To search available condos on St. Thomas CLICK HERE

USVI Condo Market

Tuesday, October 10, 2006 The majority of condos on our islands were built in the  building boom of the mid 70's. As the demand for more upscale properties and more discerning  buyers looking for "second homes", older condo units were renovated. If you are in the market for condos and start evaluating prices you must consider whether the condo was rehabbed and the cost and difficulty of doing this on a small island. Home Depot has come to St. Thomas making building materials more readily available and less expensive than in years past but the pitfalls of "island time" still prevail. If you've found the condo of your dreams review our report: Before buying a condo -questions to ask

To search available condos on St. Thomas CLICK HERE

To search available condos on St. Croix CLICK HERE

Some things to consider when thinking about purchasing a condo:

Condo Fees: While our monthly condo fees may seem high, consider the fact that a large portion of this fee is for Hurrican Insurance. Although we have been spared from a major hurricane for almost 10 years now, our small island is still affected by the actuarial tables that have risen lately with the larger storms hitting stateside.

Self Insurance for Windstorm: Because of the higher fees some condo associations are choosing to self insure. Financially this may be a good thing for the condo complex as a whole, but as an individual if you are thinking of financing you will be faced with a hefty "Forced Place" monthly fee (currently 2.78%) based on your prinicipal.

You may also want to review our report on Making an Offer on a condo