Why You Should Care About Home Appraisals: Guide for Buyers and Sellers

Whether you’re looking to move to the area or simply want to purchase a vacation home in St. Thomas, the experts at Real Solutions Real Estate and Management Services are here to help. Offering outstanding service, and expertise throughout the region, we’ll make sure your real estate journey is a successful one.

Why You Should Care About Home Appraisals: Guide for Buyers and Sellers

Whether you’re buying, selling, or refinancing, expect a home appraisal as a part of the process. The results of the appraisal matter – they influence the final sale price of the property and can make or break the transaction. As such, for a fair and smooth deal, Real Solutions Real Estate and Management Services advises both buyers and sellers to inform themselves about the whole process.

What is a home appraisal?

A home appraisal determines the fair market value of a property. An unbiased professional, called an appraiser, makes the evaluation. Lenders use the appraisal to calculate the amount they’re willing to give buyers. Further, sellers and buyers both use the results to check if the property’s contract price is equitable.

How long does a home appraisal take?

As Orchard can attest, home appraisals can take 20 minutes to 3 hours. The appraiser will visit your house for a walkthrough. They will take photos and make measurements if appropriate, review comparable homes, and finally make a (usually 10-page) report. The entire process can take from 2 to 10 days. Sometimes it can take longer.

Can I trust a home appraisal?

The Appraisal Institute says home appraisers are required by federal law to be impartial. They must have no direct or indirect interest in the transaction. However, be aware that appraisers are often used to support an existing purchase price or loan amount. They won’t give you an independent estimate of a home’s value. Finally, appraisers are human, like all of us, and sometimes make mistakes.

Essentially, you can trust your appraiser to give an unbiased opinion but you should always do your own research and come up with an independent estimate of the property’s value. Here are some tips for both sellers and buyers on the appraisal process:

When you’re selling

  1. Research and compare property values

Take a look at the properties sold recently in your area. How much did they go for and what features did they have? Compare your home with them to figure out how much you can expect. At this stage, you should also brainstorm ideas to drive up your property’s valuation.

  1. Clean, declutter, repair, and improve

Homes are typically appraised in $500 increments. Simply cleaning, decluttering, and making repairs can significantly drive up the property’s value. Cosmetic and functional changes have significantly more impact. If you do make upgrades to your home, you should document them.

  1. Be involved with the appraisal

Be the tour guide when your appraiser comes calling. Walk them through the highlights of your property and point out any features that may be easy to overlook. Finally, talk to your appraiser about the highest offers you’ve received and present them a list if you can.

When you’re buying

  1. Know the market

Research the market and find a dedicated agent from Real Solutions Real Estate and Management Services who knows the area. Without adequate research, you may end up paying far more than what it’s worth. You will also need the data to determine whether the appraisal was spot on or not.

  1. Negotiate and renegotiate

If the appraisal is lower than the agreed-upon contract price, you should be able to renegotiate with the seller. Sometimes they won’t be amenable, especially if it’s a hot market. In these cases, the lender may ask you to make a bigger down payment to make up the difference. Be prepared.

  1. Appeal the appraisal

Not all appraisals are spot-on. If you spot errors in the appraisal – such as comparing properties being in a different neighborhood or incorrect measurements – note the inconsistencies down and get in touch with your lender. A second appraisal might be in order.

Conclusion

Appraisals are put in place to protect all the parties involved – buyers, sellers, and lenders alike. Don’t stress the results of the appraisal. Whatever the outcome, sellers can still negotiate a higher price and buyers a lower one. Finally, remember that you’re always free to walk away from the transaction at any time.

Image via Unsplash

This blog was written by Courtney Rosenfeld of Gig Spark.   We appreciate her contributions and hope to hear more from her.

 

11D-100A Mountain Top

 

Bryan May Declare Energy State of Emergency Tied to WAPA as Fuel Costs Increase; Other Price Mitigation Measures Being Taking; Battery Systems Under Consideration

The V.I. Water and Power Authority’s Richmond powerplant on St. Croix. By ERNICE GILBERT/ V.I. CONSORTIUM

Governor Albert Bryan may declare an energy state of emergency tied to the V.I. Water and Power Authority, an action the governor said is being weighed because of the unprecedented increase in the cost of fuel being driven by Russia’s invasion of Ukraine.

