NE Florida Contiunes with Agressive Future Development

Nassau, Duval and St Johns Counties continue to experience  land acquisition by developers of single family PUD sites and developers of ALF, ILF, and Memory Centers.  Many of the national brand developers as well as the local developers continue an extremely active role in the market buying up entitled properties.  Home sales continue at levels production cannot keep up.  There are homes being offered above appraisal values.  St Augustine continues on a growth rate as the highest in the state.  ALF developers are aggressively shopping the area for parcels.  Rayonier, Inc. announced yesterday it is selling two large sites in Nassau County to a developer just as the real estate market is rebounding.  When the real estate market slowed, TerraPointe, the real estate arm of Rayonier (RYN: NYSE), put entitlements in place that pre-approved development in a way that avoided wetlands and floodplains for two Nassau County sites, East Nassau, a 24,000-acre master planned community in Yulee, and the Crawford Diamond, an 1,800-acre industrial park in Callahan.  The market is strong and our team of experts are available to assist.