Saturday, September 15, 2012

Virgin Island Territorial Association at Work For The Community

The Virgin Islands Territorial Association of Realtors is our state level organizations of Realtors in the U.S. Virgin Islands. It is comprised of The St. Thomas Board of Realtors, the St. John Board of Realtors and the St. Croix Board of Realtors. There is currently a combined membership of 292 members.

Many people believe the only interest Realtors have is selling people's homes and collecting large checks. I would be crazy to say we have no interest in making money, everyone likes doing that. Most of us live in the territory and our lives, our futures, our families and friends are all impacted by addressing large and small issues that affect the Virgin Islands Territory. Therefore our interests are much deeper and very personal to each of us.

The Virgin Islands Territory has a challenge in specific sections with homes that have been damaged by hurricanes, abandoned because of inheritance and probate issues, financial inability of owners to complete rehab projects  or a combination of all of the above. Yes, even in paradise, we have blight and we need an organized method of address it, especially since we have such a rich history that deserves to be preserved.

I would like to take this opportunity to acknowledge the hard work of the Virgin Islands Territorial Association of Realtors, especially our president, Kerstin McConnell, president Elect for the St. Thomas Board of Realtors, April Newland, President of the St. Croix Board of Realtors, Caryn Hodge, Honnie Edwards and Lorine Williams  and our CEO of the Virgin Islands Territorial Association, Belton Jennings for the dogged determination and dedication they have exhibited in working to pass legislation in the territory which will improve the quality of life for all Virgin Islanders, specifically the Historic Preservation Bill.  While the bill is not in it's final form, it's essence is important.

 Belton Jennings was the conduit to the grant from NAR (National Association of Realtors), which help to fuel the latest efforts with the Historic Preservation bill. The named members waged a campaign this year, personally lobbying, making appearances on radio and TV and testifying before the legislation.

Here is a link to read the article that was published in  Realtor's Party News Letter

Monday, September 3, 2012

St. Thomas, VI Over The Labor Day Weekend

To take a short restorative beak in St.Thomas, VI over the Labor Day weekend, I escaped to some of the neighboring islands. They are a short boat ride away.

A friend of mine decided to charter a boat right here in St. Thomas, VI over the Labor Day weekend and invited me to join them. We departed from Compass Point one of the many marinas on St. Thomas.

As we left St. Thomas, VI over the Labor Day weekend we sailed by Nazareth, RH. One of the waterfront homes in this neighborhood is depicted below. At the time of this writing there were 20 homes for sale in this area, ranging in price from $399,000 to $4,100,000.00. Pricing depends on whether the home is inside gated areas such as Water or Deck Point and proximity to the water.

We passed by St. John and Tortola. Our first stop was Sandy Cay. This island is 13 acre island, donated by Lawrence Rockefeller in 2008 to the BVI. Part of the allure of this island is that you get to feel what it is like to be on a completely private beach. Although there are at least six mooring lines, there seems to be an unwritten rule among the boaters. If they approach and see some one else there, they sail on until you leave. Circling back and coming ashore. Occupancy is limited to 90 minutes. We used our time to frolic in the surf, scrub ourselves with the white sand, walk the trail and snorkel a bit. Although there wasn't much to see in the water the beach was glorious.

Next came Foxy's Taboo Located at the water's edge and known for it's casual but sumptuous dining.


Back to the boat and on to White Bay where the beach is lined with restaurants, bars, boats and activities.

Although, I was in St. Thomas, VI over the Labor Day weekend most of the time, I enjoyed the day in the BVI. They are so close, we boarded our charter at 9:30 am and were back in St. Thomas before 7:30 pm. Some of the boats came from as far as Puerto Rico and were able to return home the same evening as well.

Saturday, September 1, 2012

St. Thomas, Virgin Islands Real Estate Market Report, August 2012

St. Thomas, Virgin Islands Real Estate Market Report
Presented by Tanya Van Blake-Coleman, Your Virgin Islands Realtor

On St. Thomas there are a total of 168 residences for sale ranging in asking price from $155,000 to $10,990,000 currently.

During the month of August, 2012 there were 5 homes sold on St. Thomas.  The median price was $460,000 which, on average, was 93% of the asking price.The average days on the market was 357.


Play VisualTour

There are 175 condos available for pruchase in the St. Thomas, Virgin Islands real estate market, ranging in price from $69,000 to $2,595,000. There is a  boat slip that comes up under this category for $62,500.

For the condo segment of the market, 3 units closed on St. Thomas during the month of August.  The median price was $250,000 which was, on average, 87% of the asking price. The average days on maket was 188.

The St. Thomas, Virgin Islands real estate market has 245 lot for sale; ranging in asking price from $20,000 to $8,000,000.

During the month of August, there were 4 lots of raw land sold on St. Thomas, with an median price of $46,500, which was, on average, 84% of the listed price. The average days on the maket was 316.

Snap Shot of the St. Thomas, Virgin Islands Real Estate Market
Condos are selling quicker than homes or land. Homes are selling closer to asking prices. Only the very inexpensive lots are selling. The higher end of the market is fairly quiet in all segments.

How can both buyers and sellers gain an advantage in the St. Thomas, Virgin Islands Real Estate Market? Retain a local Realtor who knows the market.

All satistics are from the Mulitple Listing Service for the St. Thomas, St. Croix Real Estate Boards.