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Anyone who's looking in the 300K - 500K range --- good luck! EDC companies have cleaned out that price range, and what still is there/being offered is artificially inflated due to the fact that there's nothing available. We had a house under contract and found out it was grossly misrepresented in the MLS (square footage incorrect, condition far from the "excellent" listed). After we backed out of that contract, we managed to pretty much see every house that is currently offered in the price range of 300K - 600K in our 3 remaining days. One is almost better off building than buying someone else's problem. The disheartening fact is, that it will probably get even worse: there is some kind of expansion of Hovensa in the talks, and the EDC companies are still buying. We have decided to let my husband start his job, get a rental, and, should things work out at a later time, join him then.
Posted : April 30, 2004 11:32 am
kbuckley,
I am afraid you are right. My wife and I have been searching the MLS and have found that our initial range of 400-500k has now been bumped up to 600-700k. I am in the real estate industry in the states and have witnessed amazing escalations in the housing market but I never dreamed I would purchase a home for 600- 700k that would be so average looking. We are part of the EDC wave by the way and we are the first one's to come down with our company with many more following. Good Luck with your search. I may start looking at rentals.
Posted : April 30, 2004 12:15 pm
Topic starter
David,
Thanks for you message. Actually, I think the first wave of 'EDCers' has already passed... I have been watching the market very closely since last August. Homes that were on the market for 1100 - 1500 days have all of a sudden disappeared in the past 2-3 months with people now fighting over them. We are military, by the way, and for us this is a military move.
Kerstin
Posted : April 30, 2004 12:28 pm
This may be a stupid question, but I'll brave it: What/who are EDCs?
The news about your house hunting experience(s) is downright depressing! What sorts of homes are being fought over for $300 - 500k? I read the Settler's Handbook, and was under the impression that a home comparable to mine in Florida (3000 sq. ft.) would be in the $300 - 400k price range. I'm assuming you're talking about St. Thomas.
Is it still about $150 sq. ft. to build? Are the prices of the lots inflating at such a quick pace as well?
Advice would be appreciated!
ansley
Posted : April 30, 2004 2:12 pm
Ansley,
The island is StX that kbuckley is discussing. Although all are involved in the EDC. I think islander has a link on from the front page of the website. Economic Development Committee or some such. Go to where business is in the links from front page and I think its there. (I'll check and post edit). These are huge tax incentives and breaks for companies to relocate business to the islands. Yes, that was it. Go to the home page (very top left of this screen), choose business scene under the navigation (in blue), on that page look under tax incentives to the right at the top...
Islander has a good explanation and description and a link to the EDC website.
Post Edited (04-30-04 10:22)
Posted : April 30, 2004 3:18 pm
Ansley,
My search for housing is on St. Thomas. I went down over Thangsgiving day weekend and have been monitoring the MLS and other realtor sites to track real estate. I have just begun working with one realtor but have signed no representative paper work as of yet. As I stated my background is real estate on the mortgage side. My wifes company is moving us down to St. Thomas for a start up project which is part of the EDC growth on St. Thomas. My housing search has been disapointing so far because I have not seen much and what my wife and I like is usually 600k or more. It is a sellers market right now and the realtors are definitely looking out for the seller and not the buyer. They want to sell the inventory they have now and try to scare you if your not careful into rushing into a purchase. I have taken the advice of those who went before me and post on this board. I am taking my time and if need be I will rent for a year. My only rush to purchase is I will get hammered on taxes next year with no write off. As for the values and sq.footage comparison, you will need to check that out for your self. The market is what it is and is driven by demand. In my neighberhood here on the Jersey Shore people are buying little 2-3bedroom homes for 400-500k only to tear them down and build million dollar homes. It has been a crazy market because of record low mortgage rates and those rates are finally on the rise. This will help drive down the cost of homes a bit but will also limit folks to the amount of mortgage they can afford. My advice would be do as much research as possible and utilize the locals who are more likely to give you and accurate appraisal of the real estate market than a realtor. Not that I dont trust them, I just work with them everyday and know what 80% are like. Be Careful!
Posted : April 30, 2004 3:41 pm
Thanks Eve & David. I'm really only starting my research. I've obviously got a lot to check out, and consider in whether this move suits me and my family. I am enjoying the researching aspect of this project, though.
Ansley
Posted : April 30, 2004 9:28 pm
What MLS listing numbers on St Croix did you look at in the $300k-$500k range?
We are looking at the same price range for a June 2004 purchase.
What did you see in your onsite inspections that turned you off?
This will help us out in our current search.
Posted : May 3, 2004 10:11 am
Charles,
We have looked at EVERY house on the island in that price range, either by drive-by, or the entire tour. Misrepresentation is what turned us off (read my earlier post), ranging from the condition of property to incorrect square footage listed.
Posted : May 3, 2004 10:32 am
Wow, do I feel like the luckiest person on the planet. Don't want to say too much lest I jinx it before we close, but we have a ratified contract on a very nice, large house in a nice neighborhod on STX that we got it for a steal (thanks to the misfortune of the current owners.)
We looked at every MLS listed house for under $250k and can tell you to not rely only on the public MLS -- the info is hardly accurate for most houses (let me tell you about 56 Tiperary!!) and there are many houses that just aren't listed there.
Moreover, buyer beware! GET A REAL ESTATE LAWYER BEFORE YOU GET AN AGENT. The islands work differently than anywhere I know of on the mainland -- the agent showing you around modst liekly does not feel he/she represents you -- he/she belives that they work for the seller. That meansw everything you say in that agent's presence will liekly be relayed to the seller -- even your top price. We strongly recommend getting a pit bull of a lawyer to act in your interest on contract right away-- it became clear to us that no STX agent had any loyalty to our best interest.
Good luck!
HipCrip
Posted : May 4, 2004 2:20 pm
My goal for next week is to locate a real estate attorney in STX. Any suggestions? We are negotiating to purchase a condo. The owner lives in Florida and we've just discussed it on the phone. I'm not sure of the next step and could use advice.
Thanks
Posted : May 4, 2004 4:36 pm
Sharon:
Linda Baxter did a good job for us, 340-773-9168.
Jim
Posted : May 5, 2004 10:18 am
