St. Joe to stop building houses [South Florida]
Evidence is mounting that the downturn in Florida’s real estate market may be broader than experts had expected.
St. Joe Co., the largest private landowner in Florida, is exiting the homebuilding business in the state. Giant homebuilder Lennar Corp. of Miami is reducing its third-quarter earnings estimates. And the National Association of Realtors predicted home sales will be lower than projected throughout the remainder of the year.
Jacksonville-based St. Joe, which once banked its fortunes on timber and paper, transformed itself into a “place-maker” about a decade ago. In 1997, it acquired homebuilding expertise with its purchase of Arvida, which had been building residential communities throughout the Southeast.