ST. CROIX REALTY Real Estate reviewscoldwellbankervi.com/images/pdf/latestnewsletter.pdf · Denmark...
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ST. CROIX REALTY Message from Amy… Dear friends, O ur Coldwell Banker St. Croix Realty team wishes you all a Happy Easter and a joyous Passover holiday. May you enjoy festivities with family and close friends! St. Croix locals camp out on the beaches. They cook feasts, swim and play music for the long weekend. It’s an endearing tradition among old Crucian families. Our famous Taste of St. Croix (now in its 17th year!) kicked off its fabulous culinary festival on April 3rd, and the St. Croix Food and Wine Experience starts its own lineup of events on the 7th. Proceeds from both festivities benefit the community. Taste celebrates our cultural heritage and brings together local chefs, farmers, and fishermen. The Food and Wine Experience features celebrity chefs alongside Crucian ones. Both host an event with kid chefs or culinary students, and both provide an array of delicious dining opportunities. We will report back! They called St. Croix “Irieland.” On March 18th, the 48th annual Celtic Crucian St. Patrick’s Day Parade transformed Christiansted streets into a “Sea of Green.” Legend has it, as does the St. Patrick’s Day Parade website, that after a few drinks at Harry’s Office Bar on Queen Cross St. in 1969, local businessmen loaded a piano on the back of a truck and paraded through Christiansted singing Irish ditties and Crucian songs. So it began. The parade has grown so that now it looks like a Carnival in green with twirlers, feathers and headdresses, bands, floats, moko jumbies and a donkey. One oversized leprechaun handed out jello shots and accepted donations for Paws from Paradise, a St. Croix nonprofit. He collected $872, enough to send eight stray dogs or cats to loving no-kill shelters in the States. Cheers, Greg Worrell! Once again, Happy Holidays to all! Amy Amy Land-de Wilde, Broker/Owner This newsletter written by Anne Salafia annesalafi[email protected] CLICK HERE CLICK HERE l coldwellbankervi.com l [email protected] l stcroixforrent.com l Gallows Bay Marketplace 340.778.7000 l Frederiksted 340.642.3333 Amy Land-de Wilde O ne hundred years ago, on March 31st at 4pm, Denmark ceded St. Croix, St. Thomas and St. John to the United States for 25 million dollars in gold. Simultaneous celebrations on the islands honored the transfer with bands, marches, and elaborate gun salutes. As the Danes played the Danish Royal Anthem, Denmark lowered its flag. The American band struck up our National Anthem, and the U.S. raised Old Glory. The USVI has commemorated the occasion ever since and has made Transfer Day an official holiday. Denmark joins us in celebration and in recognition of the cultural influences and history we share. But the Transfer Day Centennial called for a full year of tribute—lectures, discussions, art shows, parades, concerts, and Government House receptions. We invited Danish Prime Minister Lars Løkke Rasmussen and US Secretary of the Interior Ryan Zinke. On March 30th, The Copenhagen Brass Ensemble took to the stage at Island Center with local musicians, dancers and moko jumbies. On the 31st, nine Danish and local marching bands paraded with the US Navy and Marine Band. Color guards and Marines lowered the Danish flag and raised the American flag at Fort Christiansvaern. Festivities continued all afternoon followed by Jazz in the Park and fireworks. The Danish training ship, Danmark, sailed into Frederiksted on April 2nd, and the Royal Copenhagen Chapel Choir will salute the Centennial with concerts in May. St.Croix Real Estate reviews St.Croix Real Estate reviews Featuring Real Estate Market Updates and Local News of St. Croix, USVI APRIL 2017 A Year of Transfer Day Centennial Celebrations! Photo by Greg Worrell
Transcript of ST. CROIX REALTY Real Estate reviewscoldwellbankervi.com/images/pdf/latestnewsletter.pdf · Denmark...
S T. C RO I X R E A LT Y
MessagefromAmy… Dear friends,
Our ColdwellBanker St. CroixRealty team
wishes you all a HappyEaster and a joyousPassover holiday. Mayyou enjoy festivities with family and closefriends! St. Croix locals camp out on the beaches.They cook feasts, swim and play music for thelong weekend. It’s an endearing tradition amongold Crucian families.Our famous Taste of St. Croix (now in its 17th
year!) kicked off its fabulous culinary festival onApril 3rd, and the St. Croix Food and WineExperience starts its own lineup of events on the7th. Proceeds from both festivities benefit thecommunity. Taste celebrates our culturalheritage and brings together local chefs, farmers,and fishermen. The Food and Wine Experiencefeatures celebrity chefs alongside Crucian ones.Both host an event with kid chefs or culinarystudents, and both provide an array of deliciousdining opportunities. We will report back!They called St. Croix “Irieland.” On March
18th, the 48th annual Celtic Crucian St. Patrick’sDay Parade transformed Christiansted streetsinto a “Sea of Green.” Legend has it, as does theSt. Patrick’s Day Parade website, that after a fewdrinks at Harry’s Office Bar on Queen Cross St. in1969, local businessmen loaded a piano on theback of a truck and paraded throughChristiansted singing Irish ditties and Cruciansongs. So it began. The parade has grown so thatnow it looks like a Carnival in green with twirlers,feathers and headdresses, bands, floats, mokojumbies and a donkey. One oversized leprechaunhanded out jello shots and accepted donationsfor Paws from Paradise, a St. Croix nonprofit. Hecollected $872, enough to send eight stray dogsor cats to loving no-kill shelters in the States.Cheers, Greg Worrell! Once again, Happy Holidays to all!
