Real Estate Update

Over on newsofstohn.com Frank Barnako reports:

"It's been quiet for the last week, with only one property coming off the Multiple Listing Service and no new residences being added. A 4-bedroom/3-bath property in Carolina, priced at $2.9 million, came off the market, leaving the MLS with 42 residences being offered."

Correction: St. Thomas Annual General Meeting

Correction: The St. Thomas Annual General Meeting is being held on Tuesday October 26th, and not Monday October 25th as previously stated. The Videoconference however is on Monday October 25th.

The St. Thomas Board of Realtors Annual General Membership Meeting

The St. Thomas Board of Realtors cordially invites all members and Affiliates to their Annual General Membership Meeting on October 25th, 2004 at the Palms Court Harbor View. The meeting begins with a full Breakfast at 8:30am the general session begins at 9:00am. Attached is the Program and RSVP, please fax your response to Jeyan Stout at Stout Realty. (fax)777-8784

St Thomas Board of REALTORS®
3009 Orange Grove Shopping Center, Suite 13
Christiansted, VI. 00820-4313
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Annual General Meeting

Place: The Palms Court Harbor View
Date: Tuesday October 26th, 2004
Time: 8:30 am- Full Breakfast 9:00am-Meeting

Land Use and Water Plan for the VI: Bill # _________
Guest Speakers
Panel Local Professionals
Plus
The National Association of Realtors’ Consultant
Mr. Brian Blaesser
Will present his power point presentation of the present Land Use Bill that is before our Senate.

Those that will be joining us will be the Governor, the Lt. Governor, or their top assistants, if both the Gov and Lt Gov are in Washington with meetings on the EDC program. Their top aides will be joining us if that happens. Hopefully Commissioner Plaskett and his Committee will also join us.

The Senators will be joining us. Hopefully we will have the members of the St. John Realtor community joining us and maybe some of our St. Croix Realtors will jump the pond to have breakfast with us.

This will be a discussion of the pros and cons of this Land Use and Water Use plan/Development Bill: The appraisers, architects, surveyors, Attys, title companies will be represented at this meeting and it will be educational and informative!! The media will be fully represented even the St. John newspaper will be sending someone! Plus tv coverage!

We will have the vote by ballot for the 2005 Board of Directors and the changes of the STT By-Laws, so please do come. If you thought our March meeting was good this will be more than exciting and informational.
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RSVP to Coldwell Banker Stout Realty at (fax) 777-8784 or email Becky@stoutrealty.com RSVP by THURSDAY, OCT 21ST. 12NOON

Will attend: ______ unable to attend: ______ No Charge for Breakfast

Name: ___________________________& ___________________________
Please Print RE Company or Affiliate Member

Board Affiliation: St. Thomas____; St. John ____; St. Croix _____ Pls Check

Richards denies land use plan is being rushed

By TANYA MANNES
Wednesday, October 6th 2004

ST. JOHN - Sen. Usie Richards, the sponsor of the latest draft of a proposed V.I. Land and Water Use Plan, defended the plan Tuesday against charges that it is being rushed through the legislative process.

More than 40 residents attended the fifth and final town meeting - the only one on St. John - on the plan and raised concerns about its impact, particularly on Coral Bay.

Responding to concerns raised at the four earlier town meetings, Richards described the 18-month governmental process that led up to his introducing the revised legislation five months ago.

The previous document, developed with extensive public input in the early 1990s, was dusted off, revised with new data, shared with the executive branch, and reviewed by legal counsel before it could be assigned to a committee, Richards said.

Lawmakers decided to hold public hearings, further lengthening the process, he said.

"We have done all that we can to provide an opportunity for public participation in this process," Richards said.

Click here for the whole story

Proposed land use plan would discourage home ownership, residents and Realtors say

By TANYA MANNES
Friday, October 1st 2004

ST. THOMAS - Real estate agents on St. Thomas and others raised the alarm Thursday about whether a proposed V.I. Land and Water Use Plan would make it harder for "average Joes" to afford houses.

By requiring larger lot sizes, the plan could raise home prices, real estate broker Nick Bailey said.

Bailey spoke at a town meeting held by the Senate Planning and Environmental Protection Committee to discuss the bill, which would revamp the territory's development law. This is the latest draft of a proposal to set zoning and other land-use regulations to create a blueprint for development instead of the fragmented laws and regulations currently in use.

Bailey said the plan should be studied for its effect on property values, property taxes and the economy. He urged lawmakers to table the bill until after the election.

"We can do better than this plan," Bailey said.

But Committee Chairman Sen. Louis Hill said the land use plan, which has been discussed, researched and revised since 1970, would not be pushed aside. The Virgin Islands is long overdue in developing a plan for "smart growth," he said.

"We're not going to table this bill," Hill said. "As imperfect as it may be, it's here and it's on the table. We're going to keep working on it until it is perfect, but we won't take it off the table."

Attorney Maria Hodge said another flaw is that the plan would limit homeowners from renting out small apartments on the property to help pay the mortgage. As it stands, the legislation would require a major permit - an expensive and time-consuming process - in order to add more than one living unit to a single-family lot.

Hill said, "If the plan has issues that would limit Virgin Islanders' ability to own land - clearly, that is not our intent."

Jeyan Stout, president of the St. Thomas Board of Realtors, said that revising the bill is not enough. She said the plan should be rewritten to address the unique needs of each island.