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Northwest Florida Realty
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We assist individual and institutional investors seeking to capitalize on the real estate correction in Northwest Florida. Real Estate investors can benefit from drastic price declines, beautiful beaches, architecturally acclaimed developments and St. Joe's "placemaking" efforts to... More
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  • Lot In St. Joe's RiverCamps Sells For Only $11,300 In Foreclosure Auction 1 comment
    Sep 7, 2012 6:46 PM | about stocks: JOE

    Lot was sold by St. Joe for $239,000 in 2005. The lot was foreclosed upon for delinquent homeowners' association dues, not due to a delinquent mortgage.

    The final judgment amount was a mere $10,440.81. In an advertised foreclosure auction, open to the public, all the HOA could get for the lot was $11,300. That's a 95% price drop from the peak of the bubble.

    What does this say about the value and development potential of St Joe's raw, interior 500,000+ acres? Mind you, this is a developed lot, with deeded access to amenities (pool, gym, boat docks, etc), located right by the water, that was auctioned during the summer tourist season.

    The vulture investors who establish the comps that put downward pressure on the value of St. Joe's land, are first in line to profit from St. Joe's costly "placemaking" efforts to promote and develop the region.

    Themes: Real Estate Stocks: JOE
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    I bought at 18 last year, there was only a downside to 10 according to Einhorn and tons of upside, the marco issues are that land is valuable. I believe Michael Burry and Jeremy Grantham who think the future value is in farmland and timber, Joe is a very simple play on that, Joe can wait it out..... I recommend don't argue with the details! Joe is valuing land at about $4-$5k per acre, just leave it at that! my blog post on joe: http://bit.ly/OLJuRz
    22 Sep 2012, 03:39 PM Reply Like
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