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Hello all.... My family has been vacationing in St Thomas for years and everytime we go, i feel more of a pull to the islands. Last year we started thinking about purchasing a condo there. We have dreams of someday wintering over there (maybe still 9 years away from that) and would really rather have our own place to come to. In the meantime, it seems the market is picking back up and we kind of feel like we should buy now-in 9-10 years we very well may not be able to afford it. Our kids are 9 and 11 and we plan on spending 1-2 weeks in the winters there with them when school is out.
We went around with a realtor last year and toured Sapphire, Mahogany Run and Point Pleasant. Sapphire felt too much like a hotel and not like it could ever be a home. We absolutely fell in love with Mahogany run. The views and privacy were to die for. But we were about $100,000 over budget there. I felt like MR would be the place I would want to be someday but wouldn't fit our family now. Point PLeasant seemed like it had a good mix -nice views and more for the kids to do right there. And we stayed at the location of the Future Margaritaville on our honeymoon so I have some fond memories of the area.
When I look on places like VRBO and HomeAway it seems like you can keep a condo fairly rented. I am not looking to necessarily make much money on a condo there-just pay for itself. Is this crazy to think I could do it? Also, I am leaning towards letting the resort manage it. I know they are going to take 40% but I am wondering if I can still break even here. I am just hoping I can find the right place soon so that in 10 years maybe i can trade up to Mahogany Run-I can't do this ever if I buy some place and start losing tons of $$.
Any advice is helpful or any other condo complexes we are overlooking-View for me is key. I need to see the ocean and lots of it! Thanks!
STT:
SapphireBeach08 specifically states: " It also allows us to see who is coming and going in our unit."
If this allows them to "SEE" "WHO" is coming and going that tells me it's a video camera.
Besides, even if it tells them when I enter/leave their condo, I'd feel a little paranoid about someone monitoring my life. I don't think it's anyone's business when I get in at night or leave in the morning. Besides, that tells someone that I'm not in the condo. So if there's a robbery in the condo where I'm staying, they are the first people I would go after.
F.I.
Future Islander wrote:
STT:SapphireBeach08 specifically states: " It also allows us to see who is coming and going in our unit."
If this allows them to "SEE" "WHO" is coming and going that tells me it's a video camera.
Besides, even if it tells them when I enter/leave their condo, I'd feel a little paranoid about someone monitoring my life. I don't think it's anyone's business when I get in at night or leave in the morning. Besides, that tells someone that I'm not in the condo. So if there's a robbery in the condo where I'm staying, they are the first people I would go after.
F.I.
And I believe you are wrong and that the interpretation of "see" is via electronic monitoring and not by camera. Do Google these systems, get a better understanding of how they work and I think your confusion and concerns will be dissipated ...
FI: I'm envisaging this sort of system:
http://www.brickhousesecurity.com/product/airbnb-home-security-system.do
That system looks like it can be mutually beneficial for renter and owner....
STT:
OK
I guess I'd be a little paranoid knowing someone is out there monitoring me.
F.I.
Future Islander wrote:
STT:OK
I guess I'd be a little paranoid knowing someone is out there monitoring me.
F.I.
On the contrary, I would be happy to know that the owners are on the ball where security is concerned. YOU are not being monitored. The property is being monitored. Hundreds of thousands of private homeowners have similar systems and I doubt you'd be leery or paranoid about spending a night in their home ...
I can "see" who is coming and going because each guest, meter reader, contractor etc. has their own code. I "see" the codes on my computer. No cameras involved. The same for the a/c. I have set a minimum temperature. However, one guest was extremely industrious and reprogrammed the thermostat so they could have the temp at 60, leave the doors open, and stay cool on the lanai. I don't have the money to cool the whole beach so now I get an alert and can undo the damage from my home computer or phone. Your system, FI, doesn't sound scary, but terribly inconvenient. I would hate having to get up in the middle of a hot night to adjust the temperature and I suspect my guests would not appreciate it either. Our next purchase will door sensors so if someone leaves the doors open for 5 minutes the a/c will shut off. There is nothing "scary". My guests appreciate the fact that I set their door code for a number they can easily remember, no complaints. I haven't had any complaints about the a/c either. I have many guests who return year after year so they must not be too frightened. I appreciate the lower electric bills more than I can express.
Oh, and as far as a possible break-in goes: Should that ever happen, I have a record of the last code used to open the door. Either the person assigned that code or someone they gave the code to is responsible. Combined with the resort on-site security, it's easy to "catch a thief".
I have just spent a while reading back some old threads and crime seemed to be a recurring topic on the relocation forum......For those of you familiar with Point Point PLeasant...do you find it safe? Sounds like from what i am reading St Croix is far more sketchy...
PP has guard at their entrance that checks whose coming and going as do some of the other condo associations.
Some have electronic gates with codes for homeowners.
There are some that don't such as Sapphire. I've not heard of any reports of break-ins at PP or other resort hotels/condos or Sapphire, for that matter.
Plus you have vacationers, full time residents, staff and security coming and going all the time.
That being said, crime can happen, anywhere but chances are slim at the majority of condo associations.
As to condos/townhouses, it is hard to make a case for them as pure investment - almost anywhere in U.S. etc. They can not get appreciation of house. And even the old idea of house appreciation has been sorely tested. However, the USVI is unique - property values have climbed even in rough times.
I suggest if one buys condos, think of it as a time share and do your best to get personal use from it with some cash from rentals. Over time, if you even break even, you've had reduced cash need for nice personal use. If you're lucky, you'll have some gain. But expenses will chew into that. As most timeshare people find out, the best they provide is knowledge of the place (no surprises) and possible access to others places worldwise- although the stories about restrictions make it seem a nightmare.
We have all of these things - house, rental, condo, timeshare. In truth, these days some/all can be good use of funds. But the investment angle is hard - unless you are into big ticket stuff which means putting a lot of capital/mortgage into a distant place - not my cup of tea.
Properties that "convert" to condos or start out as "hotels" and go condo can be a disaster. I would stay miles away. All through the Caribbean there are "dead" hotels who go the timeshare or condo route. There's a reason the hotels died - they are lousy properties or horrible management - or both. Forgot guarantees they will make - you have NO recourse and local courts don't give a damn.
St. Martin is good case - they have strong visitor interest from NY and east coast for years. Their hotels range from dog house to top class. But the locals and national chains are goosing visitors with "deals" for ownership and the blood is on the streets. I visited some for business study and the "deals" from lousy places were too good to be true.
Many people are finding that renting other people's houses is a damned good way to have a nice time. We do it now and to hell with all the clever ideas. If the toilet breaks, someone else has to worry. Find a plumber in St. John or St. Thomas? Sure, if you have a lot of time.
Good luck.
