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Purchasing a condo

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Purchasing a condo

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(@dirtydeeds)
Posts: 86
Estimable Member
Topic starter
 

Just returned from St Thomas and had hoped to look at a few condos for purchase while I was there. E-mailed Marsha Maynes who is listed on this website and she left me a message. I called her back the next day and never heard back. I'm interested in working with a realtor who has better response than that and knows the various condos in St Thomas. In looking at MLS, there are lots to choose from, so I'm trying to narrow it down to a few complexes. Pavillions and Pools seems to have very high condo fees. Saphire Beach is beautiful, but sometimes the restaurant is open there and the grounds look great, sometimes not. I will be purchasing a condo out right with proceeds from the sale of a vacation home here and am looking to spend around $200,000. My biggest concern is that the condo fees range from $225 for some near Charlotte Amalie to $1400 at places like P&P's. My priorities for the condo complex would be: reasonable fees, stable management company, ease of renting it out to provide some income and being on the beach.
I have seen Pineapple Village and the units that I saw seemed kind of run down and the large restaurant that was on site was closed. I have stayed at Blue Beard's and it was pretty run down about five years ago, but now that they've completed renovations, it looks nice, but not near any beach. I think Sapphire has a beautiful beach, but have seen tons of negative comments on it over the years and the management seems iffy. I saw Point Pleasant this year and it looked nice and seemed as if it would generate good rental income. Also visited Bolongo which has Regatta Point and a few other complexes right there, so not sure which ones go with what. As I said, I was looking forward to getting some direction from a realtor so I could narrow my search to one or two complexes. Any suggestions from folks on this board who have owned a condo in St Thomas would be very appreciated.

 
Posted : February 4, 2012 11:18 pm
(@captvi)
Posts: 1
New Member
 

Hey BillD,

My wife and I are locals and are considering purchasing one of Crystal Cove condos for sale currently. We spoke to a real estate agent friend who said getting a mortgage from a lender was next to impossible because Crystal Cove is not insured. Is this true? How do you all deal with hurricane season, etc. ? We like the location, grounds, layout etc. Just concerned about the lack of a master insurance policy and are wondering what the individual owners do (such as yourself) with this predicament ? Thanks in advance,

Eric & Sage

 
Posted : September 4, 2014 1:59 pm
(@stt-resident)
Posts: 3318
Famed Member
 

I don't believe it's true at all that CC is "not insured" but individual owners DO have to carry their own hurricane insurance.

 
Posted : September 5, 2014 6:44 am
(@alana33)
Posts: 792
Prominent Member
 

This complex is self-insured for windstorm hurricane so cash buyers are preferred as complexes that are self insured make it difficut for traditional, local bank financing. I have heard that presently no local bank will extend financing for this complex. Some units may have an opportunity to do owner financing based on the strength of the buyer but best to check. The associations have cash reserves in the event of hurricane damage when self insured. If seriously interested in this complex you can request copy of by-laws and financials with a signed non-disclosure document. You can also call your bank to inquire if the above is true and correct.

There are presently 10 units at Crystal Cove/Sapphire West listed for sale.
They range between $184,224K and up for the regular 1bed/2bath units to $649K for a up and down 2 combined units with 2 bedrooms and 3.5 bathrooms.
The association fees run about $1000 (more or less) when all fees lumped together including fees that go toward cash reserves.
Water fees are .10
No pets allowed in the complex.

 
Posted : September 6, 2014 9:49 am
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