Simplifying Life!

So you move to the islands to relax right?

Not the Wiseman's!

We have since purchased a new home in Mahogany Run that is bigger, larger yard for our now FIVE dogs and a large pool with deck!

That means our old house is for sale in Estate Tabor and Harmony for a cool $439,000, that is less than the $485,000 we paid in 2009 and after $50,000 in renovations! The downstairs apartment is now rented out for $750/mo. At this point we would like to sell that home so we can invest some of the money into our current home.

The Sapphire Village Condo is also for sale for $159,000. It is rented at $1350/mo at present. It is just steps to the beach! I have put in a new tile floor and all new shower and tile in the bathroom! I would like to sell as I am not the best landlord and just want to free of tenants and repairs, etc.

Wahoo Boat Charters is for sale, it may seem like fun being a boat captain, but going to the same mooring ball everyday, same questions from the tourists, same way people treat your boat poorly and the amount of work it takes physically to run a boat was just too much, and later to find out that you spend more time at the pool, it is time to sell the boat!

Point Pleasant Condo For Sale - Rare Penthouse Suite - $169,000

I have listed this for sale with my brokerage, America's Caribbean Realty. One bedroom, One Bathroom, approx. 650 sq ft!

Rare Penthouse Suite with the resort's best breathtaking down island views! This top floor suite comes with vaulted ceilings and new furniture. Large outdoor balcony with views of the BVI's, St. John and the sparkling Caribbean waters. Nice living area with an all glass window and slider. This unit has no stairs for access! Resort features 3 pools and two restaurants and easy access to STT beaches

Should You Buy a Vacation Home in the Virgin Islands?

My intention of this blog is not be advertising my real estate brokerage on here, but rather give readers what it is like to live here in St Thomas and the Virgin Islands. I though I would take a look at how owning a vacation home here may work for some!

Does it make sense to own a condo here in St Thomas?  Well, after doing some math, it may make sense!

I have a one bedroom, one bath, 780 Sq Ft condo for sale near Sapphire Beach. It is currently listed for $139,900.

Now let's say you purchase this condo for list price.

Now you rent this condo out on VRBO.com as a vacation rental for $125/per night and you only have it occupied 50% of the time. Of course you will want to spend some time using the condo and of course your friends and family will want to use it too?

Your annual income of $22,875 minus expenses of $11,539 (HOA dues, power, water, repairs, etc) would be 8.1% of your investment or $11,336.


Now let's look at a conservative appreciation over the course of ownership for 5 years at 3% appreciation a year, you would have an annualized rate of return of 11.1 %, not bad considering what are your other choices are for investing your money these days?  Not mention, living in paradise part of the year?  Oh and don't forget how much you can save too by having a kitchen and making some of your own meals?

Many people opt for a timeshare route, which after a purchase price of about $35,000 for a week, maintenance fees of $1500 a year and after five years, what would your timeshare be worth?

If you are interested in vacation real estate here in St Thomas, please contact me.  I can also send you the spreadsheet I have on condo investments here.

Sapphire Hill Village, Dominca 165
Listed by America's Caribbean Realty
*All investment scenarios are strictly hypothetical, contact a professional financial planner for any real estate investment.