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Lot In St. Joe's RiverCamps Sells For Only $11,300 In Foreclosure Auction

|Includes: St Joe Co. (JOE)

Lot was sold by St. Joe for $239,000 in 2005. The lot was foreclosed upon for delinquent homeowners' association dues, not due to a delinquent mortgage.

The final judgment amount was a mere $10,440.81. In an advertised foreclosure auction, open to the public, all the HOA could get for the lot was $11,300. That's a 95% price drop from the peak of the bubble.

What does this say about the value and development potential of St Joe's raw, interior 500,000+ acres? Mind you, this is a developed lot, with deeded access to amenities (pool, gym, boat docks, etc), located right by the water, that was auctioned during the summer tourist season.

The vulture investors who establish the comps that put downward pressure on the value of St. Joe's land, are first in line to profit from St. Joe's costly "placemaking" efforts to promote and develop the region.