Real Estate: Window of Opportunity
Julie San Martin -- ReMax St. Croix
The US Virgin Islands real estate market is unlike the US real estate market in one important respect - limited inventory. Consequently, real estate ownership in the USVI an effective tool for wealth preservation.
2010 is one of these windows of opportunity. Inventories have begun to level off and the number of closed sales is increasing. Buyers will get their best deals on St. Croix real estate - homes, condos, and land - during the next 12 months. It's counterintuitive to buy when few others are, but a wise investment!
With a few exceptions, real estate prices in the US VI remain stagnant, rather than losing value, during down cycles in the US real estate market. This results in a market slow down, during which fewer off island buyers purchase real estate in the USVI. Asking prices are reduced during these slow downs, but sales prices show only small declines, if any.