resources on loans for investment property?

You won't find any sellers willing to carry 100% of the loan. Sellers who will even carry back a very small second mortgage are few and far between. Most want balloon payments of the balance within 5 years or less.

A seller offering a 100% loan is still taking ALL the risk while you stand to make all the gain on the investment. If the market dropped and you walked away and they had to spend money to foreclose to get back a property with a lower value, they would lose all the way around. If the market rises, as it has been doing rapidly, you would get all the benefit. If they aren't getting any cash out of the sale up front, they might as well keep the property and reap the increases.

Mortgage companies on the mainland are filing for bankruptcy at alarming rates due to the lenient loans they've been making for the past 10 years. Banks have never offered zero down loans in the USVI and most won't loan money for less than ten percent down. There are a few special programs for three or five percent down, but usually you have to be verifiably a first time buyer and meet a lot of restrictions.

Maybe it's time to invest in property down there if values are rapidly rising. Here their kind of flat. Glad to here about the rise. What do you think it might be year to date.

Also, my guess is that the mortgage comanies having the most problems in the mainland are those in the subprime market. Other than that I'd love I really haven't been seeing an alarming rate.

Promoguy:

I fear that the "alarming rate" is coming.....mortgage delinquencies are climbing monthly....it's only a matter of time before the foreclosure process starts gaining momentum.

F.I.

Armanda, Alex response was well said, & I agree with her (I wonder about the rapid market, it`s stalled in Stt, & even went down on StJ)!
If there is still a rapid rise on Stx, I`m unaware as I`m not interested in that market, I`m interested in STT, as you are.
Could be some bargains after a hurricane(let`s hope there isn`t one).
Whatever you do, research, check the MLS,you can see & get accustomed to the local market. If you have friends here, you can ask around for pocket listings.
I wonder if Gov. deJongh will enforce the TLC law here (most governors wouldn`t, political suicide I`m told, but I wonder)
And be careful what you tell a real estate agent, they are bound to the SELLER, & in their interests!

Future Islander,
here on STT, the banks list their properties with Realtors(ask for their property list).
Sometimes, you can strike a deal with the bank if the timing/deal is right (Chase was good for this, but sold to First VI)
Sometimes banks don`t want to sell(their worth more on the books).
Alex is right, the banks here don`t position themselves for risk(they usually make $$ when the market is climbing instead!)
There has been alot of appreciation here (all islands) that, if the loan is 3 years old or more, the banks will do fine!
I agree with Promoguy, only sub prime properties are usually affected usually, but here, even those command good $$.
Again, that is the STT/STJ market, not STX!
STX, has lower RE values.

DUN - thank you for your honest and unemotional response on this topic. It was nice to see. I guess you are very emotionally invested in your electronics business and get worked into a frenzy easily on that topic. I'll keep it in mind. I enjoyed seeing this other side of you. It offers hope for civil postings in the future. Have a great day.

btw, the market on STX is still climbing. Not as rapidly as it did from March to December of 2005, but with a pleasing steadiness for property owners. The only listing prices we have seen drop much were for properties that were heavily overpriced initially by sellers hoping the meteoric rise would continue longer than it did.

March to December 2005 was a while ago. What was that pct compared to the percent in all of 2006 and the to date 2007 pct increase.

That would make for a good comparison.

promoguy - the percent of increase for recent sales in various categories is not readily available and would have to be generated from stats on not only the sales through the MLS, but also the private property sales registered at government house. That takes a lot of research and extra legwork. Houses and condos that have recently re-sold after selling a couple years ago still saw a nice increase, most of them 30% or more. It's harder to generate reliable figures for what a property might have sold for a couple years ago if it didn't actually go through a sales process then. Comparable properties are more expensive today than they were two years ago and a LOT more expensive than they were a year before that. Waterfront land has pretty much tripled in price in the last 2.5 years. The waterfront houses haven't gone up quite as much percentage-wise, but that's because construction costs haven't tripled... so a good chunk of their increase in price is from the land's new higher value.

