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JACKSONVILLE, FL-Sales in single-family and multifamily product at St. Joe Co.’s Arvida Community Development division are strong as Arvida winds up a healthy third-quarter.

Arvida posted net earnings before interest, taxes, depreciation and amortization of $15.9 million versus $14.4 million in the same 2000 period, an increase of 10%.

Arvida Realty Services, another division, generated net EBITDA of $8.6 million compared with $6.1 million in third quarter 2000. ARS posted gross revenue of $77.1 million, a 14% increase over the $67.5 million logged in third quarter 2000.

“Despite the event of Sept. 11, demand remained strong for our Northwest Florida products, on and off the beach,” St. Joe chairman/CEO Peter S. Rummell says in a prepared statement.

Arvida had 82 pending contracts as the third quarter ended. Seventy-two have closed as scheduled; seven were delayed; three contracts were cancelled.

“These closing percentages are within normal range,” Rummell says.

At WaterSound, the company’s news resort community in Walton County, the first 28 lots closed in the last three days of the third quarter as scheduled.

Arvida has 24 new sales contracts signed from Sept. 15 through Sept. 30 for home sites at St. Joe communities throughout the state. Closings are tentatively scheduled for early 2002.

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