USVI-On-Line

I wonder if it's just getting too expensive. These latest WAPA increases were ridiculous.

Well, hopefully we'll get the whole story soon. I just hope everything is OK.

Have they been blogging about this part of the process?

jdw wrote:Does anyone know how it works if you have booked a villa and then it is sold??? My friends are booked at Villa Ellison for May.

I think it is pretty standard that the new owner has to honor the existing bookings.

sailorgirl, I still have their old blog bookmarked so I went back and checked on what they said the project cost. $1,335,000. That was in 2006, and I don't know if it includes the cost of the land.

Anyway, hope everything is OK with the guys and that they are going to keep their current blog going.

jdw wrote:Does anyone know how it works if you have booked a villa and then it is sold??? My friends are booked at Villa Ellison for May.

I asked a villa owner friend about this before when we were interested in renting her property that was for sale. She told me that they would try to get the new owner to honor rental agreements, but that it is up to the new owner. The real estate agent’s priority is selling the house, not satisfying renters, so if a potential owner wants to buy but doesn’t want to honor the rental agreements, then the renters are out of luck.

The home I’m talking about has been on the market for well over a year now and hasn’t sold. I know Golden Dragon has been for sale for even longer, and there are a number of other villas that have been up for sale for more than a year. So your friends might be fine unless that villa sells quickly.

If I were your friends I would contact the rental agency and ask what will happen if the villa sells and the new owners don’t want to honor the rental agreement. Hopefully it would involve a reduced rate on another villa or something.

As an aside, the villa owner I talked to also said this…I took out the villa name to protect the owners' privacy:

Just as an aside, even though we have (villa) for sale, we do not allow any showings of the house when there are guests staying there. Kind of hard to sell it, since (villa) is usually booked (thankfully), but I just don't feel right having guests pay their hard earned money for a stay at (villa) & then being disturbed. The realtors have been very good at abiding by this.

So hopefully your friends won’t be bothered if the villa is still for sale when they stay there.

I don't think anyone has to worry about villas being sold in the coming year! Only about 3% of the houses on the market have sold this year, and it's not like the economy is about to recover.

The first year we went (for SO's daughter), the villa in Chocolate Hole that his daughter had reserved for the honeymoon sold. The rental company owner just put them up in another villa (Cinnamon Stones) which the bride and husband were very happy with.

I think that the bride said that Cinnamon Stones rented for more than the one they had picked in Chocolate Hole so the rental company owner took care of them.

If you are a renter that has booked a villa that is for sale. Fear not! You are a prized asset! Having past history and future bookings is a great thing for the seller.

A new villa is usually not placed on the market until it has past and future booking in place to improve its market value.

It is rare that someone buys a rental villa and then takes it off short term market. Most MLS listing state that rental commitments in place must be honored.

Don't worry..book it...you will be more important to the owner than ever!

When we rented in Feb 08, the house was (and still is as far as I know) for sale.

We were told by Viva that they would not/could not guaranty our rental if the house was sold. It would be up to the new owner to decide.

If the rental was not honored by the new owners, Viva would try to find a substitute or return our money.

I don't see Bongo Bongo on Cruz Bay Realty's website??
What's the link?

DELETED

Here's what happened to us with a condo rental on STT.

Great price, beautiful views, really nice.

One day we were taking a nap, I hear the knob turn on the door and in walks a real estate agent with a couple. We both jumped up and out of bed. Really scared me and husband. We had no idea that the unit was for sale also.

Lucky for us, I was sleeping near the door and did have clothes, husband is naked man when he sleeps

I called the owner immediately and told him that there would be no showings for the rest of the week.

Not only was it scarey, but I didn't want anybody in our unit when we were out of it. Anything could of been taken.

benchill is correct, my understanding (and it says it in the listing) is the rentals are not only honored, it's a big plus. As has also been pointed out, houses take years in some cases to sell so I don't think it should impact anyone's rental decision
There are many reasons (some mentioned and some others)that we reluctantly put Ellison up for sale but rental history is not one of them- it's been great and we appreciate the comments from all the renters.
I can say that the building process as you saw on the Bongo Bongo blog can burn you out and take some of that St. John enthusiasm that is so prevelent on this Forum out of you!! We put years, a ton of effort and more than a ton of $ into it!!! Even the name comes from my daughter's and one of the partners daughter's names so it has huge sentimental value.

We have close friends with an island rental property. It is not on STJ but a similar island where they saw the same increase in property values and popularity along with the sky high utilities, increased competition, future real estate tax increases, etc.

They use 2x per year and rent out the balance of the season.

One part of the couple says “the keys will be pried out of my cold, dead hands.”

The part of the couple points out all the other uses (retirement, kid’s college, etc.) for the money that is funneled into the vacation home than they can use only infrequently.

Being in the construction business, every trip includes the “what if we…?” discussion. I have no doubt that constant uphill battle mentioned in most of the building blogs would change one’s attitude.

Let's start a new show.
Flip this Villa

Mike wrote
Let's start a new show.
Flip this Villa
Now that would be a show all us forum junkies would watch for sure