STX condominium market

In this market, you can expect to get a really nice one for that price! Two places come to my mind: Pelican Cove and Gentle Winds. You should check them out. Both are on the beach, are relatively new (compared with many of the other complexes, which were built in the 60s and 70s) and both are nice. Those are the only two right on the water that I would recommend. I just went through a long evaluation process of condos and ended up at St C, which is also really nice and on the water, but on a cliff, not a beach. If you're only looking for a 1 BR, I'd add St c to your list (www.stccondo.com).

Happy to chat with you about it if you'd like some insights I got from my search.

Bernie

Thanks, Bernie, this is very helpful. I'll be on STX from Feb 22 to March 22 this year, so I'll get a realtor and see both Pelican Cove and Gentle Winds. I will share my experiences and observations about the STX condo market here.

Another question: what would be a typical monthly utilities cost (water, electricity, A/C, condo association fee) for an 1100-1500 square feet condo? I know, the answer would probably be "it depends", but again, I just want to get a feel of the approximate range, and to know what to expect *before* I even get involved with a realtor. Thank you very much.

You can go onto MLS to check out condos also.
Most listings include monthly condo fees + insurance.

This is one of the best MLS sites I've found:
http://www.flexmls.com/cgi-bin/mainmenu.cgi?cmd=url+other/createlink/link_receiver.html&no_html_header=true&i=x4hm0f3l9gz,7

ALSO - you really want to be sure to move into a condo that has an automatic backup generator!
Most, but not all, condos have generators. Check for this info on MLS. Also check to see if pets are allowed.

Remember that you will also pay common charges for water and a/c and possibly gas (for cooking)

Finally, you probably know that on MLS the first two numbers correspond to the year the condo was listed, so you can tell if it has been on the market for a long time.

Another question: what would be a typical monthly utilities cost (water, electricity, A/C, condo association fee) for an 1100-1500 square feet condo? I know, the answer would probably be "it depends", but again, I just want to get a feel of the approximate range, and to know what to expect *before* I even get involved with a realtor. Thank you very much.

We found it typically ranges between $600ish to $1100-$1200ish for the midrange complexes--i.e., not the really low-end ones (like Golden Rock) or the high-end ones (like Carden Beach). St C, for example, is $625, which is the lowest of any complex on the water. And that includes water, which can be a huge monthly expense here, which is one of the reasons we consider St C a bargain. I think Pelican Cove is around $1100-$1200 for a 1200 SF unit, but a realtor can confirm the actual fees.

The rest of the costs you asked about vary widely depending on your personal preferences and behaviors. We don't have AC--the breezes are plenty for us--so our electricity bill is a lot lower than someone in a similar-sized unit who uses AC. Water, as well, can vary a lot. When we rented at the Reef complex on the East End, our monthly water bill was around $100 for two people, and we're very conservation minded.

Bernie

Thanks again, Bernie. $1100-$1200 as just a monthly condo fee? That's a lot higher than I expected.

If you go on MLS you can find Pelican Cove in a search under Estate La Grande Princesse CO and Gentle Winds is in Salt River NB

I don't see that any of the Pelican Cove listings have Automatic Generator.

Other complexes have monthly fees from $450-$600.

Do an extensive search on MLS and compare for yourself.

http://www.flexmls.com/cgi-bin/mainmenu.cgi?cmd=url+other/createlink/link_receiver.html&no_html_header=true&i=x4hm0f3l9gz,7

One other thing, it is really best to NOT be too close to the water, because then you will have a lot of maintenance headaches.
If you can see the water that would be great but you don't need to be right on it.
Don't limit your search to condos on the water.

One other thing, it is really best to NOT be too close to the water, because then you will have a lot of maintenance headaches.
If you can see the water that would be great but you don't need to be right on it.
Don't limit your search to condos on the water.

Definitely right on this. At St C, we have a fiendishly high level of corrosion due to the constant sea spray. We knew going in how bad it was, but for us, it's worth the tradeoff to be on the water and to have the view we have. But it's definitely a big concern, as it will add to your costs for replacement of electronics, knives, cars--anything that can rust.

Also, confirm what kind of insurance is included in the monthly fees, as coverage varies from complex to complex. And even if your complex has insurance for the buildings, you'll still need to get your own additional policy to cover everything inside your unit.

Yes, $1100-$1200 for some complexes. Per month. That's one of the reasons we didn't buy at Pelican Cove. But this, again, is a tradeoff, because while you have higher fees, you generally have better amenities to go along with that (e.g., nice landscaping, better-maintained buildings, large pool, etc.).

