Thursday, September 07, 2006

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...

10 Comments:

Anonymous rbyzell said...

yea!!!!!!

Thursday, September 07, 2006 9:55:00 PM  
Anonymous Anonymous said...

But... St Joseph is entering the Real Estate Market, the statues are selling like hotcakes!

KL

Friday, September 08, 2006 9:21:00 AM  
Anonymous Anonymous said...

Nice Blog, some interesting info and thoughts, a bit radical for me at times but thats ok.

Saturday, September 09, 2006 9:17:00 AM  
Anonymous Anonymous said...

Good. They should stick to what they know: Making delicious orange-flavored children's aspirin.

Monday, September 11, 2006 9:16:00 AM  
Blogger njcoast said...

Four of the Tradewinds oceanfront homes in Seabright, built by Kara Homes closed on 8/31/06. 13,1,3,5, Tradewinds Lane originally listed for $4,784,000 each-sold for $1,700,000 each. I bet the two flippers who are trying to sell 4 Tradewinds Ln. at $3,200,000 and 23 Tradewnds Ln. at $3,500,000 are just a bit pissed at Kara homes for bringing down the comps there! And I bet the person who bought 19 Tradewinds Ln for $3,600,000 on 6/30/06 is REALLY pissed!

Monday, September 11, 2006 10:09:00 AM  
Anonymous Anonymous said...

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......

Monday, September 11, 2006 11:34:00 AM  
Anonymous Anonymous said...

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......

Monday, September 11, 2006 11:34:00 AM  
Blogger njcoast said...

I did some more research on the Tradewinds homes. Kara Homes had not built on the lots yet and sold them without homes.

Monday, September 11, 2006 11:49:00 AM  
Anonymous Anonymous said...

Well thats a whole other story then....

Monday, September 11, 2006 1:39:00 PM  
Anonymous Anonymous said...

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.

Monday, September 11, 2006 2:13:00 PM  

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