Real Estate

The number of residences for sale has climbed to 83, another record, continuing a trend since the summer.  A year ago, 63 houses were offered on the Multiple Listing Service. The median house asking price is $1.695 million; the average is $2.059 million, down $50,000 from the $2.1 million average a month ago. In the past month, the number of land listings has increased from 192 to 195. Condominiums offered for sale have risen from 21 to 25.

Didn’t take long for someone with a contract on a unit at Grande Bay, the 48-unit condominium project overlooking Cruz Bay, to list it for sale for $1.1 million in the wake of the Governor’s decision limiting expansion of the as-yet unfinished project.  The two-bedroom, two-bath unit features a private penthouse entrance and a hot tub.  Its main asset could be the contract, given the Governor’s veto of rezoning that halted plans by developers to add 14 more units, on which contracts had reportedly been written.  Meanwhile, there is still no action in Chocloate Hole where the long-delayed Pond Bay Club project is planned.

The number of residential properties for sale stands at 80, unchanged from last week. Three houses were added to the Multiple Listing Service last week, suggesting three other properties came off.  Among the new residences are a 5-bedroom house at Chocolate Hole, priced at $2.4 million, and the 3-bedroom Casa Nita at Coral Bay, priced at $1.345 million. land offerings climbed to 195 and the condo list added 4 to 25.

Governor Charles Turnbull has vetoed the Grande Bay developer’s request to build an additional 14 condominiums and a restaurant.

The St. John Source reported rezoning of the parcels from Waterfront-Pleasure to Residential: Medium density was rejected because, the Governor said, there has been a "ground swell of opposition on St. John."  The rezoning, he added, would  pressure the island’s infrastructure, increase noise in the residential neighborhood, worsen the island’s parking problems, and have "unpleasant and unhealthy impacts," the Source said. Developers said they had pre-sold the 14 extra units, suggesting they will have, at the least, some unhappy customers who may have made deposits.

Inventory is leaping higher.  The Multiple Listing Service now has 80 residences for sale, 5 more than last week.  That’s a record, so far as I can tell. Additions include a 2-bedroom in Enighed for $1.495 million and a 3-bedroom cottage on Gifft Hill, priced at $600,000.

Land listings total 192, up 1 from last week.  Condo offerings are steady at 21.

Commercial listingts are down 1, to 13. Coconut Coast Studios, a group of studio and multi-bedroom apartments, was on the list for $3.8 million, two weeks ago. 

It’s off the list now.

For the first week in three, there’s no change in the number of properties listed on  the Multiple Listing Service.  It has 75 residences for sale, same number last week.  And while that may seem like a lot – it is the highest I’ve ever seen – it’s not hugely different from roughly this time last year, when there were about 68 homes on the market.  We’ll keep watching.

DPNR approval of zoning for Grande Bay, and a lawsuit from neighbors, have renewed interest in that development.  Grande Bay’s developers have begun to build a Web site at http://198.104.190.117/. So far it is woefully inadequate in updating contracted-buyers and the public know what’s going on. For instance, this posting.  The site has empty pages, like this on vacation rental information. It does say, "Opening Summer 2006". Give the Web site time, it’ll get better. I’m sure the units will
be beautiful … if and when.

The MLS is also showing 191 lots for sale (up from 189 last week,) 21 condos (from 19), and 14 commercial properties.

The Multiple Listing Service added another residential property at mid-week, but by the weekend was back to its almost-historic high of 75 properties, unchanged from last week.   Average listing price: $2.1 million.

Land offerings continue to rise.  The MLS has 189, an increase of 7 lots from last week. Excepting an island listed at $24 million (local real estate agent says it’s 237 acres and a "good value"), the average land asking price is $776,000.  There are also 19 condos offered, with an asking price of $812,000.

Coconut Coast Studios, a group of studio and multi-bedroom apartments, is listed on the MLS for $3.8 million. This is new to me, although it may have been on the list previously.  The units have been in business a long time and are located on the north shore of the island with spectacular views of St. Thomas in the Contant/Enighed area.

The U.S. Postal Service said it is in the final stages of negotiating to build a new facility at Guinea Grove, a commercial project being developed near the Westin Resort.  A progress report on the effort to move and expand the island post office was offered at a meeting on island at the Westin, the St. John Source reported.

However, representatives of the V.I. government, attending the meeting, objected to the USPS’ plans.  Keith Richards, capital projects director for the territory, said the government plans to propose that the post office be included in the Vendor’s Plaza project planned across from the current commercial/barge dock.  Richards said the government plans a three-story building; that construction and architectural firms are ready to go, and the Legislature has already appropriated $3.1 million dollars.

Read morePost Office eyes new site

The Multiple Listing Service has more residential properties for sale than I have ever seen:  75 homes, up 3 from last week.  Prices range from $450,000 to $8.4 million. 

The VI Senate approved a rezoning request for the Grande Bay Resort development in Cruz Bay.  Word came about a day after property owners adjacent to the project filed a lawsuit in Superior Court to stop it.  The action by the Senate allows developers to construct an additional 14 units and a restaurant.

At Large Senator, and St. John reisdent, Craig Barshinger, voted against the rezoning along with three Senators.  Nine Senators voted for it.

Alexander Jadan, Natalie Jadan, Anastasia Trey and Elizabeth Trey own a 650-square foot cottage 35 feet uphill from the development.  They argued Grande Bay plans buildings that are in violation of height requirements and which will block their views of the water, sunrises and unset, and on-shore breezes, according to a report by the Virgin Islands Daily News.

The plaintiffs also faulted Grande Bay’s developers with violating building code requirements in their excavation of their 1.25 acre, charging:The defendants’ withdrawal of the lateral support of the plaintiff’s land was done in a manner that is contrary to applicable requirements and contrary to practices of reasonable care and workmanship in the construction industry.

The Multiple Listing Service has more residential properties for sale than I have ever seen:  72 homes, with prices ranging from $450,000 to $8.4 million. 

By my calculation, the average house offered on St. John is priced at $2.26 million.  Total asking value of the MLS residences … $162.7 million!

Land offerings are numerous, too.  The MLS has 170. There are also 18 condos.  The developer who bought Oscar’s Convenience store, near Fred’s in downtown Cruz Bay, is asking about $450,000 for office condos being built.