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David Fedeles Winter Newsletter

HAPPY HOLIDAYS and Greetings from America’s Paradise, St. Croix, U.S. Virgin Islands! Thanks to all who voted me Best Real Estate Agent/Broker on St. Croix 2011! It’s amazing how quickly we find ourselves once again in the midst of the holidays and another tourist season signaling the return of our off island homeowners. We’ve had our share of tropical rain so the island is lush and beautiful….right in time for your return for that second home or condo purchase visit! THANK YOU to all for your continuing business and support; my 23-year career on St. Croix is dependent on your referrals and they have been and are always appreciated!  The Fedeles Team Grows With The Virtual World  That begins with the announcement and launch of our new, upgraded and redesigned website at www.fedeles.com. We hope you find it more ‘user friendly’ as well as easier to access the MLS database for your own property searches. My sellers will be intrigued with the special attention that our middle to higher end properties are receiving via the “Featured Properties” pages. A simple “Find Your Dream Property” is all it takes to match the right buyer to your featured listing. Further, my listings are shown ON TOP of any MLS search when performed from my website…be sure to take a look! We will keep you updated with our BLOG as well as other island noteworthy news and tidbits! We look forward to your feedback… Karla Fennessy, The Fedeles Team marketing expert, continues to develop our marketing initiatives. We are now showcasing our “Featured Properties” to various real estate sites including Realtor.com, BuyStCroix.com, Zillow, Postlets, Craigslist, and via Point2Agent, streaming to others such as HomeFinder, LiveDeal, Cyberhomes, Trulia, Frontdoor, HouseLocator, HotPads, YahooRealEstate, and even our own David Fedeles Real Estate Facebook page! A virtual tour will be added for many of those properties for an even greater exposure and marketing awareness! Your property will be visible in all real estate oriented sites except on those sites that may not include USVI in their market area. Just recently we have added Nancy Toman to the Fedeles Team to work as administrative assistant. Nancy and her husband have lived on island for six years and vacationed here for 12 years so she definitely has the “St. Croix bug!” She will be your ‘contact point’ for questions about your property. This will free up Karla to forge ahead on the ever-growing internet side of our business. Nancy and Karla can be reached at 340-773-4665 X156 and karla@fedeles.com and nancy@fedeles.com. Please give her a big welcome when you call!     How is the St. Croix real estate market? Following stateside trends, it is definitely a “buyer’s market” with some properties reduced to prices not seen in the past 5 years.  Further, with interest rates under 5%, and sometimes even under 4%, it is a GREAT TIME TO BUY! * 2010 Statistics = 1/1/10-11/23/10 **2011 Statistics = 1/1/11-11/23/11 MARKET STATS # 2010 SOLD* DAYS ON MKT. AVE. PRICE # 2011 SOLD** DAYS ON MKT. AVE. PRICE HOMES 101 294 $435,180 91 292 $447,419 CONDOS 46 284 $201,328 55 291 $214,405 LAND 74 284 $ 88,174 66 319 $ 61,420 COMMERCIAL 7 208 $352,857 9 381 $ 866,698 HOME SALES Real estate sales as depicted from MLS statistics show that transactions are actually down in HOME sales by 9% in 2011 compared to 2010 though the average price is up 2%.   These volume numbers are down about 40% from those that we experienced in the market peak of 2006.  This price increase in 2011 is actually a bit of a ‘price anomaly’ due to two high-end sales including Catherine’s Hope Great House, which sold for $2.99M. and a waterfront home in Cotton Valley which sold for $2.4M. in 2011. Most of the residential activity has been in the $300K-$600K categories.  In fact, there are 53 homes on the market asking over $1.0Mil.!  But there are buyers looking for deals so the KEY is to “price it right” if you expect activity on your property....some houses have been reduced as much as 20-30% from their original asking prices. You can see all of my featured residential listings on my new website - have a look! CONDO SALES CONDO sales peaked in 2005 with over 200 condos sold as compared to 55 in 2011.  Again, prices have been reduced so some buyers have taken advantage of some good buying opportunities.  And prices are up in 2011 as compared to 2010 which are pleasantly skewed with five sales in 2011 at our exclusive waterfront Carden Beach Condominiums, including three units in the newly constructed Building 3...take your pick as there are still three units remaining for sale in this upscale community! You can see all of my featured condo listings on my new website - have a look! LAND SALES LAND sales have been the most significantly impacted and are down 10% in volume and 37% in price in 2011 compared to 2010.  