I received the following question this morning:

"Hi, I am a broker in Indiana & recently visited St. Thomas for a few hours when our cruise ship stopped for a few hours. I was wondering if there are many bank owned / foreclosed homes or condos on St. Thomas? Can you search your mls system with those remarks in the disclosures? Just wondering if there are any bargains on the island? Thanks!"

I am sure there are others out there with the same question on their minds so I thought I should share my answer:

"good morning and thanks for your inquiry. hope you enjoyed your short visit to our island paradise.

we have not experienced any sub prime mortgage issues here. our banks have been very conservative and almost never wrote a mortgage without 20% down and a very thorough review of finances. that is not say that our island has not experienced the trickle down effect of the stateside economy. less money to travel equates to less tourist dollars flowing into our island.

net effect is a slow real estate market with prices stable or being reduced slightly.

i am happy to report that there are very rew foreclosures on our island - as a result i am sorry to say there are no "bargain basement opportunities" here.

having said that, our market remains a very good opportunity for those looking for a second/vacation home under the US flag."

So if there are those out there contemplating a vacation home purchase and are in a financial position to do so now may be a really good time to consider pursuing your dreams of paradise. While our prices remain stable I don't of anyone that has been immune to the economy and the wrath of the stock market so individual situations may exist where sellers may need to liquidate property here - so you may indeed a "treasure" at a good price.