Answers to your most asked island questions!
         "As printed in St. Croix Real Estate Magazine by Farchette & Hanley Real Estate"

Q What's it like to live in paradise?

St. Croix has a special flavor of its own with a slower paced life and a laid back style that has earned it the designation of the "quiet virgin".  It offers a combination of amenities to include shopping centers and businesses, industry and commerce along with sandy beaches and gorgeous mountain vistas.  From historic architecture to new construction you have the best of both worlds.

Q How do I purchase property in the US Virgin Islands?

First, call your favorite F&H Broker.  The Virgin Islands is a territory of the United States and as such you take and hold title with the same guarantees and Constitutional protections that you would anywhere within the United States.  The loan process will be the same, but in most cases stateside banks will not loan on properties located in the Virgin Islands, so you must use local banks or mortgage brokers to finance your purchase and the mortgage rates may be slightly higher.

Q What taxes are associated with real estate in the Virgin Islands?

Currently, property taxes are assessed at a rate equivalent to .0075% of the property value; however, a proposed change to the tax rate has been sumbitted to the Legislature.  If approved, that rate would be reduced depending on the type of property.  Ask your F&H Broker for the most current tax information.  When a property is sold, there is a transfer stamp tax levied and generally paid by the seller at closing.  The rate ranges from 2% to 3.5% depending on the sale price.

Q Is property insurance required?

Property insurance, including windstorm coverage, is required only if you have a mortgage on the property and normally costs about 2-3% of the replacement value of the property.

Q  What is the cost per square foot to build?

For quality construction from moderate to high end finishes, costs will range from $175 to $300+ per square foot.

Q What are the medical facilities like on the island?

The Governor Juan F. Luis Hospital & Medical Center is the main hospital on island with facilities such as emergency and medical/surgical units, hemodialysis, intensive care, obstetrics and gynecology, pediatric, cardiology, radiology, physical therapy and respiratory therapy services.  There is a staff of very qualified doctors in all specialties on call to serve.

Q  What schools are available?

There are public and private schools on island.  Private and religious school tuitions are comparable to those you will find on the mainland.  Government run schools are free.

Q How is the cost of living compared to stateside prices?

Due to the cost of importing goods, the cost of living in the Virgin Islands is higher than average costs in cities across the US mainland.  It's the islands, mon!