The island's real estate market report for last year was weak. Home sales were off, land sales down more, condo sales up by one unit.
However, there is optimism about this year, based on business actually done in 2010.
"2011 is starting out the year with 6 home sales pending, said Gretchen Labrenz of Cruz Bay Realty. "As well as one condo and about 10 parcels of land, sales carried over from 2010."
The number of home sales on the island in 2010 was down 10% from 2009: 20 vs. 22. That's a 60% decline from the 'boom' year of 2005 when 54 properties changed hands.
In 2010, the average home sale price was $1.28 million, steady with 2009. Back in '05, the good 'ole days, the average sale price was $1.78 million.
By comparison to land sales, the villa market was positively sizzling.
Only 16 parcels sold in 2010, according to sales history data on the Web site of CBR, compared to 18 in 2009. While the average villa price held steady, the average land sale value fell 45% from 2009 to 2010: $390,000 to $248,000.
Condo sales were also up slightly in 2010, 7 units vs 6 in 2009, and an average price of $467,000 in 2010 compared to $605,000 in 2009.
Real estate will always be strong on STJ because of the national park.
I agree with Mo, the national park is a huge incentive to buy in the virgin islands. Being an island, there is an extremely finite amount of property available. If I could afford St. John I would buy now. I just don’t have any savings and am low income.