Team Fedeles, Author at David Fedeles, St. Croix Real Estate

Featured Client: A Magical Yoga Retreat

January 18, 2017 by Team Fedeles

Mia Pirnat owned her St. Croix home – a peaceful, sprawling oasis where she hosted yoga classes and retreats – for 14 years. Her favorite features of her home were the magical sunsets and the beautiful and plentiful gardens.

St. Croix yoga retreat sunset St. Croix yoga retreat gardens

This past summer, Mia decided it was time to sell. We’re thrilled that our reputation led her to Team Fedeles and I’m flattered to hear that she describes me as, “He’s the guys who sells!” Of course, I am also pleased to hear that she enjoyed working with my assistant, Kristi, who Mia describes as “very intelligent and helpful.” Mia specifically mentioned the wonderful photos taken to sell her home – also thanks to Kristi’s artistic talent and creativity.

As Mia’s seller’s agent, we worked closely with her right from the start to ensure a smooth process in selling her island home. Perhaps one of the most important factors in preparing a listing is analyzing the market and determining a home’s value based on Virgin Island and St. Croix market trends. We were very strategic with Mia’s home value and after we listed it, we instantly had two buyers. This ultimately led us to a full price sale!

We couldn’t be happier for Mia as she starts her new, low-maintenance life in a condo on St. Croix. Thank you for trusting us with your beautiful island retreat, Mia!

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Indiana Bank to Buy Bank of St. Croix

January 16, 2017 by Team Fedeles

Bank of St. Croix Gallow's Bay — Bank of St. Croix Gallow’s Bay

It was recently made official that United Fidelity Bank, based in Evansville, Indiana, will buy Bank of St. Croix. The two Banks first announced the purchase in mid-2016, but still needed to get final regulatory approval. According to the media, “The deal should close by the end of the month. Full integration between United Fidelity and The Bank of Saint Croix will happen within a few months.”

Bank officials say that with the acquisition we can expect to see expansions in the services offered by Bank of St. Croix, including mobile banking and enhanced lending opportunities. A news story in June of 2016 said that United Fidelity Bank will enable Bank of St. Croix to offer 30-year fixed rate mortgages, increasing its lending limits. We will certainly be keeping tabs on United Fidelity to bring you any news about mortgage opportunities.

That news story also stated that the bank will continue to use the name Bank of St. Croix and the two branches, Gallow’s Bay and Peter’s Rest, will continue to operate. The Bank’s management team and employees will retain their jobs. The acquisition will also allow Bank of St. Croix to offer increased support services in a more cost-effective way.

We’re encouraged by this transaction and eager to continue partnering with Bank of St. Croix to help our clients buy their dream homes!

What Homeowners Should Know About AirBnB, VRBO and Other Rental Sites

January 5, 2017 by Team Fedeles

View vacation rentals and long-term rentals from my colleagues at St. Croix for Rent

The St. Croix Source offered a good reminder to homeowners with vacation rentals at the start of the new year in their local news piece: V.I. Answer Desk: Is USVI Collecting Tax on Villas and AirBnB Rentals? If you own a vacation rental or if you’re looking to buy property with a vacation rental, the first step in legally renting a vacation property, whether it be a room, studio, apartment, villa or house, is to get a business license.

And owners must pay hotel occupancy tax, income tax and gross receipts tax as required by law. Hotels, villas, timeshare owners and anyone else renting any lodging for a period of less than 90 days, must pay 12.5 percent of the price of the room rental.

You can find the appropriate tax forms on the Virgin Islands Bureau of Internal Revenue web site. According to Form 722 VI, the return should be filed monthly and tax due should be paid within 30 days.

The article says that the rise in vacation rentals on web sites like Airbnb and VRBO has likely meant that the USVI is missing out on millions of dollars in revenue. As a territory where our main industry is tourism, it is vital to our economy that the appropriate taxes be paid by homeowners. In recent years, the Internal Revenue Bureau has begun enforcing increased penalties, which seems to have been effective as revenues and the number of taxpayers have gone up slightly.

