General discussion & info about South Walton, Florida.

All About SoWal

Advertise or find a business, discuss business.

Business & Services

Jobs

Festivals, classes, gatherings, activities.

Events & Music

Food & Dining

Marketplace

property, realtors, builders, development, infrastructure ...

Real Estate

For Sale

Wanted

Other

Commercial

Long Term Rentals

Vacation Rentals

SoWal Lounge

AAbsolute

Banned

[quote="kurt, post: 510836"]The St. Joe Company (NYSE: 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. 
 
"These sales are evidence of our ability to execute our strategic plan in an orderly manner. These closings further strengthen our cash position and virtually debt-free balance sheet, better positioning JOE to withstand this prolonged economic downturn. Going forward, we will continue to prudently manage our inventory and assets to enhance long-term shareholder value."[/quote]
 
There's something that has troubled me about JOE's business plan for some time.  How does selling off assets "enhance long-term shareholder value?"
 
Doesn't this mean that the more success in liquidating assets, the closer to closing out all business?  :idontno:

<blockquote class="xfBb-quote" data-name="kurt">The St. Joe Company (NYSE: 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. 
 
&quot;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,&quot; said JOE&#039;s president and CEO Britt Greene. 
 
&quot;These sales are evidence of our ability to execute our strategic plan in an orderly manner. These closings further strengthen our cash position and virtually debt-free balance sheet, better positioning JOE to withstand this prolonged economic downturn. Going forward, we will continue to prudently manage our inventory and assets to enhance long-term shareholder value.&quot;</blockquote> 
There&#039;s something that has troubled me about JOE&#039;s business plan for some time. How does selling off assets &quot;enhance long-term shareholder value?&quot; 
 
Doesn&#039;t this mean that the more success in liquidating assets, the closer to closing out all business? :idontno:

SHELLY

SoWal Insider

[quote="AAbsolute, post: 510851"]There's something that has troubled me about JOE's business plan for some time.  How does selling off assets "enhance long-term shareholder value?"
 
Doesn't this mean that the more success in liquidating assets, the closer to closing out all business?  :idontno:[/QUOTE]

...it gives the illusion of enhancing shareholder's "value" by having [I]some kind of earnings [/I]to report each quarter.

.

<blockquote class="xfBb-quote" data-name="AAbsolute">There&#039;s something that has troubled me about JOE&#039;s business plan for some time. How does selling off assets &quot;enhance long-term shareholder value?&quot; 
 
Doesn&#039;t this mean that the more success in liquidating assets, the closer to closing out all business? :idontno:</blockquote> 
...it gives the illusion of enhancing shareholder&#039;s &quot;value&quot; by having some kind of earnings to report each quarter. 
 
.

[quote="SHELLY, post: 510860"]...it gives the illusion of enhancing shareholder's "value" by having [I]some kind of earnings [/I]to report each quarter.
 
.[/quote]
 
I need to get some data from JOE's statements to figure this one out.  Maybe a rating type agency could explain it better.  I don't know all of JOE's business plan.  
 
If I understand it, JOE sells land that it owns.  According Tom Dodson and Ken Borick, [I]We are not in the paper business anymore.  We sell land to pay company expenses.[/I]
 
How is this regimen different from an orderly shut-down?

<blockquote class="xfBb-quote" data-name="SHELLY">...it gives the illusion of enhancing shareholder&#039;s &quot;value&quot; by having some kind of earnings to report each quarter. 
 
.</blockquote> 
I need to get some data from JOE&#039;s statements to figure this one out. Maybe a rating type agency could explain it better. I don&#039;t know all of JOE&#039;s business plan. 
 
If I understand it, JOE sells land that it owns. According Tom Dodson and Ken Borick, We are not in the paper business anymore. We sell land to pay company expenses. 
 
How is this regimen different from an orderly shut-down?

traderx

Beach Fanatic

[quote="AAbsolute, post: 510865"]I need to get some data from JOE's statements to figure this one out. Maybe a rating type agency could explain it better. I don't know all of JOE's business plan. 
 