Speaking during an interview with the Consortium Sunday, Mr. Bryan said residents feeling pain at the pump would also see shocking increases in their electricity bills by way of the Levelized Energy Adjustment Clause, or LEAC, which is the cost of fuel to WAPA that is passed on to consumers.

Mr. Bryan described the increases in electricity bills as “imminent” and said his administration has been thinking of different ways to offset the cost. “We were set before to do it but this new development in Ukraine is a whole different ball game now. We were not expecting gas prices to increase by 30 to 40 percent,” he said.

The governor said while gas prices show the most immediate impact, other areas of the economy will be affected because of the importance of fuel in commerce. “We’re working on some plans now to determine what we’re going to do to respond on a whole, because it’s not only gas, it’s going to be reflected in food as well because transportation and energy cost more. So everything is going to increase as a result of this,” he said.

The governor said most of the plans to mitigate costs will focus on WAPA. “We cannot have the energy rate go to where it was before. And depending on what happens we might have to declare some kind of energy emergency,” the governor stated, though he had yet to decide what the declaration would entail.

The territory’s leader said he had given directives to WAPA leadership and the V.I. Energy Office asking for ideas on fuel cost mitigation, and said responses were due Monday. The governor referred to the fuel prices as “absolutely ridiculous.”

Currently, motorists on St. Croix are paying on average $4.50 for a gallon of unleaded regular gas; on St. Thomas some gas stations are selling a gallon of unleaded regular at $6, and St. John $5.

Other smaller actions currently being taken include the promotion of the use of electric vehicles. Mr. Bryan said he was “trying to get people off these gas guzzlers and get in line with what the president is doing, we’re doing the same thing.” He said he had a brief conversation with U.S. Energy Secretary Jennifer Granholm during a trip to Washington, where the two discussed the U.S. Virgin Islands being a great location for renewable energy demonstration projects. Mr. Bryan did acknowledge that such efforts were far off. “We need immediate assistance,” he said.

Additionally, the governor lamented spending the territory’s funds on stop-gap projects. “When I invest our money, I want to see projects that’s going to have long-lasting impacts. You know, I pay $20 million and then I don’t have nothing to show for it; all I did was buy fuel,” Mr. Bryan said, giving an example of what might happen if he were to simply subsidize the cost of fuel.

The cost of fuel, already up 45 percent for the year, continues to fluctuate based on developments in Ukraine. On Monday morning, the price of Brent Crude, which is the global benchmark, fell by $4 a barrel to $108.55 following news that Russia was willing to have substantive discussions about its war in Ukraine. If those talks fail and the situation on the ground escalates, the price of oil could surge further. If the talks go well, the price could tumble. Last week the price of oil closed above $130 a barrel.

The governor also pointed to solar energy plants powered by battery systems, the most popular being Tesla’s Power Electronics which has a high range of scalability. “The Powerpack system scales to the space, power and energy requirements of any site, from small commercial businesses to regional utilities. It can be configured in various arrangements, offering far more modularity than competing models,” reads a description of the system on Tesla’s website.

“If we could get the battery systems in that would help a lot,” Mr. Bryan said.

Delegate to Congress Stacey Plaskett in December 2019 called on Governor Bryan to declare WAPA a state of emergency, albeit regarding a different matter. At the time, the authority’s financial blunders had plunged the territory into a crisis situation, and Ms. Plaskett’s statement came one day after WAPA’s liquid propane supplier had suspended delivery of the crucial fuel source to the territory. At the time, Mr. Bryan agreed WAPA was in a crisis situation, but he was against the state of emergency declaration, stating that it would have “zero effect.”

On Sunday, Mr. Bryan — seeing firsthand the impact of the rising cost of fuel to consumers — kept the option open.