Collections and the number of entities paying hotel occupancy taxes have increased steadily. According to the Office of Management and Budget, in 2012, the government received $20.9 million in hotel occupancy tax revenue from some 818 taxpayers. In 2013, revenues went up a tiny bit, to $21.5 million, and the number of taxpayers/property owners increased by 41 to 859. There was a larger increase in 2014, with $22.9 million in revenue and 81 more taxpayers. And 2015 saw 73 more taxpayers, generating $24.6 million.

The VI Internal Revenue Bureau met with Airbnb officials at the end of 2016 to discuss a model for getting information on VI-based vacation rentals to further their collection efforts.

An Active Real Estate Market on St. Croix

December 20, 2016 by Team Fedeles

A recent article, Caribbean Luxury Real Estate Market Sees Hopeful Signs, references the Caribbean Insight 2016 report when stating that “major markets in the Caribbean are looking attractive again for investors.” While the report assesses only a handful of the Caribbean’s second-home destinations, we’re feeling positive about St. Croix’s market conditions as well.

We have definitely seen an uptick in residential and condo sales, as the most recent stats show.

As an overview, the residential market has been most active in the $400,000-$800,000 with well-priced inventory moving in a matter of weeks. Further, condos priced right are also seeing offers quickly after going on the market. We listed F13 Coakley Bay for $329,000 and it was under contract within 17 days. Similarly, Plot 7 Boetzburg was listed for $779,000, received an acceptable offer in 50 days, and closed in a total of 70 days for $725,000 cash.

We have seen an uptick in pricing as a result of this activity as well. All indicators are that we will have an active real estate market during our peak winter season. Call (340-778-7000) or email Team Fedeles for a market evaluation and to discuss your specific goals!

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Coldwell Banker St. Croix Realty 2016-17 Magazine

December 9, 2016 by Team Fedeles

Coldwell Banker St. Croix Realty recently published our 11th annual magazine showcasing homes, building sites and commercial properties available through me and my talented colleagues. Whether you’re in the market for real estate on St. Croix or merely daydreaming about life in paradise, pick one up while you’re out and about on the island or browse the Virtual Magazine. When you’re ready to turn your dreams into reality, we’re here for you!

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‘Tis the Season to be Thankful on St. Croix

November 21, 2016 by Team Fedeles

During this time of thanksgiving, we have a lot for which to be thankful. We’re delighted to see familiar faces return to island for the season. New shops and restaurants, like Adorn and BREW STX, are popping up. Tourists are strolling the streets and basking on the beaches. The real estate market continues to trend in a positive direction. WAPA is even working to lower costs and increase reliability!

We’re grateful to have some fabulous new listings. Keep up with what’s new by following us on Facebook and Twitter where we post just listed properties, price reductions and updates. Perhaps the island’s most notable listing yet is that of the Contessa’s Castle, which was even featured in The Wall Street Journal.

Coldwell Banker GenBlue — With colleagues at GenBlue

In October, I attended the Coldwell Banker Generation Blue conference which is our largest annual networking and symposium event. I was fortunate to network and learn from some of the top agents in the world, and in an ambiance alive with energy and cutting-edge trends for our industry. I especially appreciated the invitation to attend the Coldwell Banker Previews Certification course, which offered workshops and success stories from top producing brokers from around the world. I’m looking forward to implementing some new ideas for our St. Croix luxury home market. And one of my new workshop buddies shared a recent story of selling a home to a Chicago Cubs player!

I’ve also had the joy of reconnecting with Betty Silander (pictured with two of her sons) and she was kind enough to share her St. Croix past, present and future story with us. I first met Betty when she owned The Waves at Cane Bay back in the 80’s. She actually saw a newly listed condo in my May e-newsletter and decided it was time to own on St. Croix again.

As we move into this holiday season, know that we are thankful to have you as clients and friends, and that you welcome us into your inbox every other month. Wishing you happiness and health this season and always!

Featured Client: A Magical Yoga Retreat

Indiana Bank to Buy Bank of St. Croix

What Homeowners Should Know About AirBnB, VRBO and Other Rental Sites

An Active Real Estate Market on St. Croix

Coldwell Banker St. Croix Realty 2016-17 Magazine

‘Tis the Season to be Thankful on St. Croix

About David Fedeles

St. Croix and New York

Contact David Fedeles today!