St. Thomas Real Estate

Over the course of several decades, many people have chosen St. Thomas in the U.S. Virgin Islands as a place for a permanent residence or a second home. They have found this Caribbean paradise to be just right for both the amenities of “civilization” and the relaxed atmosphere of beaches and tropical forests.

Interest from tourists keeps the economy humming. Many new homes, villas and condominiums have been constructed and sold in recent years. But if you want to live where you play, an investment in St. Thomas real estate might still be the right decision. Should you need to visit the island first, you can fly in to, stay in a fine hotel or resort and visit with knowledge real estate professionals. They may show you homes, apartments and condos in several different settings, including the capital city of Charlotte Amalie, where about half of the island’s 50,000 people live. Other excellent options are available in mountain-side and forest settings.

Smaller single-family homes start at about $150,000. Larger homes and those in exclusive settings may range from $2 million to $6 million. Prices on apartments and smaller units vary widely. It’s wise to work with a local real estate representative to make sure you are getting what you pay for. Many of the condominiums available are beach properties. Prices begin at about $100,000 for the smallest designs and prices range up to $700,000 for multiple bedroom condos.

Legal guidelines and ownership documents are much the same as in the United States, since this is a U.S. territory. Several well-known, established financial institutions have offices on St. Thomas should you decide to finance with a local business. Most information on real estate in the U.S. Virgin Islands indicates that property-tax rates are reasonable when compared to U.S. rates. Property owners should plan for hazard insurance (wind, earthquake etc.) Estimates for new construction show costs to be $300+ per square foot.

One of the most important steps to take when considering St. Thomas real estate – getting your hands on a relocation guide that provides details on purchasing a home, taxes, employment opportunities, schools, medical services and much more. This will be essential information whether you are considering commercial property, a condominium, land for building a new home or a holiday/vacation home. If you need to meet with potential employers, most real estate professionals can send you in the right direction.

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