LOBSTERS

LOBSTERS

There are these funky alien looking creatures that live in the coral.  They are called LOBSTERS.  You know what I am talking about, that item on the menu that costs more than everything else.  Most of the time, they don’t even put the price on the menu.

Well, these things hang out on the bottom of the ocean, out of sight from the typical snorkeler, but often seen by scuba divers and the adventurous free diver.  They look different than the lobsters you see in the Northeast, as they don’t have claws.  The local lobsters are called Spiny Lobster, as they have spines on their back and face, making them difficult to handle.  But I am here to tell you that they taste great, in my opinion, better than elsewhere in the world.

So  I jump in my boat and head to various locations around St. Thomas and St. John.  Hop in the water with my snorkel gear, a pair of gloves, and a homemade snare.  Start snorkeling the reefs while diving below the surface and looking under rocks and coral.  When I am lucky, I see one of these “bugs” staring back at me, probably in awe of my strange looks.  Place the snare down its antennae, pull, and dinner is served.

As you can imagine, “lobstering” is my favorite pastime here in the VI.  Unfortunately, I don’t really find the time to catch these critters more than a few times per month.  Maybe if there was cheddar cheese or ice cream under there I would go more often?  I doubt it, but that would be pretty cool.

ProSolar Becomes First Local Company to Sign Marketing Deal With Basketball Star Aliyah Boston

ProSolar Becomes First Local Company to Sign Marketing Deal With Basketball Star Aliyah Boston

Business Published On March 07, 2022 05:07 PM
Staff Consortium | March 07, 2022 05:07:22 PM

    • 0

Aliyah Boston

ProSolar, which describes itself as the territory’s leading residential and commercial solar power provider, announced Monday an historic partnership with University of South Carolina basketball star Aliyah Boston, a native of St. Thomas.

This partnership serves to recognize the tremendous accomplishments of Boston as a player from the beautiful U.S. Virgin Islands and is the first local endorsement of Boston by any company in the territory, the company said.

“We recognize the history that Aliyah has been making and could not resist associating our company and our brand with her,” said ProSolar’s Sales & Marketing Director, Drew Alston. “The excellence that she has represented on and off the court is a shining example of what the Virgin Islands can produce, and we are happy to be the first local company to provide Aliyah with an endorsement.”

According to the release, ProSolar has filmed a commercial featuring Boston that will air locally, as well as content and on their social media platforms.

“ProSolar wanted to be the company to step up to the plate, and when we saw a social media post encouraging local businesses and the Government to get behind Aliyah, it was an easy decision for us since her parents have been customers of our’s since 2014,” Alston added. “It has been sheer joy watching Aliyah grow as a player and as a person, and following her athletic accomplishments.  Her representation of the Virgin Islands is right in line with the ProSolar brand and the kind of excellence and service that we provide.  Aliyah’s parents made the decision to go with the Pros and we are proud to have them as customers.”

In February Boston made history by becoming the only player in the Southeastern Conference Women’s Basketball Tournament to have 20 consecutive double-doubles. The South Carolina Gamecocks star broke the record during a game against Texas A&M where Boston scored 18 points and 10 rebounds.

The achievement means Boston has now surpassed prior record holder Sylvia Fowles, who had 19 straight double-doubles in the 2005-06 season for LSU.

Elsewhere, Boston will be joining Klutch Sports Group, the agency announced on Twitter Thursday afternoon.

She will be joining the sports agency in the launch of its women’s basketball division alongside professional players A’ja Wilson, Chelsea Gray, Allisha Gray and WNBA agent Jade-Li English, the tweet stated.

In a Sports Illustrated article that was released Thursday morning, Boston was heralded as the “Face of Women’s College Basketball” and a “double-double machine.”

The SI article states that Boston is a front-runner for the Naismith Player of the Year.

Boston has been an Associated Press All-American her first two seasons at South Carolina and a two-time Lisa Leslie Award winner.

South Carolina is the No.1 ranked team in the country and has a record of 26-1 this season. The Gamecocks have won all of their 10 games against AP Top 25 opponents this season including three victories against teams that are currently ranked in the Top 10.

