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Land giant St. Joe reports tough real estate market

The St. Joe Co., one of the biggest private landowners in the state and a dominant developer of coastal housing communities on Florida's Panhandle, said it lost $20-million, expedited the sale of its more rural acreage and cut 30 more jobs in the second quarter as the slow real estate market continues to pressure the Jacksonville company.

Residential real estate sales came to a modest $7.2-million in the quarter ended June 30, down from $30.8-million in the same period a year ago.

"With continuing economic weakness in the national economy, our northern Florida real estate markets face difficult conditions," said St. Joe's Britt Greene, who recently succeeded company chairman Peter Rummell as CEO. "We cannot predict exactly when the national economy or our real estate markets will recover, but we are continuing to execute our strategic plan and keep St. Joe lean and efficient to better withstand these very difficult conditions."

Land giant St. Joe reports tough real estate market 08/05/08 [Last modified: Thursday, August 7, 2008 11:54am]
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