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St. Joe Revises Real Estate Development Plans for Florida


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St Joe Co

 

Another real estate developer – one which develops luxury homes as well as multifamily investment properties – is feeling the pinch of the sluggish real estate market.


One of the largest landowning companies in Florida has announced a major revision in its plans for the state.  St. Joe Co. had hoped to build a series of luxury second home communities along the Northern Gulf Coast in the state, but has made it known that it will not be moving forward with these plans.  In a recent filing with the Securities and Exchange Commission, the company revealed that it will be scaling down on capital expenditures at its planned communities and will be on the look out for bids on its undeveloped plots of land.


St. Joe’s received a major setback during the housing market bust of 2008 and hasn’t quite managed to find its feet yet.  This announcement is only one among a series of changes the company has been witness to in the recent past.  There have been major shakedowns in its leadership team, the company has been through an SEC investigation on its accounting practices, and it has announced several cost cutting strategies in an effort to regain some of its fading financial strength.

Critics have chastised St. Joe’s for not reacting to the downswing in the real estate market in a timely fashion, and have also found fault in the company’s refusal to down-value its assets to represent current market valuations.

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