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Westin timeshares to start at $20,000/week

The Westin St. John Resort and Villas plan to convert about 186 hotel rooms to 94 two- and three-bedroom vacation villas, the Virgin Islands Daily News reported as part of a story headlined, “Timeshares, conversions sweeping V.I.”  The Westin plans, reported earlier here, will leave the resort with just 100 regular hotel rooms.  An estimated 90 percent of the Westin’s current 93 timeshare villas have already been purchased.  Prices for a week in the new units, depending on the time of year and the number of bedrooms,  will range from $20,000 to n$100,000, the Daily News reported.

Real estate update 8/13/06

There appears to be some pricing weakness in homes.  The average price of a home listed for sale has dropped 16% since July 4th, from $1.9 million to $1.6 million.  Now it could be that just one high-priced property was taken off the market, but the numbers are the numbers.  The median price of a listed home barely slipped, from $2.2 million to$2.16 million.

Who realized there are 17 condo projects on island?  Holiday Homes has developed a map that shows them.  It’s on the Web  at http://www.holidayhomesvi.com/condos_location.php

Here’s the latest from the Multiple Listing Service.

  • Houses:  109 (down 4 from 7/20)
  • Commercial:  23 (unchanged from 7/20)
  • Condos:  40 (unchanged from 7/20)
  • Land lots:  259 (up 11 from 7/20)

Gallery_1
Galleria del Ma
r is among the businesses listed for sale.  The seven-year-old art gallery at Wharfside is priced at $160,000

 

Real estate update 7/20/06

The Sirenusa upscale condo development appears to be moving along, despite an earlier stop work order from the government.  The Multiple Listing Service has three condos at the project, each priced above $2 million.

  • Houses:  113 (up 2 from 7/04)
  • Commercial:  23 (down 2 from 7/04)
  • Condos:  40 (up 1  from 7/04)
  • Land lots:  248 (down 1 from 7/04)

Help wanted: Four classifieds in a recent issue of the Tradewinds … all were placed by island real estate firms.  Three were seeking sales people. The fourth wanted a broker assistant.

Property deeds online, for a price

The Office of the Recorder of Deeds announced that its records are available online.  The database, at  http://www.virginislands.us.landata.com/,
can be searched for documents retrieved for $2 a page.  An annual
subscription is also available, which reduces the cost of $1 a page.
St. John land records are housed in the St. Thomas office.  The
Recorder’s motto, according to her Web site, is "You are not an
interruption to our business – you are our business". Documents
available on the site have been scanned by Landata technologies Inc. of
Texas.  The Lt. Gov said that in addition to property deeds, mortgages,
and liens which are available, so too are maps of the territory, the Virgin Islands Daily News reported.

Win a business on St. John

Gary Moses is willing to sell you his retail liquor store and distributorship, Mixology Warehouse,
for $200.  But you also have to live off island and write an 80-100
word essay about "why you feel this opportunity is for you.  Moses says
he and his boat, Dulcinea, have the urge to wander again after about 17
years on St. John.  "I figured I would offer somebody the opportunity
to own their own successful turn-key business," he explains on the
contest’s Web site.  He’s hoping to generate 8,000 entrants, and find
the luck winner by August.  He said he hopes "the winner is one who is
ready to break out of a ‘rut’ and is ready to start a new life in
paradise."  The Web site is www.myparadisebusiness.com/.

Another business, a St. John landmark, is also for sale at the Web site.  The owners of Cafe Roma are also trying to sell their business through an entry-essay process.  What details there are, are here.

Real estate scoreboard

The average price of a house on the Multiple Listing Service
is $2.2 million, while the median price is $1.69 million.  In March,
the median was $1.9 million, and the average was $2.2 million.  Average
price is unchanged; the median is down 11%.

MLS stats for 5/19/06

    * Houses:  111 (up 1 from 5/19)
    * Commercial:  25 (down 1 from 5/19)
    * Condos:  39 (down 4 from 5/19)
    * Land lots:  249 (down 2 from 5/19)

Pastory for sale

Pastory_2
A few weeks after being refused on plans to build what was described as a 6-story condominium project, the owners of Pastory Gardens have decided to sell.  Development of the site is being used as a tease in the real estate listing. "The successful restaurant and mini golf are just the beginning of possible uses of the great views of St. Thomas and the level site."  Asking price:  $6,900,000.  "This site is a unique opportunity for mixed use (business and retail)," the listing offering said.

Real estate scoreboard

Cliffhousea_2There are 23 houses listed for sale with asking prices of $3 million or more.  Two of the five most expensive properties are in the Peter Bay development. 

"Cliffhouse", priced at $13.95 million is the priciest house on island.  "Complete privacy with sweeping views of Jost Van Dyke, Tortola and turquoise waters, verdant hillsides and distant island shores," according to the listing.

MLS stats for 5/19/06

  • Houses:  110 (up 6 from 5/10)
  • Commercial:  26 (unchanged from 5/10)
  • Condos:  43 (unchanged from 5/10)
  • Land lots:  251 (up 2 from 5/10)

Real estate scoreboard

    * Houses:  104 (unchanged from 4/25)
    * Commercial:  26 (unchanged from 4/25)
    * Condos:  43 (down 9 from 4/25)
    * Land lots:  249 (unchanged from 4/25)

ChinaThe relatively new China Shack, offering sit-in and takeout Chinese food, at the Marketplace, has been listed for sale at a price of $295,000.  "Professionally designed for efficiency, there exists unlimited potential for growth," the listing said. Two other restaurants on the island are also for sale; Morgan’s Mango and Chilly Billy’s.