Water Island, located within St. Thomas’ Charlotte Amalie harbor, is a 491.5 acre treasure. The small population of fewer than 200 full and part time residents enjoy the tranquility of a largely commercial free island while having the conveniences of developed St. Thomas only a 10 minute boat/ferry ride away.
Water Island’s real estate market is small and fairly exclusive. The real estate possibilities are very limited in quantity due to the island’s small size and to a low turnover rate.
Approximately 100 homes dot the hills and valleys of Water Island. Most lots and homes offer a view of the ocean and many also have a view of neighboring St. Thomas and Hassel Island. Presently, March 2015, there are 18 listings on the Water Island real estate market.
There are 11 houses currently listed. They range from a 2 bedroom, 2 bath house on a .8 acre lot for $499,000; to $1,900,000 for a 4 bedroom 4 bath on .83 acres.
Properties with only a cistern and foundation do become available from time to time. There are several currently on the market, including a partially finished 1/1 house for $237,000; and a cistern and first floor walls house project at $375,000.
There is one condo development on Water Island and It currently has 1 available unit on the market. Undeveloped land is limited in availability.
Currently there are 6 land lots listed. Lots range from $159,000 for a .35 acre lot to $475,000 for .7 acres with an ocean view.
Foreclosures are non-existent on Water Island. Residents, for the most part, own their homes outright. Sale of any property for outstanding taxes is really unheard of on Water Island.