The St. Joe Company Announces New Homebuilder Relationships With Holiday Builders and Harris Doyle Homes

Rhea-AI Summary

The St. Joe Company (NYSE: JOE) has announced new homebuilder relationships with Holiday Builders and Harris Doyle Homes, expanding its builder program to 19 builders across 16 active communities in Northwest Florida. Holiday Builders has contracted to purchase homesites in the Salt Creek at Mexico Beach community, while Harris Doyle Homes will become the fourth builder in the Breakfast Point East community in Panama City Beach.

These additions diversify St. Joe's new home offerings, with prices ranging from the low $300,000's to over $3 million. Both builders plan to have new homes ready for sale by 2025, demonstrating continued builder interest and demand for homesites in the region as Northwest Florida attracts full-time residents from across the country.

Positive

• Expansion of homebuilder program to 19 builders, indicating strong demand
• Diversification of home offerings across various price points
• New development in Salt Creek at Mexico Beach community
• Addition of fourth builder in Breakfast Point East community
• Continued attraction of full-time residents to Northwest Florida

Negative

• None.

Insights

Real Estate Analyst

The addition of Holiday Builders and Harris Doyle Homes to St. Joe's builder program is a strategic move that could positively impact the company's residential portfolio. This expansion brings the total number of builders to 19 across 16 active communities, potentially accelerating development and sales velocity in St. Joe's projects.

The entry of Holiday Builders into the Salt Creek at Mexico Beach community marks a significant milestone, being the first contract for single-family homesites in this new development. This could jumpstart activity in the area and generate interest from other builders and buyers.

Harris Doyle Homes' involvement in the Breakfast Point® East community adds further diversity to the builder mix, which could appeal to a broader range of homebuyers. The planned availability of new homes by 2025 suggests a positive outlook for future revenue streams for St. Joe.

Overall, these partnerships indicate strong demand for homesites in Northwest Florida and reflect the region's growing attractiveness to full-time residents from across the country. This trend could lead to sustained long-term growth for St. Joe's residential real estate segment.

Market Research Analyst

The expansion of St. Joe's builder program reflects a broader market trend of increased interest in Northwest Florida's real estate market. The region's appeal to full-time residents from across the country suggests a demographic shift that could have long-lasting impacts on local economies and housing demand.

The wide price range of homes offered by St. Joe's builders ($300,000 to over $3 million) indicates a diverse target market, from first-time homebuyers to luxury seekers. This strategy could help buffer against market fluctuations by catering to various income segments.

The planned completion of new homes by 2025 aligns with projections for continued housing demand in the coming years. However, it's important to monitor macroeconomic factors such as interest rates and employment trends that could influence buyer sentiment and affordability in the medium term.

The inclusion of regional builders like Holiday Builders and Harris Doyle Homes alongside national builders creates a balanced mix that could enhance St. Joe's competitive position in the market.

PANAMA CITY BEACH, Fla.--(BUSINESS WIRE)-- The St. Joe Company (NYSE: JOE) (“St. Joe”) announces new homebuilder relationships with Holiday Builders and Harris Doyle Homes. With the addition of these regional homebuilders, St. Joe’s builder program now includes 19 builders within its residential portfolio of 16 active communities throughout Northwest Florida.

Holiday Builders, headquartered in Melbourne, Florida, recently executed a contract with St. Joe for the purchase of homesites in St. Joe’s Salt Creek at Mexico Beach community—the first contract for single family homesites in this new community. Holiday Builders has been in business for more than 40 years, building homes throughout the state of Florida and southern Alabama.

Harris Doyle Homes, formed in 2008 in Birmingham, Alabama, has grown to be one of Birmingham’s largest homebuilders. Since that time, Harris Doyle Homes has built more than 2,700 homes in 26 residential communities across Alabama and Florida. Having recently contracted to purchase homesites in St. Joe’s Breakfast Point^® East community, Harris Doyle Homes will become the fourth builder offering new homes in the growing community located in Panama City Beach.

“Both Holiday Builders and Harris Doyle Homes are great regional builders that will further diversify the new home product for buyers at every stage of life in our residential communities,” said Bridget Precise, Senior Vice President of Residential Real Estate for St. Joe. “These new builder relationships demonstrate continued builder interest in our area and demand for homesites, as Northwest Florida continues to attract full-time residents from across the country.”

Among the 19 participants in St. Joe’s homebuilder program are a mix of large national builders, regional builders operating throughout the southeast and local builders with a focus on Northwest Florida. Currently, new homes offered by these builders in St. Joe’s residential communities range in price from the low $300,000’s to more than $3 million.

Holiday Builders in the Salt Creek at Mexico Beach community and Harris Doyle Homes in the Breakfast Point East community plan to have new homes ready for sale in 2025.

Important Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements,” within the meaning of Section 21E of the Exchange Act, including statements regarding proposed development in the Salt Creek at Mexico Beach and Breakfast Point East communities. These forward-looking statements are qualified in their entirety by cautionary statements and risk factors set forth in St. Joe’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent filings as well as the following: (1) the ability of St. Joe to successfully develop the proposed homesites in the Salt Creek at Mexico Beach and Breakfast Point East communities, (2) the ability of Holiday Builders and Harris Doyle Homes to close on the homesites and (3) the interest of prospective buyers of new homes in the Salt Creek at Mexico Beach and Breakfast Point East communities.

About The St. Joe Company

The St. Joe Company (“Company”) is a real estate development, asset management and operating company with real estate assets and operations in Northwest Florida. The Company intends to use existing assets for residential, hospitality and commercial ventures. St. Joe has significant residential and commercial land-use entitlements. The Company actively seeks higher and better uses for its real estate assets through a range of development activities. More information about the Company can be found on its website at www.joe.com.

©2024 The St Joe Company. “St. Joe^®,” “JOE^®,” the “Taking Flight” Design^®”, “St. Joe (and Taking Flight Design)^®,” and “Breakfast Point^®,” are registered service marks of The St. Joe Company or its affiliates.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240815817700/en/

St. Joe Investor Relations Contact:

Marek Bakun

Chief Financial Officer

1-866-417-7132

marek.bakun@joe.com

St. Joe Media Relations Contact:

Mary Beth Lovingood

Corporate Director of Marketing

850-231-6583

marybeth.lovingood@joe.com

Source: The St. Joe Company

FAQ

What new homebuilders has The St. Joe Company (JOE) partnered with?

The St. Joe Company has partnered with Holiday Builders and Harris Doyle Homes, expanding its homebuilder program to 19 builders across 16 active communities in Northwest Florida.

Where will Holiday Builders construct homes for The St. Joe Company (JOE)?

Holiday Builders has contracted to purchase homesites in St. Joe's Salt Creek at Mexico Beach community, marking the first contract for single-family homesites in this new development.

In which St. Joe Company (JOE) community will Harris Doyle Homes build?

Harris Doyle Homes will become the fourth builder offering new homes in St. Joe's Breakfast Point East community, located in Panama City Beach.

What is the price range for new homes in The St. Joe Company's (JOE) residential communities?

New homes offered by builders in St. Joe's residential communities currently range in price from the low $300,000's to more than $3 million.

When are Holiday Builders and Harris Doyle Homes expected to have new homes ready for sale in The St. Joe Company's (JOE) communities?

Both Holiday Builders and Harris Doyle Homes plan to have new homes ready for sale in their respective St. Joe communities by 2025.