US Virgin Islands

IfIf you haven’t heard already, the Virgin Islands real estate market is starting to show signs that the market is turning around.

In order to stay ahead of the market I want to let you know what the market is doing and what we are doing here at Sea Glass Properties to make sure you have all of the tools you need to buy, sell, or rent a home.

1. July and August saw 12.6% and 21.1% increases in year over year sales.

2. I just published our very first HOMESVI.com real estate guide. 4,000 copies are currently on a ship coming to the Virgin Islands. If you would like, I can mail you a copy for free!

3. Sea Glass Properties has increased our local market share from 4% in 2008 to 13% in 2009. Our aggressive growth strategies and marketing will only further our market share.

4. You are now able to save searches and set up auto email on www.sellvi.com

5. If you are in the market for a condo, now is the time to buy. Prices are down and sales are picking up quickly.

6. Home prices are leveling off, and in some cases are raising prices.

7. Commercial real estate is still taking a hit. If you are looking for an investment property (office space or multi-family) now may be the time to make an offer on something.

8. Unlike the majority of real estate agents in the Virgin Islands, I offer buyer representation. Don’t be stuck buying a home without having someone looking out for your best interests.

9. Next month I will be launching a new RENTAL website: http://www.rockcityrentals.com – here you will be able to access many of the available rentals on island.

10. Sea Glass is expanding. If you know of anyone in the Virgin Islands who has real estate experience and wants to join one of the premier real estate companies on island please let me know.

If you are looking for a waterfront property, there is a great deal in Frenchman’s Bay. Also, there is a potential resort/ hotel opportunity in Red Hook. Email me for details.

Let me know if you are still in the market for a property here in the USVI.

The commemorative quarter-dollar coin honoring the United States Virgin Islands was officially launched Friday, Oct. 9 by United States Mint Deputy Director Andy Brunhart and United States Virgin Islands Governor John P. deJongh Jr.

"The United States Virgin Islands commemorative quarter-dollar coin reflects a rich culture steeped in the outstanding natural beauty of the three islands," said United States Mint Director Ed Moy.

The United States Virgin Islands quarter was released into circulation on September 28. The coin's reverse (tails side) design features an outline of the territory's three major islands. The design also includes the Yellow Breast or Bananaquit, the official bird of the United States Virgin Islands; the Yellow Cedar or Yellow Elder, its official flower; and a Tyre Palm Tree. Inscriptions on the coin's reverse are U.S. VIRGIN ISLANDS and United in Pride and Hope.

The new VI Quarter isn't the only valuable commodity here - come check out our real estate!

Governor deJongh has announced an agreement with Fortune Brands that will keep Cruzan Rum on St. Croix and expand the brand and its importance in the portfolio of Fortune Brands, the largest U.S. spirits company and the fourth largest premium spirits company in the world.

This agreement is a comprehensive solution to the challenges Cruzan has faced, and it is a very good agreement for the Government and people of the Virgin Islands. It means that we will keep Cruzan in St. Croix for at least the next thirty years, which is something that I am especially proud to have accomplished for our Virgin Islands.

The agreement will also provide Cruzan with the resources to promote their environmental sustainability, and it will provide Cruzan the ability to expand their distillery, and to grow new brands on St. Croix, including the Beam Global brand, Ronrico.

This is a real partnership that benefits the company and the people of the Virgin Islands. This partnership is projected over the coming years to allow us to more than double the amount of cover-over revenue to be collected from the sale of Cruzan Rum from their modernized and environmentally compliant distillery in Estate Diamond on St. Croix.

The U.S. Virgin Islands now, and long into the future, will be home to the #2 (Captain Morgan) rum sold in U.S. markets as well as the #4 (Cruzan) and the #5 (Ronrico) rum brands sold today. We will also be working with their owners to help them grow these brands for their benefit -- and for ours.

This is very positive news for the St Croix economy. Contact me to discuss real estate opportunities, and search homes for sale on my web site.

Living in the US Virgin Islands

I received an email from a prospect who wanted information on how to choose one of the 3 Virgin Islands for investment and retirement. Here's my (somewhat prejudiced) viewpoint.

St John

If you like St John, you will really like St Croix. I had vacationed in St. John many many times before I'd ever even heard of St Croix, and loved it. But, I could never afford it there. Honestly, I really would not want to live there. That said, it is truly one of the most beautiful places on this earth and is a great place to vacation. St John is much more expensive (real estate-wise) than St Thomas or St Croix. It's also less "livable" - not many grocery stores and certainly no large ones. 80% of the island is a national park.

St Thomas

St Thomas is much more crowded and the traffic can be really bad and very congested. I, personally, do not care for this island, and would not consider living there. Yes, it it beautiful, as are all the Virgin Islands - but it is also very touristy. St Thomas is the cruise ship capital of the world! The real estate prices are also higher than they are in St Croix.

St Croix

St Croix has about the same land mass as St Thomas, and many fewer people. St Croix has very diverse topography. It is only 22 miles long and 7 miles wide, but there's desert and rainforest land, and agriculture and residential uses. Cruise ships visit, but nowhere near the number that dock at St Thomas. The cruisers come to port in Frederiksted, which is currently what I consider a sleepy little town with great restaurants and bars and the best beaches on the island. I'm sure that will change someday - and it will be bustling and busy - but now it's quaint and lovely, except when the cruise ships are here.

Crime

We do have crime, but it's no worse than anywhere else, and tends to be petty stuff. Much of it is drug-related. It doesn't slow me down one bit - I feel very safe in my home and going out too.

Real Estate

The real estate prices on St Croix are very good, especially now. It'sdefinitely a buyer's market. There are a couple of gated communities on the island. Judith's Fancy is my personal favorite. It's very centrally located, nicely diverse, and has 24/7 security. Homes in this neighborhood range from $450,000 - millions.

