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St.Croix Real Estatereviews

LAND-de WILDE REALTY

Siemens’ Study FindsVirgin Islands/PuertoRico Power Grid Viable

A study by Siemens AG, a Germanengineering conglomerate with prominentenergy and industrial divisions, has

determined that an electrical grid connecting St.Croix, St. Thomas and the British Virgin Islands toPuerto Rico via submarine cables is bothtechnically possible and economically feasible.Commissioned by WAPA, the Siemens’ studyfurther found that such a grid would lower costs,upgrade reliability and decrease pollution.

At WAPA’s request, Siemens considered avariety of ways to connect the USVI and the BVIto Puerto’s Rico’s grid and concluded that themost viable submarine power cableinterconnections would be: 1) Fajardo to St.Thomas, 2) St. Thomas to Tortola and 3) PuertoRico directly to St. Croix.

Although connecting St. Croix with St. Thomaswould have tied the territory onto a single grid,the deep waters between the two islands provesprohibitive. In keeping with the Siemens’ study,WAPA is now looking at a 100 megawatt DCcable, running through shallower waters betweenPuerto Rico’s Yabucoa substation andFrederiksted. WAPA Executive Hugo Hodge, Jr.,has surmised that with the entire grid in place,savings could be up to 15 or 20 percent.

The first step toward a Caribbean power gridappears to be a fait accompli.

Message fromLorine…Dear Friends,

Starting this month we have a newupdated format for our newsletter.I hope you continue to enjoy it

and find it informative and useful. Anycomments are always appreciated.

Home Depot OpensThe grand opening of Home Depot

got off as planned and advertised. Notonly did it open on time, but the officialopening with Governor John P deJongh and James Watson (a principalof the 43 acre Island Crossing Shopping Center) happened a day early,on September 14. The ribbon cutting was actually a “board” cutting.More than 100 employees of the new store autographed the boardand Governor deJongh, decked out in the bright orange Home Depotapron, cut the board with a saw. It was like an old-fashioned pep rallywith cheers, chants and lots of excitement. The store is like our littlelocal Disney Land: all colorful and tidy, friendly smiles all around, wellorganized, and full of treats! Rumor has is that developers are courtingthree other major new stores to St Croix to join the shopping centerafter the first of the year.

Barry University Offers PA Classes on IslandTwelve Barry University students are now studying to be Physicians

Assistants right here on St. Croix, based out of the new VI CardiacCenter. Their classes are conducted largely via teleconferencing witheither Miami Shores or St Petersburg. This graduate-level programheaded by Keith Moore, the PA Program Director, is in its firstsemester. Currently, one St. Croix student and one St. Thomas studentare in the classes, plus an additional 10 students from the big island.The program is currently accepting applications for the next semesteruntil December 1st. VI residents compete on the same level andstandards as other applicants, but two candidates are given preferenceif equally qualified. Barry University located in Miami Shores, Florida,is a small, private, Catholic institution offering undergraduate andgraduate courses since 1940.

Congratulations to Our DelegateThe US Virgin Islands Congressional Delegate Donna Christensen

was recognized by the Joint Center for Political and Economic Studieson September 7th for her many years of leadership in the Congressand her promotion of equality in health services for all Americans. Shewas awarded the “Arc of History” especially for her initiative “PlaceMatters.” “We have a lot to fight for if we want to remain in a posthealthcare reform era,” Christensen said. “If we don’t, no one will, andheath care in this country will go back to the way it used to be.”

Island Dairy to CloseThe sad news that Island Dairy will close after successfully running

dairies on both St. Thomas and St Croix for 52 years was met withmuch disappointment. Operations will cease as of the end of the year.Twenty five employees will be directly affected. David Schuster, ownerof Island Dairies indicated he wanted to give sufficient notice to hisloyal employees to ease the hardship and aid in their personalplanning. The cost of doing business, including the cost of the rawmaterials and energy just made the operation not financial feasible.

Warm regards, Lorine

Featuring Real Estate Market Updates andLocal News of St. Croix, USVI

SEPTEMBER 2011

Lorine Williams & daughter Erica.

� www.coldwellbankervi.com� www.buyintheusvi.com� Contact Lorine at

[email protected] 340-690-9628� Contact Yessenia at

[email protected] 340-226-1690

St.Croix Real Estatereviews

Home Loansand Rules of umb

When going for a loan, whether it’s for yourhome, a commercial property or a piece ofland, there are certain rules of thumb that

apply. As apparent as these rules may seem, theyshould not go without saying. Departures may wellwreak havoc with the process. Call them “Buying Tips,” ifyou will.

1Keep your job. Once you’ve applied for a loan,continue your current job until all is said and done and

you’ve closed on your property.

2Guard against using credit. You should neitherapply for a new credit card nor make any large

expenditures on your existing credit cards. Even afteryou’ve been approved for a loan, you should resistbuying (furniture, say) on credit. Again, wait until you’veclosed.

3Maintain your bank balance. In completing yourloan application, you’ve indicated a balance in your

savings and checking accounts that must remain stable.Loan officers have verified the amounts and your closingcosts and down payment must come from thesebalances. Should you bring a check from an undivulgedbank account to the closing, the whole process will bethwarted until the funds in this account can be verified.