AmyAmy Land-de Wilde, Broker/Owner
This newsletter written by Anne Salafia [email protected]
CLICKHERECLICKHERE
l coldwellbankervi.com
l stcroixforrent.com
l Gallows Bay Marketplace 340.778.7000
l Frederiksted 340.642.3333
Amy Land-de Wilde
One hundred years ago, on March 31st at 4pm,Denmark ceded St. Croix, St. Thomas and St. Johnto the United States for 25 million dollars in gold.
Simultaneous celebrations on the islands honored thetransfer with bands, marches, and elaborate gun salutes.As the Danes played the Danish Royal Anthem, Denmarklowered its flag. The American band struck up our NationalAnthem, and the U.S. raised Old Glory.
The USVI has commemorated the occasion ever sinceand has made Transfer Day an official holiday. Denmarkjoins us in celebration and in recognition of the culturalinfluences and history we share. But the Transfer DayCentennial called for a full year of tribute—lectures,discussions, art shows, parades, concerts, and GovernmentHouse receptions. We invited Danish Prime Minister LarsLøkke Rasmussen and US Secretary of the Interior RyanZinke. On March 30th, The Copenhagen Brass Ensemble took
to the stage at Island Center with local musicians, dancersand moko jumbies. On the 31st, nine Danish and localmarching bands paraded with the US Navy and MarineBand. Color guards and Marines lowered the Danish flagand raised the American flag at Fort Christiansvaern.Festivities continued all afternoon followed by Jazz in thePark and fireworks. The Danish training ship, Danmark, sailed into
Frederiksted on April 2nd, and the Royal CopenhagenChapel Choir will salute the Centennial with concertsin May.
St.Croix Real Estatereviews
St.Croix Real EstatereviewsFeaturing Real Estate Market Updates
and Local News of St. Croix, USVI
APRIL 2017
A Year of Transfer DayCentennial Celebrations!
Photo by Greg Worrell
St. Croix Real Estate Reviews, page 2
New Resortwith an
old time GuesthouseAppeal
Christopher Swanson (call himTopher) and Jeff Printz arechanging the face of
Frederiksted. They’re creating TheFred, a 23-room boutique resorton the waterfront with arestaurant, pool, bar,entertainment and dancing,speedy wifi, and “Kimpton-esque”vibes. Look for a littleflamboyance. The Fred Spa hasalready opened(www.relaxwithfred.com), andSwanson and Printz are takingroom reservations for December.(www.sleepwithfred.com) Having begun restoration of the
property’s four historic buildingsin 2015, they broke ground onnew construction this past March9th.“We want to maintain the spirit
of an old guesthouse,” saidSwanson who will featureCaribbean musicians and jazzartists. He and Printz arepreserving the character of theold Danish buildings. “The newbuildings will look as if they werebuilt at the same time,” Swansonsaid.The Totten House—named for
civil rights worker and formerbuilding owner Ashley Totten(1884-1963)—will reign asGrande Dame. Swanson andPrintz call the small dwelling bythe sea The Love Shack, and theyterm a third historic building TheDouglas House for previous ownerMurray Douglas of Brunschwigand Fils fabrics. New buildingswill include the Observation Deckand the Printz Swanson House.Swanson and Printz come to
Frederiksted with 20 years inproperty management anddevelopment on Capitol Hill. Butthey sought island life. Theyvisited 14 islands in search of anew home and landed on St.Croix. It’s American, people speakEnglish and are protected as US
citizensunderFederal law.“And there’sso muchopportunityhere!” saidSwanson. Named forKingFrederik V ofDenmark,The Fred willhold its“coronation”in early2018.
Chris Swanson, e Fred co-owner.
It’s tax time. If you talk toreal estate investors, manyare doing 1031 Exchanges.
