St. Croix Real Estate

If you are a first-time home buyer this year, you may be eligible to take a tax credit of $8,000, making it easier to afford to make the financial leap.

Under the federal stimulus package passed earlier this year, first-time home buyers can deduct 10 percent of the cost of a home purchased as your primary residence -- up to $80,000, for a maximum of $8,000 -- from their income tax. It is a refundable tax credit, so if you owe less than your credit, you can get the difference in your income-tax refund. This year's federal stimulus package explicitly offers the tax credit to state residents, but is silent on the territories.

"There has been some concern that because language in the stimulus legislation states that those eligible for the credit include the 50 states and the District of Colombia that the territories are not eligible," Delegate Donna M. Christensen said in a statement from her office. "However, for the Virgin Islands and Guam, the mirror tax makes changes to the�U.S.code applicable to our territories."

If you already purchased a home you can still use the deduction, so long as the purchase was after Jan. 1. If you are considering buying a home, the tax credit is another factor to consider as you budget and determine what you can afford.

There are so many opportunities for buying in St Croix right now - it's almost unbelievable what prices are being offered for oceanfront or oceanview homes.  Contact me for some ideas.

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

The U.S. Virgin Islands and the Virgin Islands Economic Development Authority (VIEDA) were featured on Delta Airlines' In-flight Video during the month of April 2009.  That video is now online for you to see at the USVIEDA web site.

The video focuses on the quality of life offered residents of the Virgin Islands, and the generous tax incentives for businesses.   Showing the beautiful beaches and blue water, and the historic quaint towns, it makes a strong case for using the US tax benefits while enjoying a Caribbean Island culture.  "This video is a great opportunity to create greater global exposure about the Virgin Islands EDC Program," says Mr. D. Jerry Garcia, the Director of Marketing and Public Relations for the VIEDA.

Governor John P DeJongh Jr. is very supportive of business in the Virgin Islands.  In his Message from the Governor on the USVIEDA site, he explains,

"My Administration is firmly committed to supporting economic development in the United States Virgin Islands. We boast a strong and rapidly growing economy that is evident with an unprecedented influx of business development to our islands on a daily basis...

"Tax benefits and various incentives are only a part of the reason that one should engage in business initiatives on our beautiful shores. We also offer an educated, multi-skilled work force with a unique and superior quality of life. For service businesses and light, non-polluting manufacturers, our people, lifestyle, natural beauty and our pro-growth policies make the U.S.V.I. a wonderful business location."

While helping many folks research relocation to St Croix, most ask about working or starting their own businesses.  If you watch the video, I think you will agree the business climate here is very friendly.  Two recent developments - the new rum distillery and approval for Robin's Bay - will bring jobs and economic stimulus.  Contact me for a free copy of Relocation to the Virgin Islands, and/or Retiring in the Virgin Islands.  Also, you'll find loads of information on my web sites.

Hope to see you here soon -

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

Find your dream home at the end of the Rainbow! Located at the end of Rainbow Dr., This home not only offers spectacular views of the valley and sea, but can also provide significant rental income to offset your mortgage! Very comfortable and spacious 3/2 main house with 2 one bedroom apts, or 1 2/2 apartment. Priced below appraisal, this is a lot of house for the money.
Directions: N on 63, pass LaGrange pillars, Next R. R at Shakur's sign. L by bus shanty. L at T. Right at Shakurs (blue/white fence with eagles). L over 'troll bridge.' Last house on L at end of Rainbow Dr.

There are some INCREDIBLE deals on homes in St Croix right now!  Here are my picks for best value, best view, best of the best.

1.  Where in the world can you buy a waterfront home on the beautiful turquoise waters of the Caribbean? Right here in St Croix! Located in the gated community of Judith's Fancy on a sandy beach, this home is a gorgeous 2-master suite property with a courtyard pool and spacious free standing guest house.

See the virtual tour of this home on the listing (MLS #07-881 -  link Click to view listing(s) good only until May 31) or the You Tube video at�http://www.youtube.com/watch?v=jcGcSGhNTI0. $999,000.

