I've been keeping a lookout for progress with NW Florida's real estate market, and it wasn't evident this summer. Some of the backlog of bank-owned and short-sale volume sold, but the percentage of upside down investments and second homes is rising. Lots are still available in RiverCamps, WaterColor, WaterSound etc. at anywhere from half down to 15% of their peak prices as of 2006. Building starts for JOE-type lots is at near zero. Places like JOE's "Towne Centre" at WindMark are completely deserted even as record rentals and retail sales are evident in more established Destin and Panama City Beach. It appears JOE is living off of a "narrative" that just isn't there.
Listen to the Conference Call a few times, then in say, a week, ask the company if the analysts covering JOE have put out new reports and if estimates have been raised. Of course, the stock price will tell the story next week.
Joe shows the rentals in windmark almost sold out in summer. I know for fact beaches were crowded. Prices have plummeted in windmark, getting in now would be a turnaround long shot bet, there is no trade or short term catalyst. A couple quarters of earnings may knock some flees off this dog.