Author Topic: St Thomas or the Keys  (Read 1748 times)

Weathering

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St Thomas or the Keys
« on: September 18, 2017, 09:12:22 PM »
Liveable homes are hard to come by after a natural disaster. After Katrina there were several investment communities created in order to expedite the availability of rental homes in the Houston market. With the significant hurricane season this year, I'm looking into long term land ownership in St Thomas or the Florida Keys. Has anyone heard of proposals the make land available to investors who will provide housing nearly immediately to those who are homeless from the disasters?

solon

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Re: St Thomas or the Keys
« Reply #1 on: September 18, 2017, 09:47:04 PM »
We are reliably informed people like you are abhorrent, money-grubbing capitalists! All you care about is money, not people. I bet you even read Ayn Rand! (argumentum ad Randium?)

https://forum.mrmoneymustache.com/entrepreneurship/anyone-looking-at-houston-real-estate/

In all seriousness, I hope you show the commenters on that thread the true nature of capitalism.

Dave1442397

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Re: St Thomas or the Keys
« Reply #2 on: September 19, 2017, 05:56:35 AM »
I'd go with St. Thomas (or maybe St. John) over the Keys. Long-term, there may not be any Keys :)

tralfamadorian

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Re: St Thomas or the Keys
« Reply #3 on: September 19, 2017, 12:37:02 PM »
I disagree that this thread can be equated with the Houston thread.  The other thread was posted when there were still people being actively rescued via helicopter and boat from their ruined homes.  Right now there are no people in imminent danger from natural disaster in the Keys or St. Thomas. 

To the OP's question, I do not know of any specific programs such as you mentioned.  But after what the Caribbean has been through during Irma and now Maria, I would think there would be ample welcomed opportunity for investors in those islands.  If you're an accredited investor and do not have good connections already in these places, I would think investing in a syndication may be the way to go. 


Frankies Girl

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Re: St Thomas or the Keys
« Reply #4 on: September 19, 2017, 01:59:13 PM »
We are reliably informed people like you are abhorrent, money-grubbing capitalists! All you care about is money, not people. I bet you even read Ayn Rand! (argumentum ad Randium?)

https://forum.mrmoneymustache.com/entrepreneurship/anyone-looking-at-houston-real-estate/

In all seriousness, I hope you show the commenters on that thread the true nature of capitalism.


So glad that others' misery and loss is a source of amusement! What a great guy you are to find humor in the face of a natural disaster. So sorry all the fear, death and destruction made those of us going through it at the time a wee bit cranky.

No one was saying the idea of making money on SE Texas real estate wasn't eventually going to be a good idea, but maybe just maybe waiting until the fucking hurricane/flooding wasn't still actively happening and they found a bit more of the missing and dead... maybe would have been a better idea to wait a week or two before positing about capitalism and profiting (or is that profiteering? Silly me...) off of a natural disaster.

Sure, think it to yourself all you want but posting it on a public forum where there is a contingent of posters experiencing the event at the time? Tone deaf, heart-breaking and frankly quite disturbing.

TO clarify: the Houston real estate post was made on August 29th. We were still experiencing rains, flooding, rising waters and evacuations well past the 30th. People were being swept away and deaths still being discovered for several days during and following this post time.

I can't even imagine in what world you think discussing buying up real estate at that time would be seen as anything other than reprehensible. I don't care if you're religious/agnostic/atheist - it's wrong to bring up profiting off a natural disaster while it is still actively happening unless you truly have no empathy or compassion for your fellow man. In which case, I am sure this is just a further source of amusement for you, but I've at least said what I needed to say and I'm very thankful I don't have to deal with you IRL.

StarBright

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Re: St Thomas or the Keys
« Reply #5 on: September 20, 2017, 08:13:14 AM »
I disagree that this thread can be equated with the Houston thread.  The other thread was posted when there were still people being actively rescued via helicopter and boat from their ruined homes.  Right now there are no people in imminent danger from natural disaster in the Keys or St. Thomas. 

To the OP's question, I do not know of any specific programs such as you mentioned.  But after what the Caribbean has been through during Irma and now Maria, I would think there would be ample welcomed opportunity for investors in those islands.  If you're an accredited investor and do not have good connections already in these places, I would think investing in a syndication may be the way to go.

FWIW- the folks in the Virgin Islands are actually in imminent danger from a new hurricane - Maria. It was hitting there last night and this morning and wouldn't have been as bad except now no one has houses with roofs anymore. I have a friend who lives with her husband and little one on St. Thomas and they just got evacuated to Puerto Rico a few days ago and are now riding out another likely Category 5.

I do agree though - that the USVI are likely looking for investment. According to my friend the entire grid for the STT & STJ were destroyed. The islands are looking at months - half a year just to get electricity and running water back to a majority of residents. I'd guess you could get land in 6 months or so as people make the decision to come back or not.

But I'm in line with the folks on the Houston thread - it seems crass to ask about buying property when people in half buildings and tarps are riding out their second hurricane in two weeks.

But Weathering - I get your second post and your overall idea sounds neat - If my friend posts anything about USVI putting investment land out there I will try to remember to post a link here.

Just don't want people to forget that there are a lot of Americans still in danger.
« Last Edit: September 20, 2017, 08:16:08 AM by StarBright »

Shortbus

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Re: St Thomas or the Keys
« Reply #6 on: September 21, 2017, 07:43:11 AM »
I just moved out of Key West 3 months ago. You are highly unlikely to find buildable land down there for anywhere close to $200k, even after the storm. Lots in the middle and upper Keys start around $350k and you'll have to accrue ROGO points before you can build anything on them (takes years). Your other option is buy something with an existing structure (add a few hundred k to the lot price), demo that and build something to current code (add another few hundred k). Insurance (you need homeowners, windstorm and flood) will run in the thousands/year and taxes will be the same.

It's a very, very different world than the mainland. Building codes and development restrictions are among the toughest in the country and the Chain is almost built out. Literally, there are few permits left to build new structures on vacant land and most are allocated to Key West (add another $100k+ to the lot price). It's a wonderful place but the cost of living is out of control, that's why we had to leave.