Bernie

How big of a difference in the corrosion rate/damage would it be between a property right on the beach, and a property half a mile from the beach?

I can't quantify that, and it depends on where on the island you are. In some places, because of the prevailing winds and waves, you can be right on the beach and have corrosion that's tolerable, while in other places, you're not even safe farther inland. In general, I think, because the winds predominantly come out of the north/northeast, that side of the island tends to have choppier water and, thus, more sea spray and corrosion. (But I rented at Pelican Cove for a year, which is at the opposite eastern end of the cove from St C, and didn't experience a noticeable spray.) On the other hand, you also have great breezes on the north shore, which means you don't need AC most of the time, so your WAPA bill is lower.

Another place to check out if you're concerned about sea spray but still want the views is Coakley Bay. I'm not familiar with the monthly fees there, but I know the selling prices have come down substantially in recent years. Same for the Reef at the far East End. Nice views of the water but far enough away to not have the severe corrosion problem.

Bernie

Queste Verde units are located mid island with great breezes and nice views of sea and christiansted. Units vary from 1 brdrms. to 3 bdrms.
Prices start at low hundreds to high two hundreds. Fees are about $500 to $600 month.
Beatiful complex, gated, secured, convenient location huge swimming pool, generator, office open mon. thru friday.
Keep in mind , property tax seems to run lower here then the states.

Thanks again, everyone. I'm getting really helpful information and pointers here.

Another question: I see from various sources that the real estate prices on STX appear to be in the downtrend, while the prices on the mainland have bottomed and recovered in the last year or two. Is there something specific to STX which continues to drive the prices down?

Thanks again, everyone. I'm getting really helpful information and pointers here.

Another question: I see from various sources that the real estate prices on STX appear to be in the downtrend, while the prices on the mainland have bottomed and recovered in the last year or two. Is there something specific to STX which continues to drive the prices down?

Besides the global recession, which had a huge negative impact on the local market due to drop in interest in second homes from people in the States, the problem on STX is exacerbated by the closing of the Hovensa refinery, which took lots of people off island and, thus, reduced demand for housing.

One other note to keep in mind: some of the complexes are self-insured, and banks typically won't write a mortgage for a self-insured complex, so you'd have to pay cash.

Bernie

Julie and Joe San Martin Remax is who we used to buy our house. They are very professional and awesome to work with on island. I would highly recommend them for your condo purchase

Kim Lucas is another. And she gives a nice rundown of the major complexes here: http://activerain.com/blogsview/822978/condos-in-st-croix

Bernie

You received a lot of good information about condos on this thread. I love to see this board function with specific helpful information.

The real things to look at when shopping are the monthly fees. Always know what they cover and what it means to you. Condo, actually all real estate on stx is depressed right now. I have monitored sales over the last 20 years and confirmed that 1) real estate prices change much slower than on the mainland 2) Asking prices have always been higher than selling prices 3).. Except for that brief period before a major decline in price 4) It is always a very hard and lengthy process to sell. Expect years rather than months.

Good advice on places to buy. I would also add on the east end, Candle Reef and Villa Madeleine. We almost bought at Villa Madeleine, loved the private pool concept, but not the proximity to the casino. Some very good prices there right now. CandleReef is always a bit overpriced, but I love their privacy and beach. There are even some Cardin Beach units that were priced around $400k.

You received a lot of good information about condos on this thread. I love to see this board function with specific helpful information.

Yes, indeed. I am very thankful to those who responded.

I can tell you Sugar Beach is $1000 for HOA fees, 2 bed room, and that does not include hurricane insurance that you will need if you finance
That can run you $3000 - $3800 per year
Also look out of any "special asesments that might be coming up

I am glad that I posted. The responses that I got helped me get a sense where things are.

Decent 2 bed, 2 bath condo close to the beach. I expected: $500K-$750K. Actual: $250K-300K.
Monthly condo fee : I expected: $100-$200. Actual: $600-$1300.
Monthly utilities: I expected: $100-$200. Actual: $400-$1500.

I'll be on the island from Feb 22 to March 22. Planning to get together with a realtor and see the market up close and personal.

Monthly utities-$400 to $1500????? Maybe of you have your a/c on 24/7.

Are there any parts of the island (perhaps in elevated areas) where one can be comfortable without the A/C, or with very little A/C use? Thanks.

Our house does not have AC. We are halfway up a hill on the East End of the island. The only time I wished for AC was last summer - July through September - when the island was HOT (many will agree with this, last summer was particularly hot). Other than that we are fine with no AC. It's too expensive to use anyway.

We do not have AC and it is fine about 90% of the time. The other 10% we sit in front of the fan or go to the beach and float.