It's the age old question. For businesses looking to expand or for folks looking for an island home away from home.
Lynn Giovanna, an agent at Islandia Real Estate, answers the question by firmly saying "Buy." On the Islandia blog, she writes, "I just don’t think you can build for less than an existing structure."
"Don’t get me wrong, if you want to invest in a piece of land to hold on to, well this is clearly the time to invest in land," she says. But that's assuming you have a long time horizon to breaking ground and completing construction.
With almost 125 villa properties on the market, she believes there are good buys to be had at reasonable prices, at much less, per square foot, than the cost of new construction.
Furthermore, if the villa you're considering is already with a rental management company, and has a track record, its value is certainly enhanced. With a new house, you'd be a start up in an-already competitive business.
Disclaimer – and opportunity! 🙂
Our own villa, Blue Tang, has just been listed for sale by Cruz Bay Realty. See the listing here. Two bedrooms, AC, pool, located in upscale, convenient Great Cruz Bay neighborhood.