Virgin Islands Realtors Say Business Is Sunny
by Blanche Evans
The U.S. Virgin Islands offer paradise in the Caribbean Seas. Local Realtors say homebuying is more expensive and competitive than it's been in the past. St. Thomas "Beautiful vistas are from almost every home on this, the most cosmopolitan of the four Virgin Islands," says Realtor Jackie Marin. "Our duty-free shops, pristine beaches and world-renowned sailing conditions are just a few of the reasons this Virgin Island is your best choice! About the market, Marin says, "St. Thomas has experienced a wonderful real estate boom in the last two years. Prices on homes have increased to an average sales price of over $400,000 and land sales averages are over $90,000. Condo prices have steadily risen as well, and inventory is low. Our prices are still pretty reasonable considering our location. Where else can you experience an average temperature of 82 degrees year-round with warm water temperatures as well? Watersports, sailing, shopping and travel to other islands is convenient from our location in the Caribbean! St. Croix "The island of St. Croix is the largest of the U.S. Virgin Islands with 84 sq. miles of land," says Realtor Amy LanddeWilde. "St. Croix is 23 miles long and 6 miles wide with two major towns, Christiansted on the east end and Frederiksted on the west end. The average temperature on the island is 79 degrees. Vegetation varies from cactus and scrub brush on the east end which is relatively dry, to a rain forest on the northwestern side. The constant gentle tradewinds around the island create an ideal year-round climate." Around the island, says LanddeWilde, "A company affiliated with Bridge Capital LLC, an Economic Development Commission beneficiary (EDC) that has the ability to underwrite loans up to $85 million, has recently purchased the Frederiksted Hotel. Bridge Capital purchased an office space on Strand Street in Frederiksted in 2003 and moved its operation to St. Croix from Las Vegas. Big renovation and remodel projects are now underway on both the hotel and the office space. The revitalization project of the Frederiksted waterfront is well underway, and local residents are pleased and excited about the project. A flea-market-type sale was held Saturday, July 17 at the old King's Alley Marina Bar in Christiansted to sell the old hotel's remaining inventory. Many local St. Croix residents turned out to take advantage of the bargains." |
