Why You Should Consider Investing in St. Croix Real Estate
Many people these days are thinking about how great it would be to either live full-time on a gorgeous Caribbean Island or have a vacation home there. And, one of the best places for doing either one is the island of St Croix. One of the optimum reasons for investing in property there is the amazing year-round warm weather. Everybody would love to live there on a full-time basis but, if you’re not quite that lucky, then having a vacation home on St Croix is the next best thing. But, on top of that fabulous weather, there are a few other viable reasons for investing in St Croix Real Estate, including:
- Fantastic restaurants with prices comparable to nice restaurants in major mainland cities.
- Gas prices are comparable to the Mainland U.S.
- Cable, phone, and internet are also comparable to mainland prices.
- Water is inexpensive.
- Property taxes are less expensive than in the states.
- There’s no ‘state’ income tax.
- There’s also no tax on consumables, retail goods, or services.
- Most condos include hurricane insurance in the monthly condo fees.
- You can get a full or part-time job on St Croix and there are numerous opportunities
- St. Croix is often called “the Silicon Valley of the Caribbean” because it offers tremendous potential for starting a high tech data center or other tech venture.
- St Croix is the largest of all of the US Virgin Islands, offering that laid-back tropical island-lifestyle and combining it with the allure of really diverse fine dining paired with the kind of shopping that shopaholics live for!
- Your money will go so much further on the island of St Croix than it will on other Caribbean Islands that have comparable amenities.
Is it safe?
This is a common question and the answer is a resounding “yes”. That’s one of the best things about purchasing St Croix Real Estate, whether for your new forever home, a vacation home or just as an investment. St. Croix is a US territory so when you buy, you’ll be getting both title and a recorded deed. That means that your investment is safe just as it would be if it was on US soil. A licensed St. Croix realtor can show you all of the St Croix Real Estate listed in the MLS. And, you don’t even have to be there for the closing. Just in case you’re too busy, your attorney can represent you for the transaction.
Is it Up-and-Coming?
Absolutely! In fact, some people worry that getting things done on a Caribbean island could take forever because of a simple lack of service providers there. That’s not the case, however, on the island of St. Croix. From appraisers, architects, builders, and engineers to lawn and pool service providers, movers and shippers, and everything in-between, it’s so up-and-coming that you’ll be surprised what’s available on St. Croix. Basically, it’s just an extremely livable island, offering a wealth of investment opportunities, including rental properties, businesses, waterfront land, and land with a view. The island of St Croix is currently poised for amazing real estate development and growth. They actually need more developers and the land on the island is both plentiful and reasonably priced.
Average Cost Per House?
The average selling price of homes on the island of St Croix dropped by around $41,000 (10%) since 2012. They also dropped almost $51,000 (13%) when you compared 2016 prices to those in 2015. The average selling price of homes from January to August 2018 was down by 32 percent to $342,041. This is actually almost $200k less than a home on St Thomas. The median home price on St Croix for the same period was $279,000 and holding steady. It’s a buyer’s market and prices are really sweet right now!
The average salary on St Croix is $49,516 per year and, yes, that’s in USD. The average hourly wage is $24 and here are some examples of a few popular positions and their annual pay:
- Bank Tellers- $27,907 (USD)
- Bartenders- $24,230 (USD) (plus tips, of course)
- Judges- $87,593 (USD)
- Personal Trainers- $42,926 (USD)
- Pharmacists- $117,961 (USD)
- Registered Nurses- $69,528 (USD)
What About Schools?
If you have school-age children, this is a very important question. St Croix offers public, parochial, and private schools. They span Pre-K thru 12th grade and there is also a University of the Virgin Islands campus on the island. From the Alfredo Andrews public elementary school to St Croix Central High, St Croix has public schools covered. And, private schools include the Rattan Montessori School, Good Hope Country Day School, and the Manor School. Looking for parochial schools? St Croix has 13 of them from the St. Mary’s Catholic School to the West Indies Heritage Institute.
Sound good? If so, you might want to take a weekend trip down to St Croix and see what it can offer you. You just might find your forever home there and never want to leave!