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JACKSONVILLE, Fla. – May 7, 2008 –
Florida’s biggest landowner, the St. Joe Co., believes the housing
market may have reached the bottom, pointing to stabilization in the
residential inventory.
St. Joe Co. CEO Peter Rummell says
buyers must be “retrained” to recognize the importance of making
home purchases now. He notes, “We have trained people to expect that
prices are going to be lower tomorrow than today if they just wait.
So now people are going to have to learn that they’ve gotten to that
point.”
Though the company posted a $32
million profit for the first quarter, only $9.8 million can be
attributed to its residential operations. Much of the firm’s profits
can be tied to the sale of “nonstrategic” land parcels in the
Florida Panhandle, including 57,435 acres it recently sold to a
group of buyers including sportsmen, investors and conservationists
for $91 million.
Source: St. Petersburg Times
05/06/2008 Thorner, James
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