St. Joe Co. is yet another land development company that continues to take financial blows because of the declining real estate market. The organization recently announced losses of up $27.9 million in the fourth quarter which translates to 31 cents per diluted share. Compare this loss to the $1 million net income gained or 1 cent per diluted share for the same period back in 2007. In that same year the company experienced an annual net income of 53 cents per diluted share or a total of $39.2 million in profits. In 2008 the organization declared a loss of 40 cents per diluted share or a net loss of $35.9 million.
St. Joe’s stock went down by 83 cents from $21.74 to $20.91 when the NYSE closed last Feb. 23. This just goes to show us that the market is looking bleak and it seems that the light at the end of the tunnel is very far from sight.
April 8, 2009
St. Joe Co.’s Increased Losses
April 7, 2009
Shareholder Meeting Set by American Community Properties Trust
An announcement made by American Community Properties Trust or ACPT stated that they intend to hold a shareholder meeting on June 3, 2009. The annual event includes the vote for the organization’s trustees and recorded shareholders as of April 9, 2009 will be eligible to participate in the election. A notice, together with other relevant documents, will be mailed to all the shareholders and will include further information regarding the meeting such as the venue and time of the gathering.
ACPT is the successor of Puerto Rico-based construction and building firm Interstate General Co. and operates mainly in the Maryland area. It is currently listed in the New York Stock Exchange Alternext Exchange as AmCmntyProp (APO).
April 6, 2009
ARMEP Corp. Continues to Fall
ARMEP Corp., main developer of New Mexico economic hub Rio Rancho, has recently reported yet more financial losses. For the company’s third fiscal quarter it reported a loss of 2 cents per share or a total of $100,000. Last year, the company earned 57 cents per share or a total of $3.5million. The developer’s total revenues also slumped by a whopping 18 percent from one year ago to $36 million.
Homebuilders in Rio Rancho have stopped construction on lots previously acquired from ARMEP ever since the decline of the housing market. Some purchases of developed lots were also either cancelled or delayed. This behaviour among investors is not only happening in the Rio Rancho region and has become a national situation as the market continues to struggle.
April 5, 2009
The Best Real Estate Websites
Marketingcharts.com recently released a list of the most visited real estate websites as of February 2009.
Realtor.com (www.realtor.com) is the most popular site with 6.97 percent of total visits to real estate websites in the United States. Yahoo! Real Estate (realestate.yahoo.com) came in second with 4.38 percent while third place Zillow (www.zillow.com) has 3.10 percent of the total visits. ZipRealty (www.ziprealty.com) came in fourth with 2.53 percent, RE/MAX Real Estate (www.remax.com) at fifth with 2.05, and Rent.com (www.rent.com) at sixth with 1.89.
The last four spots in the top 10 were tightly contested by US Department of Housing and Urban Development (www.hud.gov), Homegain (www.homegain.com), ServiceMagic (www.servicemagic.com), and Trulia.com (www.trulia.com) which had 1.70, 1.66, 1.63, and 1.50, respectively.