St. Joe's New WaterSound Community to Host 2008 Parade of Homes, June 14–22

WaterSound, FL. (June 3, 2008) – The St. Joe Company today announced that its WaterSound community will be one of two host sites for the 2008 Parade of Homes, taking place June 14–22. Sponsored by the Building Industry Association of Okaloosa and Walton counties, this annual event offers participants the opportunity to tour luxury homes in seven featured neighborhoods.

Located just north of Highway 98 and the famed Scenic Highway 30-A in South Walton County, WaterSound is the newest residential community in the town of WaterSound, which also includes WaterSound Beach, a 256-acre gated community set on a mile of white-sand beach, and WaterSound West Beach, a 62-acre gated community with private beach access located adjacent to Deer Lake State Park.

"The 2008 Parade of Homes events at WaterSound will offer visitors the opportunity to tour this new coastal community, which is emerging quietly from the area's pine forests, conservation preserves and native vegetation," said Vance Askew, director of sales for the town of WaterSound. "Because of our great location, thoughtful planning, distinctive homes and an impressive list of recreational opportunities, WaterSound appeals to both primary residents and second-home owners looking to enjoy our coastal lifestyle at an incredible value."

This year's event will kick off with a Parade of Homes celebration on June 13 from 6 p.m. to 9 p.m. at WaterSound's Village Commons, a central gathering spot and community hub. Some 350 attendees are expected. Then, for the next nine consecutive days (from 1 p.m. to 6 p.m. on weekdays and 10 a.m. to 6 p.m. on weekends) local residents and visitors are welcome to tour the following homes in the town of WaterSound:

• 769 Breakers Street, WaterSound. This JOE-built four-bedroom, three-and-a-half bath home is ideal for a primary residence or second home. The open floor plan invites social interaction in the kitchen, dining and living spaces. The kitchen features granite countertops, custom cabinetry and stainless steel appliances. Wood floors are featured in the living, dining and kitchen areas. The large front porch provides a comfortable setting for casual encounters with the neighbors, while the screened back porch encourages time spent relaxing outside.
• 246 Salt Box Lane, Crescent Keel, WaterSound Beach. This quaint cottage, perfect for a beach vacation home, features three bedrooms, four baths, stained concrete floors, fireplace with brick chimney, intricate millwork on the ceilings and walls, and a screened porch.
• 9 Anchor Rode Circle, WaterSound West Beach. This stunning three-bedroom/four-bath coastal cottage features exquisite interior finishes, including hardwood floors, granite countertops, custom cabinetry, extensive wood millwork, designer bathrooms with decorative tile and glass accents, and more.

JOE is also showcasing two homes just five minutes away at WaterColor, a 499-acre coastal resort and residential community sitting directly on the Gulf of Mexico adjacent to the acclaimed Grayton Beach State Recreation Area along Scenic Highway 30-A:

• 45 Winterberry Circle at Turtle Ridge 23, Phase IV, WaterColor. This model home is surrounded by butterfly gardens, walking trails, upscale restaurants and shopping, a pristine coastal dune lake, the Gulf of Mexico, a boat house and other amenities.
• 33 High Street, Sand Hill 13, WaterColor. This three-bedroom home is equipped with several huge windows overlooking a park and dedicated green space across the street. The home offers a den, a tower room in the main house, a private courtyard and a secluded carriage house above the garage.

In addition to daytime tours, JOE will conduct its own twilight home tours at WaterSound and WaterSound West Beach until 8 p.m. on Tuesday, June 17. On Thursday, June 19, all homes in the Parade will stay open until 8 p.m. Anyone who registers at any of these homes during the nine-day event will qualify for a free two-night stay at the WaterColor Inn and one of WaterSound Beach's GateHouse residences. In addition, JOE will host its own Showcase of Homes every Thursday from 1 p.m. to 5 p.m. through Labor Day weekend, when visitors can tour a variety of homes at the three WaterSound communities and at WaterColor.

About WaterSound: At WaterSound, plans call for approximately 999 single-family home sites and 256 multifamily residences, connected by an extensive pedestrian trail system that is ideal for walking and biking. Many homes will be within walking distance of the centrally located Village Commons, a gathering spot for residents to enjoy a light lunch, spend a day beside the community pool, engage in a workout at the fitness room and check the day's mail at the post office. A short stroll from Village Commons is the Davis Love III–designed Origins golf course, which is ideal for a quick round in the evening or a casual family golf outing.
WaterSound sits between the Intracoastal Waterway and Lake Powell, one of the world's rare dune lakes, fed by both rainwater and meandering tides, perfect for freshwater and saltwater fishing. The master plan is being designed by New York–based Hart/Howerton & Associates and Atlanta-based Tunnell-Spangler-Walsh.

About Building Industry Association of Okaloosa-Walton Counties: The BIA is a professional organization of builders, developers and associates affiliated with the Florida Builders Association and the National Association of Home Builders. The BIA serves the construction industry and the communities and government agencies in the area by promoting home ownership, providing leadership to unify the industry, and offering information, education and resources.

About JOE: The St. Joe Company, a publicly held company based in Jacksonville, is one of Florida's largest real estate development companies. We are primarily engaged in real estate development and sales, with significant interests in timber. Our mission is to create places that inspire people and make JOE's Florida an even better place to live, work and play. We're no ordinary JOE.

More information about JOE can be found at our website at JOE.com.

Forward-Looking Statements: Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risk and uncertainty, and there can be no assurance that the results described in such statements will be realized. Such statements are based on current expectations and we undertake no obligation to publicly update or reissue any forward-looking statements. Risk factors that may cause the actual results to differ are described in various documents filed by the company with the U.S. Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended Dec. 31, 2007.

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Copyright 2008, The St. Joe Company. "St. Joe," "JOE," "Camp Creek," "WaterSound" and the "WaterSound" and "Taking Flight" designs are service marks of The St. Joe Company.