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Hi everyone. Just a little backround, I am in the process of a large real estate sale and am going to make a good deal of money from it. My wife and I are in our 50's and we have two teenagers who will be out soon 🙁 With the money we would like to invest in a vacation home that we can make a profit off of and enjoy. We would visit maybe 5 times a year at most, the rest of the year we would rent it out.
We have been to St. Thomas twice and that seems to be the island we would buy the home on because of the United States status and because we hate florida. My questions are whether St. Thomas is a good place for investment, obviously I will research the matter much further but is St. Thomas a good place real estate wise, what is the tend in the market?
Also, can we buy a safe vacation home in a good area within the range of 400-600K?
Thank You
Posted : January 4, 2007 4:03 am
Did you read the article Islander posted? You could find something but maybe not as much as you thought unless you're handy & are able to take on a fixer-upper. What about a condo or are you only interested in a house?
Posted : January 4, 2007 8:40 am
I have just listed my home for sale with Alexandra's realty firm...it may be just what you are looking for. It is a main house with 2 apartments. Safe secure with fantastic ocean views...and some income added! Private e-mail me and I can supply you with more information. It is well within your budget indications.
Posted : January 4, 2007 11:50 am
I think you can get more for your money on STX. However it is more laid back than STT, some people like that and some don't. I suggest you spend some time there as well to see for yourself.
If you decide on STX, get with Alexanda, the best realator. IMHO 🙂
Posted : January 4, 2007 12:51 pm
A home will be difficult at that price range but you could purchase a condo that could be rented as a vacation rental when you are not using it which would bring you the income you would want.
Donna
Posted : January 4, 2007 1:17 pm
Brad:
Send me a private message on this.
F.I.
Posted : January 4, 2007 3:28 pm
To get an idea of what your dollars would buy you browse the MLS for the USVI.
There are some good villa options on St. Croix within your budgeted price range. CaptPete's home is one of them and will be showing up in the MLS within the next few days. STX is less expensive to buy into than STT at this time, but prices are on the upswing and there are great opportunities for investors here. If you prefer STT, you won't have as many villa options, but may want to consider a condo as Donna suggested.
You might be wise to make a trip down to spend a few days each on both islands to investigate where your best investment option would be. Each island has a different flavor, but both have their positive points.
Posted : January 4, 2007 6:23 pm
I apologize for not mentioning explaining further. We would definitley consider a condo if that would be more reasonable. But what about the long term prospects for investment? What are the outlooks on the economy in the virgin islands?
Posted : January 4, 2007 7:45 pm
It is difficult to predict the future as far as the economy is concerned. That said, real estate runs in cycles just like in the states and the Virgin Islands seems to be about two - three years behind the cycles in the states. It looks like real estate is beginning a downward trend - fewer buyers - more homes on the market - prices beginning to fall. But with a new governor beginning his term and the US with a new Democratic Congress I will be watching the market very closely in the first quarter of 2007. Real Estate is always a good investment long term.
Donna Wheeler
David Jones Real Estate
Posted : January 5, 2007 11:39 am