If I understand it, JOE sells land that it owns. According Tom Dodson and Ken Borick, [I]We are not in the paper business anymore. We sell land to pay company expenses.[/I]
 
How is this regimen different from an orderly shut-down?[/quote]
 
Couldn't you say the same about the oil industry?

<blockquote class="xfBb-quote" data-name="AAbsolute">I need to get some data from JOE&#039;s statements to figure this one out. Maybe a rating type agency could explain it better. I don&#039;t know all of JOE&#039;s business plan. 
 
If I understand it, JOE sells land that it owns. According Tom Dodson and Ken Borick, We are not in the paper business anymore. We sell land to pay company expenses. 
 
How is this regimen different from an orderly shut-down?</blockquote> 
Couldn&#039;t you say the same about the oil industry?

[quote="traderx, post: 510881"]Couldn't you say the same about the oil industry?[/quote]
 
I think the oil industry is seeking and aquiring new oil.  It doesn't sound like JOE is seeking and acquiring new land.  What land they do purchase would be more akin a tool in the oil industry.

<blockquote class="xfBb-quote" data-name="traderx">Couldn&#039;t you say the same about the oil industry?</blockquote> 
I think the oil industry is seeking and aquiring new oil. It doesn&#039;t sound like JOE is seeking and acquiring new land. What land they do purchase would be more akin a tool in the oil industry.

YoungFT

Beach Lover

Here's what you gotta believed to invest in JOE:

- They will sell 685,000 acres over the next 20-30 years
- Grade A acreage will fetch 180-220K per acre
- Grade B will fetch 60-90K per acre
- Grade C will fetch 1.8 - 2.2K per acre

Cost to sell the land will be 50% - 20% price of the land. They will pay taxes on any profit. And land will appreciate over that 20-30 yr period at about 3% per year.

The cash these sales generate not only goes to pay expenses but what's left gets reinvested somewhere else - resort management, stock buybacks, new business ventures, general development opportunities in the State of Florida, etc.

To invest in JOE you need to believe that the management can generate sales, and not only earn a nice profit but REINVEST those profits in other value creating activities.

There is not much happening in sales or investments with JOE in this environment but my hope and assumption is that if you have some patient capital, in 10 years, an investment in JOE at these prices will outperform alternatives. 

You can't see some of those pictures from Watersound / Watercolor that AA posted and not see something magical. Just my very humble opinion.

Here&#039;s what you gotta believed to invest in JOE: 
 
- They will sell 685,000 acres over the next 20-30 years 
- Grade A acreage will fetch 180-220K per acre 
- Grade B will fetch 60-90K per acre 
- Grade C will fetch 1.8 - 2.2K per acre 
 
Cost to sell the land will be 50% - 20% price of the land. They will pay taxes on any profit. And land will appreciate over that 20-30 yr period at about 3% per year. 
 
The cash these sales generate not only goes to pay expenses but what&#039;s left gets reinvested somewhere else - resort management, stock buybacks, new business ventures, general development opportunities in the State of Florida, etc. 
 
To invest in JOE you need to believe that the management can generate sales, and not only earn a nice profit but REINVEST those profits in other value creating activities. 
 
There is not much happening in sales or investments with JOE in this environment but my hope and assumption is that if you have some patient capital, in 10 years, an investment in JOE at these prices will outperform alternatives. 
 
You can&#039;t see some of those pictures from Watersound / Watercolor that AA posted and not see something magical. Just my very humble opinion.

[quote="YoungFT, post: 510887"]Here's what you gotta believed to invest in JOE:
 
- They will sell 685,000 acres over the next 20-30 years
- Grade A acreage will fetch 180-220K per acre
- Grade B will fetch 60-90K per acre
- Grade C will fetch 1.8 - 2.2K per acre
 
Cost to sell the land will be 50% - 20% price of the land. They will pay taxes on any profit. And land will appreciate over that 20-30 yr period at about 3% per year.
 
