RiverTown Under Contract

Mattamy Homes out of Ontario, Canada with local offices in Jacksonville has a contract in place and is their Due Diligence phase of purchasing 4,057 acres of improved land from St Joe and Company's RiverTown Development.  Mattamy is currently one of numerous builders in the project that was started in 2007.  Most of the community amenities are in place.  The project has roughly 3.5 miles of Riverfront property on the St. Johns River.  Demand for new construction is increasing in NE Florida with the local inventory less than 150 days.  The number of distressed properties on and coming to the market is also declining while many homeowners are starting to see some equity recovery.  All these lead me to believe that the housing slump is coming to an end.  In the past the resurgence of the housing market has meant growth in all areas of the economy.  For more on the RiverTown Sale see the article on Jacksonville.com at St Joe to Sell RiverTown