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Window of Opportunity Open for St. Croix Real Estate
With all the bad news in the media about the housing slump, people are very fearful of investing in real estate now. Certainly, some members of my profession as well as unscrupulous lenders have created a big mess, by assuring their customers things like "real estate never goes down" and "you'll probably get that big raise you're expecting and will be able to afford your payments as your interest rate rises." Shame on them! Fortunately, we have very good lenders in St. Croix and we are not experiencing foreclosures here like some places in the states. However, with fewer buyers in the market, we are most definitely seeing a slow down in sales and due to the news and forecasts, even a fair number of price REDUCTIONS on lovely homes and land. Now, you can look at it as "gloom and doom" OR - you can see that this may be a great, and perhaps the last, opportunity, to purchase land or a home here at extremely good prices. If and when things turn around, I believe the prices in the Virgin Islands will start to go up again. Think about it. These are the only islands in the Caribbean that are a US territory. St. John is completely unaffordable for the average person. St. Thomas is, well, St. Thomas: crowded, over commercialized, full of traffic, and more expensive than St. Croix. We are the last island to see development. And believe me, development will come. I am sad about that in many ways - so much of the island is pristine and unspoiled - but you know it will eventually get here. Eighty million of us baby boomers have a dream of living in the Caribbean - and yet most of us aren't ready for "Robinson Crusoe" living. This is the perfect island for us! We have all (or most) of the benefits of being in the United States, and yet the vibe and culture here is most definitely "ISLAND." We're "living and dying in three-quarter time," as the icon of our generation (Jimmy Buffet) says! So we have the best of both worlds here! NOW, you have a chance to get in while the prices are somewhat depressed and sellers are anxious. If you wait, you'll be kicking yourself when the market turns around and prices start soaring again. We came here in May of 2005 looking for our place in paradise. Prices were steadily increasing and we saw the writing on the wall....we better buy NOW or we will be priced out of the market. We bought a house the first week we were on the island - which was not our intention. Our "rational" selves said to rent here for six months to make sure we liked it and knew the island well enough to know where and what to buy. But our hearts said - "THIS IS IT and the TIME IS NOW." Our house has DOUBLED in value in three years. And we could not be happier with the neighborhood and area we selected. We couldn't afford our home now - or even six months after we purchased. So come on down. If you like it here (and of course, not everyone does) and it speaks to you - NOW IS THE TIME. Don't wait and be kicking yourself next year......FOLLOW YOUR HEART AND ALWAYS FOLLOW YOUR DREAMS!!!
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Contributor's Note
Visit my web site for honest opinions and recommendations about Retiring in the Virgin Islands. And contact me with your questions and concerns. I've made the move, so I speak from experience. Kim Lucas, Realtor
kim@coldwellbankervi.com
www.retireinthevi.com
340-626-3758
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Invest in the Virgin Islands
PLEASE VISIT THE CONTRIBUTOR'S WEBSITE
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This intel was contributed by Kim Lucas
Kim Lucas
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May, 2012
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