2023 St. John Real Estate Wrap Up

As St. John celebrated Old Year’s Night as it is called here in the Virgin Islands, we took some time after the festivities to run the year-end numbers.  I always like to wait until the very end to make sure we capture any of the last-minute closings.  We have a house under contract scheduled to close tomorrow as we speak, but that data will have to wait until next year.  

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Sales remained strong overall in 2023 with almost $120 million in total volume market-wide on St. John!  The average home price bolstered a 13% jump from the previous year, and the marketplace of actively listed homes is following that trend.

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Land sales dipped, not only in total sales, but also in average price, which was down 19%. While the decline in land sales and uptick in home values are likely a reflection of the higher costs of construction, new home builds are very busy island-wide with some stunners expected to complete in 2024. 

Cliffhanger - 3 Bed 4 Bath - $1,699,000

Secret Seashell - 3 Bed 3.5 Bath - $2,100,000

As I processed all the numbers, the data point that seems most significant to discuss is the stability of the marketplace.  Looking back 21 years (the complete history of the digital MLS on island), we have certainly seen a few dips and climbs, but ultimately the market is dependably stable. When I look at median sales prices, rather than average, to get the truest feel of value trends, the median home price increased 58% over the last 21 years. An average 2.75% year over year.  What gives me confidence in the market is that this is not too high and not too low.  It slightly outpaces the national average of 2%.  I use this number to forecast appreciation and see what you could expect 10 or 20 years into the future. 

At 2.75% annual non-compounding growth, if you purchased the average-priced home on St John in 2023 for $1.7 million, you could reasonably expect it to be worth $2.17 million in 10 years. 

When I run that home through a proforma including conservative vacation rental income and all expenses of owning a home you are looking at a capital gain of $830,000 or a 62% return on your investment.  A 6.2% annual return on your cash is pretty hard to beat when you take into account that you would also be able to enjoy 8-10 weeks a year at your new Caribbean home. 

Want to talk about it deeper?  Give us a call at 340-626-8229 or schedule a virtual or in person showing of your favorite listings.

2022 Real Estate Year in Review

The market remains healthy after a busy year in 2022.

With 2021 flexing as the biggest year in real estate on St John, we wondered how 2022 might do.  Turns out, the market remains healthy and 2022 carried on the steady stable trend we have seen for decades on St John.   While 2021 was likely an anomaly year seeing 117 closings at a higher average price, 2022 turned out to be the 2nd highest on record.  Seventy-nine homes sold on St John in 2022 with an average price of $1.55 Million.  If any of you have had a chance to talk with me about the St John real estate market, one thing I have consistently advised on is that the factors here produce a dependably steady and stable market.  We are not subject to huge upswings or down turns like the volatility you see in many markets in the United States.  If you look at the trend curves they are nearly straight lines.

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This stability is due to, but not limited to, a couple of unique things on St. John:

1.     The Virgin Islands National Park being the biggest land holder and therefore protecting the natural beauty of the island from over development.

2.     The fact that our market is not under any pressure for people who HAVE to buy or HAVE to sell.

3.     The undeniably strong demand for travel to St John as one of the top tropical destinations in the world year after year.  We were surprised to find that 2022 was somehow able to beat out 2021 in short term rental income, but it did so handily with our owners enjoying the extra income while still coming to visit their lovely homes during prime weeks.

In investing, what you want is steady slow growth.  Of course, it’s lovely to hit the jackpot and cash in on quick gains, but long term is the best way to look at real estate investing and the long look on St John is predictably bright (and sunny).

We discussed homes above, but the land market did not care about 2021’s banner year and just went ahead and beat it.  I expect to see a lot of new gorgeous homes built in the next 24 months.  Check out this amazing lot we have listed with views over the dramatic Reef Bay Valley and to the North over Maho Bay!

We have a few select weeks left for winter and summer 2023 and next winter 2024 are filling up fast.

Check out our diverse inventory of stunning vacation rentals on St John and book your next stay with us easily online with just a few clicks.

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Have You Considered a Destination Micro-Wedding on St. John?

