After a turbulent year of recovery from Hurricane Urma, the real estate market in St John is recovering and showing signs of life again in 2019. St John President of Realtors and owner of Unique Island Assets, Jared Warren, recently released his annual report and in-depth review of the real estate market in 2018 and contains insightful market forecasts for 2019 for St John and the surrounding islands in the Virgin Islands. —
“The Virgin Islands and St John recovered itself with electricity being restored in the area during early 2018. Unique Island Assets being a small company itself, we managed to rebuild and recover over 16 properties in the existing real estate market of the region. All the properties that we have rebuilt and recovered in the St John area currently have a combined value of over $30 Million. With the dedicated efforts of our professional real estate team, we have managed to recover the homes and real estate properties with ultimate value.” said, Jared Warren.
Despite the hurricane, there were 60 home sales on St John in 2018. Only two short of the most annual sales on record which was in 2002 with 62. This is a huge jump from 2017 when there were 38 total sales and the total volume of residential sales increased by a whopping 86% from $33.9M to $62.9M!
In case you're wondering, the report revealed the average home on St John sold for $1.049M in 2018.
“While we saw a lot of sales on properties that were sold as damaged, what we also saw was a large number of transactions on properties that were previously a bit dated and got a facelift after the storm, making them more attractive to the hungry buyers that circulated during the tail end of 2018.” said Warren.
With the island's biggest resort The Westin having recently reopened, tourism is also returning to the island, which should mean good news for the local economy and the real estate market.
Jared Warren – Owner, Unique Island Assets and President St John Board of Realtors
For more information visit: http://www.stjohnhomesandvillas.com -Email -firstname.lastname@example.org Phone No -1(800)965-1650, (340)626-8229
Release ID: 481916