December 2011

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LAND-de WILDE REALTY
St.Croix
coldwellbankervi.com
info@coldwellbankervi.com
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Buccaneer Hotel 340.718.7000
Gallows Bay Marketplace 340.778.7000
Gentle Winds Condominiums 340.719.2002
Real Estate
Featuring Real Estate Market Updates and
Local News of St. Croix, USVI
DECEMBER 2011
reviews
Casino Could Become a
Gateway to Christiansted
Message from
Lorine…
T
Dear Friends,
December brings for all of
us on St. Croix, the fun of
the Crucian Christmas
Festival and the parades, warm
breezy evenings celebrating the
return of friends and family, and
of course, presents!
here’s a new group afoot in
Christiansted. It’s the Christiansted
Renewal Group and it has some big
ideas, namely a waterfront casino, a
cultural/multi-use center and a 3-story
parking garage. Actually, the major players
are long-time St. Croix residents with a deep
love of the island and a plan to help it
prosper: Christiansted 2015.
Principals Duane Bobeck and Attorney
Donovan Hamm have studied the
revitalization of inner cities in Charleston,
Charlotte, and Memphis and of the Old San
Juan area of Puerto Rico. As was the case in
these places, Christiansted 2015 proposes a
partnership between the private sector and
local government whose collective efforts
would engender Christiansted “a vibrant retail
and entertainment center for the local
population and a world renowned attraction
for tourists.”
To that end, the Christiansted Renewal
Group has devised a plan whereby it would
commit $20 million to construction of a
35,000 square-foot casino near the Seaborne
Airlines terminal and, utilizing TIF bonding,
would build the adjacent cultural center and
parking garage and increase downtown
lighting and security. TIF (Tax Increment
Financing) provides funding for improvements
that will theoretically increase property value
resulting in future tax gains. Additionally, a
percentage of the casino tax revenue would
fund low interest loans to hotels and
businesses to update their properties.
The Christiansted Renewal Group feels
strongly that this must be a joint
public/private venture and is actively seeking
vocal support. Former Lt. Governor Vargrave
Richards, Senator Ronald Russell, the
Chamber of Commerce and numerous
businesses have voiced unequivocal
enthusiasm for the plan, as yet in its infancy.
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Santa’s a Sailor, Too!
Grand kids Eleanor & Jonah at
anksgiving
Each holiday season, one of our
most popular and successful
December events is the St. Croix Christmas Boat Parade. This
year did not disappoint! On a balmy Saturday, December 10,
visitors and residents alike packed Christiansted harbor to view
the stunning parade of over 20 boats decked out in Christmas
lights and listen to the fun and festive Caribbean Christmas
music. The evening was topped off by an impressive fireworks
spectacular, plus the arrival (via motorboat, of course) of the man
of the month – Santa!
Virgin Islands Fiscal News
In an effort to avoid any layoff of government workers,
Governor John deJongh Jr. and the USVI Legislature approved an
8% salary reduction for all government employees making more
than $26,000 a year. Unions representing the VI Police, nurses,
and teachers among others have filed suit in US District Court to
stop the cost-cutting measure. Governor deJongh, Jr. has warned
that a reduction of vital services as well as immediate layoffs of
government workers will occur if the suit is successful. The VI
government has faced a sharp decline in tax revenue due to the
global recession and financial crisis of the past few years.
In other financial news, the VI Legislature passed a
government debt forgiveness package for both the St. Thomas
and St. Croix hospitals. With just one vote against, the legislature
overrode a veto by the Governor, and eliminated approximately
$80 million in hospital debt owed to the VI government.
Governor deJongh Jr. sharply criticized the action, claiming that
waiving the debt is irresponsible and simply shifts the burden to
VI taxpayers. Jeff Nelson, CEO of St. Croix’s Juan F. Luis Hospital,
says the action is an important first step in returning the hospital
to solvency.
