Anyone Own a Place in the St. Martin?

I saw a show on TLC or one of those stations last night about a couple that were looking for a house in St. Maarten (AKA St. Martin depending on which side you are on) and I could not believe how much house you can get for your money down there. They looked at a 2000 sq. ft. house with a beautiful ocean view that was only $450K. Just wondering from an investment standpoint if it would be worthwhile to buy here initially rent the place out for most of your weeks and someday retire down there. I'm sure there are firms based there that would help rent it for you for a percentage as it would really suck to try to do it yourself from 2000 miles away. Anyone have experience doing anything like this? Thx, Jerry.

 

I went there over the summer. The place is nice. Roads are ****. People are really nice. I wouldn't really want to live there though. There are some really nice houses there though, up in the hills. Honestly, i don't think many people would want to live there

 

I know a lot of people that do this in Hawaii. We tried it, but it just didn't work out for us as we really loved our home there. It really sucks when you get there and open the door to find your home has been smoked in, appliances broken, and things missing. We also found that the rental agency wasn't paying us the full amounts for the time rented. You need a really honest property manager. The only really successful guy I know lives there and takes care of several rentals by himself. He lives in one of the units also.

 

Interesting idea however if it flys, fooks or floats, then just rent it.

 

I know a guy who lives on the island, and these are his observations:

1. Its paradise.
2. Crime sucks, lots of poor people stealing anythig they can lay their hands
on.
3. You will NEVER drive your Ferrari on this island. Traffic and roads are
aweful. Did you notice the average size of cars on the island??
4. Everything shuts down at 8pm (as I can remember). 90% of the business
on the island is from the tour boats, when they are not there, business is
closed. Everything else supports the locals, who are dirt poor.
5. Hurricanes hit this island HARD. I speak some dutch, and the taxi drivers
have explained in simple terms, once a year, all the roofs get blown off. Look
around, didnt you notice all the empty shell's that used to be nice hotels?
6. If your a mechanic, your employed, a severe lack of mechanically inclined
folks to fix the cars.
7. Gas prices are insane, like $5-6 a gallon. And it only comes in one grade -
crap.
8. Not many people on the islands, most are black and indians. I would
imagine it would be hard for most to make friends, due to income levels,
cultural backgrounds etc...

If you REALLY want to buy a place, why dont you rent there for several
months in a row and get used to it? Get an old beater to but around in,
and get accustomed to it.

 

I know folks are retiring in Panama, I may check into it myself.