Press Release
August 11, 2000
CLEARWATER, FL -- Arvida Realty Services, a business unit of The St. Joe Company (NYSE:JOE), posted a 32.6% increase
in pending sales for second quarter 2000 with $2.35 billion in gross volume and 10,853 transactions compared to
the same quarter 1999. Gross pending sales volume through June 30, 2000 was $4.56 billion with 20,967 transactions,
a 36.5% increase over the same period last year during which time the company registered $3.34 billion and 17,860
transactions.
``Second quarter sales were brisk, surpassing first quarter by 6.1%. This in itself is fantastic since our first
quarter numbers were record breaking as well,'' stated Richard W. Cope, Chief Executive Officer. ``The increase
in mortgage rates impacts sales, but rates today are still low compared to the double-digit figures we were facing
in the 80's. I think that many people made the decision to buy now before they go any higher. We are now seeing
the typical summer cycle for real estate activity as we head into the hotter months and people are preparing for
the back-to-school onrush.''
The average sales price of real property handled by the company during 2nd quarter was $216,000 as opposed to $189,000
for the same period last year. This represents a 14.3% increase. The number of listings secured was 6,291, an 11.6%
increase over 1999 2nd quarter total of 5,637. Listings taken year to date are 13,256.
Headquartered in Clearwater, Arvida Realty Services is the state's largest independent real estate brokerage and
the 7th largest in the nation with more than 100 offices located throughout the state and 3,200 licensed sales
professionals and 700 employees affiliated with the company. It offers residential and commercial real estate sales,
relocation services, asset and property management, title and mortgage services, annual and seasonal rentals, resort
management and international real estate marketing.
The St. Joe Company, a publicly held company based in Jacksonville, is Florida's largest real estate company. It
is engaged in community, commercial, industrial, hospitality, leisure, and resort development, along with residential
and commercial real estate services. The company also has significant interests in timber.
For more information about Arvida Realty Services, see the company's web site at www.ArvidaRealty.com.
More information about St. Joe can be found at the St. Joe web site, www.joe.com.
The above discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Such statements are based on current
expectations and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks
or uncertainties materialize or should the underlying assumptions prove incorrect, the company's actual performance
may differ materially from that indicated or suggested by any forward-looking statement contained herein.
0- Note to Editors: ``Arvida'' is a registered trademark. ``Arvida, a St. Joe Company''
and the ``taking flight'' logo are service marks of The St. Joe Company.
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Contact:
Arvida Realty Services, Clearwater
Linda Burger, Exec. VP - Marketing & Communications
727/723-6004
LBurger@arvidaservices.com