‘A Real Beauty Pageant’ in the Caribbean
Realtors in the U.S. Virgin Islands, St. Maarten and the Bahamas say this is an opportune moment for buyers.
By Kimberly Turner
Infiltrated within the tropical palm trees, soft sandy beaches, crystalline blue waters and dozens of vacation activities of the Caribbean are great values for luxury-home buyers. Experts are encouraging consumers to take advantage of the current deals before prices start to rise.
The chain of islands in the Caribbean Sea provides many opportunities for buyers in its current real estate market, which has been on the upswing in the U.S. Virgin Islands, St. Maarten, and the Bahamas.
“Many people are asking questions; there is increased activity online and many people are making the trip over to the U.S. Virgin Islands,” said Amy Land-de Wilde of Coldwell Banker Land-de Wilde.
As evidence of this activity, a 5-acre, 19th-century sugar mill recently sold for just more than $2 million. “It was a good deal and there is no way to replace it for what it sold for,” said Land-de Wilde. “It’s a piece of history, so it is a priceless edition.”
Land-de Wilde recommends buyers should invest now because values are terrific and a buyer can really pick a home they will grow into and enjoy. “It’s a real beauty pageant for buyers who want the lowest price and great value,” said Land-de Wilde. “Before buyers would sacrifice for things that they would fix up themselves, now they are looking for the property to be in the best condition.”
Like the Virgin Islands, St. Maarten, through its unique Caribbean charm, lack of capital gains or property taxes and easy travel to and fro, has created a steady home market.
According to Jonathan Schaede of Sunshine Properties, who is optimistic about the coming year, things have begun to pick up substantially. He says buyers should look for great value, like in the 5-bedroom villa with ocean views listed for $2.7 million.
Schaede and Arun Jagtiani of Island Real Estate advise now is the time to inquire because prices will only go up.
“We are very dependent on foreign markets,” said Jagtiani. “When those markets start to thrive we will start to see prices rise.”
Much like the Virgin Islands and St. Maarten, the Bahamas is also seeing an up-kick in sales with values remaining strong, according to John Christie of H.G. Christie Ltd.
Christie points to values such as a Paradise Island beachfront home offered for $2.95 million, which stands in contrast to the typical $5 million beachfront lot. He said that the home is expected to sell within the month. “I would tell buyers not to wait too long to buy,” said Christie. “The time for deals is running out because of the upswing.”
There is consensus among the region’s experts that now is the time to invest.
“With more homes on the market in every price category, sellers are more willing to negotiate,” adds Land-De Wilde. “There is an opportunity for buyers to be selective and that is really a motivating thing.”
[...] A Caribbean ‘Beauty Pageant’ Realtors in the U.S. Virgin Islands, St. Maarten and the Bahamas say this is an opportune moment for buyers. By Kimberly Turner [...]
[...] A Caribbean ‘Beauty Pageant’ Realtors in the U.S. Virgin Islands, St. Maarten and the Bahamas say this is an opportune moment for buyers. By Kimberly Turner [...]