Unfortunately the days of wine and roses are long gone. Like the tulip craze many years ago in Holland we can say "rest in peace" to what occured in real estate across the country and in the Florida Panhandle in particular.
JOE was in the sweet spot of it all having amassed hundreds of thousands of prime acreage at miniscule prices decades before. They were perfectly positioned when the real estate boom took off and almost from the beginning they were able to get premium prices for home lots as they developed communities either on or near the beaches. By the time they built WaterColor for instance the game was on and they made a fortune from some of those early developments.
Unfortunately I would imagine up and down the Panhandle beaches where they built communities that the majority of these lots that were purchased and subsequent homes built are now substantially underwater in value.
So I ask who will buy in the foreseeable future as it may take years for the current inventory of homes to be sold or realistically reduced in price value.
The days of wine and roses are gone forever and now JOE will be left to simply develop/build lower priced home/condo communities that can reach the mass market where they are more affortable and the builder profits are normalized and no longer priced with the premiums of yesteryear.
Can they adjust to this new reality????????????? Thoughts ????