2.  Or if you prefer the east end of St Croix (many mainlanders do), then how about a spectacular waterfront home on beautiful Grapetree Bay for only $575,000? It's located next to multi-million dollar homes - and yes, it's dated and needs quite a bit of work - but it is a gorgeous piece of waterfront land, with slab, cistern, septic, and a livable home! $575,000.  MLS #08-70.  Click to view listing(s) (MLS link good only until May 31.)

3.  If you're a north shore lover, there's a great two bedroom split-level waterfront there for $795,000, just a few feet from gorgeous Cane Bay! Island materials tastefully used throughout:  coral rock and stone, red cedar tongue & groove, mahogany.  Private oceanfront pool $795,000.  MLS #07-1509 Click to view listing(s) (MLS link good only until May 31.)

4.  If you love the beach, and you want a wow view too, then this house is for you! A comfortable 2-bedroom home with large apartment is set on a landscaped 1.18 acre gentle hillside, is a short distance from Cane Bay beach, and has a gorgeous view of Hamms Bluff and the coast. Delightful pool and shaded gazebo are the places to relax and enjoy the sunset. New granite kitchen with Viking stove is a plus. $625,000.  MLS #09-708  Click to view listing(s) (MLS link good only until May 31.)

5.  If you need a three bedroom, this home is a short distance to the shores of Cane Bay and Off the Wall Restaurant.  Enjoy great views of the sea and sunsets at Hamm's Bluff from the large veranda.  The property is also on the north side of the island, with a spacious yard.  $649,000.  MLS #09-387 Click to view listing(s) (MLS link good only until May 31.)

St Croix prices are so much lower than other Virgin Island locations and the rest of the Caribbean Islands.  It really is the best time in a generation to buy here - if you have ever wanted to live by the ocean on an island where it's warm with generous happy people - call or email.  There are plenty of other homes to choose from, besides the Best Buys described above.

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

I'm going to start this series of 4 blogs the same way to get my message across:
The Great St. Croix Land Rush is Coming!  

St Croix is poised to be the next "hot spot" in the Caribbean. With a new and wonderful director of Tourism, a fabulous governor and Lieutenant Governor, a new bevy of Senators who promise to continue to improve this lovely island, return of the cruise ships, and new resort developments that are inches away from ground breaking - all signs point to a "boom" on the horizon.  

What does that mean to you? If you are an INVESTOR - it means get down here and buy LAND! If you're considering retiring here - it means get down here and buy LAND! I keep saying this - ST CROIX is the PLACE and NOW is the time! Land prices are really reasonable here (scroll down the page to see some great buys).   Where IN THE WORLD can you buy ocean view property for under $100,000?  If you are worried because you've never purchased land before, this 4-part blog series is for you. 

To find the land investment which best suits YOU, first define your goals:  short or long-term investment, development opportunity, buy and hold for your own future use - this is a personal decision you must make.  Then find a Realtor who understands the land opportunities in the location you choose.  I know the St. Croix market extremely well and can refer you to agents on other islands in our chain if St. Croix isn't for you.  Using an experienced land Realtor can save you a lot of money, time, and headaches.  You still should know something about the market and land opportunities, and I can certainly give you plenty of resources.  Listed below are some research projects you should complete.

1.  Check Zoning

Before you make any purchase commitments on land, you must know and understand what the plot is zoned for, what developments are possible, what regulations must be met for development.  This can be the difference between using the land for your purposes or having to hold and hope to sell.

2.  Check Trends

This is my expertise - giving you market evaluations - but you still should understand the data.  Check pricing trends. both in specific areas that interest you and then in adjoining areas.  In our part of the Caribbean, studying other islands would be helpful.  I'm convinced when you do, that you will agree St. Croix has the most development and appreciation potential of all the US Virgin Islands.

Ideally, you want your parcel in an area of increasing values adjacent to other areas that are also increasing.  While that scenario is hard to find in the US now, St. Croix is poised for growth and property appreciation in the near future.  If you can find a lot that is appreciating, or has good promise, is bordered by other appreciating parcels, and is zoned for your plans, that's the best investment you can make in land.

3.  What Now

If you decide your risk tolerance, understand your purpose in investing, and find a Realtor with substantial local knowledge, you will be ready to make a decision on area and specific plots.  If you do this regularly, and invest wisely, you should be able to grow a substantial portfolio over time.

