The Market Is Heating Up in the U.S. Virgin Islands
With cold weather brewing across most of the country, getting away to a warm spot like the U.S. Virgin Islands sure does come to mind.
Single-family home sales on the island of St. Thomas are up 25 percent year over year in number of units sold, Lee Steiner, president of USVI Sotheby’s International Realty, told AOL Real Estate. Condos on St. Thomas are up 19 percent in number of units. On St. Croix, condos are up 70 percent with single-family homes up 30 percent.
“St. John has not caught up quite yet, but is poised to experience similar recovery over the next 12 months,” Steiner said. “After bottoming out in 2013, our market is experiencing a recovery led by high-end buyers, where sales over $1 million in the last 12 months have exceeded the four previous years combined by roughly 500 percent.”
One homebuyer recently snatched up at auction what sellers called a pirate-themed property on the island of St. Thomas. Platinum Luxury Auctions, a specialized auction firm with a long track record of multi-million dollar property sales, announced recently that Villa Whydah, a four-acre property sitting on the westernmost tip of St. Thomas, sold well in excess of the auction’s $6 million reserve and set a record for residential properties on the island of St. Thomas. The company’s web site pinpoints the sales price at $8.9 million.
Villa Whydah consists of seven buildings spanning more than 15,000 interior square feet and 4,000 exterior square feet. The structures include a main residence with an in-law suite, an outdoor entertainment complex, a stone gazebo, two guest cottages, a stone tower, caretaker’s quarters and a four-car garage. There are a total of eight bedrooms, nine full bathrooms and two half baths, in addition to three outdoor showers.