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buying property in St Martin
#109684
10/12/2016 02:09 PM
10/12/2016 02:09 PM
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Joined: Aug 2014
Posts: 229 West Chester, PA
ligot
OP
Traveler
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OP
Traveler
Joined: Aug 2014
Posts: 229
West Chester, PA
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Is anyone willing to share reliable resources for potentially or eventually buying a villa in St Martin. We've really loved our trips there and thought it would be fun to explore the options. We're American and concerned about any differences with buying internationally, sourcing a realtor and local financing.
Also wondering if anyone has an opinion on the current state of the market (sellers vs buyers), cost of having a property manager for rentals and managing rental expectations.
Any feedback really is greatly appreciated. DJL
S/V Tortuga Lagoon 46
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Re: buying property in St Martin
[Re: ligot]
#109685
10/12/2016 02:42 PM
10/12/2016 02:42 PM
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Joined: Sep 2010
Posts: 913 N CENT COMMONWEALTH OF MA
SXMSAMMY
Traveler
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Traveler
Joined: Sep 2010
Posts: 913
N CENT COMMONWEALTH OF MA
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There was a couple from this board that just purchased a place on the island and they were featured on HGTV Caribbean Life. If you search for the past 2-3 weeks, you will find their thread and can send them a pm for help.
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Re: buying property in St Martin
[Re: ligot]
#109686
10/12/2016 03:04 PM
10/12/2016 03:04 PM
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Joined: Apr 2001
Posts: 14,649 Brookfield, CT.
pat
Traveler
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Traveler
Joined: Apr 2001
Posts: 14,649
Brookfield, CT.
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ligot,
No personal firsthand experience but a lot of years worth of talking to those who have done this, and the reality is, we thought very seriously about doing this many years ago.
Among the the turn offs to us were the fact that rules and laws are NOT the same as those in the States, and you need to know you don't have a lot of legal protections. You really can't depend on needing rental income to help offset the expenses and costs involved - there are many rental properties available and they don't all get rented all of the time. And the big one to me is managing the maintenance of the property from such a distance. At one time we had a home in the South and being an absentee owner was not a great experience.
And of course these are just my opinions and there are many absentee owners here on the forum who may think I'm nuts for worrying about these things. We had actually considered SXM as a retirement option but after exploring the possibilities we decided WE weren't of the mindset to be comfortable with this idea. There's a small part of me that has always regretted not making that leap in faith but every time I hear of some of the issues others have had I've never regretted our ultimate decision NOT to follow our plan to make an island purchase. Well, not much, anyway..... <img src="http://www.traveltalkonline.com/forums/images/graemlins/duh.gif" alt="" /> <img src="http://www.traveltalkonline.com/forums/images/graemlins/duh.gif" alt="" />
Respectfully,
pat
"Always keep your words soft and sweet, just in case you have to eat them."
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Re: buying property in St Martin
[Re: ligot]
#109691
10/12/2016 05:55 PM
10/12/2016 05:55 PM
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Joined: Jan 2008
Posts: 13,143 Ottawa, Ontario, Canada
islandgem
Traveler
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Traveler
Joined: Jan 2008
Posts: 13,143
Ottawa, Ontario, Canada
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You have received many good opinions on the matter and I agree totally with Pat and the others who have decided against purchasing on the island. We have friends who have purchased and they seem relatively happy about their purchase and we have other friends who have had to confront severe frustrations now for a few years. It is a decision you ultimately have to make for yourself, but be sure before you purchase that you have a good health care policy intact, lots of money for unexpected maintenance and management and you are aware of the high cost of water and electricity on the island. You must do lots of research and go into your purchase with an open mind and the realization that you may lose money if you choose to sell and move on.
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Re: buying property in St Martin
[Re: SURICK]
#109694
10/13/2016 08:30 AM
10/13/2016 08:30 AM
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Joined: Dec 2007
Posts: 464 Tellico Village, TN
jrr1148
Traveler
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Traveler
Joined: Dec 2007
Posts: 464
Tellico Village, TN
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Although not a property owner on SXM, but a long time visitor and timeshare owner, the comments above are are valid. One additional to consider, repairs. It's not like the States where the NAPA store has the gasket you need for your car, or can get it from another store within hours. Also many structures were built using metric standards, making replacements (windows, doors, faucets) difficult to obtain. Our unit in SBMR (Pelican) was damaged by hurricane Lenny in the 1990's and it took two years to replace the window frames and sliding doors (metric - not available from Miami). A close friend who lives on SXM had to purchase 3 hand garden sprayers from Ace because a simple valve broke (Ace on SXM didn't carry replacement parts). He could have ordered from internet, but the local mail service is slow at at times undependable. FedX or DHL costs for a $2 item are expensive and forces you to buy a new one (and hope the same part doesn't break again). Medical care is questionable. Most travelers carry air-evacuation insurance. BTW Medicare and Obamacare is not accepted. All said we love SXM and savor our weeks spent there each year, but would not consider moving there permanently unless we were independently wealthy.
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Re: buying property in St Martin
[Re: badbenni]
#109698
10/13/2016 02:13 PM
10/13/2016 02:13 PM
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Joined: Jan 2015
Posts: 707 South Coast of MA
SXMBND
Traveler
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Traveler
Joined: Jan 2015
Posts: 707
South Coast of MA
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badbenni said: We bought a beautiful condo on Beacon Hill in 2008 (new construction). Our experience has been very rewarding and we are very pleased with our decision today. We hired a top law firm in SXM as well as a SXM firm to manage and pay all our SXM related bills and filing tax reports. I would suggest that you speak to neighbors about any issues in the area you choose as well as location and which direction your Villa or Condo is facing for if your terraces or pool face the west , it can get unbearably hot after 12 Noon as the sun will beat down on your terraces and pool area. Also wind direction comes mainly from the eat so having your terraces and pool area facing the east not only protects from the blazing sun but also offers cooler breezes. I find this to be a major factor in my buying decision. Be careful in renting as choosing a rental agent that understands your needs is very important. Decide if you want to rent to families with small kids or pets is another factor to consider. All in all we are extremely happy with our property. I cannot say that for all owners as many are not happy with their property managers as well as upkeep of the property. If I would do it again ; my answer is a STRONG YES!!!! <img src="http://www.traveltalkonline.com/forums/images/graemlins/Thumbsup.gif" alt="" /> As with purchasing property anywhere, if you dot all of the I's and cross all of the T's your chances of success are greatly enhanced. No one is guaranteed to make money or even break even selling property, whether it be in the Caribbean or at home. Congrats on your purchase Benni !! <img src="http://www.traveltalkonline.com/forums/images/graemlins/Clapping.gif" alt="" />
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