David Fedeles, St. Croix Real Estate
Coldwell Banker St. Croix Realty
The 2023 USVI loan limits are now available from Schaffer Mortgage Corp. These represent large increases from last year.
Maximum loan amounts for conventional loans are as follows:
According to Bonnie Rapine of Schaffer Mortgage the new loan limits are available immediately and the current 30 year fixed rates are in the 7% range.
As many relief workers have begun departing over the past few months, we are preparing for more new faces to join us on St. Croix. With the news that Oil Refining On St. Croix To Restart, 1,300 new jobs will be created during the construction phase and 700 jobs once the refinery is open in 2020.
New jobs and faces certainly has an affect on the real estate market. The rental market remains hot with very little turnover/availability and for sale inventory is low. It’s still a Buyer’s Market for now, but we expect to see that shift as current residents land jobs at the refinery and new workers make the choice to grow roots. If you’ve been considering buying, now is a good time to make it happen. If you’ve been considering selling, let’s discuss a strategy to maximize your investment.
Speaking of new faces, we’re looking forward to welcoming Brian, Laura, Nordie and Sugar Weller to St. Croix from Minneapolis. We worked with them to purchase land last November and they’ll be making the big move at the end of this month. Brian will be the new Hotel Manager at The Fred. Thank you to Kathy and Randy, owners of Caribbean Breeze Apartments and Vacation Homes for the referral!
Read Brian and Laura’s advice about buying land on St. Croix, then take a look at the panoramic views of this Seven Hills lot. It’s priced exceptionally well for having Christiansted Harbor and South Shore views.
While real estate inventory is relatively low right now, we have an excellent assortment of condos available, ranging from $118,000 to $1,295,000. We recently took a stroll through the Club St. Croix Condominium complex. The views were breathtaking and the breeze was fabulous. We’ll leave you with this inviting photo…
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!
A group of colleagues from St. Croix and St. Thomas attended the Coldwell Banker GenBlue Conference in Miami for some professional development from the best of the best in real estate. GenBlue is a global gathering of agents, brokers and industry leaders.
One of my favorite sessions was led by two top Coldwell Banker brokers, Jenny Ames from Chicago and Wendy Walker from Phoenix. This invitation-only event was part of the Previews certification, which focuses on Luxury Real Estate. Jenny Ames shared her experience of developing a strong luxury strategy for her market in Chicago with a full complement of power-house players. A fellow Previews certification attendee also from Chicago, Joe Kotoch with Coldwell Banker Residential Brokerage in Lincoln Park, shared a unique story of selling a large home to a Chicago Cubs player; his sports agent background certainly worked wonders for him! I am looking forward to implementing these ideas back home on St. Croix for our luxury market.
I also enjoyed spending time with Jade Mills, one of the top Brokers in all of Coldwell Banker, from Beverly Hills. It’s an honor to be part of such a talented and worldly network of real estate professionals.
Next week is the Fall Equinox. The plane of the equator will pass through the center of the sun. Day and night are approximately the same length of time around the Earth – a pretty normal day in the life of those of us living in the U.S. Virgin Islands.
Although island life is generally pretty relaxing and peaceful, things slow down a bit more during the Fall months here on St. Croix. Many hardworking restaurant owners and staff are taking a much-deserved Fall break to recharge for high season. Meanwhile, a new business, STX Delivery, has started delivering take-out food to your condo, house, office, marina and even some local beaches. Such entrepreneurship!
Speaking of the outstanding restaurants on the island, Shupe and his team have been hard at work transforming another boardwalk location. Brew, a restaurant, brewery and lounge, is expected to open October 7. Also, be sure to mark your calendars for Dine VI, October 27 – November 12, when restaurants on St. Croix, St. Thomas, and St. John will offer special prix fixe menus showcasing traditional fare and locally-sourced ingredients.
It was surreal, yet fun, to watch the HGTV Beachfront Bargain Hunt episode featuring Ania, Kyle and me. It was such a pleasure to help them find their dream family getaway vacation home on the East End. If you missed it, you can tune in on September 18 at 6pm/5c or stream it on HGTV Watch.
This month we would like to introduce you to our featured client, John Muldrow, a real estate investor from Texas. John researched St. Croix real estate online from Texas for nine months before making the trip to look at properties.
House and condo sales were up this August compared to last year! We also hear that the Virgin Islands Department of Tourism intends to spend $2 million on marketing by year end, with some fun promotions planned. It’s a great time to own a property with rental potential on St. Croix!
Warm regards,
The Fedeles Team
Twice voted Best Real Estate Broker on St. Croix. Coldwell Banker President's Circle three years in a row. Read More…