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???
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