If you have always dreamed of owning a home on St. John but thought it was impossible, the St. John Board of Realtors would like to show you that it can be more affordable than you might think.
The board is hosting a Home Expo on the second floor of The Marketplace on Saturday, Nov. 1, from 9 a.m. to 1 p.m. to help locals learn more about the process and properties that are available for under a million dollars.
The event will include real estate professionals who can help potential buyers think through where they might want to live and how to choose a realtor. Other vendors can explain financial matters, including credit scores, how much money should be set aside for a down payment, how to choose a lender, and how to protect one’s assets with financial planning.
This is the first time a home expo is being held on St. John, according to Keleigh Rees, president-elect of the St. John Board of Realtors. “St. Thomas and St. Croix have both held home expos,” she said, “But we’re keeping ours on a smaller scale.”
The Virgin Islands Housing Finance Authority and the University of the Virgin Islands Center for Excellence in Leadership and Learning are assisting to make sure that all resources are available, Rees said, including banks, realtors, builders, mortgage brokers, and appraisers.
Tenants of the Bellevue Village and Calabash Boom housing communities will be able to speak to Jessica Wilkins from Jackson Development Company, LLC, which is preparing to offer tenants the opportunity to buy their units.
The first step is educating the tenants about what they must do to qualify to become homeowners, said Kasima Knight Hodge, chief executive of the St. John Board of Realtors.
This is a great time to buy, according to Knight Hodge. “Things are slow; it’s a buyer’s market.” The recent decrease in interest rates to around 6% or 7% is making homebuying more affordable than it has been in recent years.
Rees said there are nearly 70 houses for sale on St. John, and 20 of them are listed for around $1 million or less. (The lowest is $399,000.) Many of the lower-cost homes are constructed out of wood, which means insurance premiums are higher than for masonry homes. Most masonry homes are listed at prices beginning at $1 million, said Rees.
Another option is building a home, and Rees said “affordable and buildable” lots are now available in Estate Carolina and Emmaus. There are now nearly 168 parcels listed for sale on St. John, ranging from $79,000 to $7.5 million.
Construction costs have continued to go up on St. John. Rees said one builder estimates masonry construction costs at around $900 a square foot, and building a home takes patience; home builders should expect the process to take at least three years from permitting to completion.
But owning a home is one of the best ways of creating generational wealth, and with interest rates dropping and with some people having access to family land, now is the time to think about making the move to homeownership a reality, Rees said.
St. Croix Source
Local news
