DiscoverUSVIMagazine.com

Living in Paradise

By Lynda Lohr

Imagine this. After flying all day to reach the U.S. Virgin Islands, you hop in your rental car and head for home. Yes, home. A home with a full kitchen, luscious view of the turquoise sea and green hills, bedrooms for all your kids, room to spread out and your bathing suit stashed in the owner's closet. Every year, many people make the plunge into second home ownership by buying real estate on St. Croix, St. John, St. Thomas or Water Island.

With the American flag flying overhead, it's a safe investment. Banks follow U.S. rules and regulations, and buyers will find land, homes, condominiums and timeshares for sale in a variety of price ranges and locations.

Whether they buy or build, many off-island owners put their home into the vacation villa market, reserving several weeks a year for their own use while generating income to pay for upkeep. Many even make a profit. Each island has numerous villa managers who take the hassle out of maintaining your home, keep the books and make sure you and your paying guests are happy.

Most people opt to buy a home or condominium, but buyers who want to decide on all the details of their dream Caribbean home choose to buy land and build. The Virgin Islands has scores of architects and builders to do the job.

When buying land, ask for a recommendation from your real estate agent. There are some unscrupulous builders around, so it pays to check before you sign a building contract.

While you can occasionally find someone selling their own real estate, most nonresidents find it easier to deal through a real estate agent. They can guide you to the neighborhood that's best for you and will help you navigate the paperwork required to finalize a sale.

Prices are all over the map depending on island, location and view, with St. John generally the most expensive thanks to the presence of Virgin Islands National Park. It occupies about two-thirds of the island.

There are some pockets of homes within the park boundaries, including the gated Peter Bay development, but buyers will find most land and homes for sale located outside the park. There are only a few parcels of land left in the Great Cruz Bay/Chocolate Hole neighborhood, which is just a five- to 10-minute drive to the island's main town of Cruz Bay, but buyers can find numerous villas for sale.

The Coral Bay area is currently seeing the most development, with homes springing up like mushrooms after a good rain. Two marinas in Coral Bay are in the planning stages, and the area's infrastructure is growing slowly to meet the needs of this growing community.

St. John also has several luxury condominium projects in the works, with Grande Bay in Cruz Bay and Sirenusa, located above Cruz Bay, expected to open in the next several years. Work started on The Pond Bay Club in Chocolate Hole in 2007, so it will be several years before the first guests arrive.

While St. John prices went up at a rapid rate during the past few years, they've now leveled off. This makes real estate more affordable for many buyers.

The other islands are also booming, with homes and condominium projects going up at a fast clip. Prices are rising faster on St. Croix thanks to renewed interest on the territory's largest island. St. Thomas prices are rising slower thanks to a stable real estate market.

On St. Croix, the 151-room Carambola Beach Resort now carries the Renaissance name and is in the midst of a multiyear $20 million upgrade. The 33-room former King's Alley Hotel located on the Christiansted Boardwalk should open soon after a major refurbishment. Golden Gaming's plan to build a 605-room hotel and casino at the Great Pond on the island's south side is moving forward, albeit at a slow pace. Other St. Croix hotels remain in the preliminary planning stages.

New homes, most slated for St. Croix's vacation villa market, are under construction all over the island, but the majority is on the island's residential East End. Homes in this location are about a 15- to 20-minute drive to Christiansted, the island's main town and location of most restaurants and shopping. Buyers are also snapping up homes in the gated Judith's Fancy community, which fronts on a lovely beach and comes complete with its own set of ruins.

New timeshares are opening on St. Thomas, with Frenchman's Cove at the Marriott Frenchman's Reef Hotel a new arrival on the island's already busy timeshare scene. A total of 220 units are planned, but several dozen have already opened. On the condominium scene, construction of the 17 luxury units at Cabe's Point is about to begin.

New homes are going up at various locations around the island, but many are on the island's East End. It's only about a 15-minute drive to the busy Tutu shopping area, but the East End also has a smaller grocery store and plenty of gift shops. This is a popular location for people wanting a second home to put in the vacation villa business or to while away the winter season in a warm climate.

Whatever your choice, you're sure to find your home away from home on the Virgin Islands.

St. Thomas

JOHN FOSTER REAL ESTATE
40A Norre Gade, Charlotte Amalie
(340) 776-5000
6111 Estate Nazareth, 9E-1, East End
(340) 775-9000
www.usvi-realestate.com
Serving the U.S. Virgin Islands since 1972, John Foster Real Estate is a full-service firm, offering everything from lavish oceanfront estates to condos and land. The experienced staff — who have over 150 years of experience between them — go out of their way to find your ideal property. Combine old-time service, 21st century technology and Christie's Great Estates affiliation for excellent performance.

St. John

JOHN FOSTER REAL ESTATE
Cruz Bay, St. John
(340) 774-3939
www.usvi-realestate.com
Serving the U.S. Virgin Islands since 1972, John Foster Real Estate is a full-service firm, offering everything from lavish oceanfront estates to condos and land. The experienced staff — who have over 150 years of experience between them — go out of their way to find your ideal property. Combine old-time service, 21st century technology and Christie's Great Estates affiliation for excellent performance.

JOHN MCCANN & ASSOCIATES REAL ESTATE, LLC
Wharfside Landing
P.O. Box 8302
Cruz Bay St. John, USVI 00831
888-STJOHN8 Toll Free
(340) 693-3399 Local
(340) 693-3366 Fax
E-mail: info@realestateonstjohn.com
A professional team of Realtors .. honest, knowledgeable, vibrant and motivated to offer customers and clients superior service. Dedicated to finding the perfect property for you. Whether you are looking for a home, condo, land, fractional/timeshare, commercial or investment property, our expertise and knowledge of St. John Real Estate will match you with the right property. You can also rest assured that we will assist in all functions of the Real Estate transaction to afford you the smoothest transition possible from prospective buyer to property owner on this beautiful and idyllic island, St. John.

St. Croix

COLDWELL BANKER LAND-DE WILDE REALTY
The Buccaneer Hotel, Christiansted
(340) 773-7000
Gallows Bay Marketplace
(340) 778-7000
Gentle Winds Condominiums
(340) 719-2002
www.coldwellbankervi.com
www.stcroixvacationhomes.com
Whether you are looking for a luxury waterfront home, an investment property or a vacation rental, Coldwell Banker Land-de Wilde Realty wants to help you. Its experienced agents will listen to you and understand your needs and concerns. The professional Realtors at Coldwell Banker Land-de Wilde Realty are a part of a worldwide real estate network and are committed to providing premier service and excellent market knowledge that will make your real estate experience exceptional.

Get rates and plan your trip on Yahoo Travel.