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Franko's Map of the US Virgin Islands
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May 19, 2009

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!

Diageo Distillery Ground Breaking Ceremony! St. Croix welcomes the liquor industry giant, Diageo who will build a state-of-the-art Captain Morgan Rum Distillery on 26 acres of land at the St. Croix Renaissance Group. Diageo's distillery will have a 20-million-proof-gallon per year capacity. The construction of this eco-friendly distillery is slated to begin in several weeks (ground-breaking was just last week!) and will provide between 200 and 300 temporary jobs. The distillery is scheduled to open in 2011 and approximately 40 to 70 permanent jobs will be created. Diageo signed an 11-year lease agreement with five, 10-year renewal options with St. Croix Renaissance Group for the distillery site. They also purchased 20 acres of land on West Airport Road in Estate Diamond for the warehouse location that will store the rum before it is shipped to Maryland for bottling.

Robin Bay Resort Update On April 22 the Department of Planning and Natural Resources' Costal Zone Management (CZM) staff and committee listened to public testimony on the development of the Robin's Bay Resort and Casino located on St. Croix's southeast shore. The resort is comprised of an 870-room resort, including 746 residential condos, villas, single-family homes, and 56 time-share villas. Additionally, there will be swimming pools, 18-hole golf course and clubhouse, restaurants and a casino. By the end of May a decision on permitting will be announced by CZM.

Governor Sets 2006 Property Tax Deadline Governor DeJongh Jr. issued an executive order at presstime stating that 2006 property tax bills are due on July 1 - even though no court has given the V.I. Government permission to issue the bills. According to the executive order, 2006 property tax bills must be paid by July 31 or they will be considered delinquent; the deadline for appeals of bills is August 14. Three years of property taxes have gone uncollected because the Territory's property tax system has been tied up in litigation. The Governor has received assurances from the Tax Assessor's office that the bills could be issued in light of the huge budget shortfall that we are those bills!

Virgin Islands Farmers' Cooperative The V.I. Farmers Cooperative is a group of local farmers in St. Croix and St. Thomas whose goal is to build and promote the agriculture industry in the Virgin Islands and to increase the availability of high-quality locally grown food and food products. The Cooperative's new Farmers' Market is located across from the Sports and Fitness Center and is open on Saturdays. Eventually the market will be open six days a week. Locally-grown fruits and vegetables of all varieties and types are offered for sale; St. Croix truly is 'going back to its roots' as the "bread-basket island."


Looking for a home with a Grande View? An elegant three bedroom, 3.5 bath home with gracious living areas, cypress ceiling, central air, hot tub and infinity pool with swim jet at gated Hibiscus Point in Carambola... realistically priced asking $1,095,000.

How about a Million Dollar View? A sumptuous home with three large suites in South Grapetree with tiled pool, apt. and covered gazebo...mesmerizing views of both North and South shores even Buck Island, fairly listed for $895,000.

Looking for Paradise? "Coyaba" is exactly what that means! Enjoy the unobstructed panoramic views of Buck Island from this charming 2-bedroom en-suite home with heated pool, also a very popular rental home. Listed below seller cost at $639,000.

Need Lots of Space with a View? Enjoy the wonderful breezes in this custom built three bedroom 3 bath home with a separate apartment and two room office, each with separate entrances on lower level...even a jacuzzi! Asking $439,000.

Searching for a Seaside Hotel? Ready for that "island dream"? The Waves at Cane Bay is a fabulous waterfront hotel located directly over the ocean, twelve suites all with balconies and great ocean views! Relax in the unique grotto pool sipping cocktails & watching the sunset...offering dinner 7 nights and even weekend brunch! $2,050,000 fully-equipped.

Developers take note! Cane Bay Plantation is a premiere hotel and development site at one of the best dive sites on the island site... reduced in price nearly half! This property features 25+ acres of build-able land Zoned R3 for condo, hotel or resort with over 440 feet of sandy beachfront, great house and hotel ruins. NOW $1,495,000... SELLER WANTS OFFERS!

Love a luxury condo? CARDEN BEACH for the ultimate in luxury and exclusively listed, final phase of brand-new Building 3 w/ three different floor plans and top-of-the-line finishes, prices starting at $845,000 with four already sold! Also included are 12 freestanding private villas (two sold!) w/ your choice of floor plans and building site; enjoy the best of waterfront living... call me for a private tour! Also at Carden Beach, we have a beautiful 2-bedroom top floor walk-in unit in Building 1 (Unit 522) overlooking pool, sundeck and Buck Island, asking $645,000.

Seeking sand in your toes? WALK TO SHOYS BEACH! Enjoy this custom-built, 3 bedroom 3 bath home with pool and all amenities in the beautiful gated community of Shoys w/ pool, large generator, even a well, now reduced to $1,195,000 fully furnished! Now priced to sell in today's market!

Coldwell Banker, Stout Realty, St. Thomas

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