June 2010 Newsletter: St. Croix, US Virgin Islands
Greetings Everyone!
Summer 2010 is already here! We have lots of big news and “smart deals” for you, and as always great insight into the St. Croix Real Estate marketplace. We have a smart approach to real estate… and we like to have smart buyers and sellers too. Let us help you stay informed about how to get the most out of your St. Croix Real Estate experience!
David Fedeles is SMART
Our biggest news is the announcement of my company affiliation switch from Prudential Douglas Elliman to Charles Rutenberg Realty as my New York firm. I’ve worked with Rutenberg NYC Co-founder Paul Purcell on a personal basis when he was president of Douglas Elliman, and am a firm believer in the approach he embodies at Charles Rutenberg.
Their philosophy is akin to the one that the David Fedeles name has stood for in the past 22 years in the St. Croix marketplace: A focus on relationships with clients and teamwork among brokers, and bring a smart approach to what can be a tenuous process.
Rutenberg Realty combines a strong network and long-term experience with the sensibility and intimacy of a smaller, more personal firm, all with the goal of providing the best service for all of our clients and customers.
Unlike large name firms that do things according to the brand, Rutenberg’s focus is on the consumer. Freedom from corporate procedure allows expanded creativity and experimentation with new methods to get your property noticed, as the company has already grown to more than 4,000 SMART AGENTS nationwide and is the largest and most rapidly expanding firm of its kind in Florida, Chicago, Long Island, New York, and Manhattan.
We at Fedeles are extremely excited about our new partnership with Charles Rutenberg Realty, and look forward to exposing New York’s fastest growing network of agents and buyers to the beauty and charm (and fantastic deals) only possible on St. Croix.
SMART NEWS
- It was recently announced that the Robin Bay development for St. Croix South Shore has been approved by the Senate Committee on Planning and Natural Resources, and the developers have crossed another hurdle towards breaking ground. This 780-room hotel, time share and entertainment complex is truly needed, as is the case of all resorts presently on the drawing board, since we need additional hotel rooms which will bring much-needed air lift. As of press time, it seems that the Robin Bay developers have not finalized their financing on this project, despite having received the support of the Senate Committee and now will be considered by the full Senate.
- We can also announce that Amalago Bay, the 600 acre resort planned north of Frederiksted, has received Coastal Zone approval for its hotel, marina, spa, conference center and golf course, and now awaits Corps of Engineers approval. After that, we hope to see shovels turned and building commence!
SMART DEALS
Owning your dream property may have once been impossible, but is now a reality thanks to a very unique market place. Those who take the plunge have gotten unbelievably smart deals, super values, and great mortgage rates to boot! We’d like to share some of the stories of our clients who have benefitted from the attention to detail and personal service we strive for.
Ted and Joan turned a short anniversary trip to St. Croix in May 2010 into a real estate opportunity with us. Ted and Joan say:
We have always loved the Caribbean and even though we had never been to St Croix, the less crowded, un-hurried lifestyle and beautiful coastline appealed to us.” After a quick internet search, Ted found Fedeles.com and was, “impressed with the site. Searching within his website was simple and efficient and I was able to get a feel for what we type of place we could get that fit within our budget. David was responsive to my emails from the very beginning. He listened to what we wanted in a vacation place, made suggestions and set up a meeting while we were on the island.
We had a great day wandering along the winding roads of the East End looking at a list of potential places David had picked out for us to look at. We ended our day in South Grapetree where there was a place David said we just had to see even though it was over our budget. It was a beautiful, well-maintained house with spectacular views of BOTH coastlines. The asking price for the house was just reduced by 12.5% making it closer to our budget. We discussed our options that night and decided to make an offer based on what we could afford. Quite honestly we did not expect our offer to be accepted and were surprised when David called and told us we just bought a house in St. Croix.
We were able to take advantage of the real estate market conditions and were also able to lock in a low mortgage interest rate. AND now with the continued help of David and Jennie we are close to having a fantastic place in the Caribbean to share with friends and family.”
- In 2008: this 3 Bedroom en-suite residence with pool and apartment was for sale in high $700,000s.
- In 2010: Contracted in the mid $600,000 range. Happy sellers. Ecstatic buyers.
This reality can exist for you too, we can make it happen! P.S. Joan also lucked out with a diamond tennis bracelet which Ted purchased locally as another anniversary gift!
