Real Estate Slowdown Reaches The Virgin Islands
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St. John in the US Virgin Islands is experiencing a slowdown is home sales just as the northeast United States is. We sometimes forget that markets are all inter-related. When housing prices peak in one part, the confidence to invest in a vacation home is also tempered.
This may be a leading indicator for other 2nd home destinations that some severe belt tightening may take place.
The skyrocketing real estate prices that St. John has experienced over the last several years seem to have finally leveled out thanks to an increase in inventory and a price correction, according to many island real estate agents.
Last year’s average sale price of homes, land and condos of $1,050,283 is down this year to $887,313, according to the St. John Multiple Listing Service. “We’ve had some price corrections,” said John McCann, owner/broker of John McCann and Associates. “What essentially happened is St. John had a very, very active market for a number of years with high rates of appreciation. This type of increase can’t continue on a permanent basis, because it prices people out of the market.”
The decrease in real estate sales is occurring stateside as well.
“I think that the slow down in the market is nationwide, not just here on St. John,” said Gretchen Labrenz of Cruz Bay Realty. “We have a different market, because it’s a second home market — people aren’t relocating here. We are going through an adjustment in the market, and I think we started to see a slow down in early 2006.” “The prices inflated too quickly for the market, so we’re just going through an adjustment right now — a correction in the market,” Labrenz added. via St. John Tradewinds
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