In the SI article, Boston’s head coach at the University of South Carolina, Dawn Staley, said, “She’s going to be a WNBA star, an Olympian, go overseas, make a lot of money … the sky’s the limit.  She is going to create generational wealth for her and her family.”

Klutch Sports Group was founded by chief executive officer and basketball agent Rich Paul in 2012. The group was listed as the #13 sports agency by Forbes Magazine in 2020 and is part of the United Talent  Agency.

After founding Klutch Sports Group, Paul “forged a unique and personal approach to representing some of the top NBA talent – putting athletes first and empowering them to build careers and brands on and off the court,” according to the United Talent  Agency website.

The sports agency represents athletes in basketball and football including Lebron James, Anthony Davis, John Wall, Draymond Green and Lonzo Ball.

The announcement on Twitter noted that Boston’s addition to the agency was in regards to her name, image and likeness.

Opiate Settlement Sends Nearly $8 Million to USVI

Opiate Settlement Sends Nearly $8 Million to USVI

The $26 billion settlement with four major pharmaceutical opioid distributors will send close to $8 million to the U.S. Virgin Islands, officials announced Tuesday.

The USVI will see close to $8 million in DOJ settlement with opioid drugmakers. (Photo illustration by Mat Probasco)

The USVI’s portion of the settlement — $7,965,449.15 — is based on the territory’s population size and severity of the opioid crisis compared to the other states, counties, and territories, according to the Department of Justice.

The powerful painkillers account for relatively few addictions, and overdose cases in the territory, said drug treatment experts.

On the U.S. mainland, Dr. Beth Anne Joseph used the overdose-antidote Narcan almost daily, she said. Joseph, now an emergency room physician at Juan F. Luis Hospital in St. Croix, said she is only called to use it once every few months on island. “Fairly infrequent, thankfully,” Joseph said. “We see opiate overdoses much less than in the states.”

That doesn’t mean the drugs — which can cause severe drowsiness and euphoria leading to sedation and even death — aren’t dangerous, she warned. “Opiate abuse can often contribute to the accidents that we see.”

Opioids are especially dangerous when mixed with alcohol, medical experts warn.

The suit by 52 states and U.S. territories against Cardinal, McKesson, AmerisourceBergen, and Johnson & Johnson sought reparations for the ravages of pain medication addiction. The money is scheduled to be released April 2 and should begin reaching the territory soon after, said USVI Attorney General Denise N. George.

“Under the terms of the settlement agreement, eighty-five percent of these funds will go directly to support treatment, recovery, harm reduction, and other strategies to address opioid abuse and addiction,” George said in a written statement.

The settlement marks the end of three years of negotiations, with more than 4,000 claims of state and local governments across the United States, second only to the Tobacco Master Settlement Agreement, according to the Department of Justice.

There’s a non-monetary element to the settlement as well, where Cardinal, McKesson, AmerisourceBergen agree to share their data with regulators to head-off a future addiction crisis, amongst other restrictions. Johnson & Johnson has agreed to stop selling opioids altogether, as well as share its clinical data with Yale University.

Opiate Settlement Sends Nearly $8 Million to USVI | St. Thomas Source (stthomassource.com)

 

 

Why Live in the Virgin Islands?

I am often asked where I am from, and when I reply that I live in the VIRGIN ISLANDS, a common reply is WHY?  Well, this is a pretty easy question to answer.  And trust me, this blog is not even remotely a complete answer.  But I thought it may be helpful to give some common answers- especially beneficial to those considering a move, second home, or investment property in the territory.

First of all, the weather in the USVI is ideal.  Our low temperature for the year is usually in the upper 60s, while the high rarely goes above 95.  So even in the summer, we don’t get the extreme high temperatures that many other places see, and we often have a nice breeze that doesn’t make those temperatures seem as hot as they are.  For months on end, our low temperatures are about 70 with high temps around 85.  Seriously, it may be as ideal as anywhere in the World.

