SEARCH Virgin Islands
|
Popular Properties
|
|
Virgin Islands Real Estate Practices
Overview
The Virgin Islands, geographically formed of sedimentary rock and undersea lava flows, are located in the beautiful waters of the northern Caribbean, with the chain of all Antilles, just west of the Atlantic Ocean. Surrounding the three Virgin Islands of St. Thomas, St. John, St. Croix – are 50 small, mostly uninhabited offshore islands and cays. St. Thomas, thirteen miles long and three miles wide, has a total area of just over thirty-one square miles.
Real Estate Market
The real estate market includes houses, land, condos, time share/fractional ownership and commercial properties.
The greatest concentration of properties is in the $600,000 - $1.2 million price range. Houses are generally situated on a half acre lot. In densely developed areas a quarter of an acre or less are typical.
Most residents finance their homes through conventional mortgages with local banks. Interest rates are slightly higher in the United States Virgin Islands than in the U.S. mainland. A typical down payment is 20 to 30 percent. Banks require earthquake and windstorm insurance with mortgages.
Land is available in quarter, half, three quarters and one acre lots. Factors to consider when looking for land include location, view, access to the property and any site preparations that might be necessary in order to build. Costs of building a house start at around $175 per square foot. A cistern for water storage and a septic tank are necessary components of a house in the United States Virgin Islands.
Condos are often located on or near a beach. Timeshare/fractional ownership options are usually available raging from $2,000 and up.
Guest houses, restaurants, yachts, inns and retail stores are examples of commercial properties that have recently been or are on the market.
The United States Virgin Islands utilizes Flex Multiple Listing Service. Listings can be found on each of the real estate agency’s website. Agents are required to be licensed.
Information courtesy of John Foster Real Estate
|
|
|