The cash these sales generate not only goes to pay expenses but what's left gets reinvested somewhere else - resort management, stock buybacks, new business ventures, general development opportunities in the State of Florida, etc.
 
To invest in JOE you need to believe that the management can generate sales, and not only earn a nice profit but REINVEST those profits in other value creating activities.
 
There is not much happening in sales or investments with JOE in this environment but my hope and assumption is that if you have some patient capital, in 10 years, an investment in JOE at these prices will outperform alternatives. 
 
You can't see some of those pictures from Watersound / Watercolor that AA posted and not see something magical. Just my very humble opinion.[/quote]
 
It sounds like you are describing a diversified holdings company with no debt.  Since they converted from paper to real estate all I have seen is liquidation without qualified reinvestment.  It really looks like an orderly shut-down vs. a growth company.  Selling off 20,000 acres with intentions to sell off all the rest doesn't square with me as creating shareholder value.
 
I have long said that there is no one who can compete with JOE's competitive advantage.  Besides it would be business suicide to try and compete with a company liquidating.

<blockquote class="xfBb-quote" data-name="YoungFT">Here&#039;s what you gotta believed to invest in JOE: 
 
- They will sell 685,000 acres over the next 20-30 years 
- Grade A acreage will fetch 180-220K per acre 
- Grade B will fetch 60-90K per acre 
- Grade C will fetch 1.8 - 2.2K per acre 
 
Cost to sell the land will be 50% - 20% price of the land. They will pay taxes on any profit. And land will appreciate over that 20-30 yr period at about 3% per year. 
 
The cash these sales generate not only goes to pay expenses but what&#039;s left gets reinvested somewhere else - resort management, stock buybacks, new business ventures, general development opportunities in the State of Florida, etc. 
 
To invest in JOE you need to believe that the management can generate sales, and not only earn a nice profit but REINVEST those profits in other value creating activities. 
 
There is not much happening in sales or investments with JOE in this environment but my hope and assumption is that if you have some patient capital, in 10 years, an investment in JOE at these prices will outperform alternatives. 
 
You can&#039;t see some of those pictures from Watersound / Watercolor that AA posted and not see something magical. Just my very humble opinion.</blockquote> 
It sounds like you are describing a diversified holdings company with no debt. Since they converted from paper to real estate all I have seen is liquidation without qualified reinvestment. It really looks like an orderly shut-down vs. a growth company. Selling off 20,000 acres with intentions to sell off all the rest doesn&#039;t square with me as creating shareholder value. 
 
I have long said that there is no one who can compete with JOE&#039;s competitive advantage. Besides it would be business suicide to try and compete with a company liquidating.

Creeklover

I think they sold the land to use the money to but Deer Lake Park :)

I think they sold the land to use the money to but Deer Lake Park 🙂

[quote="YoungFT, post: 510887"]There is not much happening in sales or investments with JOE in this environment but my hope and assumption is that if you have some patient capital, in 10 years, an investment in JOE at these prices will outperform alternatives. 
[/QUOTE]

:blink:..."patient capital?"  ...more like patient on life support. 

Better to take the capital and invest it in a company that actually makes things, has positive cashflow and throws out a dividend--all of which doesn't describe JOE.

.

<blockquote class="xfBb-quote" data-name="YoungFT">There is not much happening in sales or investments with JOE in this environment but my hope and assumption is that if you have some patient capital, in 10 years, an investment in JOE at these prices will outperform alternatives.</blockquote> 
:blink:...&quot;patient capital?&quot; ...more like patient on life support. 
 
Better to take the capital and invest it in a company that actually makes things, has positive cashflow and throws out a dividend--all of which doesn&#039;t describe JOE. 
 
.

DuneLaker

But Joe does own an astonishing 95% of Gulf County and 50% of Bay County and huge amounts of prime SoWal land.

[quote="DuneLaker, post: 510936"]But Joe does own an astonishing 95% of Gulf County and 50% of Bay County and huge amounts of prime SoWal land.[/quote]
 
I believe JOE is trying to sell that land too.  What do you think their business plan will be after they sell it?

