Real Estate on St. John, Virgin Islands

St. John is unique; it offers the opportunity to own a dream home with magnificent ocean view on an island that is two-thirds protected from development by the National Park Service. Price tags fitting of a dream home nestled on a beautiful, protected Caribbean island are of course attached! The allure of St. John is in the lush green hills and beautiful white sand beaches. The island offers a slow pace of living and is home to a small community of about 4,200 people.

There are currently (August 2013) 142 houses on the market, ranging in size from a a 1 bedroom 1 bath house on .26 acres in Bethany for $189,000; to a 5 bedroom 6.5 bath house on 1 acre in Catherineberg for $8,340,000. Most houses are designed with open styled floor plans, high ceilings and large decks to take advantage of the trade winds and the wonderful views. There are 49 houses listed below 1 million dollars. There are 93 houses listed that are over 1 million dollars.

House Sales

Year Total Houses Sold Low High Average
2000 41 $120,000 3.8 Million $633,768
2001 46 $130,000 1.8 Million $594,294
2002 57 $75,000 5 Million $837,129
2003 61 $180,000 3.2 Million $931,142
2004 43 $341,700 4.5 Million $1,242,627
2005 54 $450,000 8.75 Million $1,789,315
2006 33 $318,000 4.25 Million $1,454,373
2007 29 $295,000 14 Million $1,982,914
2008 23 $250,000 4.6 Million $1,502,872
2009 22 $240,000 6.5 Million $1,283,182
2010 20 $495,000 3 Million $1,285,075
2011 27 $135,000 12 Million $1,722,222
2012 28 $325,000 8.45 Million $1,183,607
Cruz Bay, St. John

Most residents finance their homes through conventional mortgages with local banks. Interest rates are slightly higher in the Virgin Islands than on the mainland. A typical down payment is 20 to 30 percent. Banks require earthquake and windstorm insurance with mortgages; the cost is around 2-3% of replacement value.

Presently on the market there are 266 undeveloped land sites for sale ranging in price from $55,000 for .253 in Carolina; to $9,150,000 for 14 acres in Hansen Bay. Looking for a private island? Recently Thatch Cay, 237 acres, was on the market at $24,000,000. Properties within the National Park but not park owned are traditionally the most expensive. Land development and subdivision, like in Rendevous & Ditleff, have increased the availabilities of land lots within the last year.

Factors to consider when looking for land include; location, view, access to the property and any site preparations that might be necessary in order to build. The average lot size is half an acre.

Land Lot Sales

Year Total Land Lots Sold Low High Average
2000 80 $23,250 $2.5 Million $195,644
2001 96 $25,000 $1.1 Million $168,093
2002 141 $34,500 $2.4 Million $200,362
2003 167 $35000 $6 Million $370,202
2004 106 $85,000 $8 Million $530,141
2005 68 $110,000 $3.9 Million $560,389
2006 49 $179,000 $1.4 Million $496,144
2007 24 $92,500 $6,574,950 $726,519
2008 20 $115,000 $1.8 Million $440,475
2009 19 $60,000 $3.5 Million $380,553
2010 16 $75,000 $875,000 $248,125
2011 20 $72,000 $843,183 $287,865
2012 33 $55,000 $13.9 Million $776,664
Cruz Bay, St. John

Building a home starts at around $350 per square foot and is affected largely by materials used for building and finishing. Keep in mind that preparations and special structural requirements may need to be met making the total cost of the construction project more. A cistern for water storage and a septic tank are necessary components of a home on St. John. The cistern alone will account for almost 10 percent of the total building cost. Land owners should depend on the experts when it comes to building on St. John; plans must be prepared by an architect, engineer or draftsperson licensed in the Virgin Islands.

There are 20 condo developments on St. John, some are small with just a few units while others are large. Most are located in or close to Cruz Bay. Currently on the market there are 27 condos ranging in price from $245,000 for .736 square foot 2 bedroom 1 bath; to $1,100,000 for a 977 square foot 1 bedroom 1.5 bath.

Condo Sales

Year Total Condos Sold Low High Average
2000 15 $68,333 $320,000 $181,900
2001 16 $85,000 $335,000 $219,852
2002 14 $90,000 $350,000 $209,457
2003 7 $225,000 $460,000 $350,358
2004 13 $220,000 $925,000 $567,885
2005 12 $350,000 $990,000 $689,750
2006 6 $425,000 $1,035,000 $635,667
2007 6 $275,000 $1,250,000 $613,000
2008 15 $390,000 $789,000 $634,923
2009 6 $222,500 $1,200,000 $605,583
2010 7 $200,000 $932,300 $467,043
2011 5 $375,000 $550,000 $430,000
2012 9 $290,000 $850,000 $501,667

There are 172 time share units currently listed. The majority of which are located at Virgin Grand Estates & Villas and Westin Vacation Club, both in Chocolate Hole. Time shares range in price from $3,000 for a week in May in a 1 bedroom 2 bath unit; to $150,000 for 1 month between April/May in a 3 bedroom 3.5 bath unit. A large number of time shares are priced between $20,000 and $50,000.

There are presently 9 commercial opportunities available. They include a fishing charter operation for $125,000 and a commercial office building for 1.9 million.

The overall inventory of St. John real estate at this time includes 616 listings.

Number of Properties on the Market

Date All Homes Lots Timeshare Condos Commercial
November 2004 298 45 143 93 8 9
February 2005 369 69 159 118 10 11
May 2005 392 64 164 127 11 16
August 2005 372 55 157 135 12 13
April 2006 549 101 249 122 50 27
September 2006 557 109 267 118 40 23
February 2007 589 124 262 135 51 17
November 2007 664 117 269 213 53 12
September 2008 702 117 258 238 58 30
October 2009 735 126 251 299 40 19
August 2010 708 137 262 248 46 15
August 2011 663 147 248 213 42 13
May 2012 689 166 269 198 44 12
August 2013 616 142 266 172 27 9

The National Park protects about two thirds of the St. John leaving limited amounts of property for development, this factor adds to both the desire of owning property and the high prices. Contact the featured real estate agents listed above for more information on property on St. John.

Note: This section is dated August 2013: prices, property estimates and numbers reflect the market at the time this section was written. General Information and sales data is believed to be accurate but not guaranteed.



St. Thomas U.S. Virgin Islands

VITraders

$29.95

This gorgeous coffee table book features stunning photography of the people, places, culture and history of St. Thomas, U.S. Virgin Islands. Photos are complemented by a brief description. This is a perfect vacation souvenir or gift for someone who loves the island.

Places to Explore

Virgin Islands Newsletter Signup

Sign up now for our FREE Virgin Islands Now Newsletter and we will email you regular updates on what’s happening in the Virgin Islands & on VInow.com. You can unsubscribe at any time. Simply fill in the form below.

CAPTCHA
×