Virgin Islands Real Estate Trends

Historically the Caribbean has been the target of "hurricane watch" that is until Katrina wreaked her havoc on the southern coast of America and devistated New Orleans.

While the storms of recent have changed the focus for many, those of us who live in the Caribbean still focus our thoughts on the predictions of the impending hurricane season.

As reported by the Virgin Islands Daily News:

Warming ocean temperatures in the Atlantic coupled with a diminished El Niño effect in the Pacific for the rest of 2007 led noted hurricane forecaster William Gray to increase the number and severity of hurricanes predicted to blow across the Atlantic Ocean in 2007 - and the likelihood that they will make landfall in the Caribbean.

Gray, forecaster Philip Klotzbach, and their forecasting team at the University of Colorado updated their extended-range forecast for the 2007 hurricane season on Tuesday, predicting 17 named storms. Nine of those are expected to become hurricanes, and five are predicted to be intense. There is a 74 percent chance that a major hurricane will make landfall along the mainland United States, and an above average chance for major hurricane landfall in the Caribbean, they said.

"We have increased our forecast ... largely due to the rapid dissipation of El Niño conditions," the report said. "We are now calling for a very active hurricane season."

The report does not speak specifically to the Caribbean or the Virgin Islands, but indicates a greater likelihood of storms coming through the islands.

Gray's initial forecast, released in December, called for above average tropical storm activity, with 14 named storms and seven hurricanes. Three of those were projected to become intense.

El Niño weather conditions, which cause abnormally warm ocean temperatures in the Pacific and wind shearing in the Atlantic, helped curb tropical hurricane activity in 2006. The forecast says that those conditions are likely to wane as hurricane season begins.

The end of El Niño conditions does not bode well for this hurricane season. Looking back to 1950, seven out of the eight hurricane seasons following El Niño were active, the report states. Many of those seasons displayed La Niño weather conditions - where ocean surface temperatures in the central and east-central equatorial Pacific become cooler than normal. A report released in February by the National Oceanic and Atmospheric Administration indicated a possible transition to La Niño weather conditions. NOAA indicated that La Niño conditions often lead to more active Atlantic hurricane seasons.

Although many of the most recent hurricane seasons have been on the active side, the report contends that global warming is not the most likely cause. The 2004 and 2005 hurricane seasons were very active but not above normal variations in hurricane activity. Those seasons were especially destructive because so many storms hit the U.S. mainland - a function of upper air currents steering them there.

The report states that the Atlantic is going through a cycle that has produced increased hurricane activity.

"This active cycle is expected to continue for another decade or two, at which time we should enter a quieter Atlantic major hurricane period like we experienced during the quarter century periods of 1970-1994 and 1901-1925," the report states.

Gray and Klotzbach will update their predictions again on May 31 - the day before the hurricane season officially begins.

As a long time island resident, I know that we have been very fortunate over the last ten years.  As June 1st approachs we will look for updates on the upcoming hurricane season.

Your personal thoughts and info are most welcome.

Local Virgin Islanders look forward to the 2007 Carnival - easily the largest party with ongoing activities - from choosing a queen and king, calypso contests, food fair, jouvert, and the ultimate parade - adults and children alike relish in these activities.

For those thinking of coming to our island during the culmination week of carnival: prepare for higher prices for hotels, lots of traffic, little or no parking, and lower any expectations of conducting business -particularly anything to do with property closings!

Imagine “The interior walls are neutral. The clutter is a distant memory. A shower door has been replaced. Bright tropical pillows adorn the couch. The kitchen and bathrooms sparkle.” You’re really ready for that open house. Our team at Sunhaven Realty can provide you with a professional and objective eye in order to get the most for your home. Besides a taditional market comparison we can develop a marketing plan tailored to your particular property and assist you in “staging your home” for a faster sale.

Unlike most other markets, we’re still in a strong sellers market here in the US Virgin Islands. But that doesn’t mean we’re on easy street. There’s still competition out there and everything must be considered to end up at the closing table.

Consider that our “days on market” are traditionally much longer than any stateside market, anything you do cosmetically to increase curb appeal is going to help not only the resale value but entice potential buyers inside.

Here's the bright spot: Some of the most effective improvements aren't very expensive. Giving rooms a fresh coat of paint, for example, quickly pays off.

If you're planning to add a "for sale" sign to the lawn this spring, consider these four areas while creating your to-do list.

1. First impressions count

You want to make a good impression from the moment potential buyers pull up to the house, experts say. First glimpses will include the home's exterior, the shrubbery, the gutters and the front door.

Peeling paint trim could be a kiss of death. An odd color could turn away potential buyers before they come inside. Clogged gutters or dead leaves littering sidewalks can give a bad first impression. Don't underestimate the importance of attractive and well-trimmed trees or bushes.

2. Neutralize and de-clutter  When it comes to preparing a home's interior, any real estate professional or stager worth a paycheck will advise a client to go with neutral colors. Neutral colors, including beige and ivory, have the added advantage of making a room appear larger.

Removing the home's clutter is also extremely important for helping potential buyers to imagine their family living in the home.

Do some spring-cleaning and don’t forget the “sniff” test – unusual odors or pet hairs and dander can be a real turn off.

No matter how hard it is to put away those baby pictures and mementos from vacations remember you’re selling your house and not you and your family mementos.

3. Consider replacement projects Sellers might consider getting a home inspection before listing their home as a way to detect any overdue replacement projects. The sellers can either fix any problems or give the buyers a discount to account for the repairs. We recommend making the necessary repairs before selling – it’s one less issue to deal with when an offer is made.

4. Kitchens and bathrooms rule It's no secret that buyers tend to be awed by updated kitchens and bathrooms.  A kitchen or bath remodel can enhance the value of your house and make it more appealing to prospective buyers unless you get a little too edgy with the design or the materials you use.

If kitchen cabinets are structurally fine but their exteriors are outdated, it might be worth it to reface them. If counters are old, replacing them may add new life to the room. In the bathroom, look into new lighting fixtures add some plants and always put out fresh linens in a sophisticated color to add some punch.

Create a binder with appliance information and display the age of the water heater and air conditioning units. If either one is on the older side, have it inspected for proof that it works correctly. Also include any documentation on replacement projects done recently. If any of the improvements cut energy costs, make that known, too. This will create a sense of pride in your home and will reflect positively with potential buyers.

Information has been modified and tailored to the US Virgin Island Real Estate Mrketplace SOURCE: MSN