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Offering the finest St. Thomas Real Estate and St. Barts Real Estate from Virgin Islands Beachfront Properties on St. Thomas U.S. Virgin Islands. Virgin Islands Beachfront Properties is some of the most desirable in the world, and we are here to help you simplify the process of buying your next Caribbean property. We are experts in all aspects of Virgin Islands real estate – from St. Thomas real estate to St. Croix real estate, as well as Water Island, St. John real estate, Commercial properties. Complete dedication to our clients’ best interests allows us to find an ideal Virgin Islands home for every customer, regardless of criteria. So be sure to take advantage of the finest realtor for St. Thomas Real Estate and St. Barts Real Estate
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Pending Home Sales Recover in June, Grow 1.5 Percent
WASHINGTON (July 31, 2017) — After declining for three straight months, pending home sales reversed course in June as all major regions, except for the Midwest, saw an increase in contract activity, according to the National Association of Realtors®.
The Pending Home Sales Index*, www.nar.realtor/topics/pending-home-sales, a forward-looking indicator based on contract signings, climbed 1.5 percent to 110.2 in June from an upwardly revised 108.6 in May. At 0.5 percent, the index last month increased annually for the first time since March.
Lawrence Yun, NAR chief economist, says the bounce back in pending sales in most of the country in June is a welcoming sign. “The first half of 2017 ended with a nearly identical number of contract signings as one year ago, even as the economy added 2.2 million net new jobs,” he said. “Market conditions in many areas continue to be fast paced, with few properties to choose from, which is forcing buyers to act almost immediately on an available home that fits their criteria.”
Added Yun, “Low supply is an ongoing issue holding back activity. Housing inventory declined last month and is a staggering 7.1 percent lower than a year ago.”
Yun does note that there could potentially be a sliver of increased hope in the months ahead for prospective first-time buyers, who continue to struggle reaching the market1. Sales to investors last month were the lowest of the year (13 percent), which helped push all cash transactions to 18 percent – the smallest share since June 2009 (13 percent).
“It appears the ongoing run-up in price growth in many areas and less homes for sale at bargain prices are forcing some investors to step away from the market,” said Yun. “Fewer investors paying in cash is good news as it could mean a little less competition for the homes first-time buyers can afford. However, the home search will still likely be a strenuous undertaking in coming months because supply shortages in most areas are most severe at the lower end of the market.”
Heading into the second half of the year, Yun expects existing-home sales to finish around 5.56 million, which is an increase of 2.6 percent from 2016 (5.45 million). The national median existing-home price this year is expected to increase around 5 percent. In 2016, existing sales increased 3.8 percent and prices rose 5.1 percent.
The PHSI in the Northeast inched forward 0.7 percent to 98.0 in June, and is now 2.9 percent above a year ago. In the Midwest the index decreased 0.5 percent to 104.0 in June, and is now 3.4 percent lower than June 2016.
Pending home sales in the South rose 2.1 percent to an index of 126.0 in June and are now 2.6 percent above last June. The index in the West grew 2.9 percent in June to 101.5, but is still 1.1 percent below a year ago.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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1 According to NAR’s Realtors® Confidence Index , first-time buyers represented 33 percent of all buyers in the first half of the year.
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.
NOTE: NAR’s metropolitan area price report for the second quarter will be released August 16, Existing-Home Sales for July will be reported August 24, and the next Pending Home Sales Index will be August 31; all release times are 10:00 a.m. ET.
EDC Tax Incentives
The United States Virgin Islands (USVI) is more than just an ideal tourism destination in the Caribbean with its pristine beaches, wonderful sunshine, great duty-free shopping, and intriguing historic monuments. It is also the ideal location for doing business and maximizing your company’s profits.
The USVI offers a very unique tax incentives program for qualified businesses through the Economic Development Authority and its Economic Development Commission or EDC Program. We encourage global companies in the areas of manufacturing, service businesses, high-technology assembly plants and outsourcing companies such as call centers, as well as, other diverse businesses to qualify for the Economic Development Commission Program. Our goal is to provide the necessary incentives to make your business expansion or relocation a reality.
Our general mandate is:
- To promote the growth, development and diversification of the economy of the U.S. Virgin Islands.
- To benefit the people of the U.S. Virgin Islands by discovering and developing to the fullest possible extent the human and economic resources available.
- To establish capital and preserve job opportunities for residents of the U.S. Virgin Islands.
- To promote capital formation for economic development in the U.S. Virgin Islands.
It is also our mission to encourage and assist in the creation, development and expansion of business and industry. By locating your business or qualified portion thereof to the U.S. Virgin Islands, you may be eligible to receive the above-listed tax incentives for your business for a period ranging from 20 to 30 years.
Benefits and advantages for businesses in the EDC program can be up to:
- 90% reduction in corporate income tax
- 90% reduction in personal income tax
- 100% exemption on gross receipt tax
- 100% exemption on business property tax
- 100% exemption on excise tax payments
- Reduction in the customs duty from the standard 6% to 1%
- Tax reduction on royalty income from software developed in the USVI and sold to non-US customers
- Availability of rental space at below market rates in the St. Croix and St. Thomas Economic Development Parks
Investors in the U.S. Virgin Islands also enjoy:
- A business-friendly environment
- An educated labor force
- U.S. currency, courts and flag protection
- World-class telecommunications
- “Made in the USA” labeling
- Duty free, quota free exporting of USVI-made goods into the United States
- Shipping advantages
- Availability of prime rental space
- Easy air access to and from the United States, South America, Europe and other Caribbean Islands
Jones Act Exemption:
- The U.S. Virgin Islands is exempt from the Jones Act, a cabotage law, which requires freight moving between U.S. ports to be carried on U.S. flag vessels.
- Freight between U.S. ports (including Puerto Rico) and the U.S.V.I. may be carried on foreign flag vessels.
We encourage you to peruse this site for additional information on qualifying and applying for benefits under our program, and we look forward to serving you!
For more information call April at (340) 643-4347 or email at email@example.com