When it comes time to get away from it all, many people think of a boat. But even an 80-foot motor yacht can seem cramped after a few weeks aboard. Perhaps an island is the solution, and happily, buying your own island is easy when you know where to look and what to look for.
The first step is to determine why you want an island. The answers range from bragging rights, such as, “I’ll be spending the weekend on my island,” to a desire to create a five-star resort such as Richard Branson’s Necker Island in the British Virgin Islands. Other reasons include using the island as a private campsite, a vacation home, or your primary residence.
Clearly, there are huge differences in the climates and geography of all of these islands, with most people preferring either a more tropical setting or one that combines privacy and easy access to all things civilized. A great example of the latter is the 3/4-acre Oak Island. Located in New Rochelle, New York, a 30-minute drive from Manhattan, the island, accessible via a private bridge, is improved with a massive six-bedroom, six-bath Italian-style residence, available for $4.9 million.
At the other extreme is a 9.3-acre island in the Chiriqui Lagoon of Panama. Completely undeveloped and a 40-minute boat ride from the closest village on the coast, it can be yours for $150,000. Another option is Alisa Craig, a 244-acre island that’s 10 miles off the coast of Scotland. It’s chilly, populated mostly by birds, best-known for its curling stone quarry, and comes with a title. The 9th Marquess of Alisa will bestow her title upon the new owner in exchange for $2.4 million.
Your budget is the most important factor in choosing an island. Those with easy access and improved by access to power, water, and residences cost more than completely undeveloped islands. However, it’s possible that an expensive, easily accessed, ready-to-move-in island may wind up being less expensive than what’s needed to buy and improve a remote island due to the cost and effort required for even basic improvements.
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Due diligence steps include determining how to reach the island. If there’s no bridge, does it have a dock, and if so, what size boat can it handle? The water depth is critical to allow even small boats to reach the island, much less a barge carrying water storage tanks or building supplies.
Despite being separate from the mainland, islands are still subject to the same ordinances, rules, and laws. If the island doesn’t have access to power lines, can you install solar panels? Is the island located in an environmental area where development is precluded? Choosing an island with existing infrastructure for power and water and featuring a residence in move-in condition avoids the permitting process, the time effort, and the cost of making the island habitable and accessible. It also allows you to enjoy the property immediately upon closing the deal.
An example of an island that has a high price tag, but is ready for immediate use and also has the potential to generate some income is the 26-acre Pumpkin Key, located a 10-minute boat ride from Ocean Reef Club or a 10-minute helicopter ride from Miami’s South Beach. Water and power serve the main house, two caretakers cottages, and the dockmaster’s apartment, as well as the 20-slip marina and tennis courts, which serve double duty as helicopter landing pads.
According to the seller, the island has 12 bayfront lot sites ready for development that include access to the Ocean Reef Club. The $95 million price tag reflects the development potential as well as a setting on the edge of Biscayne Bay and the Atlantic Ocean with world-class diving on living coral barrier reefs and world-renowned fishing grounds.
The political climate and tax laws of the country governing the island are important subjects to be researched. This step is relatively easy for islands located in the United States, Bahamas, or Canada, but can become a bit convoluted for islands in South and Central America, the Mediterranean Sea, or Pacific Ocean islands.
The bottom line is this: You can own an island. How you use it is the big question.
