Crime, Commerce and Cost

Dan,
My husband and I have just finished our second pre move visit to StX. Here are some pointers from our perspective that we have found.

Crime: From our experience and reading on-line, the crime areas are not something you can just point out. The islands are not built up like cities stateside where you can specify an area and say stay away from there. On the islands you have multi-million dollar properties and nice areas and across the street or around the corner there is a more undesirable area. Last week when we were there, we were walking down Strand Street in C'sted and on the stairs that go nowhere (which is the name I gave them), a group of teens were smoking weed. This was about 2:30 in the afternoon. None of them bothered us. We just waved a little and kept walking. That is why a pre-move is necessary for you to do. Find the properties your interested in and than spend time getting to know the area by walking or driving around it at different times of the day. When you know specific areas your interested in sit in a bar your comfortable with and start asking questions. The locals are honest and give you an opinion.
Real Estate (Honest Realtor???? They're like lawyers, a necessary evil): Remember when talking real estate with an agent, they do not recognize buyer agency. I have found one that is starting the concept up on StX named Chuck Ulrick, that will work for the buyer as opposed to the seller. Don't let them know how much money you have to spend. You will never get shown property that is cheaper than that figure, or more expensive. When you do find something, the offer won't be taken seriously until you reach that max figure. (Big mistake we made). We have placed offers on properties that the seller has never even got the paperwork for! It was rejected by the same person showing us the property! Its not hard to figure that one out with a little research. Be very very careful when looking, buying.
Cruise Industry: What ever took the ships away and there seems to be story after story about that one, it doesn't matter. The area they come into can only fit two at a time. or thats the way I've heard in the past. Don't buy into anything hoping for the industry to come back or expand on StX. Of course it would be nice for the F'sted area, but I wouldn't base a livelyhood on it. Just in case.... I hear in Italian line has scheduled StX for 7-8 stops starting this fall, though.
There are some existing businesses for sale right now and many, many store fronts available for rent in both C'sted and F'sted. Go to a real estate website and search the mls listings to view these and get an idea. There is a laundramat, a restaurant, some hotels etc...
Good Luck with all your searching, It is a lovely island with good people living there.

Post Edited (04-14-04 09:33)

As Eve points out, there are MANY, MANY vacant businesses in both C'sted and F'sted.

Something to think about, no?

I agree that to open a business down there is risky. You have to be creative. And develop a sound plan, goal, etc... with back ups fixed in...

Thanks for the "researched" information Eve.
What made you decide about moving to StX vs. StT?
I sure know how some Realtors ( being one myself) are, to be quite honest I feel that it is a necessary evil and hate the tought of it, but as long as I invest in Real Estate it will have to do for now. Thanks again for the link I will be checking it out. It sounds like your pre-move trips where very important to you, is there anything I can do for you when I'm down there next month. The value of advise is priceless to me and I would like to show appreciation by helping with anything if I can.

Dan

My husband and I decided on St. Croix because StJ is to exclusive for us. StT is to saturated in the markets we have interests in (and more expensive). StX was just right papa bear said. StX seems to be poised on a threshold for development and commerce to expand. It cannot really be explained but honestly when you sit and talk to people on island, it is a feeling and a sense of purpose that you *sense*. People there just seem to be fed up with the bad publicity and the competition for the tourists and you get the feeling like its poised to bust open and explode. Like I said, hard to explain but an undercurrent is there. Let me know if you get this feeling when you are there. All I can say is keep an open mind and get to know the islanders. I loved my visits to StX. Can't wait to be back.

Dan,
Have a realtor question for you.

I am being told that the experience we had with putting bids in is totally unethical. The paperwork was NEVER submitted to the seller/owner of the property for review. He told us he never received a phone call and didn't even know we had placed a bid on his property. What is up with that???? With your experience in the field is the fact he never saw the paperwork unethical? Not sure what can actually be done about it. I am sure I wouldn't try to do anything about it...
I think it is a good topic though. People need to be forewarned going down there about what not to do or say when wanting to buy property on the islands. Makes me feel like a freakin idiot with no sense. I really hate that feeling and am really bummed out about the experience.

Unethical is just the tip of the iceberg.
When the Realtor that signed the listing agreement ,with the home owner, they agreed to take the listing an agree to:

1.To be loyal to the seller by taking no action that is adverse or detrimental to the seller's interest in a transaction.
2.To timely disclose to the seller any conflicts of interest.
3.To exersise reasonable skill and care.
4.To deal honestly and in good faith.
5.To present all written offers, written notices and other written communications to and from either party in a timely manner, regardless of whether the property is sublect to an existing contract for sale or the buyer is already a party to an existing contract to purchase.
This just about sums it up.
IN ORDER FOR THE AGENT TO FULLY BE RESPONSIBLE AND HONEST "ALL WRITTEN OFFERS HAVE TO BE PRESENTED"
Eve, you sound honest and savvy and I know that you had written an offer. You where misrepresented by the Realtor.
This makes me sad that I'm associated with this profession. Again, the reason that I love it is because I can help people with their dreams, Why would I not enjoy helping someone find that opportunity of pride and ownership.

Great conversation,
Dan

Hi Dan,
Thanks for the reply. This whole thing, the more I sit and ponder, really pee's me off. My understanding is that once shown a property, you 'owe' that realtor. I can't even switch now even though I feel they are practicing unethically. We really appreciated the property we were looking into and the potential of it as an income producer for us.
All I can say to anyone looking: Really watch yourself on this one. We made some mistakes that I really regret happening.

By the Way, What area are you from?

Post Edited (04-14-04 09:36)

Good afternoon Eve,
I really appreciate your responses here and under my other question forum.
Thanks.
I have one question or maybe two.
Did you sign any type of a "agency agreement" with the Realtor you feel stuck with?
If you made an offer on that property, it was presented,and the time deadlines are still valid than I would say that the Realtor should be working in your best interest. If no offer was made and they simply showed you "property" your not stuck with them. If it comes to buying a particular property that was showed by them then they where the procuring cause so to speak. The only thing that means is when it comes to the greed of commision money than they would have to "sell" the listing broker of that property, there expectations of commision money.
Hope that helps.

I was born and have resided all of my 40 years in the Portland, Oregon area. I hold a Real Estate License in both Oregon and Washington states.

Is the property that you have an interest in still available or have you tied it up?

Dan