Starting July 10, Angel Dawson Jr., a former V.I. Finance commissioner and gubernatorial candidate, will take up the helm as administrator of the Government Employees’ Retirement System.
In Wednesday’s news release, GERS board chair Duane Callwood said it’s because “time was required for an offer to be made and accepted.”
“Now that this process has been completed, we publicly thank Mr. Nibbs for his service and commitment to the GERS over the years and his willingness to remain at the helm while the process of selecting his successor wound its way to completion,” he added.
Nibbs has been administrator since 2007 but after announcing in 2021 his intention to retire has been given contract extensions — the latest of which was supposed to end in September. Until then, Nibbs will serve as a special advisor to the GERS board, making sure the transition goes smoothly once Dawson comes on in July.
According to GERS, Dawson is a longtime banker, starting his career with Chase Manhattan Bank, where he completed its Western Hemisphere Professional Development Program in commercial and investment banking shortly after receiving his degree in Business Administration/Finance from what was then the College of the Virgin Islands.
He currently serves as a senior vice president of FirstBank Puerto Rico, overseeing commercial lending activities in its Eastern Caribbean Region and the bank’s only international operation in the British Virgin Islands. His banking career also included 12 years with Banco Popular de Puerto Rico, where he left as vice president of Commercial Lending in 2009. Dawson served as commissioner of Finance from 2009 to 2014. In this position, he was also executive director of the Virgin Islands Public Finance Authority and a member of the GERS Pension Reform Taskforce Advisory Committee.
“Mr. Dawson brings us a well-balanced career in both the public and private sectors. We are confident that his experience in public finance and commercial banking will serve us well as we continue to stabilize and strengthen the Government Employees’ Retirement System,” Callwood said.
From Ashes to Assets: Making an Informed
Decision on Buying a Damaged House- this is a guest blog by Courtney Rosenfeld
Buying a home is one of the biggest investments anyone can make, which is why
it’s essential to perform the necessary due diligence when making such a
significant purchase. However, what happens when you’ve found the perfect
property, only to discover that it has suffered significant damage? Whether from
a natural disaster, burst pipe, fire, or other catastrophic event, discovering
damage in a potential home can present a dilemma for buyers. Should you move
forward with the purchase, negotiate repairs, or back out of the deal altogether?
In this article from Real Solutions Real Estate & Management Services, we’ll
explore what to do when buying a home with significant damage.
Navigating the Complexities: Hire an Attorney
The first step to take when discovering significant damage in a potential home is
to hire a real estate attorney. A real estate attorney can help provide legal advice
throughout the process and ensure that all aspects of the transaction are
handled properly. They can also review the home sale contract and assist in
negotiating the terms of the sale.
Consulting an Expert: Discussing Options with Your Agent
Next, call your real estate agent to assess your options. They have years of
experience in the industry and can guide you in deciding whether to continue with
the purchase or renegotiate the price based on the repairs required. They can
also help navigate the inspection process and negotiate with the seller. In
addition, your real estate agent can offer valuable insights on the potential resale
value of the property after repairs, helping you determine if the investment is
worth it in the long run. They can also provide recommendations for local lenders
who are familiar with financing options for damaged properties, ensuring a
smoother mortgage approval process.
Don’t Get Overwhelmed: Organized Housing Documents
Organize your housing documents by color-coding files. This seemingly simple
step can help you keep track of all necessary documents, including inspection
reports, insurance information, and repair estimates. Color-coding and labeling
files specific to a particular repair or issue can help you find what you need
quickly in the future.
Examine the Details of the Contract
Review the home sale contract and understand its terms. This contract should
stipulate what should happen if any damage is discovered during the inspection
process. It should also outline whether the seller or buyer is responsible for
repairs. Understanding the terms of the contract can help you decide whether to
move forward with the purchase, renegotiate, or back out altogether.
Seeing Clearly: Having an Evaluation
After reviewing the contract, have a home inspector and contractor assess the
damage. Having professionals assess the damage can help you better
understand the severity of the issues and the necessary repairs. They can also
provide estimates for repair costs, which can aid in negotiations with sellers.
Negotiating the Big Picture
Finally, do a thorough walkthrough before closing. This walkthrough provides an
opportunity to ensure that all necessary repairs have been made and that the
property is in the condition agreed upon in the contract. If there are any
outstanding repair issues, negotiations can continue to allow for necessary
repairs before closing.
Purchasing a damaged house can be a risky yet rewarding endeavor. By taking
the necessary precautions and seeking professional advice from a real estate
attorney and agent, you can make an informed decision. Organizing your housing
documents with color-coded files will help you stay on top of the process and
ensure a smooth transaction. Remember, turning ashes into assets is possible
when you approach the situation with caution, diligence, and the right resources.
For boutique realty services in the US Virgin Islands, contact Real Solutions Real
Estate & Management Services today!
Coral Bay as seen in March 2022. (Photo by Elizabeth Escardo)
The lawsuit, filed by Save Coral Bay, a community action group opposed to the marina, challenged the governor’s approval of modifications made to the project’s Coastal Zone Management permit. The modified permit was subsequently approved by the Virgin Islands Legislature and signed into law.
