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Topic starter
new to this board, but been a member of vi now for a while.
Been visiting STT every year for about 6 years now and just started looking for a condo to purchase. Looking for a 2 or 3 bedroom, 2 bath. I was looking at either Mohagany Run or Cowpet area, I know they are totally different parts of the island. I was curious as to how the condo fees and taxes work down there. For example at M.R. same size BDRM/BTRM condo fees had such a difference in price, as well as taxes, is there a View Tax, or some other reason why the difference. Also, is there a certain buying time of the year where prices may come down, like now at the end of high season, or sometime over the summer? Thanks in advance, I'm sure I'll have more questions to come!!
Posted : April 10, 2010 2:09 pm
I think you definitely need to talk to a Realtor with expertise in condos, but will be happy to avail you of MHO!;)
First, there is a large inventory of properties available now. However, I think that there isn't a great deal of motivation for a lot of people to sell because these are, in general, second (or third) homes and many are in some sort of rental opportunity and so are bringing in at least a little moola. So maybe people are a bit hungrier for a sale in the summer when rental income goes down, but it is hard to say.
Second, the home owner's associations (who set the HOA fees) vary a great deal. Some are extremely cautious with finances and some live on the edge. One problem is the windstorm insurance here. It is impossible to get windstorm insurance for a feasible rate. At times, the deductible exceeds the possible amount of damage to the building. Many are self-insured. To some associations, that means having reserves large enough to actually pay for any damage incurred, to others it means they aren't really insured at all. These are questions for your Realtor.
Posted : April 10, 2010 3:14 pm
Topic starter
thanks, we did see a realtor last week, but with the holiday week, it was too difficult to get much accomplished
Posted : April 10, 2010 9:31 pm
LOL. In the states, the big real estate days are Saturday and Sunday, but here all the offices seem to be closed! Best wishes on finding your piece of Paradise!:-)
Posted : April 11, 2010 12:19 am
Speedr1023:
I sent you a private message.
Future Islander
Posted : April 11, 2010 12:37 pm
When you find a condo you like, get an inspection. Have the inspector take a look at the entire property to be sure there isn't any deferred maintainance issues that will likely be an assessment in the future. Ask about fees and insurance.
Posted : April 11, 2010 3:14 pm