It was that 8-9 month frenzy in 2005 that saw prices double in many real estate categories on STX. Investors were loving it. If you read the blog that Chad and Emily are writing on their process of buying waterfront land on STX, they comment on prices in the neighborhood they chose rising more than $100K in the past year for a 1-acre lot. Certain categories of property are rising faster than others, of course, with waterfront being the most lucrative.

Actually what I'd love to see would not be the per cent increase, But the median price at the end of 2005, end of 2006 and as of first six months of 2007. That would be an easy indicator to come up with.
Also would love to see the median price right after Hugo. I think all of that gives the best indicator of real estate value on STX.?????

Promoguy,I have read many of your posts and find them negative and unhelpful.This is a moving web sight and from someone that doesn't seem to spend more than a couple weeks a year in STJ I don't think that you would have much info for anyone wanting to move there..My advice is for you to keep your posts based on the topic and to somthing you can offer some info on instead of wasting the time of people that are trying to help. And that is ALL I have to say about that...........

Thank you for reading many of my posts. You and others may think of them as you will. Guess what?? I really don't care. I will definitely take your advice for what it is................

Please enjoy whatever it is you do. God bless you good man.

Ciao for tonight you big old bully

I agree with Edgebo that info is worth money if you want it get it your self. I did not use Alexandra to buy land but she seems like a nice agent to know. She is the MVP of this board so don't waste her time for fun. Alexandra what do you think about Hard Labor. Is it just the place i like the most or will a house there be worth more then it cost to build? I have been wanting to ask you for a while thank you for your time. Not going to sell it but maybe duplicate it.

So because PG only visits for a few weeks a year, the info he is requesting wouldn't be of benefit to ANYONE contemplating a move? Hello - doesn't matter whether he visits or not or lives on Tortola or Norway, that's some important info. I thought that was the purpose of the board, to help with information and facts that would help people transition. As part of their research, most everyone will be asking about their real estate value should they decide to buy on STX. I'd think that would be a strong marketing move on Alexandra's end. Edge, aschultz - I'm sure that Alexandra appreciates you running front for her, but she's a big girl. Betcha she can make up her own mind as to whether to address some questions or not. She doesn't need verbal bodyguards. People who are truly researching a move and what their money can buy - hey, this could be a HUGE service that could be available to the masses.

Alexandra is a Realtor. Realtors know these things. I see nothing wrong in PG asking questions that Alex could post, thereby providing info that can be readily searched for and duly noted (provided it doesn't turn into an 8 page Kenny Chesney thread...).

I guess you'd rather have Alexandra answer the same questions 23 times a day in PMs.....but a good, insightful post with facts and figures could be referred to for a while and future posters could be pointed that direction.

Edgebo and aschultz....believe it or not, those of us who have moved or who might visit have some strong ties to the islands. This isn't a residents only board.....you'd need to go back to the home page to find that forum.

The median price for 4 periods of time? That should be a pretty easy one. In the meantime, I'm sure your obvious dislike for Promoguy probably didn't keep him awake last night....what you had to say could have been PM'd, ya know? Seems to me YOU are the one stirring up trouble, Edge, and all from a very simple question.

Hey, when did we get to vote for MVP of the this board? I didn't vote so it doesn't count! You can't declare MVP out of thin air. There is a procedure to follow here people. I nominate myself. LOL.

Teresa

I second that emotion. Mohitos all around!

I a vote for you as well and anyone with a simular name. LOL
Terry

I was just saying that to make her do the research for you all the way back to Hugo. When he really does not care,that is ridicules. Did you see I asked a normal question. I was not rude to promoguy. I like him just fine. Did not see Wye he was asking that question that is all.

Well, that's good that you like me. Warm and fuzzies. I like you too, BUT I don't like Edgebo.

The reason I asked was because of Alexanders always mentioning about market value. The median price thingie is something easy for any RE agent to get and is probably the best indicator of property value during any period of time. Just saying that it is an up market says nothing at all.

And hey, you never know I might be thinking of buying.

So you didn't use Alexandra as your Realtor, yet you want her to spend her time giving you info on Hard Labor - and promoguy isn't probably going to use her either, but asking about 4 time periods which would be HUGELY important (the time right after Hugo is an extremely interesting time to think about) - because promo doesn't own land on the island makes his question and use of Alexandra's time less valuable than yours?

