The Condominium Hot  Market

Condominium ownership is becoming quite popular throughout the United States, and even more so in vacation and second home markets like St. Croix.  Condominiums provide a very efficient and often luxurious way of enjoying a relaxing lifestyle.  Often, the rigors and responsibilities of home ownership are minimized in condominiums, as unit owners are responsible for and own the interior of the living spaces, often to the finished wall, while the association is responsible for the areas beyond the finished walls.  Other elements that are controlled by the association may include pathways, recreation facilities, tennis courts, and swimming pools.

The cost of maintenance of all of these common areas is prorated to each unit through a variety of different formulas.  As you will encounter through your condo search on the island, condo fees vary greatly from complex to complex, and inevitably every buyer asks, "Why are your condo fees so high?".  The short answer is that the cost of windstorm insurance in the Virgin Islands is often very expensive, and as such, significantly raises the total association fee amount.  However, if you track all the monthly and annual expenses associated with the maintenance of a house, including windstorm insurance, you may be surprised to find that you spend as much and sometimes more than on condo fees.

The bottom line is this:  Condos are an escalating hot market on St. Croix.  According to MLS data, the average days on market of a condominium is about one half that of residential houses for the same time period.  Get in before it's too late!!!