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The St. Joe Company Message Board

  • newdoofus newdoofus Jun 5, 2012 6:00 PM Flag

    JOE's writedowns a joke

    JOE pulled a fast one when they made writedown adjustments "in keeping with similar adjustments by other companies holding significant real estate inventories". Many of those were nationals with widespread properties; varied improved and unimproved types, urban as well as agricultural, and situated in population and jobs areas that never encountered explosive speculative price increases or a bubble collapse. Thus, the fairly insignificant book adjustments JOE recognized blatantly disregarded the fact that their entire portfolio sits in the cradle of the spec bubble and its destructive aftermath. To analogize, it would be no different if the developer of Las Vegas tract houses said, " housing prices across the USA have dropped 20% on average, since 2007, so I value my standing vacant spec homes at $400,000 now, based on my selling a few for $500K in 2007.

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