ISO house to buy  


Iammom3b
Posts: 6
(@iammom3b)
Active Member
Joined: 6 months ago

I am new to the forum as a contributor but have been trying to stay abreast for a few months now.

Seems like the Real estate market... at least in my price range...is low on inventory and high on interest these days.

My husband and I are interested in buying a house on St. Croix. We would like to have 2 separate living spaces; like main house guest house or apartment. Main needs to be 2-3 bedroom with 1-2 bath. Second can be a studio or whatever. We would love to have a little space of land at least 0.25 acres, but that isn’t a hard requirement. Oh and We are NOT afraid of a fixer upper either. We are hoping to keep price under $275 K.

If anyone knows of a property that might fit the bill that will be coming on market soon, we would love the info.

Thanks!

looking FORWARD to island life!

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4 Replies
jaldeborgh
Posts: 33
(@jaldeborgh)
Advanced Member
Joined: 10 months ago

I’m probably stating the obvious but have you contacted a realtor?  My wife and I just went through the process of purchasing a home on the island while we currently live in New England.  Not sure how we would have done it without some on island assistance.  From experience, houses look very different in person than they do on the internet.

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Iammom3b
(@iammom3b)
Joined: 6 months ago

Active Member
Posts: 6

LOL....Jaldeborg we are indeed in contact with an on Island realtor. We sold our house in NC before it ever actually went on the market by responding to an outreach just like I made...I was hoping that MAYBE Someone on here would know something before our realtor did😊. BTW who did you use as a realtor and would you recommend them? And give me all the gory deets of what kind of house you were looking for,of how long did it take to find it, any negotiating room in price, etc,etc,etc...we have our first on island house hunting visit next week to lay actual eyes on properties that have only been virtual so far and am SURE we are going to get to experience that “difference”.

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mykmid
Posts: 3
(@mykmid)
New Member
Joined: 7 months ago

Lammon3b,

When you say you are not afraid of a fixer upper - that's a good thing, because there are PLENTY of those available, but lots of times not at the price you'd expect. I think a lot of properties on the Island are perpetually for sale in case someone just might offer the asking price. My guess is anyone that really does want to sell will allow for quite a bit of negotiation room on the asking price. The BIG thing you need to understand is that almost any renovation you do will cost WAY more than the same would cost back on the mainland (especially now). If you're into DIY that will that help a lot, because finding good contractors (at a reasonable price) is unlikely. Materials, especially now, are top dollar - when you can find them. Depending on how much you need it can actually be cheaper to buy it on the mainland and ship it over.

So, be aware when you're looking for places that what looks like a $25K reno will likely be closer to $50K and probably take quite a bit longer than you'd expect. I just got done a hurricane damage reno that I had expected would be about $75K (and take 6 months), but actually spent over $125K and took a year to complete! 

As they say "Island time" and "Island Costs" are NOT what they are on the mainland - so beware of that when making your offer on a property that needs work.

Good luck - because when it's all over - it IS worth it!

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jaldeborgh
Posts: 33
(@jaldeborgh)
Advanced Member
Joined: 10 months ago

Lammom3b, sorry for not responding sooner.  We used Coldwell Banker in Christiansted, a young lady named Kali.  She grew up on the island and seems to know almost everyone.  Easy to deal with and my wife got on well, which was important.  I think the biggest thing we struggled with was both finding a property that met our requirements and was in great condition.  We’re nearing retirement and were looking for a turnkey situation.  The house we purchased met all our requirements but it was literally only on the market one week.  I have a feeling the good ones go quickly.  As for pricing, it depends on where the asking price is versus market.  We offered roughly 10% below asking but felt the home was fairly priced.  After we closed we had an independent replacement cost analysis done, for insurance purposes, and this confirmed our offer was almost exactly right.  

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