December Wishes
With the holiday spirit in the air, I wish you all good health and
lots of family fun. May your days be filled with an abundance of
good cheer, peace and goodwill to all, and may the true spirit of
giving, love and kindness fill your heart.
Wishing you only the best this holiday season, and for a happy
and prosperous 2012!
All the best,
Lorine
Gold Coast Yachts Launches
102nd Vessel
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old Coast Yachts splashed its 102nd vessel in the waters
of Salt River on November 15th. Bound for Jamaica, the
65-foot catamaran, Sun Dreamer, will join a fleet of
other Gold Coast built boats at Dreamer Catamarans in
Montego Bay. Like the others, it will be used for day charter
service. “It’s an auxiliary sailboat, which means it has both sail
power and engine power,” says Rich Difede, co-owner of Gold
Coast. “It has a ninety passenger capacity and is set up with a
stairway to the
sea.”
Gold Coast
Yachts exemplifies
how the Crucian
culture cultivates
creativity and
industry on island.
Yachts designed
and built by Gold
Coast have found
homes throughout
the Caribbean, Mexico, Florida, Panama, Costa Rica, Cuba,
Honduras and on Martha’s Vineyard. Eleven have been built for
commercial owners in Hawaii. Eleven more have gone off to St.
Thomas and St. John. Around St. Croix, you’ll see Big Beard’s
Renegade and Adventure and Captain Heinz’s Teroro II, all
brimming with snorkelers headed for Buck Island.
Rich Difede and Roger Hatfield began back along by repairing
boats around the island. Then one day Heinz Punzenberger
approached them about designing and building a boat. “Kudos
to Captain Heinz,” says Difede. “He had the faith to come and
ask us to build a boat. His father-in-law looked at him like he
was crazy, but he said ‘These boys can do it.’ And you still see it
at Buck Island, Teroro II! It goes every day!”
Twenty-six years, 42 employees and more than 100 yachts
later, Greg Lee of Montego Bay will arrive on island and sail Sun
Dreamer to her new home port this month.
New “Visitability”
Law Offers Tax
Rewards
L
ast month Governor John
deJongh, Jr. ceremoniously signed
into law a “visitablity” bill that
had been on the drawing board for five
years. The new law will reward
homeowners with a 20 percent
property tax reduction for making their
homes accessible to people with
disabilities.
A crowd collected at Government
House on St. Croix to witness the
signing that would make history. The
bill was the first ever signed by the
governor on the big island and he did so
with great flourish, using a new pen for
each letter of his name.
“This is something I’ve been
extremely committed to ever since I
started to run for office,” said deJongh.
The Virgin Islands Visitable Housing
Design and Incentive Act establishes
“visitability” standards: a stair-less
entrance, a first-floor wheelchair
accessible bathroom, wide entrances
and doorways.
“By making adjustments to
doorways, pathways, interior passages,
bathrooms, floor space, curb ramps and
parking areas, homeowners can take
advantage of a 20 percent property tax
reduction,” said the governor,
encouraging property owners to build
or renovate with an eye toward
visitability.
Small Businesses Go For WISE Grants
W
ith a target year of 2025, Governor John deJongh Jr. aims to
reduce Virgin Islands’ reliance on fossil fuel by 60%. The new
USVI Wise program, short for Worthwhile Investments Save Energy,
marks a substantial step toward his goal.
The Virgin Islands Energy Office, Quality Electric Supply and
Atlanta based Southeast Energy Efficiency Alliance have partnered to
offer the WISE program, which extends grants for 40% of the cost of
energy efficient improvements made by qualifying small businesses
in the territory.
If a business averages 30,000 kWh or less per month and either
owns the commercial space or holds a long-term lease, it is eligible to
apply. “Most businesses on St. Croix and St. Thomas fit in that
category,” says Lindsay Houston, local Program Administrator for
USVI WISE. The program, which began last June, was a success from
the start. “We’ve already used up the first grant; we’re now in the
second phase,” says Houston. “St. Croix folks are really getting it!”
