St. Joe Co. sweetens deals

SANTA ROSA BEACH - As real estate sales continue to sag, The St. Joe Co., one of Florida's largest developers, is pulling out all the stops to increase its property sales.
    
Like many companies, St. Joe is loading up on the perks and has announced three incentive programs for prospective home buyers along the Gulf Coast.
    
The WaterSound Living and Summer-Sweet Living programs in WaterSound and WaterColor, respectively, allow home buyers - for a nominal fee - to purchase extended stays at luxury residences in their chosen communities while their homes are being built. A similar program also has been launched at Windmark Beach in Port St. Joe in Gulf County.
    
Tom Dodson, vice president of sales for West Florida, said St. Joe got out of the homebuilding business during a restructuring two years ago and is now focused primarily on real estate development and sales. Although the company did relinquish some of its inventory last year, many of the developed lots are ready for home buyers to build on, he said. 

The idea behind the new incentive programs is to generate more sales.
    
While a home site is a great asset to own, Dodson said, buyers do not get anything out of the associated fees they still must pay even though their homes are not built.
    
"We tried to position it where, yes, you'll own the lot, you'll pay these (fees), but you'll have a place to stay while you're here," he said. "Say you bought a $100,000 lot in SummerSweet. Well, for the next two years until you build your house, you have the use of a cottage right there for a very minimal fee."
    
Buyers can stay in the furnished cottages for up to a week and have access to amenities such as a beach club, boat house, tennis center, golf club and fitness center.
    
Likewise, those who participate in the WaterSound Living program will pay a minimal fee for up to a weeklong stay in a one-bedroom condominium at the Water-Sound Beach GateHouse.
    
In addition, a recently launched Discovery Stay geared toward top real estate prospects allows them to stay at the WaterSound Beach GateHouse, or at the village center at Windmark Beach in Port St. Joe, to experience life there.
    
"There's no better way to promote the communities and the projects you have within the communities than for someone to stay and experience what it is," said Dodson, who added that the best way to sell a property is to have a face-to-face meeting with buyers.
    
All three incentive programs will run through December 2010. St. Joe expects the real estate industry to rebound by that time.
    
Company officials expect the international airport being built in Bay County to open up the Emerald Coast to a larger national and international audience - and potential customers.
    
The Gulf Coast has been in a real estate slump since the last quarter of 2005, largely because of the numerous tropical storms and hurricanes that have hit the region, Dodson said.