The cost of construction continues to escalate and buyers are learning that they can make a ‘better deal’ on a home rather than to construct a new one.  In fact, LAND sales are down over 80% since their peak in 2006. You can see all of my featured land listings on my new website - have a look! COMMERCIAL SALES In the COMMERCIAL sector, we saw two great deals consummated with the sale of the previous Stanford-owned properties including his main office on Hill Street (old Prosser headquarters) for $2.77M. and also the Stanford package of in-town properties which closed for $3.518M.  These were less than half the price that Allen Stanford paid when he ‘made his splash here’ here and before his downfall.  So though unit numbers are down, the average price was considerably higher as compared to 2010, thanks to two local entities which purchased these exceptional opportunities.  In fact, the commercial market is down 77% from its high in 2007. You can see all of my featured commercial listings on my new website - have a look! IN SUMMARY... Make An Offer! It is truly the TIME TO BUY with prices and interest rates at ALL-TIME LOWS.... and my advice remains to MAKE AN OFFER!!  It is my job to provide updated and timely market information and direction, and I continue to do that for my buyers and sellers...my job is to put them together!   I look forward to serving you in this great market opportunity on St. Croix!  WAPA is Going Solar?! The VI Water and Power Authority has created a shortlist of six successful respondents to a recent ‘request for proposal’ to provide solar photovoltaic generation in the territory.  WAPA Executive Director Hugo Hodge said the proposals were carefully evaluated against criteria which included pricing, experience, strength of development and construction plan, maintenance plan, financial strength, etc.  WAPA protestors have been voicing their concerns with our energy rates among the highest in the nation since we rely on oil to generate electricity.  A guaranteed commercial operation date has been set for December 2013.  We hope this is welcome news for consumers as we learn to better utilize our own natural resources! New Airlift to St. Croix Recently, Tourism Commissioner Beverly Nicholson announced a substantial increase of 100,000 new seats to St. Croix over the next year.  This includes two daily nonstop jetsfrom Miami (and back) on American Airlines (said at press time to be continued despite their Chap. 11 filing), as well as new daily service to St. Croix by Jet Blue directly from San Juan which began on December 12th .  That is exciting news as it will open Jet Blue’s growing routes to one-stop service to St. Croix!  Additionally, Bravo Tours of Denmark is providing nonstop weekly service from Copenhagen... we’ve seen our Danish friends walking the streets and dining in our restaurants over the past month!  We’re also expecting US Airways to be back with nonstop Charlotte service which had been scheduled on Saturdays in the past.  Delta will return with nonstop service to Atlanta on December 17th with Saturday service.  Commissioner Doty has been marketing the St. Croix “brand” at numerous trade shows beyond a standard ‘beach’ destination to include the various cultural activities and events that we enjoy here....and why we are the BEST VIRGIN! Home Depot Has Opened on St. Croix Our biggest news this fall was the opening of our very own Home Depot...and with the same stateside look that you’ve become familiar that you know from home!  Home Depot is just the beginning as it serves as the anchor store for Island Crossings Shopping Center. “It’s a public-private partnership,” stated Jim Watson, President of Caribbean Development Partners, which includes CDP, The Home Depot, and the VI Government.  Caribbean Development Partners was the first beneficiary of Tax Incremental Financing, a new economic development tool that was approved by the Legislature and signed into law by Gov. John DeJongh, Jr. CDP invested $15M. to construct the infrastructure, The Home Depot invested $10M. to build its store and another $13M. in inventory.  “The Government has authorized up to $30M. in TIF bonds and will receive three times that in returns from the TIF revenues” according to the Governor. With a full-service operation we expect Home Depot to become a valuable asset to our community!  In fact, Watson added that CDP will break ground in early 2012 to add three new national tenants that will be new to St. Croix...stay tuned! And on that note.... happy holidays to all of you.  We look forward to working hard on your behalf in 2012.   David Fedeles