<blockquote class="xfBb-quote" data-name="DuneLaker">But Joe does own an astonishing 95% of Gulf County and 50% of Bay County and huge amounts of prime SoWal land.</blockquote> 
I believe JOE is trying to sell that land too. What do you think their business plan will be after they sell it?

passin thru

[quote="kurt, post: 510836"]
 
"These sales are evidence of our ability to execute our strategic plan in an orderly manner. These closings further strengthen our cash position and virtually debt-free balance sheet, better positioning JOE to withstand this prolonged economic downturn. Going forward, we will continue to prudently manage our inventory and assets to enhance long-term shareholder value."[/quote]
 
Why does reading spin like this always make me feel like I need to take a shower?

<blockquote class="xfBb-quote" data-name="kurt">&quot;These sales are evidence of our ability to execute our strategic plan in an orderly manner. These closings further strengthen our cash position and virtually debt-free balance sheet, better positioning JOE to withstand this prolonged economic downturn. Going forward, we will continue to prudently manage our inventory and assets to enhance long-term shareholder value.&quot;</blockquote> 
Why does reading spin like this always make me feel like I need to take a shower?

Matt J

SWGB

[quote="AAbsolute, post: 510950"]I believe JOE is trying to sell that land too.  What do you think their business plan will be after they sell it?[/quote]

They'll still be operating the things they own.  Commercial property, rentals, etc.  Although they turned over WaterColor and WaterSound to Noble House I believe that was a cost saving measure when they saw the market heading down.

<blockquote class="xfBb-quote" data-name="AAbsolute">I believe JOE is trying to sell that land too. What do you think their business plan will be after they sell it?</blockquote> 
They&#039;ll still be operating the things they own. Commercial property, rentals, etc. Although they turned over WaterColor and WaterSound to Noble House I believe that was a cost saving measure when they saw the market heading down.

[quote="sowalgayboi, post: 511033"]They'll still be operating the things they own. Commercial property, rentals, etc. Although they turned over WaterColor and WaterSound to Noble House I believe that was a cost saving measure when they saw the market heading down.[/quote]
 
 
I like your signature line.
 
I didn't know that JOE planned to manage their developed holdings thanks for the tip.  I was certain that I read one of the Rummels or Greene quote's to say JOE is open for business as a placemaker entitling land and disposing of it.

<blockquote class="xfBb-quote" data-name="sowalgayboi">They&#039;ll still be operating the things they own. Commercial property, rentals, etc. Although they turned over WaterColor and WaterSound to Noble House I believe that was a cost saving measure when they saw the market heading down.</blockquote> 
 
I like your signature line. 
 
I didn&#039;t know that JOE planned to manage their developed holdings thanks for the tip. I was certain that I read one of the Rummels or Greene quote&#039;s to say JOE is open for business as a placemaker entitling land and disposing of it.

[quote="AAbsolute, post: 510950"]I believe JOE is trying to sell that land too.  What do you think their business plan will be after they sell it?[/QUOTE]

...sell it to whom?

.

<blockquote class="xfBb-quote" data-name="AAbsolute">I believe JOE is trying to sell that land too. What do you think their business plan will be after they sell it?</blockquote> 
...sell it to whom? 
 
.

Miss Critter

Didn't Joe start with something like a million acres? That's a lot of dirt. I'd imagine they've still got a few hundred thousand to do something with when the market allows.

Didn&#039;t Joe start with something like a million acres? That&#039;s a lot of dirt. I&#039;d imagine they&#039;ve still got a few hundred thousand to do something with when the market allows.

[quote="SHELLY, post: 511082"]...sell it to whom?
 
.[/quote]
 
Only they know who they plan to sell to. Am I missing something? I thought they were about entitling and selling their holdings.
 
