St. Joe Sells Off More Land for Cheap

More news from our friend St. Joe (JOE):

Jacksonville, Florida - (December 18, 2008) - The St. Joe Company (JOE) today said that it has closed the sales of 19,917 acres of non-strategic rural land in Liberty and Gulf Counties for an aggregate sales price of $28.0 million, or over $1,400 per acre.

"After the termination in October of a previously announced contract for the sale of non-strategic rural conservation land we returned those parcels to the market," said JOE's president and CEO Britt Greene.

Was that the land sale that I blogged about previously, the one for $1,930 per acre? So land prices have fallen substantially just in the last few months?

Disclosure: I'm still short JOE and I love selling JOE calls.

Comments

[auto44:]

Having once owned mutual funds with St. Joe as one of their invesments, it is my understanding that they paid in the neighborhood of $200.00 My guess is that they needed the money, as most folks in the real estate business do these days. I guess their low initial cost gave them a base to sustane them in slow times. Sounds Warren buffett like to me.

Merry Christmas and may(YOUR) holiday bring you peace. Bob

2008 Dec 19 10:47 AM

[Augustus:]

They must get that cash. Bonus checks to write.

2008 Dec 19 11:37 AM

[auto44:]

Hi Augustus,

How much are their bonuses?

Bob

2008 Dec 19 03:11 PM

[drl274:]

So land prices have fallen substantially just in the last few months?

has your head been in the sand the last few months?

2008 Dec 21 04:56 AM