How do you suppose Joe's "restructuring" will affect their support for the new airport?
Is JOE worth buying ???
- Thread starter goofer
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Same thing occured to me yesterday.
TooFarTampa
SoWal Insider
I've wondered the same thing. Goodwitch I am posting this link for your "enjoyment" and also for SHELLY, who I know must love Diane Roberts.
Diane Roberts knows how to tell a story but it is always one-sided. In this case I think I am coming around more to her opinion on this one:
http://www.sptimes.com/2007/10/09/Opinion/A_boondoggle_in_the_F.shtml
Here's yesterday's St. Pete Times story on Joe. The comments at the end are typical. I actually talked to a condo developer in Tampa a couple of weeks ago who told me that he thinks what has been happening in the Panhandle is "horrible." :funn:
http://www.sptimes.com/2007/10/09/Business/Fla_developer_calls_r.shtml
Thanks, Too Far...Diane is always a good read.
It will be interesting to see how this all plays out.
It will be interesting to see how this all plays out.
The "Airport" is the only arrow left in its quiver, they've got no other choice than to fight for it to the death.
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JOE calls it "Accelerating Value Creation".....:roll:
I call it "Saving One's Arse."
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Thanks for the link to D. Roberts' story...nicely written--and smack on. I bet her English and writing classes at FSU are sold out every semester.
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Certainly sounds like things are moving straight ahead...
http://biz.yahoo.com/bw/071010/20071010006151.html?.v=1
When these types of things happen, many good people lose jobs, and that is the sad part about what is happening. From the business perspective, however, I do not view any of these changes as surprising or negative in any way. WaterColor and WaterSound already have completed amenities and infrastructure, so the real issue relates to who will manage and maintain those going forward. I can almost guarantee you that the company that takes over managing the beach club and inn at WaterColor will be a company with a very prominent reputation as a first-class operator of resort properties. St. Joe never had experience running hotels or resorts prior to WaterColor. Thus, the new partners that are brought in likely will do a better job of managing the properties and maintaining the amenities and service levels. The real estate market is down now, we all know that and many prior message threads have been devoted to that subject. But these recent changes by Joe relate more to the management and operation of communities (particularly at WaterColor, where Joe had already sold off its spec homes and lots -- with the exception of Phase IV). Joe's strong suit never has been to manage and operate resort communities and there are companies that do nothing but those tasks that are better suited to perform those tasks.
I also would guess that many of the Joe employees at WaterColor who are in sales will land on their feet with other realty companies in the area. The employees at the inn, beach club, golf, etc. probably will land on their feet with the new companies that take over these operations.
In short, I think all of the negativity surrounding the real estate market is translating over into how Joe's recent announcment is being viewed.
I also would guess that many of the Joe employees at WaterColor who are in sales will land on their feet with other realty companies in the area. The employees at the inn, beach club, golf, etc. probably will land on their feet with the new companies that take over these operations.
In short, I think all of the negativity surrounding the real estate market is translating over into how Joe's recent announcment is being viewed.