ST CROIX — With St. Croix on the rise as the hottest new destination to travel to in the Caribbean, we have seen a lot of new investors, both large and small, setting their sights here and putting their dollars into our economy. From major boutique hotel renovations like the King Christian Hotel on the boardwalk to vacation homes and condos.
When it comes to a Caribbean destination, the most important step, and the first thing you should do, is to research real estate agents and determine which one is the best fit for you and your real estate goals. We often see a lot of advice to first research the area by looking at the real estate market, tourism, and microeconomics. However, your real estate partner should know all of this information and take the time to educate you. And that is what we are here to do! It is never too early to call us to discuss the market.
Once you have an understanding of the real estate and tourism market, along with the microeconomics and growth opportunities, then you’ll want to start narrowing in on properties. Make sure you share your investment goals along with your budget and the criteria with us. Getting clear on your finances and how you plan on funding your purchase will be a very important aspect of your property search and purchase. When investing in St. Croix, if you are considering traditional financing for a secondary home loan, you will need to work with a local lender. We also advise our clients to consider some creative financing options such as utilizing 1031 exchanges, doing a home equity line of credit, owner financing, or private funding and financing. If it is a larger investment and you need to raise capital, we will help you put together a compelling brochure that will cover everything from the local economy, tourism statistics and pertinent tourism information, comparable rental properties/hotels in the area, a CMA for the specific property you are interested in raising capital for and the potential to add value for the property.
And of course, while we are here and hopefully grabbed your attention, we would love to be part of your first step if you are considering investing in the US Virgin Islands. We have so many investment opportunities from low-maintenance condos or beachfront villas that would make great vacation rentals to historic boutique hotels like this newly listed waterfront hotel (view listing here).
To learn more about Team Land-de Wilde’s listings: