Why Should I Buy A Home In St John?
The small island of St John is home to the prestigious Virgin Island National Park. The park was founded in 1956 when Laurence Rockefeller donated more than 5,000 acres of pristine real estate. While it is known as a prime vacation spot for the rich and famous, it is also home to more than 4,000 permanent residents.
Cruz Bay Homes For Sale
One of St John’s most popular destinations for both tourists and prospective buyers is the once rustic town of Cruz Bay. As the popularity of the destination grew over the past two decades, so did the sleepy town. With the advent of increased tourism, the pristine white sand beaches and shimmering ocean views have become dotted with high-end condos and beautiful homes in a wide range of prices.
St John Real Estate Market
When the recession began driving down prices in St John, many people opted to sell their condominiums and beautiful beachfront homes. In the following years, the island’s real estate market became one for the buyers. Even though prices have begun to rise once more, it is still an ideal buyers market. Houses range in price from a few hundred thousand dollars to well into the millions.
According to statistics provided by the St John Real Estate Board, there has been a marked increase in the sale of high-end homes. The number of sales in the past year has already surpassed sales of the previous three years. In addition to the increase in sales, the past year has seen a rise in the amount of new listings by more than 20%. In order to truly understand how much of a buyer’s market it is, you should also know that the average list price is 6% lower than it has been in the previous years.
The moral of the story here is that it is the perfect time for non-US citizens as well as Americans (do not need a passport since it is technically US soil) to purchase a second home, condominium or vacation home in St John.