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, September 2016, there are 21 listings on the Water Island real estate market.
There are 12 houses currently listed. They range from 4 bedrooms, 4 baths on a 2-acre lot with ocean view for $2,200,000; to a recently renovated 2 bedrooms, 2 baths on .1 acres for $350,000.
Properties with only a cistern and foundation do become available from time to time. There are a couple currently on the market, including an unfinished home on a 1-acre lot in a gated community for $199,000.
There is one condo development on Water Island however currently there isn’t any available units on the market.
Currently there are 9 land lots listed. Lots range from $179,000 for a 1.05-acre lot in a gated area; to $750,000 for .86 acres.
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.