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Schooner Bay, one of St Croix’s most successful residential
communities, is a 62 unit luxury condominium complex located, overlooking
picturesque Christiansted Harbor, in the popular Gallows Bay area of St.
Schooner Bay is convenient to shopping, banking, restaurants, historical
sites, beaches, golf and tennis.
The property was developed between 1987-1989
Because of its convenient location, large units, great views, and solid
management, the property is perceived as desirable in the real estate
marketplace and property values have been stable in recent years.
Amenities include two
swimming pools, tot pool, lighted tennis court and digital
cable television. A night time security gate and guard are provided.
Full time, on-site, management is provided including maintenance and
2014 Association common area charges are $438/mo for a 2 bedroom unit and
$525/mo for a 3 bedroom unit, not including common area insurance and
capital repair fund contribution. See financial statements for full information.
Schooner Bay Condominium Ownership
In addition to the above, we believe that you will find Schooner Bay
offers one of the most complete, yet cost efficient, condominium
management programs on St. Croix.
In terms of absolute fees and fees per square foot, our studies show
that Schooner Bay is among the most efficient properties in St. Croix.
Plus the property is fully insured thus making conventional financing
easier to obtain. Full time on site property and maintenance management
is a particular benefit both for resident owners who tend to travel
frequently as well as off island owners. This on site management and
maintenance feature allows owners to rent their properties, if desired,
when they are not occupying them plus choose from a variety of fine St.
Croix property rental companies to represent them.
Our on-site maintenance program can be of great individual benefit to
owners. The owner maintenance program allows for basic interior unit
repairs, including electric and plumbing, to be done at the low rate of
$35 per hour plus administrative mark up on materials used. This can amount to a
substantial savings in terms of cost and owner coordination time
compared to hiring outside contractors.
In evaluating the benefits of condominium ownership, particularly at
Schooner Bay, we suggest one not look at fees alone. Rather, take a look
at what you get for your fees compared to single family home ownership.
This is particularly true in the islands where many things are just
simply more expensive.
Here are a few examples of the efficiencies gained through Schooner Bay
Night time security- $28 per owner per month.
Trash Removal- $5 per owner per month
Grass cutting and landscape maintenance- $48 per owner per month.
Standard Cable TV- $33 per owner per month
Other savings are similar but more difficult to tightly define.
Insurance- Schooner Bay is insured at full replacement cost less
a 3% windstorm damage deductible. A replacement cost appraisal is
completed each year to assure this. Required levels of liability, theft
and other coverage are also provided. While the cost of this coverage,
at approximately $3000 per unit per year, may seem high, it is not high
compared to other wind storm prone areas. This coverage gives you the
peace of mind that you are protected from catastrophes such as hurricane
and earthquake and allows you to sell your property in compliance with
most bank and government mortgage agency requirements.
Click here for the current association insurance certificate.
In addition to the condominium policy which insures the common areas of
the property, we recommend you obtain an individual condominium owner’s
policy which will protect you from individual loss. You should consider
appropriate levels of liability, contents, loss of use, loss assessment
and building coverage (if your condominium interior has had significant
improvements). We suggest you speak to
Marshall and Sterling
Insurance Agency which provides the Schooner Bay master policy
or another qualified agency for details of coverage availability and
Property taxes- Because Schooner Bay is a condominium, owned in
common by all unit owners, you will receive an annual property tax bill
from the VI government. VI property taxes, although low in the VI
(generally $700- $1000 per unit per year) are in a state of change right
now. We would suggest you consult with your attorney for the latest
status of property tax billings.
Summary- Whether you plan on being a permanent, seasonal, or
periodic St. Croix resident, Schooner Bay Condominium ownership can be
an excellent choice. The combination of on-site large spacious units,
great views, convenient location, full time on-site management,
flexibility of rental opportunities, and efficient cost management,
together with full property insurance and low property taxes make
Schooner Bay a desirable community.
Schooner Bay Condominium 5002
Gallows Bay, St. Croix VI 00820 340-778-7670