Virgin Islands Real Estate Practices
Overview
The Virgin Islands, geographically formed of sedimentary rock and undersea lava flows, are located in the beautiful waters of the northern Caribbean, with the chain of all Antilles, just west of the Atlantic Ocean. Surrounding the three Virgin Islands of St. Thomas, St. John, St. Croix, are 50 small, mostly uninhabited offshore islands and cays. St. Thomas, thirteen miles long and three miles wide, has a total area of just over thirty-one square miles.
Real Estate Market
Take advantage of the unique time in our marketplace. The real estate market includes houses, land, condos, timeshare / fractional ownership and commercial properties.
The greatest concentration of properties is in the $600,000 - $1.2 million price range. Houses are generally situated on a half acre lot. In densely developed areas a quarter of an acre or less are typical.
Most residents finance their homes through conventional mortgages with local banks. Interest rates are slightly higher in the United States Virgin Islands than in the U.S. mainland. A typical down payment is 20 to 30 percent. Banks require earthquake and windstorm insurance with mortgages.
Land is available in quarter, half, three quarters and one acre lots. Factors to consider when looking for land include location, view, access to the property and any site preparations that might be necessary in order to build. Costs of building a house start at around $175 per square foot. A cistern for water storage and a septic tank are necessary components of a house in the United States Virgin Islands.
Condos are often located on or near a beach. Timeshare/fractional ownership options are usually available raging from $2,000 and up.
Guest houses, restaurants, yachts, inns and retail stores are examples of commercial properties that have recently been or are on the market. The United States Virgin Islands utilizes Flex Multiple Listing Service. Listings can be found on each of the real estate agency’s website. Agents are required to be licensed.
Information courtesy of John Foster Real EstateLearn about local communities and neighborhoods in Virgin Islands
Welcome to St. John, Virgin Islands
The island of St. John is part of the U.S. Virgin Islands, located approximately four miles east of St. Thomas and the USVI capital Charlotte Amalie... Read more
St. Thomas and the U.S. Virgin Islands
The U.S. Virgin Islands are located between the Atlantic Ocean and Caribbean Sea, about 50 miles east of Puerto Rico. They consist of 50 islets an... Read more
Attractions in St. John, Virgin Islands
Aside from the unlimited outdoor adventures the island has to offer, many people are attracted to St. John because of its resistance t... Read more
Welcome to St. Thomas and the U.S. Virgin Islands
The island of St. Thomas currently has a population of around 50,000 people. Its gorgeous natural island setting attracts outdoor enthusiasts of al... Read more
Real Estate in St. John, Virgin Islands
With its wild, incomparable natural beauty and subtle yet ample modern conveniences, it is no wonder that so many people choose St. John whe... Read more
