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 $50 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, all of which are included in the monthly fee:

Night time security- $58 per owner per month.
Trash Removal- $19 per owner per month
Grass cutting and landscape maintenance- $60 per owner per month.
Standard Cable TV- $30 per owner per month. Can be upgraded to Hi Def.
Internet Access Hi-Speed 50Mbps - $60 per owner per month. Faster options available.

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 $5,800 2BR/$6,550 3BR 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 certificates.
 
In addition to the condominium policy which insures the common areas of the property, we STRONGLY 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.
 The Schooner Bay account manager at Marshall & Sterling is Ryan Nelthrup 340-773-2170 Ext. 248.

Property taxes- Because Schooner Bay is a condominium, owned in common by all unit owners.  As such, you will receive an annual property tax bill for your individual unit from the VI government.  VI property taxes, ranging from $600 to $700 dollars per year,  are comparatively low to stateside rates..

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 (Office) 340-643-3116 (cell)