This Is the Most Exciting New Real Estate Project in St John, USVI
It’s the most exciting new real estate project in St John in years: Island Sky Residence Club St John, the new development which is already moving ahead with construction.
In a place like St John, where two-thirds of the island is covered by national parkland, development isn’t easy, and that makes what Island Sky is doing rather unique — a fractional ownership project that’s a new way for visitors to access the island and own in the Caribbean.
To learn more, Caribbean Journal Invest talked to Jason Caraway, founder of Island Sky, which has a growing portfolio of projects in the US and the Caribbean.
What is Island Sky? Where are your other projects?
Island Sky Investments is a private equity firm specializing on high-end coastal real estate. For our investors, we recently launched Island Sky Luxury Fund 1, aimed at expanding our portfolio in luxurious resort-style properties. We are currently active in the Virgin Islands, and along the Texas coast, and we are pursuing new projects in other parts of the Caribbean and the southeastern US.
Tell us about Island Sky Residence Club St John.
Island Sky Residence Club St. John is a luxury condominium vacation property located on the island of St. John in the US Virgin Islands. It is a 10-unit boutique residence club offering members exclusive access to beautifully furnished one- and two-bedroom residences featuring modern amenities, including fully equipped kitchens, comfortable living spaces, and outdoor terraces with stunning views of the Caribbean Sea. The property is located just a short walk or drive from some of the island’s most stunning beaches. Members can also enjoy a shared rooftop pool, spa services, and personalized concierge services to assist with arranging catering, excursions, or making reservations at nearby restaurants. Our owners will enjoy a luxurious vacation experience in a beautiful and serene setting, whether lounging by the rooftop pool, exploring the island’s beaches and attractions, or indulging in the club’s amenities and services.
Why did you decide to make St John the location of your first Caribbean project?
St. John is a special island full of unique people. Its beauty and beaches make “Love City” a highly desirable destination. Another important reason is the fact that it’s an American territory and does not require a passport to visit.
How does the fractional ownership work? How is this different from typical fractional ownership programs?
Fractional ownership is an ownership model that allows for multiple owners to own a piece of the same real estate, thereby sharing and dividing the purchase price, income, and operating expenses. The appeal of fractional ownership is that it provides the full benefits of owning real estate, including an actual deeded interest in the property, the enjoyment of using the property, potential tax benefits, having an appreciating asset, among others-all without having to make the financial commitment of what the entire property would cost. Owing a “fraction” or portion allows for a smaller purchase price which more accurately reflects the amount of time an owner would normally spend at a vacation property. Owners all share in the time used at the residences and the property is maintained by a management company and always kept in pristine condition.
How many weeks does the owner get to use the residence?
There is no limit on how much time an owner can spend at the property, but each owner starts with a base of 3 weeks each year and then is able to book more stays according to the calendar.
Can the ownership be shared by more than one individual?
Yes, the fractions can be purchased by group or as an individual.
Are there other Residence Clubs like Island Sky?
While we do think Island Sky St. John is one of a kind, another exciting benefit is its membership in the Elite Alliance Exchange Program. Elite Alliance who manages the day-to-day operations at Island Sky St. John, has decades of experience in hospitality management and fractional real estate. Through our partnership with Elite Alliance our owners have access to 120+ portfolio residence clubs around the world.
Are there other expenses involved in ownership?
There are typical expenses associated with owning a property, but they are divided among the different owners and the management, maintenance, taxes, etc., are all coordinated by the management company making for a streamlined experience for our owners.
What do you see for the future of this type of development?
I believe fractional ownership will continue to become more and more mainstream. People are always looking for creative ways to improve the experience in their endeavors. I think fractional ownership provides an answer to concerns that many have. It’s a smart way for owners and investors to hold real estate in a conservative manner, and an attractive way to own vacation property. Island Sky is glad to be a part of providing that opportunity.
Which markets are you considering for expansion in the Caribbean?
Make a rum and keep an eye out for Island Sky, we’re coming to a beach near you.
For more information on the St. John Residence Club please contact firstname.lastname@example.org or (340) 228-1313, and for Island Sky investment opportunities please contact email@example.com or (866) 499-3434.