The U.S. Virgin Islands are experiencing a real estate boom, report local Realtors, due largely to still-reasonable prices.

St. John

"St.John real estate continues to be a solid investment," says Realtor Bernard Sheehan. "Considering that the island is almost 57 percent National Park, and that somewhere along the line we have become one of the "Boutique Destinations" of the Caribbean. Currently, there are 43 homes with an average list price of $2,039,930, and 117 plots of land averaging $753,543.00 for sale with the Multiple Listing Service of St. John. In the last 30 days, four homes with the average list price of $992,500 have sold with an average sales price of $982,500, additionally three homes are now under contract with an average list price of $1,715,000. We have five plots of land that have been sold with an average sales price of $273,600. Seven plots of land are currently under contract with an average list price of $323,429. Although inventories are at a all-time low, sales are still quite brisk."

St. Thomas

"Beautiful vistas are from almost every home on this, the most cosmopolitan of the four Virgin Islands," says Realtor Jackie Marin. "Our duty-free shops, pristine beaches and world-renowned sailing conditions are just a few of the reasons this Virgin Island is your best choice!

"St. Thomas has experienced a wonderful real estate boom in the last two years," Marin explains. "Prices on homes have increased to an average sales price of over $400,000 and land sales averages are over $90,000. The condo market still has a few great buys but these prices are escalating rapidly as well! Our properties, in our opinion, are still priced reasonably. Where else can you experience an average temperature of 82 degrees year-round with warm water temperatures as well? Watersports, sailing, shopping and travel to other islands is convenient from our location in the Caribbean!"

St. Croix

"The island of St. Croix is the largest of the U.S. Virgin Islands with 84 sq. miles of land," explains Realtor Any Land-de Wilde. "St. Croix is 23 miles long and six miles wide with two major towns, Christiansted on the east end and Frederiksted on the west end. The average temperature on the island is 79 degrees. Vegetation varies from cactus and scrub brush on the east end which is relatively dry, to a rain forest on the northwestern side. The constant gentle tradewinds around the island create an ideal year-round climate."

About the market, Land-de Wilde says, "As we move into the spring months we are beginning to see a slowing of the tourist season, however the home market is still very strong. There is quite a bit of construction happening in both Christiansted and Frederiksted as well as on the east end of the island. Several large tracts of land have been sold and are in the beginning stages of development. This year is looking like it will be a very good one in the real estate market. According to the St. Croix MLS, residential homes listed below $499,900 that closed January through March 2004 sold for an average of $189,295. There were 22 homes closed in this period. Residential homes listed above $500,000 sold for an average of $1,144,167 with six having closed this period. The average sales price for a residential condominium was $127,033 with 39 having closed. The price of residential lots ranged from $8,000 to $300,000. There were 57 lots total to close, 24 lots priced under $40,000 and 33 priced over $40,000. Building prices on St. Croix continue to rise, with costs from about $150 per square foot and going way up from there. There were two commercial properties sold from January through March with an average price of $646,250."

Published: May 24, 2004

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