Villa Paraiso Azul in St. John

What Is A Destination Micro-Wedding

A destination micro-wedding in St. John, USVI is your essential wedding ceremony and/or celebration taking place at a special location or the villa itself you have rented, but on a much smaller scale then normally seen in your traditional wedding. Micro-weddings are made up of a small number of guests, so it’s less stressful to plan and provides you with a more controlled budget. A destination micro-wedding also provides the means to add even more personalization to your big day.

So, if you want a private St. John destination wedding but not all the hassle that can come a long with it, a micro-destination wedding is probably perfect for you. Many couples describe St. John as an intimate and romantic island and dream of exchanging their vows here. While some come to the adoring island to renew what they have already promised each other. A few of our villas can accompany up to 60 people, and others just allow you to enjoy the intimacy of exchanging vows in the presence of your closest family and friends with gorgeous backdrops and scenery for the most memorable moments.

What a Destination Micro-Wedding Looks Like

Our company, Unique Island Assets, manages 15+ villas located all over St. John. Feel free to reach out to us and let us assist you in planning your destination micro-wedding on our beautiful island. We insist on making it our job to help you execute a stress-free wedding day.

We recommend planning to arrive a couple days before your event so you can. spend a few days relaxing and having fun, but also have the opportunity to organize a pre-ceremony rehearsal dinner or get together with no rush.

On the day of the event, you should always plan to start early, because things almost never go minute for minute when you’re on “island time.” Starting somewhere around 9 a.m. with a planned brunch is the perfect way to begin your big day. We provide plenty of options for places to make reservations, private caterers and chefs, or provisioning services for a DIY approach.

We have multiple creative companies and designers that can create the most gorgeous brunch spread you’ve ever seen. Then all that’s left is you relaxing while the wedding spot for the ceremony, cocktail hour, and reception are all taken care of and set up. All a bride and bridal party need to worry about is getting ready and making incredible memories.

By 4:00 p.m., the wedding party should plan to be ready, and by 6 p.m. is when all your guests should plan to arrive. The magical moment everyone strives for is sunset, and as it can set quicker some days and weather can be unpredictable, a cocktail hour is suggested to help cushion your ever-changing timeline. This allows for extra time planned so that your guests can find your surely unfamiliar location and get settled in.

With the breathtaking Caribbean turquoise waters as a backdrop, cocktail hour is perfect for some daytime pictures before your ceremony as your friends and family are distracted with appetizers and drinks. Once ready the wedding party can move to location or into position at the villa for the ceremony.

After the newly Mr. and Mrs. say their “I do’s,” it’s time to celebrate at your reception!

Destination Micro Wedding Memories to be Made

Although micro destination weddings are small, there are so many opportunities to create unforgettable memories. What’s more, you would have these memorable moments with the most important people in your life.

Let Unique Island Assets plan your big day in the Virgin Islands. We will take the stress of preparation and organization off your hands and ensure that your wedding vision is made a reality.

We have multiple villas that are perfect for different ranges of guest. One of our most popular villas can accommodate up to 60 people, and it's just waiting for your event!

We specialize in managing perfect days, so we've got everything you need to book through our company and would love to go over what packages we offer during a free consultation with one of our Experience Designers. We have many recommendations for the best ways to make your micro-wedding even more special.

Additional tips:

-Make sure you're clear on what kind of event space you need before booking.

-Planning is key! Don't wait until the last minute to get started on decorations or picking out food and music—the more time you give yourself, the better everything will come together.

-Don't forget about the details! It's easy to get caught up in all the big picture stuff when planning an event like this (and there's so much!), but don't forget that smaller touches like table linens or flowers can make all the difference in making sure your guests feel welcome and comfortable on your special day.

As a Property Management Team, we work hands on with each and every one of our clients, checking in daily with any needs that may be had. If you’re looking for a Property Management Team or Villa Rental Company who are on call 24/7, with over 20 years of experience, extensive 5-star reviews, are a single source vendor for every one of your needs, that is also properly licensed – then CONTACT US and let’s talk about your goals.