Here's an example of one of the great deals now available on St. Croix:

16A Judith's Fancy
.75 Acre homesite
280 degree water and lights of Christiansted
Waterfront but above the salt spray
Gated community
Adjacent lots also available
Listed at $349,000

Contact me for more great buys on St. Croix.

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

I'm going to start this series of 4 blogs the same way to get my message across:
The Great St. Croix Land Rush is Coming!  

St Croix is poised to be the next "hot spot" in the Caribbean. With a new and wonderful director of Tourism, a fabulous governor and Lieutenant Governor, a new bevy of Senators who promise to continue to improve this lovely island, return of the cruise ships, and new resort developments that are inches away from ground breaking - all signs point to a "boom" on the horizon.  

What does that mean to you? If you are an INVESTOR - it means get down here and buy LAND! If you're considering retiring here - it means get down here and buy LAND! I keep saying this - ST CROIX is the PLACE and NOW is the time! Land prices are really reasonable here (scroll down the page to see some great buys).   Where IN THE WORLD can you buy ocean view property for under $100,000?  If you are worried because you've never purchased land before, this 4-part blog series is for you. 

1.  Are you past trying to decide whether or not to buy land in the first place?

Any investment, real estate or otherwise, can appreciate or lose you money.  If you have made the decision to invest in St. Croix property, then focus on the best type of land for you, and don't keep 2nd guessing your investment decision.    If you have planned for risk, and how much you want to invest, then the next questions are what and where.

2.  The Future has to be part of your planning

Will you want to use the land? Are you going to buy and hold?  If so, what developments may be planned or under consideration for the land?  Do you know the zoning?  What can be built in that zoning?  Determining future land use has to be one of your top priorities.

I can help explain zoning, land use restrictions, and possible future uses of any land parcel you consider on St. Croix.  I just wrote a newsletter about several options and what's for sale - email me for a copy.

There's a risk in buying land and holding it for future appreciation, so be sure and know your risk tolerance before you consider a land purchase.  Once you are comfortable with that, St. Croix is THE place to invest!

Take a look at this new listing:

On the West End, close to Frederiksted
166' of gorgeous beachfront
Views in all directions
Sheltered cove
Excellent building sites
Power nearby
1.88 acres
Asking $349,900
What are you waiting for?  Call me today!

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

The Great St. Croix Land Rush is Coming!  

St Croix is poised to be the next "hot spot" in the Caribbean. With a new and wonderful director of Tourism, a fabulous governor and Lieutenant Governor, a new bevy of Senators who promise to continue to improve this lovely island, return of the cruise ships, and new resort developments that are inches away from ground breaking - all signs point to a "boom" on the horizon.  

What does that mean to you? If you are an INVESTOR - it means get down here and buy LAND! If you're considering retiring here - it means get down here and buy LAND! I keep saying this - ST CROIX is the PLACE and NOW is the time! Land prices are really reasonable here (scroll down the page to see some great buys).   Where IN THE WORLD can you buy ocean view property for under $100,000?  If you are worried because you've never purchased land before, this 4-part blog series is for you. 

How to Make Intelligent Land Investment Decisions

1.  Start Small

Starting small in price and parcel size can help to insure that any mistakes you make in location or potential are small.  Learn from any mistakes, and work into larger parcels with time.

2.  Spread the Risk

Many investors shun partnerships - they want all profits themselves.  But you will also take all the risk.  When you first start purchasing land, consider a partner with experience in zoning or development or soils - anything that will complement your own knowledge.  Sharing the wealth in the beginning may keep you from experiencing some unrecoverable financial pitfalls as you build your portfolio.

3.  Diversify

Land is land, right?  Not so.  St. Croix has rainforest, and oceanfront, and inland homesites, and view homesites, and horse properties, and commercial plots - you get the idea.  You have choices in development potential, price, location, and view - even on our small island in the Caribbean.  Our prices now are SO reasonable, and sellers SO motivated, that you can easily diversify, spread your risk, learn the areas and potential, and position yourself to benefit from appreciation all over the island.

4.  Examples of our Great Deals

Clairmont:  This is a 2.56 acre homesite, that slopes gently about 400' to the north shore of St. Croix.  On a ridge top, the plot enjoys excellent breezes and there is power nearby.  Asking price $275,000 - with a panoramic ocean view of the blue Caribbean.

