ARADISE, AT A TIME In the U.S. Virgin Islands, where turquoise waters meet some of the Caribbean’s most coveted real estate, a critical shortage grips the luxury housing market. For buyers seeking homes above $2.5 million, options remain frustratingly scarce, with existing properties often requiring extensive renovation due to decades of salt erosion and outdated construction standards. Jeff Fetterhoff, Chief Operating Officer of JPK Developments, identifies a market reality that drives his company’s business model.“If someone wants to spend $5 million on a home, there might only be two or three options, and that home probably needs a million to $2 million worth of work,” he explains.The problem runs deeper than simple inventory shortage. Many homes built in previous decades used beach sand containing high salt content, which now corrodes steel foundations beyond repair. ZONES TO FILL THE VIRGIN ISLANDS’ LUXURY HOUSING GAP 16 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 07
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