A tax-deferment strategy, a1031 Exchange allows sellersto postpone recognition ofcapital gains if they purchasea like-kind property (orproperties—and “like-kind”doesn’t mean land for land ora condo for a condo. As long asit’s an investment property, itcan work.) with profits fromtheir sale. Rules apply, andsometimes the rules change.In his Real Wealth Network
article “How To Do a 1031Exchange: Important Rulesand Definitions to Know for2017,” Ben Erik Smith explainsthe procedure. He also advisesuse of a 1031 Exchangefacilitator. You may speak toone of our excellent St. Croixattorneys about this becausemany have been involved inthese transactions.
Takeaways:• A 1031 Exchange pertainsto investment or businessproperties only.
• “Like-Kind” means youswap a property for anotherinvestment or businessproperty. You may exchange arental house for a commercialspace.• The purchase price and theloan amount on the newproperty must equal orsurpass that of the replacedproperty.• You must identify a like-kind property or propertieswithin 45 days of your originalclosing.• You must purchase the newproperty within 180 days ofyour closing.• The title holder must matchon both the old and newproperties.• The IRS permits partial1031 Exchanges when thenew property is of lesser value;you pay capital gains taxes onthe difference.
Note: 1031 Exchanges are notlimited to real estatetransactions.
1031 Exchange Tax Strategy
Let the New FerryService Begin!
Long and lean, fuel efficient and comfy, the QE IV has passed its final sea trial, man overboard. TheCoast Guard has given the green light and daily ferry service between Gallows Bay, St. Croix andCharlotte Amalie on St. Thomas started on Tuesday, April 4. All aboard!
St. Croix businessman Warren Mosler designed and funded the construction of the vessel and Gold CoastYachts in Salt River built her. At 103 feet long, the QE IV seats 56 passengers. A tandem catamaran withfour hulls, it promises a smooth ride.
The 40-mile passage takes about two hours and costs $50 one way. Scheduled service is as follows:
STX-STT departs 7am, arrives 9am. departs 1pm, arrives 3pm.
STT-STX departs 9:30am, arrives 11:30am.departs 3:30pm, arrives 5:30pm.
Mosler has also designed a second, super fuel efficient ferry with a wider cabin that will accommodate 96passengers.
St. Croix Real Estate Reviews, page 3
ST. CROIX REAL ESTATE MARKET WATCH249
2015-2016 AVERAGE DAYS MEDIAN 2016-2017 AVERAGE DAYS MEDIANSOLD ON MARKET SOLD PRICE SOLD ON MARKET SOLD PRICE
Home Sales 143 293 $260,000 180 295 $263,500 Condo Sales 105 260 $150,000 136 270 $162,500 Land under $39,999 27 400 $27,000 35 404 $25,000Land over $40,000 37 431 $77,000 52 419 $84,000Commercial 16 480 $335,000 11 347 $250,000
Information from the St. Croix Multiple Listing Service * The average sales price and the average days on marketcould be skewed greatly by only one sale or because of thesmall number of annual sales.
CLOSED SALES COMPARISON :3/31/15-3/31/16 VERSUS 3/31/16-3/31/17
e Good News…
The SellingPrice of
CONDOS was
UP 8% during March thisyear, compared toMarch of last year.
Stunning & Modern76 Anna’s Hope
Feature Property of the Month
5D TEAGUES BAY“Thrill on the Hill” is a charmingvilla set on a hilltop with show-stopping South Shore views. Theswimming pool sits center stage,flanked by the 2-BD, 2-BA mainhouse and detached guest suite,with ample deck space lookingout to the Caribbean Sea. Themain house has a generousgallery off of the great roomwith granite and travertinematerials throughout.
MLS #17-587 $889,000
Click onimagesfor more
informationabout theseamazingproperties!
NEW TO THE MARKET!ISLAND HOMESITES210 La Vallee Come live in solitude on theNorth Shore amid lush, ruralbeauty and far-reachingCaribbean Sea views. Near halfacre homesite located in thepopular Cane Harbor sub-division with a nice elevation forviews to the north and breezes
from the east. A short drive to Cane Baybeach, restaurants and golf.
MLS 13-1094 $49,999
101 Clairmont Terrific North Shore views spanning
from La Vallee to Salt River areenjoyed from this generous 3/4 acrelot at 800 feet in elevation. Large
scale architectural plans by MichaelHelm and topographic part of the
plans will convey with sale.
MLS 10-1108 $49,000
This sophisticated yet comfortable residence, designed by well-respected, local architect George Ashley, embodiesall that we love about Caribbean living. A gracious flow between indoor and outdoor living, seamlessly connectedby oversized doors, allows the soothing Caribbean Sea to envelope you at every turn. The generous multi-leveloutdoor space has a covered gallery with built-in barbeque, rooftop deck with some of the best views on the eastend and private bedroom verandas. The impressive swimming pool has an overhead waterfall effortlesslycontrolled by a touch screen. This cutting-edge smart home technology allows you to control the lighting,temperature and shades all from a smart device. Built with top-of-the-line materials and workmanship. There’seven an elevator! MLS 17-462 $2,850,000
