More About Schooner Bay Condominium Ownership

Management – Full-time, on-site property and maintenance management is provided and is a particular benefit both for resident owners who tend to travel frequently as well as off-island owners. Our on-site maintenance management allows for basic interior unit repairs, including electrical and plumbing, to be completed at reasonable billing rates rather than hiring an outside contractor if the owner so chooses.

Renting Owners – Schooner Bay’s full-time, on-site property and maintenance management does not include managing rentals. Renting the unit oneself or selecting a local real estate agent will be necessary if the owner chooses to rent their unit.

Utilities – The local utility company provides potable water at the entrance of the property and Schooner Bay is responsible for distribution to the units. Individual unit water usage is billed to owners monthly. Electricity is provided directly by the local utility company.

Back-Up Power – Schooner Bay has invested in a property-wide back-up power system and provides back-up power to all units in the event of power outages. Routine generator maintenance and fueling as well as short-term power outages are included in the common area fees while prolonged storm related outages are billed by individual unit usage.

Property Insurance – Schooner Bay is fully insured, making conventional financing easier to obtain. The property is insured at full replacement cost less a 3% windstorm damage deductible. A replacement cost appraisal is completed each year to assure proper coverage. Required levels of liability, theft and other coverages are also provided. While the cost of this coverage may seem high, it is comparable to other windstorm prone areas. This coverage gives owners the peace of mind that they are protected from natural disasters such as hurricanes and allows owners to sell their property in compliance with most bank and government mortgage agency requirements.

CLICK HERE for the insurance certificates.
 
In addition to the property insurance policy which insures the common areas of the property, Schooner Bay STRONGLY recommends owners obtain an individual condominium owner’s policy which provides protection from individual loss. Appropriate levels of liability, contents, loss of use, loss assessment and building coverage (if the unit interior has had significant improvements) should be strongly considered by owners.

Capital Repairs – In lieu of special assessments for major repairs, Schooner Bay established a restricted capital repairs fund for major repair expenses such as roof repairs and coating, major building repairs and painting, major roadway repairs and major amenity repairs. Due to thorough planning and budgeting of capital expenses, Schooner Bay has not had to impose a special assessment in over 15 years.

CLICK HERE for the capital repair budget.

Property Taxes – Because Schooner Bay is a condominium, owned in common by all unit owners, each owner will receive an annual property tax bill for their individual unit from the Virgin Islands government.  Virgin Islands property taxes, ranging from $300 to $800 dollars per year, are typically considered low compared to stateside rates.

Summary – Whether planning on being a permanent, seasonal, or periodic St. Croix resident, Schooner Bay ownership can be an excellent choice. The combination of large spacious unit, convenient location, full-time, on-site property and maintenance management and efficient cost management, together with property insurance and low property taxes make Schooner Bay a desirable community for many owners.