

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SkysTheLimit
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Prices will rise even more with the start up of Limetree Bay Refinery...

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STTsailor
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Good for STX.

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stxdreaming
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SkysTheLimit wrote:
Prices will rise even more with the start up of Limetree Bay Refinery...

While I hope you are right, unfortunately, the signs for another recession are getting stronger and stronger. I suspect within the next 12-24 months we will enter into another one. Will it be as bad 2007, who knows. I really hope not.

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singlefin
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Another recession in the next 12-24 months?

Highly unlikely... unless you watch MSNBC, CNN, etc, etc, etc...

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Cat
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singlefin wrote:
Another recession in the next 12-24 months?

Highly unlikely... unless you watch MSNBC, CNN, etc, etc, etc...

Fox and Breitbart say everything is perfectly fine.

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stxdreaming
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singlefin wrote:
Another recession in the next 12-24 months?

Highly unlikely... unless you watch MSNBC, CNN, etc, etc, etc...

I certainly hope I am wrong...however interest rates are rising, consumer spending is down, there are global issues such as the United Kingdom pulling out of the EU next year....

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Scubadoo
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So goes the market. Buy low, sell high. Eventually there will be another downturn. The stock market has been in the toilet lately.

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stxer
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I have been following stx real estate for almost 30 years. We first discovered this wonderful place one year after hurricane hugo (1989). We do not currently live on island, so missed the recent destruction. It is still were my heart is...

Everyone needs to understand that st croix as well as st thomas and st john have always been a real estate enigma. What goes up dosen't keep going up like it has in California and the US west coast.. Real estate in the VI has never been a good investment. It has almost always been an act of love.

People who buy at the current asking prices will need a decade or more to sell their houses at a profit, or sell them at all. If they are really rich, like many in past years, then they will be able to hold on until the next cycle. Otherwise they will eventually lose their property and contribute to the next downward trend. We all know that it can take years to move property in the Virgin Islands. That is not going to change.

I am glad that St Croix's economy might be favorably impacted by the refinery reopening. I lived there when it was at it's peak, cranking out Venezuela heavy crude and keeping people employed. But even then, houses took years to sell due to the lethargic bureaucracy of the the islands.

Like in past years the VI will be the last to react to what is now looming as a major real estate correction on the mainland. Fortunately this crash in the states should not be as destructive as the mid 2000's melt down. Because of lending rules that were in place before the current executive branch took over we might have a softer landing. The problem in the states is that prices are too high for middle class buyers. The rich can't trickle down enough to save us.

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mtdoramike
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singlefin wrote:
Another recession in the next 12-24 months?

Highly unlikely... unless you watch MSNBC, CNN, etc, etc, etc...

hahahahahaha, I'll bet they are avid watchers. The best bet for a recession is to vote in a democrat come 2020 and then sit back and watch all the new regulatory rules be put back into place, which = recession.

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singlefin
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Granted, there is a serious disconnect between the local economy / real estate market and that of the continental US. It seems to me that there is about a 2 year lag between the two (overall economy) however the real estate market here is unique.

I believe the exposure STX has gotten the last couple of years (HGTV and other outlets) have opened many peoples eyes to what’s here. Not to mention the huge numbers of relief workers, and various contractors who have come here for the post “Imaria” work. I cant tell you how many older people we’ve met over the years who came here for the same reasons after Hugo, fell in love, and purchased real estate or moved here permanently.
That dynamic is adding to the influx of workers at Limetree. Limetree will also have a positive boost for private business development for the support of the refinery and it’s workers.
More people will need more of everything. The most important thing at this juncture, is having a reasonable plan in place for infrastructure improvements and zoning and building code compliance. Hopefully the local government has the foresight and self restraint needed to do things right.
(I know, I know... but we can be hopeful)

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stxem
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singlefin wrote:
Well,
I Checked the MLS this evening just for laughs... I was shocked! Only 2 homes available, for sale on STX, East End-B, under $800,000.

East End B is not the only area on STX.

But yes, I agree, very slim pickings all over the island.

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caribstx
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singlefin wrote: The most important thing at this juncture, is having a reasonable plan in place for infrastructure improvements and zoning and building code compliance

Zoning? Building Code? That's crazy talk!

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Gator's Mom
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The two worst recessionary events in the past 100 years in the US were preceded by republican presidents.

Great Depression - Harding, Coolidge, Hoover
Great Recession - GW Bush

FD Roosevelt oversaw recovery from the Great Depression; Obama oversaw recovery from the Great Recession.

mtdoramike wrote:

Another recession in the next 12-24 months?

Highly unlikely... unless you watch MSNBC, CNN, etc, etc, etc...

hahahahahaha, I'll bet they are avid watchers. The best bet for a recession is to vote in a democrat come 2020 and then sit back and watch all the new regulatory rules be put back into place, which = recession.

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singlefin
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Another “glass half empty” response.

And the periods of a booming economy?

Harding
Coolidge
Hoover
Eisenhower
Nixon
Reagan
Bush
Dare I type the name...Trump?