This is very, very interesting. Here is The St. Joe Company Mission Statement in their own words:
 
[B]Mission Statement[/B]
 
[RIGHT][URL="http://ir.joe.com/overview.cfm?sh_print=yes&pagesect=mission"][IMG]http://ir.joe.com/common/images/print.gif[/IMG][/URL] [URL="http://ir.joe.com/overview.cfm?sh_print=yes&pagesect=mission"][U][COLOR=#0000ff]Print[/COLOR][/U][/URL] [URL="http://ir.joe.com/overview.cfm?sh_email=yes&pagesect=mission"][IMG]http://ir.joe.com/common/images/email.gif[/IMG][/URL] [URL="http://ir.joe.com/overview.cfm?sh_email=yes&pagesect=mission"][U][COLOR=#0000ff]Email[/COLOR][/U][/URL] [/RIGHT]
[B]PURPOSE[/B]
 
Creating places that inspire people.
 
[B]MISSION[/B]
 
Create a family of places in Northwest Florida that inspire people and
make the region an even better place to live, work and play.
 
[B]PHILOSOPHY[/B]
 
Design Every place JOE creates is designed to further our mission to deliver a family of places in Northwest Florida that reflect our purpose.
 
Experiences JOE believes that its primary product is the creation of places that enhance our lives. Every place we create begins with a focused understanding of the needs and wants of the customer and is planned and developed to deliver to that high standard. 
 
Nature JOE believes that Mother Nature is the best placemaker of all time. Every place we create begins with the fundamental value that the protection and enhancement of our natural environment is paramount.
 
[B]VALUES[/B]
 
Integrity JOE acts in a responsible manner at all times. At JOE we do the right thing and keep our word. 
 
Stewardship JOE understands the awesome responsibility it has as a primary steward of the environment and heritage of Northwest Florida. At JOE, we foster an ethic that promotes stewardship of our landholdings and sustainability.
 
Accountability JOE accepts responsibility for its actions. JOE empowers its people and holds them accountable for getting the job done right.
 
Fairness JOE acts in a manner that reflects the needs of all key stakeholders. At JOE everyone is treated equally and honestly.
 
Imagination JOE believes that imagination makes the difference. At JOE we always stretch and always challenge to create and deliver. 
 
Surprising Customers JOE strives to surprise its customers by exceeding their expectations. 
 
Each Other JOE enhances its own success by helping others be more successful.

<blockquote class="xfBb-quote" data-name="SHELLY">...sell it to whom? 
 
.</blockquote> 
Only they know who they plan to sell to. Am I missing something? I thought they were about entitling and selling their holdings. 
 
This is very, very interesting. Here is The St. Joe Company Mission Statement in their own words: 
 
Mission Statement 
 
<div style="text-align: right"><a href="http://ir.joe.com/overview.cfm?sh_print=yes&amp;pagesect=mission" target="_blank" class="link link--external" rel="nofollow ugc noopener"><img src="http://ir.joe.com/common/images/print.gif" alt="" /></a> <a href="http://ir.joe.com/overview.cfm?sh_print=yes&amp;pagesect=mission" target="_blank" class="link link--external" rel="nofollow ugc noopener">Print</a> <a href="http://ir.joe.com/overview.cfm?sh_email=yes&amp;pagesect=mission" target="_blank" class="link link--external" rel="nofollow ugc noopener"><img src="http://ir.joe.com/common/images/email.gif" alt="" /></a> <a href="http://ir.joe.com/overview.cfm?sh_email=yes&amp;pagesect=mission" target="_blank" class="link link--external" rel="nofollow ugc noopener">Email</a>&#8203;</div>PURPOSE 
 
Creating places that inspire people. 
 
MISSION 
 
Create a family of places in Northwest Florida that inspire people and 
make the region an even better place to live, work and play. 
 
PHILOSOPHY 
 
Design Every place JOE creates is designed to further our mission to deliver a family of places in Northwest Florida that reflect our purpose. 
 
Experiences JOE believes that its primary product is the creation of places that enhance our lives. Every place we create begins with a focused understanding of the needs and wants of the customer and is planned and developed to deliver to that high standard. 
 
