St. Joe to Exit Home-Building Business
This story is late breaking. It looks like a pretty aggresive move by St. Joe, one of the largest land owners in Florida. Maybe they'll get back to making paper.
"NEW YORK, Sept 7 (Reuters) - St. Joe Co. (JOE.N: Quote, Profile, Research), which operates primarily in the Florida panhandle, said on Thursday it will exit the home-building business and focus on operating its land holdings in the state.
The move underscores the severity of the downturn of the U.S. housing market, where once-hot markets such as Florida are being particularly hard hit, said JMP Securities analyst Alex Barron."
Full story...
"NEW YORK, Sept 7 (Reuters) - St. Joe Co. (JOE.N: Quote, Profile, Research), which operates primarily in the Florida panhandle, said on Thursday it will exit the home-building business and focus on operating its land holdings in the state.
The move underscores the severity of the downturn of the U.S. housing market, where once-hot markets such as Florida are being particularly hard hit, said JMP Securities analyst Alex Barron."
Full story...
posted by Little_Silvered at 6:43 PM
8 Comments:
yea!!!!!!
But... St Joseph is entering the Real Estate Market, the statues are selling like hotcakes!
KL
Nice Blog, some interesting info and thoughts, a bit radical for me at times but thats ok.
Good. They should stick to what they know: Making delicious orange-flavored children's aspirin.
obviusly it was one buyer who bought all 4 houses at the same price. And most likely he is going to hold them, rent them out, sell them in 5 years......
obviusly it was one buyer who bought all 4 houses at the same price. And most likely he is going to hold them, rent them out, sell them in 5 years......
Well thats a whole other story then....
I drove by a few open houses in Rumson on Sunday, "houses above $2mil don't have open houses" I was told 12 months ago, a bit different this weekend. Sept and October look to be the last bit of hope for sellers not in tune with reality. one realtor, "prices down about 15-20% in Rumson from last year, no one knows where the bottom is" open house realtor.
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