Residential vs. resort

Probably the biggest difference is that in a Residential Condo you'll have neighbors that you'll get to know and see on a regular basis while at a Resort Condo there will be more transient guests. On the other hand, if you are planning to rent out your condo for part of the year the Resort Condo will will probaly offer you more opportunities to do so with short-term rentals thereby allowing you to retain the flexibility to use the apartment when you need it vs. the Residential Condo which, if you did rent it, would probably be for longer terms.

Jay:

I guess it depends on how much of the year you'll be using the condo. Are you moving to STT "permanently" or just for a couple of months per year.

We purchased at Point Pleasant 3 years ago and expect to spend 3 to 4 months per year on-island. We like the resort amenities because it gives the "feel" of a vacation with the services that would not be provided a residential property. Having a fully furnished condo provides the space for long term occupancy vs a hotel room. We also have several neighbors that are year round residents so we have developed relationships with them as well.

Friends of ours own at Sea Cliff condos. They prefer the "residential" life style of many long term resident neighbors. They spend about 3 months each year on-island.

Additionally, owning in a property like Point Pleasant , that has a management firm on site (Antilles Resorts) provides the ability for us to rent our unit when we are not there......reducing the "cost to own" significantly.

Hope this helps.

F.I.

Thanks F.I.
I am moving there full time due to a job transfer.
From what I have seen, the resorts are a bit less expensive but have understandably higher association fees.
Ah decisions......this is a tough one.....

Jay:

I don't know what the association fees are for other properties, but ours includes, besides the "usual" maintenance and upkeep, liability insurance, hurricane insurance (approx. $400./month), security services, and (very important) water. Plus location, location, location....we like the East End.

Regards,

F.I.

Future Islander,

Is the resort condo the same thing as a timeshare? Also, am I understanding you correctly when you say you're total expenses, including your joint ownership-interest in the property costs $400/month or is that just association dues and not including your (I'm assuming) mortgage? Are there any you'd recommend aside from Point Pleasant and Sea Cliff and do they have websites?

Sorry Jay, don't mean to hijack your thread.

We looked at both and decided since we plan on eventually moving down full time to buy at Sea cliff which gave us residential but with the resort "feel" - right on water with beautiful views, 3 pools, tennis etc but great financials and security. You really need to think about where you will be working and location you want to live in and then see for yourself. We rent out full time (yearly plus) btw and it works for us!

Jay: I don't know of any condominium project on St Thomas that has *only* residential use. Heck, if you live anywhere in the VI, you are living in a resort! 🙂 Some have a management company that rents out units in a hotel plan, some allow individual owners to rent out short term also. Some allow only long term rentals (6 months or a year) and some allow about anything. When you do your research, find out what the association rules and regs are.

Sea Cliff is one of the few associations that allow owners to have dogs, hence the residential "feel"...not to mention the poop! LOL

To pja: A timeshare (or as the Ritz calls it: "fractional ownership") is different. Associations have varying dues depending on their insurance needs, maintenance and upkeep needs, etc. Insurance or self-insurance is one of the larger costs to associations.

The condo I live in only has residential, no vacationers but some long term rentals. Be very thorough in checking out water rates, condo fees AND insurance costs but what's really important is to find out what assessments have been levied in the past 5 years. It's fine to have low condo fees but not if you're being assessed for every little maintenance issue.

I don't know what your requirements are but I specifically chose where I live because it did NOT have a pool or tennis courts because I would use neither & I'm looking down at a huge pool (the Caribbean.) Therefore, my fees are probably lower, too. I do understand why others would insist on these amenities.

Visit the place during different times of the day/evening to see what the noise level is & how the property is situated. I live on the South Side in Frenchman's Bay. I face south but I'm on the east side of the building so it's always cool at my house because I get the breezes. There are 3 buildings in my complex & the 3rd building is tilted just enough to get a full blast at sunset. That can make a difference in heat & comfort level over time.

Another requirement for me was the ability to have pets. Good luck in your search!

Pia:

We do not have a timeshare.....we own.

The $400./ month is for hurricane insurance only. Yes, that's almost $5,000. per year.

Other costs are maintenance fees, liability insurance, property taxes, electricity and occasionally special assessments. Also, one might have a mortgage payment. Other properties incur water fees.

Although we looked at 6 other properties before we bought I really couldn't provide their fees now.

If you want specifics send me a PM.

F.I.

Hi FI and everyone else

I just saw this thread and thought that I had posted a comment but didn't remember doing so (getting older and memory isn't what it was 🙂 ) but I hadn't as I now see it is from a "newish" member pja not me pia - this might get confusing 🙂

Future Islander, what additional costs are there at Point Pleasant, and is there anything else I should know about it. That is one of the places I am considering for purchase and it would be my full time home.

jay:

Send me a PM with your questions.

F..