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Can anyone tell me how much home or condo prices have increased or decreased in the last few years?
Is owning a home or condo a good investment? We are wanting to retire there in 5 years, but don't know whether to buy now or wait.
Where we are in Arizona, the homes have gone nuts in increased value.
Posted : February 16, 2005 3:42 am
We started looking at homes on STX about 4 years ago, in that time prices have doubled, hard to find a 2-3 bedroom for 400k now. On the other hand condo prices are only up a little. It's because of demand, housing market tight and condo's are plentiful, hope this helps -
Posted : February 16, 2005 9:42 am
Real estate in the Virgin Islands is at an (almost) all time high. Just before Hugo in 1989 St Croix was riding an economic high. Since that time it has been a buyers market...until last year... Real Estate has done a real turn around and sales reflect higher prices. The joker in all this is EDC 's future and the usual let down after a run up in real estate prices. St John is some what an anomaly. The prices there are super high and will probably remain so do to the perception of the current owners and potential buyers.
I think real estate will continue to appreciate on St Thomas and St Croix over the next few years, unless there is a "significant" hurricane such as Hugo. The demand for island real estate is being driven by off island retirees and dissatisfied mainland families.
Go to the mls...read the real estate articles and try to understand the dynamics of island real estate. This will help you decide if this is where you want to put your money.
Bottom line....There are many better places to invest in real estate for a purely economic return. However if you love the islands you can take a chance here....
Posted : February 17, 2005 12:19 am
Hi Terry,
I'm working for a real estate company now and what I hear about condo prices and value is good, BUT, the amount you pay for HOA and hurricane insurance (which is rolled into one) is astronomical. Between $500-850/month depending on where you live. That's ON TOP of your mortgage. We've since decided to look at houses instead of condos 😉
A former Arizonan! (God, I miss Scottsdale!)
Posted : February 17, 2005 9:51 pm
No doubt condo fees are high. But as you mentioned it is the insurance that pushes the number up. For a single family home you will pay through the nose also, $5,000 - $9,000 isn't unusal for an annual premium depending on the value of the home and its construction and the coverage you select.
Also you have to remember fees are high because everything is expensive to maintain in the tropics. Nothing hold up very long because of the sun, humidity, termites, salt air.
Jim
Posted : February 19, 2005 5:18 pm