Save Coral Bay filed an appeal with the Supreme Court 10 days after the Superior Court’s ruling last May, but last week the top court ruled that the case was moot.
The judge’s decision was not made on the issue of whether or not Gov. Albert Bryan Jr. broke the law when he modified a CZM permit and then sent it to the V.I. Legislature for approval; rather, Hodge’s decision was based on procedures set forth in the Revised Organic Act, which in the absence of a constitution, sets the framework for Virgin Islands law.
Hodge wrote, “Save Coral Bay maintains that the Legislature cannot ratify an action by the Governor which is contrary to statute … But this is not a case where Governor Bryan acted contrary to a statute and then he or another Executive Branch entity attempted to retroactively ratify his own conduct.”
“Instead, this is a case where the Legislature ratified an action taken by Governor Bryan. Therefore, the proper inquiry is not into the power of Governor Bryan or the Executive Branch, but the power of the Legislature itself to excuse violations of the statutory law,” Hodge wrote.
“Even if this Court were to assume — without deciding — that this procedure differs from that set forth in the Coastal Zone Management Act, the passage of the CZM Act by an earlier Legislature could not deprive the 33rd Legislature and Governor Bryan of their constitutional authority to change that law in the manner provided for in the Revised Organic Act,” Hodge wrote.
“Whatever the merits of Save Coral Bay’s claims under the law as it existed at the time it filed its complaint, the subsequent enactment of Act No. 8407 rendered those claims moot. Therefore, we affirm the Superior Court’s May 12, 2021 order,” Hodge concluded.
David Silverman, president of Save Coral Bay, said he was trying to make sense of the ruling. “It is my understanding that the Chief Justice said that regardless of whether or not Governor Bryan followed the legal procedure for modifying CZM permits when the Legislature ratified what he had done, it made it all legal. The Chief Justice decided that the action by the Legislature effectively amended the CZM law for Summer’s End Group.”
The proposed Summer’s End marina will be built along this shoreline in Coral Bay. (Photo by Amy H. Roberts)
Silverman said the decision set a “truly frightening” precedent “because it says that any developer can go to the governor and convince him or her to issue a permit without any Department of Planning and Natural Resources or Coastal Zone Management review.
“If the developer, hand in hand with the governor, can then get the Legislature to ratify the Governor’s actions, then the permit is considered legal. This is not how I understood our legal system to work. A process like that does not allow for any judicial review, which is one of the key checks and balances in government,” Silverman said.
When the Source reached out for comments to Chaliese Summers, the managing member of the Summer’s End Group, she said, “The Summer’s End Group appreciates the opinion issued by the Supreme Court. As the Superior Court had previously found, the Legislature ‘may repeal or amend a law codified in the Virgin Islands Code by enacting a law,’ and ‘this is precisely what the Legislature did in this case.’ And we thank the members of the Legislature for their support.”
Summers also thanked Bryan for his support, adding, “We believe that the governor’s action fully comports with the CZM Act, as he has stated with which both the Superior Court and the Supreme Court agreed.”
Summers mentioned the many hurdles the developers have gone through to get to this decision. “As we have testified, the Coastal Zone Management Act sets forth a process to complete review and administrative appeals in 225 days. It also permits appeal by writ of review, which contemplates a ‘speedy’ review. It is now more than 2,700 days since the Coastal Zone Permit was approved.”
The future of the 144-slip marina development now hinges on a decision by the U.S. Army Corps of Engineers as to whether or not to issue a permit for the project.
The project has been under review by the Army Corps since 2014. At one point, more than 20,000 members of the public sent letters opposing the project to the Army Corps, according to Save Coral Bay’s timeline of the project.
The Bryan administration, however, has fully supported the marina project, which the developers say will bring jobs and an upgrade in infrastructure to Coral Bay harbor.
The Summer’s End Group’s application to the Army Corps has been pending throughout the administrative and legislative action as well as legal challenges. In September 2021, the Army Corps informed the developers that further studies must be conducted before a permit could be issued.
This is a photorealistic rendering of the SEG marina at 80% capacity based on the drawings submitted by SEG to the Army Corps. The rendering was constructed by Daniel Pinto on behalf of Save Coral Bay.
Summers said, “The Summer’s End Group continues to successfully pursue its federal permitting through the Army Corps of Engineers and has every expectation that the permit will be issued this year. Summer’s End is diligently working to address any remaining requests from the U.S. Army Corps of Engineers and National Marine Fisheries in order to finalize the permit and bring this incredible development to St. John. Summer’s End is prepared to move the St. John Marina (upland and marina) into the construction phase immediately upon issuance of a federal permit.”
Silverman said Save Coral Bay has received the latest document submission sent to the Army Corps by the Summer’s End Group through the Freedom of Information Act. “This submission was in response to the letter of deficiencies sent to SEG by the Army Corps over six months ago (Sept. 2021).”