Economy

I also believe that St Croix is poised for some major growth. A new distillery is currently being built, Home Depot will be breaking ground soon, a new resort/casino/marina has been approved - so there are many jobs coming and new developments on the horizon. More cruise ships are scheduled, which creates more opportunities for vendors and shop owners throughout the island.

Jobs

If you show up on time and are reliable, you probably won't have any problems. If you are in the building/ construction trades, you should be able to find work. I wouldn't count on getting rich here - the pay is not great - but boy oh boy are the benefits good!

Lifestyle

Enjoy the 365 days of sunshine and warm weather, gorgeous beaches, friendly people, lots of fun things to do (read my blog for this weekend), and many, many volunteer opportunities. We have all the advantages of being a US citizens in a US territory on an island that has a real "island culture" - laid back, friendly, relaxed. YA MON!! DIS IS GOOD!

Come on down to experience St Croix - a week is about minimum - and I'll be happy to give you a nice island tour! I have an ocean front condo that I rent out at a 20% discount for my customers - check it out at www.sunsetsuitevi.com. Visit US VI gives a good overview of the 3 islands, and search St Croix properties for sale on my web site, to get an idea of prices.

Helping you live the dream,

I wanted to give some idea of the choices of festivities and events we have almost every weekend/week here in St Croix. A list doesn't really convey the message of what fun we have. Those of us who live on St Croix have such terrible decisions we must make: where to go, what to do. There are so many things to choose from - and it's low season! The list just grows and grows as we approach tourist season.

The worst thing about living on St Croix is remembering that we are not on vacation all the time! Here's just a sampling of this upcoming weekend - compliments of my friend Joe Hazi:

Friday, 10/2:
Mercy Child at Angry Nate's beginning at 5 pm
Oktoberfest Celebration at Cheeseburger's beginning at 6 or 6:30 pm
Jazzy Blue at Smuggler's Cove from 6:30-9:30 pm
Steve Katz at Salud beginning at 7 pm
Michael Justis at Bogey's

Saturday, 10/3:
Breakfast at the Domino Club (Norma's) is being served by Jewels, and she's serving it with a smile, from 7 am - 10'ish (she also serves breakfast on Mondays and Wednesdays). Jewels also sells her famous Artisan Bread on Saturdays!
Kenny Byron at Coconuts from 5-8 pm
Adrian at Off the Wall from 6-9 pm
Lynn Senter at Smuggler's Cove beginning at 7 pm
Mercy Child at Chicken Charlie's Roadhouse from 7-10 pm
Steve Katz at the Galleon beginning at 7 pm
Fran Marnier at Mahi's at Chenay Bay beginning at 7 pm
Adrian at Digby's and Brandon's bonfire at Haypenny Beach beginning at 11 pm

Sunday, 10/4:
The First Reggae Brunch at Eat @ Cane Bay with Fyah Train Reggae Band featuring Katalyss - Brunch is served from 11-4, music from 1-4
Sunday Funday Beach Party featuring Mercy Child at Mahi's at Chenay Bay from 2 pm til sunset
Steve Katz at the Deep End Bar and Grill from noon - 3 pm
St. Croix Blues Society at Coconuts from 4:00 pm until? Tommy will be serving his Texas BBQ all day (Ribs, Brisket, Rib Eye and NY Strip)
Steve Tweddle's Memorial at Off the Wall beginning at 5:30 pm (bar will close to general public at 4 pm). It's pot luck, bring a bottle to share. There will be a limited bar. If you have pictures, please bring them to share.
Steve Katz at the Galleon beginning at 7 pm
Gardens by Monlight at 7 pm, St George Botanical Garden, cocktain party

Then, if you aren't worn out or have to work for a living during the week, the list goes on:

Monday, 10/5:
Crab Races with Tito and Sue at the Ft. Christian Brew Pub
Tuesday, 10/6: Two for Tuesday at the Ft. Christian Brew Pub
Wednesday, 10/7: Jazzy Blue at Mahi's at Chenay Bay beginning at 6 pm, w/ $5 cheeseburgers
Thursday, 10/8: Lynn Senter at the Palms @ Pelican Cove beginning at 6 pm; Mercy Child at the Ft. Christian Brew Pub beginning at 7 pm

OK, so I've made my point. Make your reservations and enjoy the deep discounts offered now by airlines and hotels. Then plan to attend one of these future St Croix events:

Friday, 10/16 - Sunset Jazz in F'sted beginning at 5:30 pm
Sunday, 10/18 - 14^th Annual Coral Reef Swim. Please see http://www.swimrace.com/ for more information.
Friday, 10/30 - Halloween Party at the Ft. Christian Brew Pub featuring Kurt Schindler from 9 pm until?
Saturday, 10/31 - VICare Halloween Party (I'm fairly certain that it's going to be at The Palms again).
Saturday, 10/31 - Halloween Costume Party & Contest at Coconuts w/ music by Michael Justis.
Sunday, 11/1 - Halloween Party at Norma's Domino Club featuring Kurt Schindler from 7-11 pm.
Sunday, 11/8 - Caribbean Classic Triathlon. Please see http://www.stcroixtriathlon.com/CCT/index.html for more information.
Sometime in November (last I heard, it's still gonna happen) - 3rd Annual VI Bartender Olympics at Elizabeth's at H20, Hibiscus Beach Resort (new location this year).

Yes, we have a wonderful lifestyle, great people, and lots of fun. Remember, real estate prices are very low - St Croix is by far the best value now in the Caribbean. Don't pass up this opportunity to join in our community, if even in a vacation home for a few weeks a year.