Sirenusa Construction Right on Schedule; 40 Unit Condo Project Is Half Pre-Sold

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Villa Amalfi, above, is one of three luxury residence buildings at Sirenusa.

Construction of Sirenusa’s luxury condominiums is right on schedule and should be complete in just over 18 months, said John Standish, construction manager of the project.

“It’s been going extremely well, it’s a beautiful site,” said Standish. “We started excavation in June and we’re about to start construction at the beginning of December.”

The five-acre site located above Cruz Bay will contain 11 total buildings when finished, added the construction manager. One building will house the clubhouse, complete with gym and recreation room, while 40 condominiums will make up the remaining 10 buildings.

“Essentially, they are just completing the excavation process for the 40-unit development and they will be pouring concrete next week,” said Sirenusa listing broker John McCann of John Foster Real Estate. “The site is fully permitted – we have 18 out of 40 units under contract.”

In addition to completing excavation at the site, the road leading to the site has been widened and improved, McCann added.

“That was a contingency of them getting approved for their group dwelling permit,” said the listing broker.

The development, which will consist of two, three and four bedroom condominiums has become very popular with stateside investors, according to McCann.

“There are many people interested in the pre-construction condominiums,” he said. “They’ve become very popular in the states and we’re seeing most of our people are stateside investors.”

Owners will have the option of either renting their unit out full- or part-time, or occupying year-round and will not be required to be in a rental program, McCann said.

“Generally, most of them appear to want to rent out the unit periodically during the year while utilizing it for themselves until they retire, in which case it appears they will become residents,” said the listing broker.

McCann said he has had a lot of success selling the Sirenusa condominiums since they came on the market in May of this year.

“Sales have been fantastic with the addition of three more units under contract, bringing the total number to 18 units contracted of the 40-unit development,” he said. “We just contracted three within the last 30 days.”

Marketing for the luxury condominiums involves advertisement in local publications, internet advertising, posting information on the units on the Multiple Listing Service (MLS) and marketing packages which are sent to potential customers and can also be picked up at John Foster Real Estate’s office, located at Wharfside on St. John.

“We will be rolling this out to MLS in the near future,” said McCann, who added that the Sirenusa condominiums will likely sell out quickly.

“We look to sell the balance of these units in the near future,” he said.

Pricing starts at $1,225,000. More information on Sirenusa is available on John Foster’s Web site at www.usvi-realestate.com.