not a fire sale

“St. Joe Co., Florida’s largest private landowner, plans to eliminate more than 75 percent of its workforce, sell about 100,000 acres of land and scrap its dividend to contend with the worst housing slump in 16 years. ‘This is not a fire sale,’ CEO Peter Rummell said today on a conference call. ‘We are not dumping stuff on the market and we are not going to make stupid decisions but there are things that we believe have reached their height in pricing.’” Bloomberg, via the Housing Bubble Blog.