As with most Caribbean destinations, St. Thomas has had to battle the economic doldrums for several years. But, one of the Caribbean’s most cosmopolitan islands is now surging forward with increased tourism and a greatly improved real estate sector. Real estate has typically been a relatively strong economic category in St. Thomas for the past 40 years. The island offers people protection under the American flag and has long been known for its infrastructure, airlift, business services, expansive cruise port, and some of the most gorgeous beaches and Caribbean views anywhere.
As contributed by Marsha Maynes, owner of Blue Water Realty and a long-established professional St. Thomas real estate broker – during the first two quarters of 2014, St. Thomas witnessed a healthy increase in the sales volume of homes, condominiums, and land over the same period in 2013. The island realized 124 sold properties in the first six months of 2014.
Residential sales reached an extraordinary 40% increase, a dramatic improvement from the past seven years. Total sales volume increased to $56,943,000 for the first two quarters or by a phenomenal 97% over 2013.
St. Thomas condominium sales volume increased from 39 units sold during the first two quarters of 2013 to 52 units during the first two quarters of 2014 – that’s a very impressive 51% increase.
Considering all of St. Thomas’ physical attributes, political stability, services, infrastructure, and full complement of categories of retirement and vacation home opportunities – it appears the island is rapidly headed back to prosperity.