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July 21, 2011

Calabash Boom Proves More of a Fizzle

I just don't think there are jobs on the island to support local real estate like this:

Despite generous subsidies for first-time home buyers, the V.I. Housing Finance Authority is having trouble selling units in its Calabash Boom moderate price housing development on St. John, acting Executive Director Adrienne Williams told the Legislature Wednesday during budget hearings.

Of the recently completed 24 duplex units in 12 buildings on St. John, six units have sold and one is under contract, Williams said.

"The typical St. Johnian has property and prefers to build on their own property," she said. VIHFA has been tweaking its approach, emphasizing how owning a home is a great investment compared to renting.

"So you don't think it is the price point, but more lack of interest?" asked Sen. Louis Hill.

While the asking price of $295,000 per unit may put off some buyers, that price is before substantial VIHFA subsidies, said Williams.

Archive link for this entry: Calabash Boom Proves More of a Fizzle | |

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