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December 16, 2011

David Fedeles Winter Newsletter

HAPPY HOLIDAYS and Greetings from America’s Paradise, St. Croix, U.S. Virgin Islands! Thanks to all who voted me Best Real Estate Agent/Broker on St. Croix 2011!

It’s amazing how quickly we find ourselves once again in the midst of the holidays and another tourist season signaling the return of our off island homeowners. We’ve had our share of tropical rain so the island is lush and beautiful….right in time for your return for that second home or condo purchase visit! THANK YOU to all for your continuing business and support; my 23-year career on St. Croix is dependent on your referrals and they have been and are always appreciated! 

The Fedeles Team Grows With The Virtual World 


That begins with the announcement and launch of our new, upgraded and redesigned website at www.fedeles.com. We hope you find it more ‘user friendly’ as well as easier to access the MLS database for your own property searches. My sellers will be intrigued with the special attention that our middle to higher end properties are receiving via the “Featured Properties” pages. A simple “Find Your Dream Property” is all it takes to match the right buyer to your featured listing. Further, my listings are shown ON TOP of any MLS search when performed from my website…be sure to take a look! We will keep you updated with our BLOG as well as other island noteworthy news and tidbits! We look forward to your feedback…


Karla Fennessy, The Fedeles Team marketing expert, continues to develop our marketing initiatives. We are now showcasing our “Featured Properties” to various real estate sites including Realtor.com, BuyStCroix.com, Zillow, Postlets, Craigslist, and via Point2Agent, streaming to others such as HomeFinder, LiveDeal, Cyberhomes, Trulia, Frontdoor, HouseLocator, HotPads, YahooRealEstate, and even our own David Fedeles Real Estate Facebook page! A virtual tour will be added for many of those properties for an even greater exposure and marketing awareness! Your property will be visible in all real estate oriented sites except on those sites that may not include USVI in their market area.

Just recently we have added Nancy Toman to the Fedeles Team to work as administrative assistant. Nancy and her husband have lived on island for six years and vacationed here for 12 years so she definitely has the “St. Croix bug!” She will be your ‘contact point’ for questions about your property. This will free up Karla to forge ahead on the ever-growing internet side of our business. Nancy and Karla can be reached at 340-773-4665 X156 and karla@fedeles.com and nancy@fedeles.com. Please give her a big welcome when you call!
 

 

How is the St. Croix real estate market?

Following stateside trends, it is definitely a “buyer’s market” with some properties reduced to prices not seen in the past 5 years.  Further, with interest rates under 5%, and sometimes even under 4%, it is a GREAT TIME TO BUY!

* 2010 Statistics = 1/1/10-11/23/10
**2011 Statistics = 1/1/11-11/23/11

MARKET STATS # 2010 SOLD* DAYS ON MKT. AVE. PRICE # 2011 SOLD** DAYS ON MKT. AVE. PRICE
HOMES
101
294
$435,180
91
292
$447,419
CONDOS
46
284
$201,328
55
291
$214,405
LAND
74
284
$ 88,174
66
319
$ 61,420
COMMERCIAL
7
208
$352,857
9
381
$ 866,698

Views from Every Room!

HOME SALES

Real estate sales as depicted from MLS statistics show that transactions are actually down in HOME sales by 9% in 2011 compared to 2010 though the average price is up 2%.   These volume numbers are down about 40% from those that we experienced in the market peak of 2006.  This price increase in 2011 is actually a bit of a ‘price anomaly’ due to two high-end sales including Catherine’s Hope Great House, which sold for $2.99M. and a waterfront home in Cotton Valley which sold for $2.4M. in 2011. Most of the residential activity has been in the $300K-$600K categories.  In fact, there are 53 homes on the market asking over $1.0Mil.!  But there are buyers looking for deals so the KEY is to “price it right” if you expect activity on your property....some houses have been reduced as much as 20-30% from their original asking prices.

You can see all of my featured residential listings on my new website - have a look!


Carden Beach 313

CONDO SALES

CONDO sales peaked in 2005 with over 200 condos sold as compared to 55 in 2011.  Again, prices have been reduced so some buyers have taken advantage of some good buying opportunities.  And prices are up in 2011 as compared to 2010 which are pleasantly skewed with five sales in 2011 at our exclusive waterfront Carden Beach Condominiums, including three units in the newly constructed Building 3...take your pick as there are still three units remaining for sale in this upscale community!

