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Real estate update

Concern about Hurricane Frances appeared to dampen residential activity during the past week: only one new residential property was added to the Multiple Listing Service while two commercial properties came off the list. Agents added another multi-million dollar Peter Bay property to their offerings, 4-bedrooms, 4.5-bath, listed at $5.5 million.

At the Marketplace, Holiday Homes reportedly closed a contract for the sale of its neighbor across the hallway, the 1st Floor Bookstore. It had been listed at $200,000. Meanwhile, the pizza and sandwich shop, the Rolling Pin, listed for months, came off the Multiple Listing Service. No word yet whether it was sold, or the owner – who also has the new pizza place in town at Boulon – is just giving the sales effort a rest.

Since early this month, and before Frances, five residences went on the market: 5-bewdrooms, 4-baths in Contant at $1.4 million; 2-bedrooms, 2-baths in Calabash Boom at $545,000; 4-bedrooms, 4.5 baths in Fish Bay for $1.7 million; 3-bedrooms, 3.5 baths for $2.4 million in San Souci, and in the same expensive neighborhood, a 5-bedrooms, 5.5 bath San Souci property at $4.2 million.

The average house for sale on St. John, offered thru the MLS, is priced at $2.5 million. The average listed property has 3 bedrooms, 3 baths, and a pool. There were 35 listings at the start of the week.

The inventory of land for sale increased by 2 to 120 parcels. Condo listings, steady at 8. Timeshare unit listings down 6 to 93.

EDC group has a plan

logoviedc A trade group representing participants in the government’s Economic Development Commission has met with Department of the Interior officials in Washington to clarify rules for EDC beneficiaries. Since an official of the IRS warned companies they had to meet a residency requirement to qualify for generous tax benefits for EDC companies, some firms have considered closing. “That’s an important loss of revenue to the territory,” said Benjamin Rivera Jr., executive director of the USVI Economic Alliance. He told the St. John Source, attorneys for some EDC companies have recommended they halt operations for fear the currently-unstated residency requirements may eventually be a problem. Richards said EDC companies contribute as much as $75 million a year to the territory, in addition to donations to local charities of another $25 million. The Alliance official said, “We were very well received and believe that Interior heard our message. (We now) will state our case to the Treasury Department.”