Calabash Boom Proves More of a Fizzle

I just don't think there are jobs on the island to support local real estate like this:

Despite generous subsidies for first-time home buyers, the V.I. Housing Finance Authority is having trouble selling units in its Calabash Boom moderate price housing development on St. John, acting Executive Director Adrienne Williams told the Legislature Wednesday during budget hearings.

Of the recently completed 24 duplex units in 12 buildings on St. John, six units have sold and one is under contract, Williams said.

"The typical St. Johnian has property and prefers to build on their own property," she said. VIHFA has been tweaking its approach, emphasizing how owning a home is a great investment compared to renting.

"So you don't think it is the price point, but more lack of interest?" asked Sen. Louis Hill.

While the asking price of $295,000 per unit may put off some buyers, that price is before substantial VIHFA subsidies, said Williams.

Developer, Local Activists Spar Over Vessup, Muller Bay Plans

From the St. Thomas Source:

Lionstone Development is once again locking horns with environmentalists and local residents over development at Vessup and Muller bays.

Bruce Lazar, executive vice president of Lionstone Development, was on St. Thomas Wednesday to promote the project, which he claims will give local Vessup beachgoers a better beach and a say in how it should be improved.
But local environmentalists are not buying it.

When he appeared on the "Face to Face with Addie Ottley" show Wednesday night to unveil the drawings done by Springline Architects of St. Thomas, callers to the show were concerned about access and probable negative impacts on the local ecosystems.

Andrea King, board director/founder of the Red Hook Community Alliance, said she is arranging an hour of show time on "Face to Face" to "give us, the community, our time.

St. John Properties

St. John Properties
Let the professional staff of St. John Properties find the house, land or commercial location for sale or for rent which meets your needs and fulfills your dreams on St. Thomas, the capital of the Virgin Islands, on St. Croix, with its quiet pastoral beauty, or on St. John, the crown jewel of the Caribbean. Visit >St. John Properties for more information.

Court Authorized Sale of Certain Assets of the Pond Bay Club, St. John, U.S. Virgin Islands

More here:

Alvarez & Marsal Canada ULC ("A&M"), in its capacity as Agent to the Court-appointed Receiver of the Mortgaged Property of First American Development Group/Carib LLC, known as the Pond Bay Club, shall be conducting a sale of the Receivers right, title and interest in certain assets. The sale will take place at the Pond Bay Club project site on St. John, USVI from September 21, 2010 to September 24, 2010.

The Pond Bay Club was planned as a 15-acre private residential resort located on Chocolate Hole Bay in St. John, USVI. The development plan contemplated the construction of 50 residential units and related amenities and services comprised of 17 buildings.

The assets being offered for sale include two new 1 Megawatt Broadcrown generators, seven Jeep vehicles, general construction materials (e.g. lumber, storm water & sanitary piping and conduit, electrical supplies), furniture and fixtures, a "Fastway" concrete plant with three 10 yard trucks, construction trailers, and shipping containers.

The assets will be offered for sale on an "as is, where is" basis, without warranty.

US Virgin Island Real Estate Looking To Bounce Back From 2008 Crash

Some stunning stats in this article - not sure if they are all accurate or not - I was not aware things were quite so bad:

"In St John, the average price of condominium units plummeted to around US $300,000 this year, down 50.5% from 2009 prices. The average home sales price dropped 14% to US $1.28 million in 2009, but has rallied in 2010 with a 7% increase to US $1.37 million according to Islandia Real Estate. And the market for villas has started to look up in 2010 with a 15% increase in sales from 2009."

CZM Permit and Lease Workshops

CZM HOST FREE WORKSHOPS ON ST. THOMAS AND ST. CROIX FOR PERMIT AND LEASE PROCESS

The Department of Planning and Natural Resources/Division of Coastal Zone Management (CZM) is pleased to invite you to participate in a CZM Permitting and Lease Workshop. This workshop is free and open to local Government Agencies, Architects, Engineers, Draftsmen, Contractors, Community Organizations and other interested persons. The workshop will provide information about minor and major CZM development permit applications, permit review process, local/federal consistency regulatory updates, lease applications, and compliance with approved CZM permit conditions.

For St. Thomas and St. John residents, this workshop will be conducted on August 24, 2010, 9:00 a.m. - 3:00 p.m., at the Small Business Development Training Center, 8000 Nisky Center, Suite 720.

For St. Croix residents, this workshop will be conducted on August 26, 2010, 10:00 a.m. - 4:00 p.m., at the Port Authority Conference Room at the Henry E. Rohlsen Airport. Free parking at the airport will be available to attendees.

Please complete the attached registration form by August 18, 2010, to confirm your attendance. Space is limited so register now. Return your application via fax to (340) 714-9524 or email to heather.hitt@dpnr.gov.vi

STX Registration Form.doc
STT Registration Form.doc

CZM Permit Approved for Long-Awaited Robin Bay Resort

From The St. Thomas Source:

"Despite a whole morning of power failures, senators hit the ground running early Monday afternoon, passing through full session three major coastal zone permits -- one of which will allow for construction to start on the long-awaited Robin Bay Realty resort and casino on St. Croix."

35 Cabrita Point Estate Homesites

The Ritz-Carlton Destination Club & John Foster Real Estate Announce the release of 35 Cabrita Point Estate Homesites

Cabrita Point, with breathtaking views and only steps away from The Ritz-Carlton, offers an island lifestyle most will only dream of. Please join us on Wednesday to learn about this extraordinary real estate opportunity.

Complimentary Wine and Cheese Reception
Wednesday, July 21st 5:30pm to 7:30pm
The Ritz-Carlton Destination Club Membership Gallery (Located below the Allamanda Building)

Cabrita Point, St. Thomas is an exceptional location set in one of the most picturesque destinations, located adjacent to the four-diamond Ritz Carlton and its sugar white sandy beaches. View the mountainous peaks of St. John, the crystal blue waters of Great Bay, or the yacht mecca of RED Hookevery future home will have a breathtaking vista. This exclusive peninsula will provide future owners a sense of exclusivity and privacy rarely experienced in the Caribbean.