It’s the extremists that refuse to acknowledge fact that do us the most harm.
And that applies to all sides.

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Gator's Mom
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recession= 2 consecutive quarter drop in GDP

Historically

Harding - 2 recessions in 3 years in office
Coolidge - 2 recessions, term ended 1929
Hoover - GREAT DEPRESSION
Roosevelt - 3 recessions - 1938 really bad, New Deal, WW2
Truman - 1 recession, WW2, Korea
Eisenhower - 3 recessions occurred during his presidency. 1958 was the worst. Korea
Kennedy - 0 recessions, Cuba Missile Crisis
Johnson - 0 recessions and Vietnam war, Great Society
Nixon - 2 recessions including the Oil Crisis, ended Gold Standard, Vietnam
Carter - 0 recessions but high inflation and Iran hostages
Reagan - 2 recessions early in administration, BLACK MONDAY 1983, S&L crisis
Bush 1 - 1 recession and first gulf war
Clinton - 0 recessions but preceded dot com bubble
Bush 2 - 2 recessions including the dot com bubble and GREAT RECESSION, 9-11, second gulf war
Obama - 0 recessions, gulf war
Trump - so far so good, gulf war

singlefin wrote:
Another “glass half empty” response.

And the periods of a booming economy?

Harding
Coolidge
Hoover
Eisenhower
Nixon
Reagan
Bush
Dare I type the name...Trump?

It’s the extremists that refuse to acknowledge fact that do us the most harm.
And that applies to all sides.

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singlefin
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As usual, derailed into a political debate.

I’m done

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Gator's Mom
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Facts are not political.

singlefin wrote:
As usual, derailed into a political debate.

I’m done

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Gator's Mom
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USA Today. Republican presidents rule recessions (hard to know why this is though).

https://www.usatoday.com/story/money/markets/2016/11/20/trumps-turn-republican-presidents-rule-recessions/93976832/

Gator's Mom wrote:
recession= 2 consecutive quarter drop in GDP

Historically

Harding - 2 recessions in 3 years in office
Coolidge - 2 recessions, term ended 1929
Hoover - GREAT DEPRESSION
Roosevelt - 3 recessions - 1938 really bad, New Deal, WW2
Truman - 1 recession, WW2, Korea
Eisenhower - 3 recessions occurred during his presidency. 1958 was the worst. Korea
Kennedy - 0 recessions, Cuba Missile Crisis
Johnson - 0 recessions and Vietnam war, Great Society
Nixon - 2 recessions including the Oil Crisis, ended Gold Standard, Vietnam
Carter - 0 recessions but high inflation and Iran hostages
Reagan - 2 recessions early in administration, BLACK MONDAY 1983, S&L crisis
Bush 1 - 1 recession and first gulf war
Clinton - 0 recessions but preceded dot com bubble
Bush 2 - 2 recessions including the dot com bubble and GREAT RECESSION, 9-11, second gulf war
Obama - 0 recessions, gulf war
Trump - so far so good, gulf war

Another “glass half empty” response.

And the periods of a booming economy?

Harding
Coolidge
Hoover
Eisenhower
Nixon
Reagan
Bush
Dare I type the name...Trump?

It’s the extremists that refuse to acknowledge fact that do us the most harm.
And that applies to all sides.

Reply
Alana33
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Last I heard about in STX was Nov. 3.
As follows:

INVENTORY. Presently available for sale there are 154 homes, 52 condos, and 462 parcels of land.

Here are the statistics for January through September, and despite what some Realtors are telling folks, the total number of residential sales (houses, condos, and land), compared to one year ago, is up only 14 sales and total dollar volume has increased by only 5%.

183 homes have sold in 2018 compared to 153 in 2017.
Dollar volume is up from $55.4 mil to $59.7 mil. 53 of the home sales were $150,000 or less. Only 4 homes have sold for $1 mil or above, and there are 44 homes available for sale on the MLS with list prices of $1 mil or higher.
Condominium sales dropped from 116 to 110 but dollar volume is up from $18.6 mil to $20.1 mil. Land sales are still slow, dropping from 163 to 153 with dollar volume dropping from $7.1 mil to $6.2 mil. Commercial and Acreage sales increased from 22 in 2017 to 26 in 2018 with a dollar volume increase from $11.8 mil to $13.2 mil.

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Scubadoo
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Alana33 wrote:
183 homes have sold in 2018 compared to 153 in 2017.
Dollar volume is up from $55.4 mil to $59.7 mil. 53 of the home sales were $150,000 or less. Only 4 homes have sold for $1 mil or above, and there are 44 homes available for sale on the MLS with list prices of $1 mil or higher.
Condominium sales dropped from 116 to 110 but dollar volume is up from $18.6 mil to $20.1 mil. Land sales are still slow, dropping from 163 to 153 with dollar volume dropping from $7.1 mil to $6.2 mil. Commercial and Acreage sales increased from 22 in 2017 to 26 in 2018 with a dollar volume increase from $11.8 mil to $13.2 mil.

So in other words it's not completely a seller's market despite the low inventory levels.

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