Or, take the word of Chuck and Chris, who found their paradise in a Frederiksted waterfront beach house:
We were referred to David several years ago by a mutual friend. However, we ended up developing a relationship with another seasoned agent as we began our search for a home on St. Croix. Searching for the perfect house while living so far from our island paradise proved to be very difficult as we saw opportunities missed due to timing or lack of properties available within our price range or island location preference. We were finally at the point to where we were ready to give up our search when a chance meeting at a restaurant introduced us to "the big man with the big voice.
After a detailed conversation on our price and location requirements, David went to work looking for the right property…his team weeded out the property that wouldn't meet our standards. On one of our last trips to St. Croix, David was very persistent for us to look at a property that was outside of our price range. With his knowledge of this property and the current owner, he knew that the house would fit within our price range if we liked it....and we did! Deal done.....in our preferred location at our price point. Thanks David!
- In 2008: This waterfront beachfront home was asking $799,000.
- In 2010, closing soon and at a smartly reduced sales price from adjusted $595,000 list price.
Sellers enthralled, relocated to California, and buyers euphoric with their smart purchase!
The great news is that it’s a fantastic time to buy real estate!
If you’re looking for a retirement home, second home, vacation home, or investment property, there is no better place to ride the wave of amazing deals than St. Croix, the affordable U.S. Virgin Island. People who are capitalizing on the great opportunities available are making their Caribbean dreams a reality with unbelievable deals.
Now is the time to act to make the most of this unique time in real estate. You can be a success story too!
SMART DEALS FOR YOU
A few to watch:
- There are only four units left at the last and third phase of Carden Beach! You won’t want to miss these prices, so act now to capitalize on the opportunity for a beautiful, brand new waterfront condo with prices starting at $676,000! Two resales are also available asking $549,000 in Building 1 and $695,000 in Building 2.
- Price points are fantastic and newly adjusted for the new development project The Residences at Banyan Hill. Purchase a lot on this scenic and private East End property, and your home will have access to all the amenities of Chenay Bay Beach Resort right next door. We have designs available for your choosing, or bring in your own architect. We are excited for the future of Banyan Hill, and now is the time to act on your chance to be a part of this project.
- Sugar Bay House is a successful and profitable vacation rental, and one of St. Croix’s most desirable views. Get the property tour without having to purchase the plane ticket. Watch the video now! Asking $1,900,000 fully furnished and turn-key.
- Sugar White Sand Beachfront: Often sought, rarely found! This spectacular waterfront lot of nearly 1.5 acres consists of 229 feet of sandy beachfront…perfect for that island retreat or executive estate…gated too! $500,000.
- Sprat Hall Subdivision: Exquisite 36 acre property with panoramic views of Frederiksted Harbor and the tranquil Caribbean and located adjacent to the planned 600 acre “Amalago Bay” resort development of hotel, marina, spa, and golf course (approved by Coastal Zone, now awaiting Corps of Engineers approval). Could be rezoned for development and reduced to $1,950,000…seller wants realistic offers!
- Caribbean Jewel in Teagues Bay: This charming and exquisitely maintained and fully furnished 3 BR, 3 bath home with A/C, granite kitchen and baths, large pool and sunning area is located high on a hill overlooking the south shore…offered fully furnished and ready to move in! Smartly reduced to $899,000!
Market Statistics:
MLS statistics illustrate YTD mid-June 2010 that while the average sale prices may be lower, there is a noticeable shift in the market on St. Croix….value pricing makes for smart deals!
- More residences sold YTD in 2010 as there were in same 6 month period of 2009….42 vs. 39, prices down 10%
- More condos sold YTD in 2010 as there were in same 6 month period of 2009…. 27 vs. 24, prices down 20%.
- In both cases, the average number of days on the market is longer.
We always strive to go above and beyond to make sure your experience is positive and fruitful, and provide personalized and expert service to all your real estate needs.
Thanks and Best Regards!
David
David Fedeles, CRS, GRI
**Top Producer for 16 Years!**
DROP IN TO SAY HELLO as you return for our winter season! Call or email us for your St. Croix real estate needs.
David Fedeles at Farchette & Hanley Real Estate
340-773-4665 ext. 18, Email: david@fedeles.com.
If you are in town, our office is located at 52 King Street, Christiansted, just across from the Lutheran Church.