Question re propert...
 
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Question re property values on STX....

 

Tony Straight
(@Tony_Straight)
Active Member
Joined: 18 years ago
Posts: 17
January 13, 2004 7:48 pm  

I'm thinking about retiring and am attracted to STX, mostly because of
the price of condos there. But of course, that brings the question. Why
can you buy what seems to be a decent small condo at or near the beach
for under $50,000 on STX when you can't touch anything on Cayman
for example for under $150,000? thanks.


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Linda J
(@Linda_J)
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Joined: 18 years ago
Posts: 3919
January 13, 2004 8:15 pm  

I'm no expert, but I think there are two reasons.

First, this is a buyers market. The economy sucks here and there is plenty to buy. Resale and appreciation are questionable, at least in the short term.

Second, I think many of the properties that are priced SOOO low have some problem. Maybe they will not withstand a hurricane, maybe they are in a "bad" neighborhood.

You should definitely make the trip and check things out for yourself before deciding to buy (or not to buy). We've decided to rent for a year to give us a chance to really get to know the island.

I know others will have better answers.


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linda
 linda
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Joined: 19 years ago
Posts: 6
January 13, 2004 11:46 pm  

the real reson in my mind is the condo association fees like ric and linda { we get togrther quite often } we retireed here the end of aug. did a lot of research and checked everfything out.. the cheap condo prices sometimes have the highest condo fees , in the last 8/9 years before moving here we checked out almost all developments on islands some asoc. fes can go as high as $600 to $800 per month we choose NOT to buy a house because we have done the gardening and pool maintence thing BUT also wanted to live some where not condoish!! we decided on plantation@ southgate {not to be confused with southgate villas.} there are only 18 units here al lbut 4 are detached on 16 acres of an old sugarmill plantation.. we fell in love with this spot the min. we drove through we are completly surrounded by farm land, have a distant water view ,the grounds are breathtaking people come here to take wedding pictures NO NO beach rentals allowed .at least have to rent for 6 months, and the condo fees are only$375 amonth.. my point i guess is search wisely don't be overtaken by the low prices.. we have peace quiet and happiness here and love it good luck


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Andrew McG.
(@Andrew_McG.)
New Member
Joined: 18 years ago
Posts: 1
January 14, 2004 12:05 am  

Greetings Tony,

I can comment on the St Croix market, hope it helps....

"Condo's on St Croix have maintained a steady upward trend over the past 5 years. Average prices are now in the $120,000.00 range with an average of 10 sold each month.

(12 month average, 7/02-6/03)

Condo Statistics for 2002-2003:
Average price: $121,124.00
Condos sold: 118
Low Price: $17, 500.
High Price: $$676,000
MLS Sales price to list price ratio: 94%
Average days on market: 408

Residential Home market:
Average price: $314,177.00
Homes sold: 151
Low price: $30,000
High Price: $$2,550,000.00
MLS Sales price to list price ratio: 88%
Average days on market: 357

This information is based upon the St Croix Board of Realtors MLS records and has been verified.

Keep in mind that it only takes a few 600 thousand estates to sell a year to affect the average. I alway try to study the market in the price range I'm working with.


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kate
 kate
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Joined: 19 years ago
Posts: 32
January 14, 2004 5:16 am  

Are any properties for sale at Plantation Southgate? And, how do I get information about the properties? I can't find them on any web site. Kate


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Linda J
(@Linda_J)
Expert
Joined: 18 years ago
Posts: 3919
January 14, 2004 9:49 am  

St. Croix is lacking for a lot of things, but realtors is NOT one of them. Most of them have web sites. Some specialize in condos. If you do a search I'm sure you'll find tons of properties.


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Jim
 Jim
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Posts: 1180
January 14, 2004 2:23 pm  

Tony:

As for the obvious location is very important on St Croix. You get what you pay for.

Also many of the condos you see listed were built during St Croix's boom in the early seventies.

Besides the condo association fees being high, insurance is astronomical. The Virgin Islands get both hurricanes and they are in an active fault zone. Condo fees are high because old buildings require more maintenance, nothing holds up very well in the tropics anyway and with the climate you have to maintain the landscapping year round.

Utilities are high also. The condo where we have a unit charges $0.06 per gallon for water incl sewage and electricity is $0.25 kwh.

Good luck!

Jim


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microhurl
(@microhurl)
New Member
Joined: 18 years ago
Posts: 3
November 17, 2004 11:03 pm  

Hi Linda,

I just see your message. I am wondering what is the situation about property market on STX. I think about to move to STX, and buy a small home. Thank yu.


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Anonymous
 Anonymous
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Joined: 1 second ago
Posts: 0
November 18, 2004 2:37 am  

It is interesting that this... many months olds thread.... has been resurrected. the real estate market on STX has moved "up" and "down" and ??? since that time.

The asking prices on condos on St Croix condos' has gone up..up since January of this year. BUT..It is now somewhat stalled.

It would be important to note that the asking price of "condos" on St Croix has increased about 30% during 2004.

At the high end it is probably higher than 35%. At the lower end ...somewhat less. Those developements with new increases in fees (condo, insurance, ets) will show less increase (except high end units).

I doubt that we will be able to maintain this increase.

I have other "opinions" about real estate values that will have to wait for future posts.

stxer


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