Yes, we do have hurricanes.  And when they hit, it can be a bad situation.  Living here since 1991, I have been thru many storms.  But over that time, there were really only three “really bad” storms:  1995 brought Hurricane Marilyn, and then 2017 brought back to back storms (ten days apart) with Irma and Maria.  So when you really think about it, the serious storm hits are far less frequent than most people would imagine.  And when you compare it to other weather phenomena from various parts of the World, you realize there is risk all over the place- fires in CA, tornados in the Midwest, snow storms in the East, and more.

What is there to do though?  Well, we have lots of activities in the Virgin Islands.  Let’s start with the water sports- sailing, snorkeling, fishing, powerboating, surfing, wakeboarding, stand up paddleboarding and kayaking, scuba diving, and more.  Add that with beach relaxation, and you have uncovered some great leisure day options.  Unfortunately St Thomas only had one golf course, and it has been closed since the hurricanes- and we are hoping a new buyer gets the golf course open again.  But St Croix still offers golfing, so the opportunity is still there.  Of course St Thomas is especially well known for its shopping- with super great deals on jewelry.  The island is littered with fabulous restaurants- from small local outdoor eateries to fancy beachfront culinary masterpieces.  And along with the many restaurants are bars.  I won’t try to hide the fact that liquor is inexpensive in the USVI (no import duties on liquor) and bar hopping is very popular.  Locals play all sorts of sports- whether baseball, soccer, swimming, sailing, basketball, volleyball, and more.  There are ample hiking trails- especially on St John which is 2/3 National Park.  Bird watching is very popular and we have a large variety of species.  There is a lot of history here on island too, so ample places to learn about these things as part of your shopping and bar hopping days.  But there is so much more than what is mentioned in this paragraph.

But let’s get to why people choose to live where they do.  Weather and activities are certainly factors, but what about scenery?  We live in one of the most beautiful places in the World.  There are incredible views from most everywhere.  I have taken people on Real Estate tours, and at the first place they see, I’ll hear “this is the nicest view I have ever seen.”  By the third place, I have heard it again: “this view is even nicer than the first one”.  It just never ends.

And don’t forget the people.  I LOVE the people in the Virgin Islands.  If I did not feel this way, I never could have lived here since 1991.  If you walk into an office, you are greeted with a “good morning” or “good day” almost every time.  Just passing people on the street creates similar exchanges.  When I spend time in the States, and say “good morning” as I walk by somebody on the street, I usually get a funny glance versus a kind response like I receive in the Islands.  But it is not just the greetings that make the Islands special- it is the caring.  The USVI is a relatively small place where people know each other.  And when something unfortunate happens to one of our own, the entire community tends to rally together to help.  It is the primary reason we recover so quickly after a bad storm.  Everyone comes together as one for the better of the community.

You like know they are called the US Virgin Islands for a reason.  We are a US territory.  So as a resident I have a regular cell phone with a US area code and it is not like being out of the country.  I get regular mail service.  And I file a 1040 just like a US citizen (though it is filed with the USVI Bureau of Internal Revenue, not the IRS).  We are not allowed to vote for President of the US since we are not a State, and that is disappointing, but for most other reasons we are very similar to the US.

One negative I often hear about the USVI is the cost.  Yes, it is expensive here compared to many other locations.  Housing and food being two costs that are quite high.  This is not surprising since everything must be shipped to the islands.  But these high costs are offset in other ways.  First, earnings tend to be higher than Stateside locations.  Property taxes are very reasonable.  As previously mentioned, liquor is cheap.  And our Real Estate market has been very strong for decades- it did not crash like many large city markets in years past.

We at Real Solutions hope you can visit and learn about the Island Life in person.  We have no doubt you will enjoy your time here, and at least think about making it a permanent place to live.

 

60 Lower Mahogany Run – 1/1 condominium

4-30-4 Hull Bay: Waterfront Tropaco Point Custom Home

4-30-4 Hull Bay: Tropaco Point Waterfront Home – YouTube

 

Eastwind 1BR/1BA Condo for Sale: Great Location and Renovation !!!

Eastwind 1BR/1BA Condo for Sale – YouTube