Are there any BP members on St Croix? I'm looking to buy a vacation home/rental and I'd like to find other people that are involved in REI on the island.
I will be visiting St Thomas and possibly hopping over to St Croix as well this month. I'm working with a realtor in St Thomas who has/is investing personally to learn a bit more about the USVI in terms of the different markets (labor, employment, rental, etc...) and overall success rate of RE investors.
What criteria do you have for St Croix vacation homes/rentals?
I'll be sure to pass along any relative info I get when I return. All the best!
I'm looking towards the east end. 3bd min, 2ba min, preferably no HOA, a pool or room for a pool. 1500 sqft and up. The prices on St Thomas are quite higher than on St Croix.
Sorry I took so long to respond. I stayed at a VRBO in Red Hook (east end). For your criteria in general, you can certainly find a few deals (low 2s - high 3s) both off market and listed. Id say St Thomas or St John would be better in terms of location, ease of transportation among the USVI (A few tidbits I observed and noted: The HOAs (fee seems to range 200-500) may not be so bad an idea for a more hands off approach unless, you plan on managing the property yourself; most of the 3/2s I saw were other vacation rentals, not so many in the way of residences for locals; cost of ownership increases much higher in the long run after running the numbers on a few existing rentals due to stamp tax, increasing insurance costs, specifically the hazard insurance (CBS homes have lower premiums); replacement costs for wear and tear due to the salt water…etc. I have some other notes I took after a good conversation with a local agent/investor if you want more details shoot me a message.
All the best
Hey @Alberto Furet While I don't hail from the island, I checked airbnb for how well people are doing with their vacation rentals.
There are 90 listings, the average price is $155 per night, and the average vacancy is 79%, which is high.
Looking at just the 10 hosts with 3bd properties, the price per night is $220, and the average vacancy rate is 50%.
This table is the breakdown of number of bedrooms to vacancy rate, and price.
St Croix is much more residential and less tourist, but the economy on ST Croix wiill come back with the Japanese purchase of the refinery that use to be HESS HAVENCA, If i spelled it right. Many left the island after the refinery shut down. But a Japanese company bought it Dec 2015. I wouuld say now is the time to buy atleast a long term rental. Prices will go up.l
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