Opportunity awaits Thirty Five (35) fortunate lot purchasers. All parcels are oceanfront or water view. Te R-1 zoning code will allow each lot owner to build detached single or two family homes. The land is subject to the CZM approval process, however single and two family residences require a minor CZM permit, which is typically a 60 day process. New waterfront and water view homes are typically priced from $500 to $1,000/interior sq ft, ranging in price from $1.8 to $million. This is a unique and historic opportunity to own and experience a rare lifestyle/ investment in the US Virgin Islands.

Special Offering for Initial Plot Purchasers!
For more information call Peter Briggs
(O) 340-776-5000 (M) 340-513-1850
peterbriggs70@hotmail.com
http://www.usvi-realestate.com

RE/MAX Island Paradise Realty

RE/MAX Island Paradise Realty with its nationwide recognition, offers you complete listings of all homes, condos, land, timeshares and commercial properties for sale on St. John. Re/Max Island Paradise Realty is conveniently located at Mongoose Junction. Visit the RE/MAX Island Paradise Realty website for more information or send them an email. WINNER OF THE DAILY NEWS BEST REAL ESTATE AGENT, 2007 and BEST REAL ESTATE AGENCY, 2010!

Cruzan Breaks Ground on New Treatment Plant

Good news for St. Croix:

On a stark, muddy field, 10 gold-painted shovels dug into the ground and tossed the first clumps of soil Thursday, marking the start of a new era at Cruzan Rum; one that will see the territory become the No. 1 rum capital in the world, according to Gov. John deJongh Jr.

Thursdays groundbreaking ceremony for the new Cruzan Rum wastewater treatment system drew more than 100 spectators, including more than half the Senate, Cruzan employees past and present, and executives from the St. Croix distillerys parent company in Deerfield, Ill.

Federal Warrant Issued for Missing St. Thomas Real Estate Broker

The story is really quite bizzare:

"The U.S. Department of Justice this week issued a federal warrant for the arrest and extradition of fugitive St. Thomas real estate broker..."

Speculation Rampant Over Vanished St. Thomas Real Estate Broker

This is one strange story - more from the St. Thomas Source:

She fled to Venezuela via Cuba ... or lost all her money in high-stakes poker tournaments or shes living a posh life under federal witness protection, and the feds will soon fix this whole sordid mess.

Thats just a tastehors d'oeuvres, if you willof a juicy feast of rumors tempting St. Thomians in the wake of the sudden disappearance of St. Thomas real estate broker and businesswoman Rosemary Sauter.

The truth, however, has yet to even be sketched by law enforcement officials now on the lookout for Sauter ever since she vanished early last week.

Arrest Warrant Issued for Fugitive Realtor

Something strange happening on St. Thomas - Rosemary did my taxes one year and I did know her professionally:

Once the headquarters of the largest real estate brokerage on St. Thomas, the doors to RE/MAX Dream Properties in Lockhart Gardens were closed and locked Friday, sealed with bright yellow police tape that read, Crime Scene. Do Not Cross.

osemary Sauter-Frett, the owner of the brokerage, is being hunted by local authorities, and if she has fled the territory could be the target of the FBI.

I have no idea about what is happening - the St. Thomas Source has more, but details at this point are sketchy.

Fall 2009 St. Croix Real Estate Update

From David Fedeles, St. Croix:

Greetings from St. Croix! A great article about our island was a feature story in the October 2009 issue of Caribbean Travel + Life Magazine. If you missed it, check it out and I was quoted with a sidebar editorial shown below:

"FOR SALE" SIGNS Think Caribbean homeownership is only for Ponzi schemers and James Bond villains? Well think again. The dream of buying a residence in the United States Virgin Islands can be surprisingly attainable, with familiar tax laws and real estate practices defining the process and the good ol' American dollar making it happen. "And anyone searching for the Virgin Islands' biggest bang for the buck need look no farther than St. Croix," says veteran agent David Fedeles of Farchette & Hanley Real Estate, in Christiansted. With a median home price hovering around the $600,000 mark ($229,000 for condos) and no shortage of available properties, thanks to our lingering economic blahs, th e island is ripe for bargain hunting. We found a furnished, two-bedroom, two-bath Teague Bay home on the island's eastern tip priced at $639,000 (Ed. Note: now Sold!) and boasting a heated pool, a full acre of land, and a glorious view of Buck Island to the north. And three miles west of Christiansted on Pelican Cove beach, $249,500 buys a furnished two-bedroom condo with resort-style amenities and an ocean view (also Sold!)." Let's hope I get some inquiries and can 'stir up some action' from the stateside economic doldrums which impact St. Croix as well. Also newsworthy...

Continue reading "Fall 2009 St. Croix Real Estate Update"