There are currently over 2,100 listings between the St. Thomas/St. Croix and St. John multiple listing services. Of those, only 23 are Bank Owned. Approximately 25% of those owned by the banks were NOT foreclosed on. This means that less than 1% of the properties listed in the USVI are Bank Owned.
There are many indicators that can determine what is and what isn’t a GREAT DEAL. When I worked with investors from California purchasing distressed properties to be rehabbed and sold again within a set time frame, we always started with a % of market value.
Example: Property A is listed at $80,000. The comparable listings in the neighborhood are selling for $100,000.
The next most important attribute is going to be HIGHEST and BEST USE. Commercial property is limited in the Virgin Islands, so when a property comes at that will allow for commercial use, we typically give this property a higher value.
Finally, depending on the location, I personally give waterfront properties a higher value than its comparable hill-side home.
I believe these properties are worth taking a closer look at:
St. Thomas USVI
Hands down the lowest priced waterfront villa in Peterborg, this could be regarded as the “DEAL OF THE YEAR”. If you are looking for a long-term hold that can act as an income generating property or a vacation villa, then look no further.
UNDER $400K: We head out to Fortuna on the West End of St. Thomas for our best priced deal under $400,000. This 3/2 bath home sits waterfront and may be a great opportunity for the handy-man. This property has the feel of a cottage, but because the price has been dropped so low, it is worth at least taking a closer look at.
MY PERSONAL FAVORITE – Over $2 million: This property may not currently meet my investment standards for a short term buy and sell, but it definitely stands out as a long-term buy and hold. This 5 bed, 5.5 bath has been reduced from $6.5 million to $3.9 million and I have been told that these owners are ready to make a deal. This was one of my favorite homes on the market when it was priced at $4.5 million. I believe this is luxury at its finest and would highly recommend that if you are in the market for gorgeous vacation residence or a high end villa rental property that you take a closer look!
St. John USVI
My St. John Favorite: I have been working with one of my Buyers for over 3 years looking for that perfect vacation home. While we haven’t yet found it, I have come across some pretty amazing properties. For homes priced under $3 million on St. John this is one of my absolute favorites, especially since it is waterfront.
Have you ever thought about owning a business in Paradise? If so you should definitely consider Cruz Bay on St. John. Here is a successful scooter rental business in prime location at Wharfside Village.
Private Island Living: I have no clue if this is a DEAL OF THE YEAR, but how cool would it be to live on Lovango Cay and build your dream house on this ideally graded homesite with panoramic views over St. John’s pristine National Park, several white sand beaches, Cruz Bay and the whole of Pillsbury Sound and the lights of St. Thomas at night.
St. Croix USVI
(Above is a picture of what this place used to be:)
Wow. After walking this property I couldn’t believe what I saw. Once upon a time this was the place for celebrities on St. Croix. The old CARLTON HOTEL truly is a site to see. Image a corporate retreat or another hotel or…?
Best Deal on St. Croix: Appraised earlier this year at $1.2 million this home is a must have. This spacious 4 BR/4 BA house w/pool is finished with chef’s kitchen, granite counters and much, much more.
Christiansted Business Opportunity: Are you thinking about relocation to St. Croix but are not sure what to do? Why not buy a small business? This is one of the best price businesses on island and being that I frequent this place multiple times a week, I’d highly recommend at least considering the opportunity.
Please note, not all of these properties are listed by Sea Glass Properties. This list is compiled based on the personal opinion of Nick Vanassche, a licensed real estate agent with Sea Glass Properties. Prices are subject to change and listings may be sold or expire at anytime.