You can see all of my featured condo listings on my new website - have a look!



34 Carlton

LAND SALES

LAND sales have been the most significantly impacted and are down 10% in volume and 37% in price in 2011 compared to 2010.  The cost of construction continues to escalate and buyers are learning that they can make a ‘better deal’ on a home rather than to construct a new one.  In fact, LAND sales are down over 80% since their peak in 2006.

You can see all of my featured land listings on my new website - have a look!



Company House Hotel

COMMERCIAL SALES

In the COMMERCIAL sector, we saw two great deals consummated with the sale of the previous Stanford-owned properties including his main office on Hill Street (old Prosser headquarters) for $2.77M. and also the Stanford package of in-town properties which closed for $3.518M.  These were less than half the price that Allen Stanford paid when he ‘made his splash here’ here and before his downfall.  So though unit numbers are down, the average price was considerably higher as compared to 2010, thanks to two local entities which purchased these exceptional opportunities.  In fact, the commercial market is down 77% from its high in 2007.

You can see all of my featured commercial listings on my new website - have a look!



Find Your Dream Property - The Time is Now To Make An Offer!

IN SUMMARY... Make An Offer!

It is truly the TIME TO BUY with prices and interest rates at ALL-TIME LOWS.... and my advice remains to MAKE AN OFFER!!  It is my job to provide updated and timely market information and direction, and I continue to do that for my buyers and sellers...my job is to put them together!  

I look forward to serving you in this great market opportunity on St. Croix! 



WAPA makes plans to go solar

WAPA is Going Solar?!

The VI Water and Power Authority has created a shortlist of six successful respondents to a recent ‘request for proposal’ to provide solar photovoltaic generation in the territory.  WAPA Executive Director Hugo Hodge said the proposals were carefully evaluated against criteria which included pricing, experience, strength of development and construction plan, maintenance plan, financial strength, etc.  WAPA protestors have been voicing their concerns with our energy rates among the highest in the nation since we rely on oil to generate electricity.  A guaranteed commercial operation date has been set for December 2013.  We hope this is welcome news for consumers as we learn to better utilize our own natural resources!
jetBlue comes to the Virgin Islands

New Airlift to St. Croix

Recently, Tourism Commissioner Beverly Nicholson announced a substantial increase of 100,000 new seats to St. Croix over the next year.  This includes two daily nonstop jets from Miami (and back) on American Airlines (said at press time to be continued despite their Chap. 11 filing), as well as new daily service to St. Croix by Jet Blue directly from San Juan which began on December 12th .  That is exciting news as it will open Jet Blue’s growing routes to one-stop service to St. Croix!  Additionally, Bravo Tours of Denmark is providing nonstop weekly service from Copenhagen... we’ve seen our Danish friends walking the streets and dining in our restaurants over the past month!  We’re also expecting US Airways to be back with nonstop Charlotte service which had been scheduled on Saturdays in the past.  Delta will return with nonstop service to Atlanta on December 17th with Saturday service.  Commissioner Doty has been marketing the St. Croix “brand” at numerous trade shows beyond a standard ‘beach’ destination to include the various cultural activities and events that we enjoy here....and why we are the BEST VIRGIN!
Home Depot is now open on St. Croix!

Home Depot Has Opened on St. Croix

Our biggest news this fall was the opening of our very own Home Depot...and with the same stateside look that you’ve become familiar that you know from home! 

Home Depot is just the beginning as it serves as the anchor store for Island Crossings Shopping Center. “It’s a public-private partnership,” stated Jim Watson, President of Caribbean Development Partners, which includes CDP, The Home Depot, and the VI Government.  Caribbean Development Partners was the first beneficiary of Tax Incremental Financing, a new economic development tool that was approved by the Legislature and signed into law by Gov. John DeJongh, Jr. CDP invested $15M. to construct the infrastructure, The Home Depot invested $10M. to build its store and another $13M. in inventory.  “The Government has authorized up to $30M. in TIF bonds and will receive three times that in returns from the TIF revenues” according to the Governor. With a full-service operation we expect Home Depot to become a valuable asset to our community!  In fact, Watson added that CDP will break ground in early 2012 to add three new national tenants that will be new to St. Croix...stay tuned!

Wishing you Peace and Happiness for the Holidays and 2012.

And on that note.... happy holidays to all of you.  We look forward to working hard on your behalf in 2012.  


David Fedeles






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