All that building you see on island has probably been in the pipeline for a year or more. A report by the St. John Source says that only 37 building permits have been issued by the VI government this year for St. John projects, and only four are for single-family homes. Last year, there was a total of 89 permits, 46 of which were for houses. The reporter, Lynda Lohr, also quotes Rob Crane, an island architect, saying”contractors (are) calling me looking for work.” House sales and land sales are also down significantly from last year.
A sign of how things have changed might have been seen in the real estate blog produced by Islandia Real Estate. Perhaps in reaction to bargain hunters not finding fire sale prices on St. John, a few days ago, it was promoting low-priced property and homes on St. Thomas.
Any idea on why sales are so quiet?