condo prices

Condo prices are comparatively very low in the Virgin Islands. Probably more on St Croix than St thomas. On St Croix the condo prices start in the high $20,000 and go up to around $200,000, with the exception of three developments on the east end that are more. For various reasons the condo prices are somewhat higher on St Thomas. Mostly because they are more rentable. However the "extra costs" on both islands are much higher than other places. Because of hurricane damage many condo associations have large assessments for rebuilding that are being paid off. In addition unless they go uninsured they have very high insurance premiums. I have heard of yearly premiums of over $7000 per year in addition to the usual condo fees. It is not unusual to pay in excess of $12000 per year in insurance and fees. So yes, the cost of owning a condo in the Virgin Islands is often higher than you might expect.

If you are interested in researching real estate as an investment and market trends regarding prices I suggest you check out the Island News. Their URL: www.presenter.com

Andy: Like bd said, association fees are high now partly because of some shenanigans in the insurance industry. Before you buy, definitely talk to owners from various associations. There are groups that are very well run and groups who can't even talk to one another at the annual meeting! Ask what people think about their board of directors, etc. Ask about Hurricane Marilyn's impact on the property and subsequent hurricane mitigation. Find out about the association rules. Find a realtor who specializes in condos who can give you the skinny... And don't buy anything until you have been here 6 months and are fairly sure you want to stay!

FYI, I own a condo'/villa on the East End of St. Croix, and my condo association fees, which include insurance are about $980 per month, if that information helps you.