A Pennsylvania couple has reportedly purchased Kenny Chesney’s Estate Peter Bay home for $4.4 million, according to the Virgin Islands Daily News.
The newspaper said Chesney paid $3.3 million for the Peter Bay house in 2003. That would indicate an annual appreciation of 7.5%. That’s well below what some people have believed island real estate has been returning. But in my own experience, it’s what we’ve seen. By comparison, the Dow Jones Industrial Average has risen at an annual rate of 8% since June, 2003.
The V.I. Multiple Listing Service currently reports 136 homes for sale, 60 condos and 294 land parcels. That represents a 36% rise in residential listings and about a 20% gain for land and condo offerings, compared to a year ago.
Chesney’s trust has three other island properties including undeveloped land high on a hill overlooking Peter Bay. It was reported for sale about a year ago.