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January 15, 2006

Judge rejects V.I.'s Lindqvist Beach takeover

I missed this story when it first came out - any updates?

ST. THOMAS - After much fanfare over the V.I. government's seizure of Lindqvist Beach in August, Superior Court Judge Brenda Hollar ruled Thursday that the sale did not take place because legal requirements were not followed.

Hollar ruled at a hearing on Thursday that there were fatal flaws in the appraisal process used by the government to determine the fair market value of the 21.5-acre Smith Bay property. The property's title also never transferred because the $4.1 million check, which was supposed to have been deposited with the court registry, sat in a safe at Superior Court instead. Hollar said she had no choice but to invalidate the purchase.

From the V.I. Daily News - more here.

Archive link for this entry: Judge rejects V.I.'s Lindqvist Beach takeover | |

Real estate sales set new record

Frank Barnako is reporting:

"Even though inventory is at a record high, real estate sales people say 2004 was one for the books - and 2005 looks strong, too. Industry statistics in mid-December showed at 160 transactions were closed last year compared to 177 in 2004. But the average sale price is higher, with 2005's total business value at $140 million, compared to 2004's $115 million. "The average price has increased on St. John yet again," John McCann of John Foster Real Estate told the St. John Tradewinds.
More here.
Archive link for this entry: Real estate sales set new record | |

CZM Committee Approves Calabash Boom Housing Project

The St. John Tradewinds is reporting the following:

In a motion that divided the residents gathered in the Cruz Bay Legislature Conference Room, the St. John Coastal Zone Management Committee (CZM) unanimously approved Reliance Housing Foundationís major land permit to construct a $24.8 million, 72-unit affordable housing development in Estate Calabash Boom.

Reliance plans to build eight six-unit rental apartment buildings and 12 duplex townhomes for sale on about eight acres of land across from Johnsonís Bay, along the southern shore of Coral Harbor.

Plans for the development also include construction of reverse osmosis and waste water treatment plants, and renovation of the existing senior center.

More here.


Coldwell Banker, Stout Realty, St. Thomas


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