Quality Electric Supply scrutinizes a property for cost effective ways
to increase energy efficiency such as better appliances, updated
lighting, roof coatings, air curtains and window films. “We’ve got four
engineers and an architect working on the program,” Houston says.
After the team has made an assessment, it offers a menu of
recommendations with prices listed at 60% of the project cost.
Applicants, who must verify they can cover their portion, select their
preferences.
The Virgin Islands Energy Office retains final approval for the
assessment. For details contact: Miguel Quinones at 340-714-8436
or Lindsay Houston at 340-773-4630 x 322.
is Just in From SEA…
Paul Chakroff and Christine Spector
warm up their tie-dye and flower power
early for the St. Croix Environmental
Association’s annual bash on February
4th at the Ag Fair. This year the theme
is the 1960s, so break out your paisley
and beads, support Mother Earth and
boogie down with us for a great cause!
St. Croix Real Estate Reviews, page 2
Feature Property of the Month
Classic Caribbean Home!
Elegant & gracious luxury home on private
1.8 acre knoll-top in St. Croix’s most coveted
gated community. Fabulous entertaining
terrace with panoramic
vistas, Caribbean-style
Great Room, formal
dining room, impeccable
updated kitchen with
large island & all stainless
appliances, 3 bedrooms
suites each with own
deluxe bath. Lush tropical gardens with coral
walkways & stunning views from every angle.
Bonus income-producing detached guest
cottage with sparkling pool, 2 darling apartments, stunning Salt River sunsets & rare 2 car garage. See it all
at www.ClassicCaribbeanHome.com. 113 & 114 Judith’s Fancy. Call Lorine! MLS # 11-1806 $1,125,000
ISLAND PROPERTIES
Spacious
Family Home!
78 Tipperary. Well
Built, 4 Bed / 2
Bath home plus 3
Bed Apartment,
easy East End
family
neighborhood.
$475,000. MLS # 11-1873
Let’s Meet on
the Beach!
December’s
213 Sugar Beach. 1
Bed / 1 Bath
Waterfront condo,
central air. All the
best of the Caribbean
at your fingertips! $219,000. MLS # 11-2007
DEAL OF THE
MONTH
Picture Perfect!
Listen to the sounds of the surf from your
oceanfront wrap-around gallery from this
fabulous waterfront Pelican Cove 2 Bed /
2 Bath condo. Lovely views of the
Caribbean waters, unit in immaculate
condition, fun Caribbean décor, A/C,
breezy open floor plan, plus roomy
kitchen and spacious master suite. White
sand beach, shining pool, restaurant &
tennis all at your fingertips! Call Lorine! .
$229,000
MLS # 11-1885
2 for the
Price of 1!
193 Union & Mt. Wash.
1 acre gentle slope
homesite with easy
subdivide potential.
Corner location, lovely
views of Great Pond &
the South Shore.
$79,900. MLS 11-260.
ST. CROIX REAL ESTATE MARKET WATCH
CLOSED SALES COMPARISON : 11/30/09 9
– 11/30/10 VERSUS 11/30/10 – 11/30/11
Home Sales
Condo Sales
Land under $39,900
Land over $40,000
Commercial
2009-2010
SOLD
AVERAGE DAYS
ON MARKET
AVERAGE
SOLD PRICE
2010-2011
SOLD
AVERAGE DAYS
ON MARKET
AVERAGE
SOLD PRICE
115
49
26
61
8
301
286
266
280
217
$453,853
$203,267
$30,473
$109,722
$318,750
95
66
29
46
10
287
297
298
321
368
$443,035
$210,458
$27,700
$77,385
$800,028
Information from the St. Croix Multiple Listing Service
* The average sales price and the average days on market
could be skewed greatly by only one sale or because of the
small number of annual sales.
St. Croix Real Estate Reviews, page 3