In yet another sign that the massive speculation has come to an end, real estate developer St. Joe's (JOE) announced it was "exiting homebuilding in Florida, and will take a $10.7 million dollar charge resulting from writedowns and a 10% reduction in its workforce."
St. Joe's was very active in the Sandestin Resort boom, and was a major influence in the areas resort, commercial and industrial development. With skyrocketing insurance costs (if you can find a comapny to write the policy), and heavy property tax burdens in Florida, St. Joe's is throwing in the towel.
Now there is speculation that St. Joe's may want to sell out entirely.