Whim:  Three buildable lots, of .25 acre, in a mid-island location, are selling for $33,000 and $30,000.  2 are corner lots, and all are within easy distance of Frederiksted.  Yes, that's right - 1/4 acre plot within a few miles of the ocean for less than $50,000!

You can tell I'm bullish about our economy and investing here.  But I'll be honest with you about the development potential of any land parcel, and problems I might foresee in a purchase.  So email or call, and ask for a copy of the newsletter I just mailed with descriptions of many types of plots available on St. Croix.  And sign up to receive my next blog post on Beginner Decisions when You are Ready to Invest in Land.

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

For those of you wondering what's been happening in the St. Croix real estate market in the last 6 months,  here are some stats you might find interesting:

HOMES:
62 home sales (closings) in last six months. Average sales price $472,702; median sales price $365,000. Average difference sales price to list price - $68,452. Average DOM = 238.

About a quarter of these homes were under $200,000. About a third were between $200,000 - $400,000. Nearly 10% were in the $400,000 - $500,000 range. Twenty percent were between half a million and a million, and nearly 10% were over one million.

Currently, there are 224 houses on the market. Only 10 % are under $200,000 - and many of these are just "slabs" or partial constructions. About a third are between $200,000 and half a million, and another third are between half a million and a million. That leaves about one-fourth of the homes listed at a million or more. There is a real need for nice, decent "low end" homes here, but if you're in the market for a high end home - there's plenty to choose from!

CONDOS:
56 condos closed in the last six months. Average sales price $222,691; median sales price $176,250. Average difference sales price to list price - $21,539. Average DOM = 217.

Most of the condos sold (nearly two thirds) were under $200,000. About 30 percent were between $200,000 - $400,000.

Currently, there are 162 condos on the market. about 42% of those are under $200,000. There are no new condo complexes on the market, and the least expensive condo here i

LAND:
241 land sales in last YEAR. Average sales price $154,295; median sales price $53,000. Average difference sales price to list price - $25,569. Average DOM = 307.

Nearly 75% of the sales were parcels under $100,000, and about 70% were an acre or less. Slightly over 20% of the sales were between one hundred and five hundred thousand. Four percent of the sales were over half a million, and over 15 acres.

There are some great buying opportunities now in St. Croix.  Our economy is strong and improving, and there will always be demand for housing in Paradise.  Contact me for details, my Relocation or Retirement Packages.  And Developers - we need you!  Email me for my Developer's Package too.

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

I'm living my dream here in St. Croix - sold my business a few years back, chose St. Croix from all the Caribbean islands for relocation, bought real estate, and couldn't be happier!  

I'm very bullish about our economy and all the positive changes coming to our island. 

But if you have to sell, or want to take advantage of our drop in prices and invest in property, carefully consider who you want as your guide and advisor to sell your property.

You'll want someone who will deliver the following:

• Great internet marketing.  According to the National Association of Realtors, over 84% of home buyers begin their search on the internet.  Choose an agent who actively advertises on the internet. Google St Croix real estate and explore who is most actively marketing on line. 
• Up to date, local market knowledge and information.  That doesn't necessarily mean they've lived here for 30+ years - but it does mean that they do their homework and make educating their customers a top priority.  I do this through blogging and I keep in constant contact with people who have expressed interest in living in St. Croix. 
• Comprehensive and compelling advertising.  Photos and creatively written ads DO make a difference.  Look at how many photos your potential agents put on their listings- and what they say about their listings.  If they are not interesting to you- they won't be to others, either.  I use a TON of photos and try to write compelling text about my listings!
• The truth.  And sometimes, it hurts!  You want an agent who will not just tell you what you what to hear.  You want someone who will tell it like it is, and will give you honest advice about staging your home for sale.
  

All of the real estate gurus out there will tell you to interview at least three agents before making a choice.  That's good advice.  But you can also do quite a bit of homework on your own, to narrow down your selection of agents to interview.

Visit my web sites, request free market information or my monthly newsletter, and sign up for my Retire to the VI package.  I'm here to answer your questions!

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

(photo courtesy of John Ballard)