US Virgin Islands

Moving to St. Croix in the U.S. Virgin Islands offers so many rewards: the white sand beaches, the warm and welcoming Caribbean waters, the culture, flavors and unique history of a diverse population. However, transplants from the States can face challenges adjusting to their new lives. I offer 3 easy steps to embrace the "Crucian" way of life.

Step #1:

Begin each interaction with locals and visitors alike with an unhurried smile and a warm greeting. A friendly "Good Morning / Afternoon / Evening" will go a long way to easing interactions with shopkeepers, bus drivers, and government workers. (A quick note, "Good Night" is also used as a greeting in St. Croix, not just to say "Good-bye.") Many from the States have come to see these interactions as "time wasters" or superfluous, but they are still important in St. Croix. Before demanding service from a clerk - stop, smile, pause, greet. Easy!

Step #2:

Accept that "simple" tasks that might have been accomplished in a few minutes may take a lot longer in St. Croix, and plan on that time. Driving through town during "rush hour" may take longer than expected because the driver of the car in front of you stopped to visit with his friend. Picking up a few sandwiches for a sailing trip to Buck Island may take 20 minutes, not 5 like it would in a New York deli. If you feel yourself getting frustrated, remember Step #1 before you take it out on the clerk.

Step #3:

Don't merely "accept" the slower pace, but embrace it and all that it represents. Some have theorized that this is due to the lack of seasons; each day is just as beautiful as the next, so what's the hurry? In every aspect of our lives today we are expected to multitask, be connected and on-line, filling every minute with productivity. St. Croix represents a more respectful, more civilized way of life that is gone is most parts of the world. Stop and enjoy the tranquil waves as they lap at the waterfront, watch a hummingbird negotiate its way through your flower garden, stroll through downtown and chat with the taxi drivers about their day. Next time you way may find yourself bragging about how little you did in your day, not how much!

One Picture is Worth 100 Blogs...

Hurricane season is here, and I just took a listing on a townhome in a complex which is self-insured, so thought a few words regarding hurricane insurance would be timely.

Our property taxes are pretty low (about .004 X purchase price) but we make up for it in the cost of windstorm insurance. If you are getting a mortgage on a single family home, you can expect to pay 2 - 3% of the mortgage in windstorm insurance. Even then, you will be underinsured and likely have huge deductibles, and possibly penalties, should you incur damage. To be fully insured, calculate 2 - 3% of the replacement value.

Now, if you are purchasing a condo, some of the complexes have commercial windstorm insurance. These will likely have higher monthly fees (our condo fees here range from $250 - $1200 a month). Smaller complexes can't afford commercial policies (the monthly condo fees would be prohibitively expensive) so they "self-insure." That means that a portion of the monthly condo fees goes into a "pot" or reserve fund to take care of any damages that might be incurred due to a hurricane.

If there is not at least a million dollars in the reserve fund, then most likely, the banks will not lend on these units. In the past, they would lend, but they would require the buyer to buy their own commercial insurance policy (again - at 2 - 3% of the mortgage). So, on top of the monthly condo fees, you would have had hurricane insurance payments.

In today's stricter lending climate, many are just not lending on self-insured properties. If you can pay cash for a condo or home, you can avoid this issue altogether. If I were buying a home or condo today, I'd do my best to be a cash buyer and I'd make sure I had at least $10,000 in "reserve" for my own hurricane fund, and skip the commercial insurance. Not so easy for most of us, I know.

A few years ago I purchased a self-insured condo here. I took out a home equity loan to do so, and avoided the insurance issue. I'm probably paying a bit more interest than I would with a mortgage loan, but I can pay it down as I'm able.

If you're considering purchasing a home or condo here, be sure you speak with a lender or realtor to get an idea of all the expenses you can expect to incur. Be creative and ask the seller to be creative - it is a Buyer's Market. Just don't expect to come here with no job and get a mortgage on a home.

We have always had a strict lending climate here (which is why we don't have many foreclosures), and it's much more difficult now to get a loan than ever before. Our lenders don't charge to talk with you and pre-qualify you - and believe me - you can save yourself a lot of pain and suffering by doing this BEFORE you start looking for a home or condo!

Contact me for names and numbers of good lenders here. I will help you try and purchase, and work with sellers to find creative - legal - ways for you to buy a home. St Croix is still the best value in the Caribbean and will only be more expensive in the future. Let's work together on making your dream of living in the Caribbean come true!

Kim Lucas, Realtor
Coldwell Banker Land-de Wilde Realty
kim@coldwellbankervi.com
340-626-3758
www.retireinthevi.com
www.kimlucasvi.com

A word about getting pre-qualified before 'shopping' for homes, land, condos in VI:

With all the new federal guidelines impacting the mortgage industry, it is getting more and more difficult to secure financing for the purchase of property in the VI. Only a few banks here will lend on land, and many of the condo complexes are self-insured and the banks are no longer lending on them.

Plus - if you're one of those brave souls who plans to sell everything and come down to paradise to live - if you need a mortgage - you may not be able to get one until you've worked here for a few years.

So, to save yourself some big disappointments - Please take a few minutes out of your busy day to contact a lender here on the island (your bank will NOT lend
on property here....trust me).

I will be happy to give you a list of names - just email and ask. Once you have that coveted pre-qualification letter - then believe me - sellers will pay MUCH more attention to your offer and seriously consider it.

Sadly, I've seen offers that are not even countered because the buyers were not pre-qualified! Had they been, my feeling is that the deal could be negotiated to everyone's satisfaction.

Contact me for names of reputable, experience St Croix lenders.

Kim Lucas, Realtor
340-626-3758
kim@coldwellbankervi.com
www.kimlucasvi.com
www.retireinthevi.com

Expert Credit Repair in The Virgin Islands

National Credit Fixers: 330 Roberts Street 4th Floor East Hartford CT 06108 phone: 860-282-6181. National Credit Fixers boasts of 13 years experience repairing low FICO scores. Whether your credit has been damaged by a foreclosure, bankruptcy, slow credit, collections, judgments, repossessions, etc. we can help. We are the experts in credit restoration and credit repair. We have helped numerous residents of The Virgin Islands and are experts in The Virgin Islands credit repair.

Not many companies solicit the Virgin Islands for credit repair. I do. In fact as of the writing of this article I have 2 active clients from there right now. The Virgin Islands has a US dialing prefix and a US zip code. Citizens of the US Virgin Islands are every bit as affected by negative credit as people in the 50 states. I understand this fact and strive to help the Virgin Islands residents reapir their credit standing just like everyone else!

If you are in the US Virgin Islands and would like to repair your credit, please call me - I would like to interview for that position.

:)
Matt

Toll Free: 888-NCFIXER (623-4937)
Toll Free Fax: 888-FAX-4020 (329-4020)
Local: 860-282-6181
330 Roberts Street 4th Floor
East Hartford, CT 06108

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