Market Concerns & Politics

WE  HAVE EXPERIENCED A “MARKET CORRECTION” along with the economic downturn . . .PRICES ARE SOFTER THAN 3-4 YEARS AGO . . . IT’S S GREAT TIME TO BUY!!!!  We are predicting another year of STABLE BU NEGOTIABLE  prices, followed by a gradual increase, resulting in GREAT equity gains over 5-7 years for current Buyers . . .

As everyone here is certainly aware, real estate in Vieques became a hot item after the US Military departed and we’ve gotten, and are getting, a good deal of very positive “publicity” . . . especially now with the W saturating the vacation advertising market . . . thank you very much!

The PR Government is also looking at ways to “grow” tourism in Vieques, Culebra and Ceiba; creating a triangle between the 3 islands, and hopefully an emphasis on Eco-Tourism at least for Vieques and Culebra.  We will’ see . . .

There is now a NEW Vieques Chamber of Commerce/Associacion de Comerciantes (web page being developed http://enchanted-isle.com/chamber/) with an objective to “keep an eye on” and participate fully and strongly in the future of Vieques both on the business front, the social/community front, and the tourism front; with the main priority of looking out for the best interests of Vieques and her people . . .

Hopefully those who live here and the government can work to regulate the growth and development so it is good for the island and HER people!
We are at a crucial fork in the road . . .

The Government can also be effective in helping to maintain the integrity of Vieques and in preserving the beauty of the island and developing more of the eco-tourism economy/support now that we have the largest Nature Preserve in the Caribbean!!!  YES, we can keep MacDonald’s and Burger King out . . . IF that’s what residents want!  We can maintain the 3 story building limitation.   We can limit density and developments!!!   We can even limit the number of cars if need be . . .   We do need better transportation alternatives to the Main Isle . . ., etc.  These are the things the local and PR government and the people CAN control . . . but we need to WORK TOGETHER,  not divisively . . .   There can also be government incentives to develop eco-tourism projects.  Density regulations can be enforced, thereby restricting larger condominium and hotel developments, keeping the smaller guest houses, Inns, and B&Bs.  The local community should have a voice in all this!!  Do we want a Hilton Hotel here?  Fast food?  Traffic Lights?? Casinos ??   Personally, I hope not! . . . but, I do believe that it is up to Viequenses and NOT up to the potential developers !!!  People will need to organize, speak up and work together to achieve those common goals dedicated to the best interest of the people here!!  Many of us transplants are happy to be involved if welcomed . . .

Of course, with growth comes growing pains . . .
There are Viequenses returning now, and who want to remain here at home; who see the possibilities of being able to make a living here, but cannot afford to rent or buy real estate because of the increases in rents and prices since 2003.  One of the other negatives may be the influx of foreigners who do not embrace Vieques for what she is and has always been and who do not understand, appreciate or even know, or care, about the struggle to free her from the hands of the military.  We, at Rainbow Realty, encourage people to learn about the island, gain an understanding about cultural and language differences and commit to being a part of versus separate from . . . and different.

Adapt to the ways of the island and be helpful versus wanting to change it, and imposing outside ways . . .   People seem to come here because they love it, BUT then want to change it . . .  immediately!  Why?  . . . to make it more like where they are trying to get away from?   What is up with that?

We are getting the “dreamers seeking a hide-away” back to the isle now . . . versus the big developers and speculators . . . much to our delight!

The W has opened and seems to be doing well . . . We have been assisting many with housing, and we are impressed . . . so far . . . with the talk of the W’s wanting to be community based and wanting to use community services, etc.  Sounds great, but our experience with the administration being brought in, has been very mixed . . . let’s hope they “walk the talk” . . . and it could be ALL GOOD!

Of course, on the Real Estate end, visitors coming to Vieques  may become our next Buyers.  With what the W is getting for room rates . . . these may be people willing to spend more money . . . and that could begin to drive prices and reduce inventory . . . time will tell!

Politically, I am not sure things are much different.  There were high hopes, but much seems to be the “same old, same old”‘. . . politics as usual.  Titles in Bravos and Santa Maria are still on hold, although some meetings to address this have recently been announced.  There are issues being raised and threats to re-possess land that is individually held, etc.   We are hoping this is a “bump” and the new administration will do the right thing . . . resolving all the continuing court cases.

There have been issues with theft and police telephone numbers/protection . . . and some changes need to be made and made quicker than slower.   One of the hopes is that with the presence of destination resorts like the W that things like crime, bio bay/ecological protection, trash on the beaches and street side will perhaps get more “attention” and resources . . .  let’s hope . . . whatever it takes!

The roads to the reserve beaches (both east and west) have been overhauled and improved . . . and Fish and Wildlife is creating more of a presence on isle, which is a good thing.

Okay . . . some FYI’s

Traditionally and for the most part, Real Estate professionals are compensated by the SELLER, but have a fiduciary responsibility to both sellers and buyers—this is designed by law.   Many of the brokers do co-broke and work with each other as a service to both Buyers and Sellers.   Rainbow Realty prides itself on being able to access any/all properties listed and also will pursue For Sale By Owner properties (FSBO’s), where appropriate.

Now—one of the things that is going to be interesting . . . is to see what our local Government decides to do with the 4000 acres they received from the US Government on the West end where the pier is.  We were told that the cargo ferry WILL be re-locating to Rompeolas (the old military pier), followed by passenger ferries, but still going to Fajardo.  We are told that the downtown location will be rehabbed??  ALL ON HOLD APPARENTLY . . .

There is talk of small cruise ships . . . and a number of other things including BETTER FERRY SYSTEMS (both cargo and passenger) and we are   w  a  i  t  i  n  g  as talk of the need for a bridge increases . . . which most residents are opposed to!