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St. Thomas offers both bustling shopping areas and quiet neighborhoods. The island is mountainous and many hillside homes are graced will incredible views of the ocean. The real estate market on St. Thomas includes houses, land, condos, time share and commercial properties.
Presently, September 2008, there are 147 houses listed. Prices range from $75,000 for a 1 bedroom, 1 bath on a 1,990 sq. ft lot in Adel Gade to $6,000,000 for a 4 bedroom, 4.5 bath house in a luxury beachfront community currently being constructed. The average of all 147 houses listed is around $1.5 million. That average is up from three years ago (August 2005), when 73 houses were listed with an average of $860,500. The greatest concentration of properties is in the $400,000 to $900,000 range. Houses are generally situated on a half acre lot. In densely developed areas a quarter of an acre or less is typical. (Description continues after featured listings, scroll down.)
RE/MAX Dream PropertiesLet RE/MAX Dream Properties take care of all your needs for St. Thomas real estate, Virgin Islands real estate and short term vacation villas. The Real Estate Professionals at RE/MAX Dream Properties can help you own a piece of the American Paradise. Let us help you find your dream home, land or condo and make your dream come true. If you are looking for a villa or rental, short or long term, we can help with that as well. Give us a call today.
Marsha Maynes - RE/MAX Dream PropertiesLet Marsha Maynes of RE/MAX Dream Properties help fulfill your dream of owning a home in the U.S. Virgin Islands. Whether you are looking for a vacation getaway, condominium, full time residence, land or an investment for your future, Marsha can help you find your piece of Paradise. If you need help buying or selling real estate, you can rely on the expertise of a “seasoned” professional. Contact Marsha Maynes today for the BEST move you’ll ever make!
Coldwell Banker Stout RealtyColdwell Banker Stout Realty has been successfully helping newcomers and other customers buy, rent, manage and sell real estate on St. Thomas for over 20 years. Owner and managing broker, Jeyan Stout, and a team of friendly and knowledgeable agents will work hard with you to fulfill any of your real estate needs, whether for houses, condos, land, commercial or rentals. Through the Multiple Listing Service, CBSR can access any listed property in addition to its own listings. Convenient office locations at American Yacht Harbor and at The Anchorage.
Most residents finance their homes through conventional mortgages with local banks. Interest rates are slightly higher in the Virgin Islands than in the US 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.
In general land is available in quarter, half, three quarters and one acre lots. The price for a quarter acre to half acre lot is often less than $70,000. Half acre to one acre lots range from $50,000 to $200,000. Larger lots are also available. 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.
There are presently 161 undeveloped lots on the market. Prices start at $38,000 for .16 acre in Agnes Fancy up to $10,000,000 for 139.80 acres in Perseverance. Looking for your own island? There is currently a 500 acre island listed for 45 million.
Recent land developments involving subdividing large estates have created an increase in land lots on the market. These developments include areas in Mandahl (29 lots listed). A development in Botany Bay on 360 acres of land consisting of plans for 150 homes/lots is in the works. The Botany Bay project is designed to be a high end, exclusive community. There are currently 3 lots listed in Botany Bay.
Costs of building a house start at around $175 per square foot; the amount varying considerably depending on 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 house on St. Thomas. The cistern alone will account for almost 10 percent of the total building cost. Land owners should depend on theexperts when it comes to building on St. Thomas; plans must be prepared by an architect, engineer or draftsperson licensed in the Virgin Islands.
Condos on St. Thomas are often located on or near a beach. Facilities might include tennis courts, swimming pool(s), restaurant/bar, marina and water-sports center on the beach among others. Studio condos currently on the market range between $40,000 and $375,000 and one bedroom between $90,000 and $555,000. Larger condos with three or more bedrooms are $590,000 to $2,100,000. There are currently 182 condo properties listed.
Time share or fractional ownership options are usually available from $5,000/a week and up. Presently there are 48 timeshare openings available, ranging from $4000 for a studio condo located near downtown Charlotte Amalie to $260,000 for a 3 bedroom, 3.5 bath luxury, beachfront penthouse style condo.
Guest houses, restaurants, yachts, inns and retail stores are examples of commercial properties that have recently been or are on the market. Currently there are 19 commercial properties listed. They include a glass and screen shop at $265,000, a boat rental business at $1,200,000 and a commercial building at $2,400,000.
| All Listings | Homes | Land Lots | Condos | Commercial | |
|---|---|---|---|---|---|
| Sept. 2003 | 368 | 85 | 153 | -- | -- |
| May 2004 | 245 | 65 | 99 | -- | 25 |
| Nov. 2004 | 268 | 85 | 96 | 65 | 22 |
| Feb. 2005 | 267 | 74 | 103 | 70 | 20 |
| May 2005 | 344 | 80 | 158 | 83 | 20 |
| Aug. 2005 | 350 | 73 | 158 | 62 | 18 |
| Apr. 2006 | 426 | 94 | 188 | 90 | 26 |
| Sept. 2006 | 377 | 89 | 168 | 78 | 20 |
| February 2007 | 407 | 116 | 152 | 96 | 24 |
| November 2007 | 487 | 109 | 186 | 136 | 15 |
| September 2008 | 557 | 147 | 161 | 182 | 19 |
A real estate agent can introduce you to the listed properties and help you narrow them down to those that fit what you are looking for. Contact the featured real estate agents above for more information on real estate on St. Thomas.
