Some of the most popular posts here at News of St. John discuss St. John real estate. It seems that many of you are curious about costs and trends happening here on island. It’s also a common question that I receive during my island tours. So today, I decided to give you a little peak into what’s selling, average prices and more. Please check out News of St. John’s 2019 Real Estate Wrap-Up…
(A little side note: Please keep in mind that I am not a realtor; I simply love learning about real estate.)
At the close of 2019, 36 parcels of land, 10 condos and 44 homes sold. The lowest priced home that sold was a one bedroom, one bath cottage which sold for $252,000. The highest sale was 1 Peter Bay, a 6,596 square foot home that is located directly on the sand in Peter Bay. It was listed for $14,250,000 but sold for $9 million, nearly 37 percent off the asking price.
We reached out to our friend Tammy Donnelly, owner of 340 Real Estate Co., and asked what the trends were in 2019. She said the current trend, in general, is that prices for home and land are continuing to decrease. That’s great news for all of the potential buyers out there! Condos are seeing small price reductions, Tammy said, but there are more reductions in land and homes. This goes for several areas including Chocolate Hole, Peter Bay and Catherineberg. (Peter Bay and Catherineberg are two areas that have some of the island’s priciest real estate.)
In 2019, prices have been going between 20 and 40 percent off of the list price, Tammy said. In one case, a piece of land on Lovango Cay sold for 50 percent off of the list price. Wow! Why I personally find this very interesting is because in 2018, we saw prices going 20-25 percent above list price.
To give you some comparison, we had 32 parcels of land, 5 condos and 60 homes sell in 2018. The least expensive sale was a hurricane-damaged home which sold for $107,500. The most expensive home sold in 2018 was a waterfront home which sold for $3.795 million.
We currently have 158 homes, 15 condos and 252 parcels of land for sale. The least expensive home currently listed is a hurricane-damaged home that is currently unlivable. It’s located on less than a quarter acre, and the asking price is $300,000. There are only seven homes currently listed for less than $500,000 and two are unlivable due to hurricane damage, and one lacks a certificate of occupancy. And this, my friends, is why I currently rent here – haha.
The three most expensive homes for sale right now are all located in Peter Bay on St. John’s North Shore. They range in price from $10.95 million to $8.995 million.
Curious about land? The least expensive is roughly a half-acre parcel in Coral Bay which has an asking price of $50,000. The most expensive parcel is $7.5 million. It’s the property that located behind Maho Crossroads, the new-ish tiki bar at Maho Bay. That parcel is zoned commercial.
Want to see all the listings or speak to a realtor? Then check out some of our sponsors below:
Happy shopping! Or happy browsing! 🙂