Schooner Bay Condominium Association

5002 Gallows Bay, St. Croix VI 00820
340-778-7670 815-301-9818 (fax)
Property Manager, Ken Porch

Manager@Schoonerbaycondos.com
Board President, Tom Yaegel
Board@Schoonerbaycondos.com

 


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Schooner Bay Condominium Association
5002 Gallows Bay, St. Croix VI 00820 340-778-7670
815-301-9818 (fax)
Property Manager, Ken Porch
Manager@Schoonerbaycondos.com
Board President, Tom yaegel
Board@Schoonerbaycondos.com

Summary

  • 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. Croix, USVI.

  • 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 housekeeping services.
    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.


Advantages of 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 Condominium ownership:

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 cost.

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   815-301-9818 (fax)