Looking to Purchase Condo in STT

The condo fee range you quote is low.

Find out what is included. Insurance can easily run you another $200 - $300 per month for the structure if the complex isn't self insured. Then you have your own insurance for contents and liability.

Water is very expensive in the VI. It can easily cost you another $200 - $300 per month. Electricity is currently over $0.30 per kwh. Even in a condo where you don't run the AC you can have a $200 per month electric bill.

Good luck!

Jim

Heff:

First....THANK YOU for serving in our Armed Forces. It's Patriots like yourself that keep us free. Also, thanks to your family for their sacrifice while you are away protecting our country.

What you ask for as far as costs is going to be very difficult to find in St. Thomas. Three years ago we looked for a "pre-retirement" home and investigated 8 different properties.

Your $100 - 200 K for a 1 bedroom is going to be difficult...forget the 2 bedroom in that price range. Currently I'm most familiar with Point Pleasant Resort (on the East End) and you can find a 1 bedroom condo for about $200K. It will need some work, though. The monthly maintenance fee (including partial hurricane insurance) is $800./month. So you see your $400/month is very low. The maintenance fee, however, does include water. Electricity will probably run $300 - $400 per month depending on A/C use. Cable TV is $42/month. Unfortunately pets are not allowed. As far as near everything...the island is only 13 miles long by 3 miles wide. While your wife won't be able to walk to the USVI from the East End the drive won't take too long...probably about 1/2 hour.

Other places that you may consider.....Sea Cliffs and Watergate. These are more residential condo properties.

Hope this helps.

F.I.

Thanks for the info I did not realize that the condo fee included water in some cases. That will change my original planning. Obviously if more is included we will be able to afford a higher HOA. Is electricity ever included in the HOA?

Heff:

While I don't know all the information about every property on STT I doubt very much that electricity would be included if you are an owner. Even short and long term (lease) rentals require the tenant to pay utilities.

Electricity on island is very expensive. As Jim Dandy has stated it's over $.30/kwh....actualy it's more like $.35/kwh.

Also, prices for other things like food, clothing, appliances, etc. are more expensive here than on the mainland. Figure about 10 - 20% above New York City area prices.

F.I.

Thanks for the tip. I have read many of the threads on this board and the fact that the cost of livings is significantly higher seems to be a reoccurring theme. My wife and I are looking to buy in the $100,000 to $200,000 range so that we will have a smaller mortgage payment then we currently have. I am hoping that this will help compensate for the increased cost of utilities. Are there any condo developments that fall into this price range? I am hoping that there are a few so I know where to start looking.

Frenchman's View Condos run in that range. They're 1 bedrooms in the Frenchman's Bay area on STT. I don't know what their condo fees are, though.

Here are a few suggestions. Plantation Manor is close to UVI. There are only one bedrooms and studios there which are nice, not luxury, but nice. The dues are $300/month which is very reasonable for St. Thomas. Water is $.05/gallon. I have not seen a complex which includes water in their dues. It is almost always $.05/gallon. You get a bill once a month for the water. Frenchman's View condos are priced at about $180,000 - $200,000. The dues are $350/month. Regatta Point and Watergate may be priced under $200,000 or close to it but the dues are high - Regatta Point is around $700/month and Watergate about the same. Point Pleasant condos are nice and priced at $140,000 - $200,000 for studios or junior one bedrooms but the dues at Point Pleasant are around $700.00/month. There are a few small complexes - right now there is a two bedroom, two bath for sale at Northwinds Villa in Wintberg (near Magens Bay) for $195,000 with dues at $350/month. Have a view and a swimming pool. This is a six unit complex but for what you get it is a decent deal. I'm a realtor on St. Thomas so PM me if you want more details. Donna Wheeler

Donna:

Point Pleasant is $800./month (includes water & partial insurance), plus $42. for cable T.V. Other properties may have lower fees, but might not include hurricane insurance which could add another $300. - $400. per month.

F.I.

Hi Heff

My husband is currently in Iraq and will be home later in the fall of 2007. We are selling our house now and I hope to be heading to STJ to rent an apartment for us and get set up as soon as the house sells. It is nice to hear about another army family looking to move down the islands. Are you on R&R in July. My husband and I just had our R&R in February. I hope you have a great visit. Where are you stationed out of back in the states? Thank you for serving our country. I am so proud of all of you who sacrifice so that we can be safe back home. Best to your family as well.

Sarah

Sarah,
You guessed it. I will be on R&R in July so we are headed to STT. I'm stationed in FT Bragg NC with the 82nd ABN. My wife and I can't wait to do a little vacationing and planning for our eventual move. Hope your husbands doing well in Iraq and good luck on your move to STJ.