The market for high end homes on St. John appears to be “stuck.” At the peak of the market in 2005 there were 5 sales of high end villas ranging in price from $3.6 to $8.75 million. Since 2010 the average number of homes per year selling for at least $3 million is two. In each of the last two years only one home has sold in that price range. There are currently 30 homes listed on the St. John MLS for $3 million or more. Supply is overwhelming demand.
One couple doesn’t want to wait for the market to become “unstuck” and has decided to take bold action in order to get their property sold this year. They own an oceanfront pool villa in upscale Estate Chocolate Hole that they have been operating as an extremely successful vacation rental but, due to family circumstances, are ready to move on. After much thought they have decided to get aggressive and have slashed their price from $3.9 million down to $2,830,000 – a reduction of over $1 MILLION!
The home is a lovely 4 bedroom retreat on a full acre with beach access for swimming, snorkeling, kayaking, etc. It also includes a honeymoon cottage in a private setting with its own spa and outdoor lounge. Live in it or live off it: as a family compound you have your own little resort; as a vacation rental the annual revenues approach $500,000!
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