4Leave a paper trail for large deposits.Make sureyou can provide a paper trail for any deposit over

$500; the source of the deposits must be substantiated.It’s fine for a relative or partner to bequeath you money,but you will need to fill out a proper form letter whichcan be obtained from your loan officer.

Being in the know is a good thing and can help facilitatethe process. Happy home shopping!

IN THEHall ofFameLast month Caribbean Travel and Life

heralded “The Caribbean’s All-Time Top10 Classic Resorts” and St. Croix’s

Buccaneer Hotel was front and center. Theonline magazine proudly presented it’s “Hall ofFame inductees--the island retreats that haveset the standard for hospitality excellence for ageneration.”

Of course, The Buccaneer has been aroundfor a lot longer than a generation. Built by theArmstrong family in 1947, the hotel is now runby the third generation of Armstrongs. But theestate itself is historic and dates back to theseventeenth century when Knight of Malta,Charles Martel, lived there. During the earlyDanish-colonial days, Governor von Prock built his home there, also constructing a sugar factory anderecting a sugar mill. Sugar reigned. In subsequent years, cotton was grown and cattle were raised. TheBuccaneer Hotel, in all its pink and white splendor, has now graced the estate for over 60 years.

Caribbean Travel and Life quoted Elizabeth Armstrong, one of the current generation, as saying, “Acornerstone of our success is our family’s absolute commitment.”

While the hotel appeals to families and offers summer vacation packages, it is also a favorite ofhoneymooners. Many couples marry right there at the old Danish sugar mill. Family and friends tend tolinger and enjoy a Crucian sojourn themselves.

Property TaxCollections BoostVI Revenue

W ith Virgin Islands property taxcollections having been stalled inlitigation for years, government

revenues have seen a dramatic decrease inthe recent past. Now that the legal issueshave been resolved and the governmenthas resumed property tax collection,revenues are on the upswing for fiscal year2011.

So far this year, the Tax Assessor’s Officehas issued the 2007 and 2008 propertytax bills and intends to distribute the 2009bills in January 2012. Assessments forthese three years have all been set at the1998 rate. But, according to RaymondWilliams, chief of staff to Lt. GovernorFrancis, the Office of the Tax Assessorplans to issue 2010 property tax bills at2010 market values and is seekingupdated property appraisals.

The Tax Assessor’s Office, which alsomaintains cadastral land maps, is overseenby the Office of the Lt. Governor. It is oneof five governmental divisions thatgenerates revenue for the government.While revenues have been on the declineacross most of these divisions, overallrevenue is expected to increase this yeardue to the resumption of property taxcollections. By mid July, the Tax Assessor’sOffice had already collected nearly 160percent more property tax revenues thanin all of 2010.

St. Croix Real Estate Reviews, page 2

ST. CROIX REAL ESTATE MARKET WATCH2009-2010 AVERAGE DAYS AVERAGE 2010-2011 AVERAGE DAYS AVERAGE

SOLD ON MARKET SOLD PRICE SOLD ON MARKET SOLD PRICE

Home Sales 130 291 $422,424 90 274 $505,629Condo Sales 48 296 $224,555 60 290 $193,170Land under $39,900 33 271 $30,491 31 278 $27,500Land over $40,000 65 277 $116,147 49 307 $84,667Commercial 10 384 $316,000 9 331 $576,000

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 : 8/31/09 – 8/31/10 VERSUS 8/31/10 – 8/31/11

St. Croix Real Estate Reviews, page 3

Sugar Beach110 Golden Rock CO 00820

Wiggle Your Toes in the Sand! Upscale SugarBeach Condo with resort amenities is the perfectvacation getaway! Direct beach access rightfrom the gallery means this condo is superconvenient for families with kids and seniors.Sold fully furnished andequipped, 1 bedroom pluspull-out sofa, freshly painted,full-sized kitchen. EasyChristiansted location, fabulouspool, lighted tennis courts.Call Lorine!MLS # 10-1369 $207,000

September’sDEAL OF THEMONTH

Bring All Offers! Very motivated sellerwill consider them all! East EndEstate Solitude home needs someTLC, but boasts tons of potential.1,000 square foot deck offers theperfect spot for al fresco dining andto take in the majestic Buck Islandviews. Open and airy 2 Bedroom / 2Bath home with walls of windows tolet in the light. Rent out thedownstairs, 1 Bed apt. with privatedrive to help pay the mortgage. CallLorine!MLS # 10-98 $333,000

ISLAND PROPERTIESBrand New

Home!9I Old Hospital CO 00820

2 Bed / 2 Bath + 1Bed Apt, Gourmet

Kitchen, PanoramicViews.

$399,900MLS # 11-1427

Rare OwnerFinancing!Affordable EastEnd Lots of allSizes, for allBudgets!$34.9K - $49.9K

DirectBeachfront

Views!303 D Golden Rock CO

00820

Excellent Condition 2Bed Colony Coveoverlooks Perfect

White Sandy Beach!$189,000

MLS 11-1010

Feature Property of the Month