The major drawback to condominium living is that residents must agree to abide by the rules of the condo association. For example, condos have rules regarding pets and rentals. Financing for condos is more limited than for homes, and buyers typically need a minimum of 20% of the purchase price as a down payment. A typical two bedroom condo rents from $1500-$2000 per month on a long term basis. Seasonal rentals can gross $20,000 to $50,000 per year.

Condos also come with a bit more paperwork than a single home. There is the Declaration with establishes the property as a condominium under V.I. law, the By Laws which state things like how many owners serve on the Board of Directors and when the annual meeting is held, a financial statement showing the annual budget and amount of cash reserves, and the Rules & Regulations which may change at each annual meeting. An experienced Realtor will make sure your Offer to Purchase has an addendum allowing you to review the condo paperwork before you are locked in to a purchase.

A budget is voted on by the owners at the annual meeting and includes costs for the maintenance of the buildings exterior and amenities, insurance for the buildings and other improvements, the salaries for the manager and employees, as well as scheduled upgrades to pools, roads, roofs, windows, etc. The budget establishes the common area fees which are paid by the owners on a monthly or quarterly basis.

On St. Croix most condominiums consist of 20 to 100 units. There are no high rises, four stories is the highest, about the height of a tall palm tree. Some condos are free standing villas while others are more townhouse or apartment style. Square footages vary greatly.

While insurance for the buildings is paid by the association, condo owners do need to purchase insurance for personal property like furniture, liability coverage in case someone slips and falls in your unit, and coverage for "improvements" that owners make to a unit - typically upgrades to kitchens and bathrooms.

A Realtor who specializes in condominiums can make it easy for you to decide on a condominium community that best meets your needs. And since condo prices range from $50,000 to $1.3 million, there is a condo for everyone! Club St. Croix - studio, 1 & 2 bdrms, rental program.

Realtor Patrice Kelly of Hamilton Real Estate has sold more than 100 condominiums during her career, and she has owned three condos. To view these condominiums and other properties, visit her web site: www.PatriceVI.com or call 340 773 3300.