Any info Alexandra could provide is nothing but a boon for this board. She's a MVP Realtor - she has the info at her fingertips. If she doesn't mind sharing for nothing with you OR promoguy, then who cares? She has nothing to gain by answering him - or you - but perhaps future residents of STX can use this info for a barometer.....I think that's all promoguy was trying to ask when EDGEBO busted him out.

One thing about this board - you can be ever so nice to anyone and they will never show - or you can be a total s**thead and that person will surely end up being your next door neighbor on island....

I would have liked to use her but I did not no this board then. I also don't want to knock the guy i did use he was not that bad and I am sure Alexandra knows him. She seems better though and when I live there and want to invest I will look her up. I did four Pre move visits and all the work my self so I just used the listing agent. I am young so century 21 ladies did not think I could afford anything. All I could get was some copies of there listings. I have been in real estate sense I turned 18. I no what a good buyers agent is and she is one. It is one thing to ask her opinion about something and another to ask her to do research for you.

Promoguy - while you might find the stats you requested to be interesting for your personal information and amusement, they are not readily available through the MLS or through any government website I have come across. There aren't many government websites for the USVI and the ones that exist disappear now and then due to non-payment of the server fees. Info like this is often kept in archives on mainland MLS services. Things are just a bit backwards here. Give it another 20 years and maybe. If anyone has come across a website that offers this information, by all means send the web address my way!

aschultz - The Hard Labor area is beautiful and much of it has wonderful views. It is more remote than most current buyers are seeking, however. In time as the island becomes more populated that estate will become more sought after and valuable. The entire north shore zone has been the recipient of increasingly positive comments from buyers I come across. Many arrive on STX expecting to love the east end after hearing that "it is the only safe place to live" and then find they like the north shore and rain forest zone better once they tour the island themselves.

Whether a house is worth more than it costs to build (anywhere) depends on how you build it. If you go overboard with no expenses spared to suit your personal tastes, it probably won't be worth more than you spend. If you build with an average level of finish work and a floor plan that would be adapable to many different families' needs, then it will probably cost less to build than it could sell for. Any kind of ocean view increases the value on the open market. On STX, if you build something with an extra unit that can be rented, that also makes it more valuable and popular with buyers. So it really depends on the house you build.

Promoguy - you don't like Edgebo? Now how did that happen? Oh, I get it. You haven't met him and his wife in person! But I have and they're wonderful and from what I saw they will do extremely well in the islands. They have the kind of personalities (and job skills) that I've most often seen make successful adaptations. I definitely look forward to welcoming them to STX when they make their move later this year.

So you couldn't find the info for my amusement. I just noticed something. You just got very exciteable as you did with DUN in another thread.

I don't know him to not like him. I'm sure both him and his wife will make a wonderful transition to STX under your RE tutelage. But that's just fine.

PS. How come you put your contact information on some posts and on other you leave them off. Again, just curious. Don't want to be hated.

Excitable? Hmmmm. I guess you were putting vocal inflections into the prose other than what I intended. If you simply read whatever I write in a very simple, dry and informative tone of voice, it will come across more as I intend it. Now and then, add some tongue in cheek humor, as in the last lines I wrote regarding "Edgebo" and his wife. They really are great people, but you clearly didn't like something he posted.

Online sometimes people rub each other the wrong way and most of the time it seems to be due to taking written words for something other than the tone of voice in which they were meant. C'est la vie. I know from some of your responses on the DUN exchanges that you definitely were reading my posts differently than how I heard them in my own head as I was writing them. Perhaps you wanted to see a fight, so you read it in that tone of voice and missed what was truly being said.

As far as the contact info, sometimes I intend to click the box and forget. Other times I click it if the post is about real estate but not if the subject matter is something else. I don't suppose it matters all that much. My contact info isn't hard to find on this website, either in the posted threads or in the advertiser pages for real estate.

Alexander- Thanks for the response on Hard Labor, the seclusion is what drew us there. Originally we wanted acreage in the rainforest but when we saw the views of Hard Labor and the lack of development we decided we could do without the acreage.
My question is: How does a comparable home, built to desirable specs, compare to other locations on the island? I know the lack of development makes this a tough question.
Thanks