“Although the Army Corps required substantial new fieldwork and studies, it does not appear that SEG has conducted any of the studies requested by the Corps or the NOAA review agencies,” Silverman said. “The submission, amounting to close to 500 pages, appears to be primarily material previously submitted to the Army Corps, some with new explanations but no new studies. ”
Whether the matter can be pursued in federal court is unclear, according to Silverman. “On the other hand, what the Chief Justice wrote in the two-sentence summary that I read, is that no Legislature can bind the hands of a future Legislature. So even though Summer’s End now has a CZM permit and 20-year Trust Land Lease (which they cannot use without an Army Corps permit), the next Legislature might decide to correct the actions of the 33rd by rescinding that permit. So wrote the Chief Justice, if I understand him correctly.”
For many Americans, purchasing a home is not only about establishing roots in a community, but it’s also a step towards building generational wealth.
However, barriers exist and, for Black Americans in particular, homeownership dreams have been historically diminished or denied and their neighborhoods and communities devalued.
Ayesha Selden grew up in the ’80s in a Philadelphia neighborhood which she describes as, “The kind of neighborhood where you played outside at your own risk. It was rough, however, it was just walking distance to downtown Philly.”
When Selden was nine years old, her mother purchased a small home where she, her sister and grandmother lived until her mother married and decided to sell the home. At this same time, Ayesha was moving on to begin her studies at nearby Temple University, but she advised her mom not to sell — Selden had a feeling the house would be worth more in the future.
Selden was correct in her housing market predictions. By the time Selden was 24 and able to purchase her first home, she’d been priced out of the neighborhood she grew up in. The neighborhood, revitalized with green space, is now seen as desirable for its walkability and proximity to downtown. Selden says the house her mom once owned is worth over $600,000. Her mom had sold it in the late ’90s for just under $40,000.
Selden, now a successful certified financial planner, private wealth advisor and real estate investor, tells her clients and followers on social media to “not sell grandma’s house” in an effort to protect Black communities against housing instability and focus on ownership. “I knew our communities would turn,” Selden reflects. “The only way we get out of the rent being too high, is through ownership.”
Unfortunately, Selden’s experiences are not unusual. Her advice to Black communities to maintain prior generations’ assets to build wealth is wise. What’s more, it could take root for more people as lasting efforts to address these inequities by changing policies and lending practices to create more equitable access to homeownership.
Black homeownership historically
A 2015 Social Science Research Council report commissioned by the ACLU notes that the 2008 crisis all-but wiped out the gains of homeownership amongst Black Americans that hadn’t been seen since the 1960s. Compounding that, the current pandemic has exacerbated housing instability for Black families across the country.
However, this inequity is not just the result of economic ups and downs over the last few decades.
“Because of anti-Black legislation, many Black residents or residents of Black majority neighborhoods of the past could not pass on wealth to their children, and those children could not pass on wealth to their children,” explains Dr. Andre Perry, a senior fellow at the Brookings Institution.
Dr. Perry’s research points not just to barriers to homeownership, but also to how Black homes in Black neighborhoods are often devalued by as much as 23%, or about $48,000 per home, resulting in about $156 billion in lost equity.
“It goes without saying, we also need to remove the dredge of racism that extracts wealth from those neighborhoods: like bad appraisal practices, bad real estate agent behavior and predatory lending,” Dr. Perry says.
Policy plus affordability
Dr. Perry’s proposals for equity around homeownership also include the creation of new mortgage products that will enable low-income renters to purchase low-priced homes. “There are thousands of homes throughout the United States that are priced below a point that a bank will back with a mortgage,” Dr. Perry states. “So, we need to figure out ways to enable low-income renters to move into those homes.”
Alternative credit scoring systems may also help, Dr. Perry contends. “When you don’t have wealth, it’s much more likely you’ll fall into debt, and that’s one of the reasons why Black people, in general, have lower credit scores, is because we have lower wealth historically,” Dr. Perry explains.
Dr. Perry notes that a comprehensive approach is not focused only on individual homeownership alone. “We need policies that really revisit how we got out of the Great Depression, [where] we invested in people in the form of low-interest loans and down payment assistance. But we also need to invest in place. Many of the areas that Black and brown people live in have been, and are impoverished, because of a lack of investment in those areas,” Dr. Perry says.
Access to home loans
Homebuyers’ access to homes that are affordable goes hand in hand with access to home loans that can help them finance their purchase.
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Homebuyers’ access to homes that are affordable goes hand in hand with access to home loans that can help them finance their purchase.
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While efforts to make capital more accessible to Black citizens seeking to purchase is key, it also requires a community. Selden even suggests that new homeowners “house hack”: rent out a spare bedroom to help with payments and find unique ways to use their homeownership to help put others in a position to buy a home of their own.
“Group economics will give [Black people] the ability to accomplish more together than individually. We need to make sure that we put [Black communities] in a position to win,” says Selden.
Sherrell Dorseyis founder, and CEO of The Plug, the go-to business media and insights platform examining the Black innovation economy. You can view more of her work at tpinsights.com.
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
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.
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.
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
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.
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.
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.
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.
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