I did not know that a private company owns 900,000 acres in the panhandle (!). Sounds like they're raking in money by building houses and other new developments.
According to the article, St. Joe owns SouthWood in Tallahassee and SummerCamp in Carrabelle, as well as properties and developments in Port St. Joe, Lynn Haven, Panama City Beach, Seagrove Beach, Riverview, Jacksonville, Deland, Jupiter and Celebration.
No contracts have been finalized, but Ray said lot prices have climbed from $386,000 in April to about $407,000 now. Rummell said the rapid increase in prices led to the decision to hold back the sale of some St. Joe properties until 2005. (...) Rummell also said rising interest rates haven't affected St. Joe sales.
All I can say is... wow.
According to the company spokesman, around 45 percent of their sales don't involve a mortgage... which is why they're less affected by rising interest rates.
How long will dramatic price increases continue? Is this a housing bubble... or are the high prices here to stay?
