Marina Market price cut

Over on NewsOfStJohn.com Frank Barnako has the following story:

American Paradise Realty is advertising the property and its adjacent parking lot saying, "Price just slashed." There was a contract on the property last October, when the original asking price was $1.395 million. It fell through.

There is more here.

Frank also has a post up ranking the St. John realtors, by the amount of properties they have listed in the MLS.

Kenny Chesney’s land sale

On-StJohn.com is reporting:

"The big real estate sale this month was the closing on Kenny Chesney’s Upper Peter Bay land, a beautiful spot where he was known to have had alfresco jam sessions. It sold for just under $6.6 million, below its $8.5 million asking price. (The land was on the market for about 22 months and was originally listed at $11 million.) The 2.9 acres was purchased in 2004 for just under $5 million, so he made out okay."

Prosser Property on St. Croix Put Up for Sale

The St. Thomas Source is reporting the following:

"Oct. 12, 2007 -- The sale of a million-dollar piece of St. Croix property belonging indirectly to Jeffrey Prosser, former owner of Innovative Telephone, has been proposed to the U.S. Bankruptcy Court.

The proposal was submitted by Stan Springel, the court-appointed trustee charged with raising funds to meet the debts of Prosser's companies. The property is identified in the court filings as Plot 143 Estate Anna's Hope, East End Quarter, St. Croix. It is to be sold "as is."

Springel has set a price for the property, $1.15 million, and has selected a real-estate agent, Farchette and Hanley of Christiansted -- both subject to court approval. The real-estate agent's fee would be five percent, which Springel noted was less than the six percent often charged. "

Enighed Pond, Crown Bay Facilities to be Renamed

The St. Thomas Source is reporting:

"Oct. 11, 2007 -- The Enighed Pond Marine Facility on St. John and Crown Bay Marine Terminal on St. Thomas will soon have new names thanks to the Legislature. Gov. John deJongh Jr. signed a Senate bill Wednesday naming the St. John facility after the late Theovald Eric Moorehead. The bill also names the Crown Bay Marine Terminal after Austin "Babe" Monsanto.

"Both gentlemen have made significant contributions in their respective professions to their communities and are deserving of such recognition," the governor said in a statement Wednesday.

Interesting article with some nice history.

Developer's trail of stalled projects runs through area

Tony Porter seems to be in a lot of hot water. What was his project in the USVI? (Another source says it was on St. Thomas).

"Porter, living in an undisclosed location in North Carolina, has left a trail of stalled real estate projects, from the Palmetto State to far-flung places such as the U.S. Virgin Islands, according to court documents. His legal and financial troubles have stunned some of the people who did business with him, including real estate developer Tom Sacks."

USVI governor explains new property tax strategy

Lots of interesting stuff in this article from CaribbeanNetNews:

ST THOMAS, USVI: Governor John deJongh Jr. and Lt. Governor Gregory Francis, along with Tax Assessor Roy Martin and other US Virgin Island government officials, met behind closed doors with members of the Legislature on September 27, to review the current status of real property taxation in the Territory and to outline the Administration’s proposals.

While the public learned about the scheduled meeting as a result of a routine announcement from the Senate Floor, no members of the news media or other interested parties were permitted to attend the meeting. This was an unpopular choice on the part of Government House because no reason was given for the closed meeting, and many local residents, recently stunned by the increases reflected by their new tax bills were eager for any word of a possible remedy.

Land Trust Buys Majority Interest To Protect Estate Maho

The Tradewinds is reporting on the Estate Maho deal and has comments from locals also:

“Yippee — I’m very glad that the agreement finally went though,” said Pam Dolson. “We spent a long time watching the development of the whole situation and I wasn’t sure it was going to happen for a while. But I’m so glad that everyone hung in there and got the deal done.”