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 (September 2016) 161 houses on the market, ranging in size from a 554 square foot cottage on a .539-acre lot in Carolina; to a 3 bedroom, 3.5 bath luxury 6,596 square foot house on 1.1 acres in prestigious Peter Bay Estate. 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 63 houses listed below 1 million dollars. There are 98 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 |
| 2013 | 48 | $165,000 | 3.5 Million | $1,054,698 |
| 2014 | 40 | $145,000 | 7.75 Million | $1,049,862 |
| 2015 | 38 | $189,000 | 4 Million | $1,074,847 |
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 276 undeveloped land sites for sale ranging in price from $75,000 for .32-acre lot in Coral Bay; to 5.5 million for a 4.5 acre lot near Maho Bay Beach. 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 availability of land lots within the last couple of years.
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 |
| 2013 | 31 | $49,500 | $2.5 Million | $396,016 |
| 2014 | 31 | $65,500 | $1.65 Million | $408,782 |
| 2015 | 44 | $63,000 | $970,000 | $208,680 |
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 drafts-person 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 24 condos.
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 |
| 2013 | 8 | $343,000 | 1 Million | $613,688 |
| 2014 | 9 | $380,000 | 1.05 Million | $714,924 |
| 2015 | 12 | $172,705 | $748,250 | $363,054 |
There are 170 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 from $2,995 for a 1-week period in a 500 square foot studio on a beach front resort property; to $138,000 for a one-month period in a 3 bedrooms, 3 bath house.
There are presently 12 commercial opportunities available. They include a restaurant at $315,000; and a boat charter business at $189,000.
The overall inventory of St. John real estate at this time includes 643 listings.
Market Inventory Table, St. John
| DATE | ALL | HOMES | LOTS | TIMESHARE | CONDOS | COMMERCIAL |
|---|---|---|---|---|---|---|
| August 2005 | 372 | 55 | 157 | 135 | 12 | 13 |
| April 2006 | 549 | 101 | 249 | 122 | 50 | 27 |
| February 2007 | 589 | 124 | 262 | 135 | 51 | 17 |
| 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 |
| March 2015 | 672 | 165 | 294 | 178 | 27 | 8 |
| September 2016 | 643 | 161 | 276 | 170 | 24 | 12 |
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.
