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.

Lionstone Development is once again locking horns with environmentalists and local residents over development at Vessup and Muller bays.

Bruce Lazar, executive vice president of Lionstone Development, was on St. Thomas Wednesday to promote the project, which he claims will give local Vessup beachgoers a better beach and a say in how it should be improved.
But local environmentalists are not buying it.

When he appeared on the "Face to Face with Addie Ottley" show Wednesday night to unveil the drawings done by Springline Architects of St. Thomas, callers to the show were concerned about access and probable negative impacts on the local ecosystems.

Andrea King, board director/founder of the Red Hook Community Alliance, said she is arranging an hour of show time on "Face to Face" to "give us, the community, our time.

Alvarez & Marsal Canada ULC ("A&M"), in its capacity as Agent to the Court-appointed Receiver of the Mortgaged Property of First American Development Group/Carib LLC, known as the Pond Bay Club, shall be conducting a sale of the Receiver’s right, title and interest in certain assets. The sale will take place at the Pond Bay Club project site on St. John, USVI from September 21, 2010 to September 24, 2010.

The Pond Bay Club was planned as a 15-acre private residential resort located on Chocolate Hole Bay in St. John, USVI. The development plan contemplated the construction of 50 residential units and related amenities and services comprised of 17 buildings.

The assets being offered for sale include two new 1 Megawatt Broadcrown generators, seven Jeep vehicles, general construction materials (e.g. lumber, storm water & sanitary piping and conduit, electrical supplies), furniture and fixtures, a "Fastway" concrete plant with three 10 yard trucks, construction trailers, and shipping containers.

The assets will be offered for sale on an "as is, where is" basis, without warranty.

"In St John, the average price of condominium units plummeted to around US $300,000 this year, down 50.5% from 2009 prices. The average home sales price dropped 14% to US $1.28 million in 2009, but has rallied in 2010 with a 7% increase to US $1.37 million according to Islandia Real Estate. And the market for villas has started to look up in 2010 with a 15% increase in sales from 2009."

The Department of Planning and Natural Resources/Division of Coastal Zone Management (CZM) is pleased to invite you to participate in a CZM Permitting and Lease Workshop. This workshop is free and open to local Government Agencies, Architects, Engineers, Draftsmen, Contractors, Community Organizations and other interested persons. The workshop will provide information about minor and major CZM development permit applications, permit review process, local/federal consistency regulatory updates, lease applications, and compliance with approved CZM permit conditions.

For St. Thomas and St. John residents, this workshop will be conducted on August 24, 2010, 9:00 a.m. - 3:00 p.m., at the Small Business Development Training Center, 8000 Nisky Center, Suite 720.

For St. Croix residents, this workshop will be conducted on August 26, 2010, 10:00 a.m. - 4:00 p.m., at the Port Authority Conference Room at the Henry E. Rohlsen Airport. Free parking at the airport will be available to attendees.

Please complete the attached registration form by August 18, 2010, to confirm your attendance. Space is limited so register now. Return your application via fax to (340) 714-9524 or email to heather.hitt@dpnr.gov.vi

STX Registration Form.doc
STT Registration Form.doc

"The U.S. Department of Justice this week issued a federal warrant for the arrest and extradition of fugitive St. Thomas real estate broker..."

She fled to Venezuela via Cuba ... or lost all her money in high-stakes poker tournaments … or she’s living a posh life under federal witness protection, and the feds will soon fix this whole sordid mess.

That’s just a taste—hors d'oeuvres, if you will—of a juicy feast of rumors tempting St. Thomians in the wake of the sudden disappearance of St. Thomas real estate broker and businesswoman Rosemary Sauter.

The truth, however, has yet to even be sketched by law enforcement officials now on the lookout for Sauter ever since she vanished early last week.

Once the headquarters of the largest real estate brokerage on St. Thomas, the doors to RE/MAX Dream Properties in Lockhart Gardens were closed and locked Friday, sealed with bright yellow police tape that read, “Crime Scene. Do Not Cross.”

osemary Sauter-Frett, the owner of the brokerage, is being hunted by local authorities, and if she has fled the territory could be the target of the FBI.

I have no idea about what is happening - the St. Thomas Source has more, but details at this point are sketchy.

Greetings from St. Croix! A great article about our island was a feature story in the October 2009 issue of Caribbean Travel + Life Magazine. If you missed it, check it out and I was quoted with a sidebar editorial shown below:

"FOR SALE" SIGNS Think Caribbean homeownership is only for Ponzi schemers and James Bond villains? Well think again. The dream of buying a residence in the United States Virgin Islands can be surprisingly attainable, with familiar tax laws and real estate practices defining the process and the good ol' American dollar making it happen. "And anyone searching for the Virgin Islands' biggest bang for the buck need look no farther than St. Croix," says veteran agent David Fedeles of Farchette & Hanley Real Estate, in Christiansted. With a median home price hovering around the $600,000 mark ($229,000 for condos) and no shortage of available properties, thanks to our lingering economic blahs, th e island is ripe for bargain hunting. We found a furnished, two-bedroom, two-bath Teague Bay home on the island's eastern tip priced at $639,000 (Ed. Note: now Sold!) and boasting a heated pool, a full acre of land, and a glorious view of Buck Island to the north. And three miles west of Christiansted on Pelican Cove beach, $249,500 buys a furnished two-bedroom condo with resort-style amenities and an ocean view (also Sold!)." Let's hope I get some inquiries and can 'stir up some action' from the stateside economic doldrums which impact St. Croix as well. Also newsworthy...

Williams and Punch Clears another Hurdle
The Coastal Zone Management Commission gave permission for the developers to extend the beach at their proposed 378-room resort and casino north of Frederiksted. The developers noted this is a key component of their proposed development because the area became much rockier after Hurricane Lenny blew in from the southwest in 1999 and removed much of the sand there. Spokesmen for the project noted that the beach restoration project brings back the beach for recreation and also makes the area more conducive to turtle nesting, all with minimal effect on the environment. The developers are now working wit h the Army Corps of Engineers to get their permit as well as a land swap agreement with the VI Government to relocate the road inland and away from the shoreline which will need legislative approval as well.

Diageo Distillery Making Progress!
St. Croix welcomes the liquor industry giant Diageo which is building a state-of-the-art Captain Morgan Rum Distillery on 26 acres of land at the St. Croix Renaissance Group. This eco-friendly distillery will provide between 200and 300 temporary jobs. It is scheduled to open in 2011 and approximately 40 to 70 permanent jobs will then be created.