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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...

Diageo Construction Is on Schedule

The Source is reporting:

Construction is moving on schedule and this fall St. Croix will see massive concrete slabs poured and walls built at the Diageo Captain Morgan Rum distillery, a company official said Thursday.

Speaking to Rotary of St. Croix at its weekly speaker luncheon, Dan Kirby, Diageo U.S. Virgin Islands vice president of supply, provided new details of the construction schedule while emphasizing the environmentally friendly features of the plant and Diageo's success at hiring mostly local workers to build the plant.

This seems to be a great story for the VI and especially St. Croix. Jobs, tax revenues - has there been any local downside reported on this project?

Cruz Bay Realty

Cruz Bay Realty, Inc. is a second generation, family owned real estate company serving St. John since 1985. Cruz Bay Realty takes great pride in their reputation, integrity, and understanding of the real estate market on St. John. Whether you are looking for the ideal island property to purchase, or you are trying to make a decision about selling, you can rely on the professional team at Cruz Bay Realty, Inc. to give you accurate and informed advice and information. Please visit their website www.cruzbayrealty.com for more St. John real estate information.

Pond Bay Club Sneak Peek

Took a quick tour at the Pond Bay Club last week - I was really impressed with the interiors. This is going to be a great place to stay in the future:

Act fast!

This is a pretty interesting story - a government sale of seized property: http://www.bid4assets.com/auction/index.cfm?auctionID=417290

More of the back story here: http://stthomassource.com/content/news/local-news/2009/07/16/marshals-auctioning-st-thomas-house-connected-48-million-theft

CZM Commission Denies Requested Change for Williams & Punch Resort

July 7, 2009 - The Coastal Zone Management Commission Monday approved two of the three changes to conditions for the proposed Williams & Punch resort development, but balked at a third, which developers said was critical, leaving the proponents considering filing with the Board of Land Use Appeals.

"I'm shocked," said Chris Elliot, board member and part owner of the proposed development, after the commission denied on a 1-2 vote the request to add 40 feet to the seaward side of the beach. "That was the critical part."

More from the St. Thomas Source.

BIR URGES TAXPAYERS TO PICK UP REISSUED MAY 28, 2009 INCOME TAX CHECKS

Virgin Islands taxpayers are reminded that the reissued May 28, 2009 income tax refund checks are available for pick up from the Bureau's offices on all three islands. Taxpayers are asked to bring one photo ID with proof of their social security number in order to claim the reissued checks. Taxpayers are also reminded to return the incorrect check to the Bureau's offices, if they haven't already done so.

"Taxpayers who have already negotiated the incorrect refund check are urged to contact the Bureau immediately to make arrangements to repay any overpayment. Those taxpayers who may have already cashed a check for an amount less than was owed are also asked to contact the Bureau for additional instructions," said BIR Director Claudette Watson-Anderson.

The Bureau's staff is available to address both taxpayer situations on a priority basis. Questions should be directed to the Bureau's Processing Branch at (340) 715-1040, ext. 4221 on St. Croix, ext. 2257 on St. Thomas and 777-1446 on St. John.

St. Croix Real Estate Update

Real estate update from St. Croix Realtor David Fedeles

SUMMER IN ST. CROIX! It's a great time to relax, take a breather, and enjoy the slower pace of summer. It kicks off w/ a BANG w/ the ST. CROIX HALF IRONMAN TRIATHLON 70.3 on the first Sunday in May. And here I am "Jumping Up" with Tim O'Donnell at our festive 'street fair' teeming with local vendors and entertainment on Friday evening before the race. Tim became the Men's Champion two days later after several previous attempts, which placed him near the top in close races...and this year he also broke the course record. Congratulations TIM and Catriona Morrison of Scotland who was the Women's Champ! At sunrise on Sunday, participants took to the harbor for the first phase of this race for a 1.24 mile swim followed by a 56 mile bike race ar ound the island and up the famous .7 mile hill called "The Beast" which starts at a 14% grade to a grueling 21% grade. The last phase of the race is a 13.1-mile run....a great event for the athletes and the island!

DITLEFF POINT

A "once in a lifetime" offering of spectacular waterfront homesites in coveted Ditleff Point, St. John, United States Virgin Islands. Ditleff Point amenities include a tastefully landscaped native stone gated entry, paved roadways with scenic overlooks, underground utilities, and a common white sandy beach.

www.ditleffpoint.com

CZM Says 'No' to Mandahl Development

Some St. Thomas news from The Source:

March 26, 2009 -- While only half filled with people, the Lockhart Elementary School auditorium reverberated with cheers and applause Thursday night after the St. Thomas Coastal Zone Management Committee shot down a proposal for a large-scale marina and housing development in Estate Mandahl.

Diageo Lays Out Green Plan at CZM Hearing

Some news that is a little old but I had been meaning to post - from The Source:

March 19, 2009 -- The Captain Morgan's rum distillery planned for St. Croix will release no molasses or other effluent into the sea, instead converting it to organic solids suitable for soil enrichment, Diageo officials told the V.I. Coastal Zone Management committee Wednesday. At the committee's public hearing on the Diageo CZM permit in the Henry E. Rohlsen Airport conference room, officials outlined an array of measures being taken to make the distillery both efficient and low-impact and emphasized their commitment to hire and train locally.

Senate Committee Fails to Vote on Thatch Cay Development

The St. Thomas Source has an article up about the Thatch Cay development application:

" March 11, 2009 -- Banging the gavel a little after midnight Thursday, Sen. Alvin L. Williams announced that after six hours of debate, senators would continue discussion and possibly vote on an application for the development of Thatch Cay at another hearing scheduled for later in the month.

The meeting kicked off around 6 p.m. Wednesday, with community members -- many of whom have long spoken out against the proposed development -- packing the legislative chambers on St. Thomas. Williams, head of the Senate's Planning and Environmental Protection Committee, said later that he didn't want to rush the vote on the application, but instead give residents and senators who were not able to make it to the hearing another chance to testify and ask questions on March 27. "

This story - and the planned project - has been going on for a long, long, time. It is sort of interesting to see the developers still pushing with the current economic conditions - I would assume they have the funding to go forward - but any projects of this nature at the moment seem a little dubious to me.

Allen Stanford's assets on St. Croix

From Reuters:

CHRISTIANSTED, U.S. Virgin Islands (Reuters) - Texas billionaire Allen Stanford, charged by U.S. securities regulators with an $8 billion (5.5 billion pounds) fraud, has purchased at least $34.7 million worth of property and leased 37 acres of land for about $805,000 per year on the Caribbean island of St. Croix.

Follow the link above for the list of properties.

CZM Gives Green Light to Williams and Punch Resort on St. Croix

The St. Thomas Source is reporting the following:

Jan. 14, 2009 -- The V.I. Coastal Zone Management committee Wednesday evening approved the CZM permit for the Amalago Bay resort development project in estates Williams and Punch, moving the half-billion-dollar-plus project one major step forward.