JOE restructures - 750 positions affected

[fisher]

I think the term "dump" is relative. Most likely they will sell the lots to national builders, such as David Weekly Homes, like they did in Palmetto Trace in PCB. I doubt that many (or any) of these lots will reach the MLS. Keep in mind that Watersound (North) has, I believe, approximately 1,200 potential lots. They will not dump Watercolor or Watersound Beach as these are the only development currently making money. St. Joe also has developments in Port St. Joe that are not doing too well.

I agree. Even though JOE is lowering prices considerably on its remaining lots and houses in WS and WC, I don't beleive they will sell any of this remaining inventory off to National Builders. The basis in these lots is very low so they are still realizing nice profits off the sales even at lower price levels.

Interestingly, they have actually been selling some lots in WS and WC at prices that are higher than private listings by individuals right next door (go figure???)

 

[fisher]

I am curious to know if anyone is aware of how many spec homes and lots St. Joe still owns in WaterColor. I believe St. Joe already sold all of their lots and spec houses in Phases 1, 2 and 3 and only has lots and spec houses in Phase 4 behind the Publix. The prices on these homes already is pretty low (relatively speaking), as they are priced in the $600,000 range. My guess is the price on these may be dropped to the $500,000 range.

Does anyone know if St. Joe still has signifanct lots or spec homes in their inventory in Phases 1, 2 or 3 of WaterColor?

There are several spec homes in Watercolor Phase I, II and III and about 10 in Phase IV. There are a handful of spec homes in WS and WS West. There are under 10 lots in Phase I, II and III of Watercolor but a bunch in Phase IV. They have about 15 or 20 lots left in WS but over 150 in WS West.

They have been aggressively lowering prices on many of these properties and taking less than asking price which is a new deal for them.

Does anyone know if the JOE real estate sales offices will be effected by the cuts???

 

[Cil]

(6) JOE is going to eliminate 75% of its workforce

Our old gang in PSJ has recently been reduced by several--a couple by choice, but certainly not all.
"A leaner, more responsive JOE" indeed.

 

[scooterbug44]

I think them not managing Watercolor & Watersound is pretty typical - once they reach a certain percentage of buildouts they have to transfer to a management company or HOA.

The rest - rats leaving a sinking ship IMO.

 

[SHELLY]

Best "Laff O' the Day" on the Housing Bubble message boards:

"They're going to have to bury a hell of alot of St JOE statues to move 100,000 acres of Florida swamp." :funn:



.

 

[John R]

St. Joe Towns and Resorts??

 

[George]

Everyone keeps saying that Joe turning over management of WaterColor is a huge event. The reality is that a new management company was brought in almost a year ago to handle property management, and the HOA is about to be turned over to the property owners pursuant to the HOA documents that were put in place over seven years ago (this happens in all planned communities once a certain percentage of ownership is held by persons other than the developer). Joe will continue to own the hotel, which will be managed by a third party hotel company. Am I missing something, or this not much of an impact on the day to day operations of WaterColor? As for the impact on the real estate in WaterColor, Joe's assets (with the exception of about four houses in Phases I, II and III and some more houses and lots in Phase IV) that will be dumped primarily are in other developments.

 

[SHELLY]

Word on the street is that Peter Rummell is also stepping down (retiring). I haven't read through the other threads on JOE, and this may have been mentioned earlier. Does anyone know who JOE will be using to replace Peter?

Jeb Bush

.

 

[GoodWitch58]

OMG! Pls tell me you're kidding!

 

[Lisa Ruby]

Just got back from sushi....used to be at Fish Out of Water, sushi now relocated to the lobby bar of the inn...had a visit with an employee and she was reeling from changes in management, real estate sales, and department heads.