USVI Real Estate Heating Up for Summer
Summer in the islands is always a great time. It’s never too hot, but just warm enough to make hanging out on the beach seem like a good idea. Summertime is also when the islands kick into high gear, with all the great things to do and places to see that make the islands such a great place to visit.
Visit When You Want
Why just visit as a tourist, though, when you can buy a home or condo on the islands, and be able to visit whenever you want without having to find a hotel room? Now could be the best possible time to buy a home on the US Virgin Islands. Sales were low and prices dropped, during the real estate bubble a few years ago. However, that means prices are low and there is a whole range of properties to choose from.
Island Real Estate Sales
St Thomas is leading the bounce back, with an increase of about 25% in sales of homes. The recovery is likely to continue to increase over the next few years. Home prices have also increased in the last year, going up about 16% to an average of almost $775,000. St Croix is seeing a similar increase in sales and prices.
St John’s prices and sales actually fell by just a little in 2014, dropping by 1.4%. However, that’s a huge improvement over the previous two years. Property prices on St John are poised to increase, however, following St Thomas’ lead. Now is a great time to buy a home or condo, as it is likely that values will increase, offering a great potential for return on that investment.
Overall, home sales on the USVI are bouncing back with a vengeance. Many people are choosing this year to buy themselves their own piece of paradise. The weather in the Virgin Islands might always be mild, but the real estate market is extremely hot.