If you ask anyone in the know, they’ll tell you that there’s no better time than now to buy your first or second home or investment property in the U.S. Virgin Islands. A struggling economy in the United States has trickled down to create a “buyer’s market” in paradise, with more sellers, lower selling prices than previous years and a higher inventory of properties on the market to choose from. With the U.S. flag flying overhead, buyers can rest assured that their offshore property investments are safe under a stable government. Banks in the USVI follow the same rules and regulations as in the U.S. mainland, and the sales process is the same with buyers getting a warranty deed and title insurance.
Property prices in the Virgin Islands vary quite a bit depending on the island, location and view. St. John generally has the most expensive inventory of properties due to the fact that the Virgin Islands National Park 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 in the island’s main town of Cruz Bay or in the more rural Coral Bay area, where prices are slightly lower. On St. John, condos can be purchased for as low as $250,000 and standalone homes can sell for as high as several million. Since St. John only has two major hotels, many investors turn their homes into rental villas and enjoy good occupancy rates and return on their investment.
According to local realtors, there has also been an increase in the number of houses and condos available for sale on St. Croix, many of which now have bargain price tags compared with just a few years ago. As the largest of the U.S. Virgin Islands, it has a much greater inventory of land for sale, including prime beachfront property that can be purchased for a fraction of the cost of recent years. Waterfront condos have become more affordable, as have hillside condos with stunning views.
St. Thomas has long been a popular location for people wanting a second home to put in the vacation villa business or to escape to during the long winter months. This island also has seen an increase in the inventory of properties for sale, especially condos. Some condo prices have come down as much as 30 percent, but high-priced homes over $1 million have seen the deepest price reductions.
Most realtors in the USVI are members of and abide by the code of ethics of the U.S. National Association of Realtors, and most properties are listed on the Multiple Listing Service (MLS) and on www.realtor.com.
St. Thomas
RE/MAX St. Thomas
800-756-8498 • www.remax-dreamproperties-vi.com
It begins with a dream. A first home, a move for your growing family, the perfect place to build or your next business. Your dream demands expert care. Your advantage? The RE/MAX negotiation know-how. They are the Virgin Island marketing specialists with more agents, more listings and more overall experience. RE/MAX agents are reliable and available when you call. At RE/MAX, they love making your dreams come true.
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