St. Joe Sells More Cheap Land

More news from our friend JOE:

Jacksonville, Florida - (December 18, 2008) - The St. Joe Company (NYSE: JOE) today said that it has closed the sales of 19,917 acres of non-strategic rural land in Liberty and Gulf Counties for an aggregate sales price of $28.0 million, or over $1,400 per acre.

"After the termination in October of a previously announced contract for the sale of non-strategic rural conservation land we returned those parcels to the market," said JOE's president and CEO Britt Greene.

Was that the land sale that I blogged about previously, the one for $1,930 per acre? So land prices have fallen substantially just in the last few months?

I'm still short JOE and I love selling JOE calls.