I do see some demand for vacation homes in the panhandle that are beach front lots. I'm talking private lots and not build it and they will come condo communities like Watercolor, Watersound, etc. Even with the demise of the RE market in FL, beach front is what buyers want, just for less money today. I'd like to know how much of this virgin beach front lots JOE has? Lots is the imperative word here as beach front land without access or that can't be built upon does buyers no good. Can someone provide some details for us. $ichie
JOE has some waterfront land east of Panama City and Tyndall AFB, but two issues are impairments. First, the water and "beaches" are tannin-tinged brownish water, and NOT the gleaming sugar beaches like in Destin, Pensacola, etc. Secondly, the areas in which JOE holds waterfront are mosquito coast, largely undeveloped, and there is very little of the externalities (civilization, schools, restaurants, shopping, arts, or any "critical mass" which would draw affluent types) in place, aside from simple economics of heavy site costs, road requirements, utility development, etc. etc. JOE likes to paint a narrative, but the macro factors which are extreme and not changeable by JOE are overwhelming. JOE's ride-- made with a few gem properties riding on the coattails of Seaside and richly developed South Walton County beach areas-- is basically OVER. The remainder of their portfolio is very badly impaired, yet they have only taken write-downs "consistent with peer cpmpanies facing the same downturn". Fact is, no other "peer companies" have as crummy and one-trick a portfolio as JOE, which is mired in the most colossal burst bubble location in the USA. I am envisioning a $12 stock price some time in the next six quarters.