Real Estate Investing in St. Croix
St. Croix, the largest of the U.S. Virgin Islands, is rich in landscape, culture and character. The beautiful scenery -- lush rainforests and broad coastal plains -- and numerous outdoor recreational opportunities set against the turquoise Caribbean Sea is testimony to the fact that St. Croix deserves its reputation as a perfect family-friendly vacation spot for second-home buyers and visitors. It's a perfect location for all sorts of outdoor activities from golf on a Robert Trent Jones-designed course, lots of tennis where you can easily get paired with local talent, worldclass scuba diving, kayaking, horseback riding, and fabulous dining.
Current market conditions throughout the United States make it a particularly attractive time for those who have always dreamed about a vacation home in the Caribbean because the current real estate market on St. Croix is stable.
Happily for buyers, there has been a correction and sellers are negotiating in a higher range off the asking price.
Keep in mind that tax deductions for mortgage interest are available for both a primary residence and a second home. For those ready to invest now, values on St. Croix are stunning and buyers can choose their dream home from a healthy inventory of property on the market. at this time, the average price range for a luxury condominium on St. Croix is $400,000 to over $1 million. Homes with water views range from about $400,000 on up. Compared to other Caribbean islands, St. Croix is still basically undiscovered and has been coined the "sleeping giant". There has not been runaway construction on St. Croix, so prepare to do some updating. Also, unless property is purchased with cash or with off-island property equity, a buyer who wants a first-priority mortgage on island needs to work with a licensed local lender.
Amy Land-de Wilde, CRS, GRI, e-Pro
Previews Property Specialist
Coldwell Banker Land-de Wilde Realty