Nature JOE believes that Mother Nature is the best placemaker of all time. Every place we create begins with the fundamental value that the protection and enhancement of our natural environment is paramount. 
 
VALUES 
 
Integrity JOE acts in a responsible manner at all times. At JOE we do the right thing and keep our word. 
 
Stewardship JOE understands the awesome responsibility it has as a primary steward of the environment and heritage of Northwest Florida. At JOE, we foster an ethic that promotes stewardship of our landholdings and sustainability. 
 
Accountability JOE accepts responsibility for its actions. JOE empowers its people and holds them accountable for getting the job done right. 
 
Fairness JOE acts in a manner that reflects the needs of all key stakeholders. At JOE everyone is treated equally and honestly. 
 
Imagination JOE believes that imagination makes the difference. At JOE we always stretch and always challenge to create and deliver. 
 
Surprising Customers JOE strives to surprise its customers by exceeding their expectations. 
 
Each Other JOE enhances its own success by helping others be more successful.

[quote="AAbsolute, post: 511042"]I like your signature line.
 
I didn't know that JOE planned to manage their developed holdings thanks for the tip.  I was certain that I read one of the Rummels or Greene quote's to say JOE is open for business as a placemaker entitling land and disposing of it.[/quote]

Right now I would say that they don't have the intention to manage anything as it's all been farmed out.  However, they are still getting the rent from quite a bit of commercial real estate.

The other issue is that they could always go on to develop land that isn't theirs.  ;-)

<blockquote class="xfBb-quote" data-name="AAbsolute">I like your signature line. 
 
I didn&#039;t know that JOE planned to manage their developed holdings thanks for the tip. I was certain that I read one of the Rummels or Greene quote&#039;s to say JOE is open for business as a placemaker entitling land and disposing of it.</blockquote> 
Right now I would say that they don&#039;t have the intention to manage anything as it&#039;s all been farmed out. However, they are still getting the rent from quite a bit of commercial real estate. 
 
The other issue is that they could always go on to develop land that isn&#039;t theirs. ;-)

Was the property that's the subject of the Thread the property JOE reported to have sold below?
 
[LEFT][FONT=Century Gothic][SIZE=3]? Construction of the new airport continues on schedule and on budget. [/SIZE][/FONT]
[/LEFT]
[SIZE=3][SIZE=3][LEFT][FONT=Century Gothic]During the fourth quarter of 2007, JOE announced it was marketing certain of its non-strategic rural lands for sale. During the quarter ended June 30, 2008, JOE sold 29,398 acres for a total of $39.0 million as a part of this program. [/FONT]
[FONT=Century Gothic]After the end of the quarter, JOE executed a contract for the sale of 67,365 acres of non-strategic rural conservation land in Liberty, Jefferson, Gulf and Franklin Counties. The sale will be closed in two transactions for a total price of $130.4 million. The first sale of 39,359 acres for $67.3 million is scheduled to be completed in the fourth quarter of this year. The second sale of 28,005 acres is scheduled for the second quarter of 2009 at a price of $63.1 million. These transactions are subject to ongoing due diligence review and customary closing conditions. [/FONT][/LEFT]
[FONT=Century Gothic]"We look forward to closing this sale and believe it represents good value for our shareholders," said Greene. "At this time we do not expect to close any other large-tract land sales in 2008." [/FONT]
[/SIZE][/SIZE]

Was the property that&#039;s the subject of the Thread the property JOE reported to have sold below? 
 
<div style="text-align: left">? Construction of the new airport continues on schedule and on budget. &#8203;</div><div style="text-align: left">During the fourth quarter of 2007, JOE announced it was marketing certain of its non-strategic rural lands for sale. During the quarter ended June 30, 2008, JOE sold 29,398 acres for a total of $39.0 million as a part of this program. 
After the end of the quarter, JOE executed a contract for the sale of 67,365 acres of non-strategic rural conservation land in Liberty, Jefferson, Gulf and Franklin Counties. The sale will be closed in two transactions for a total price of $130.4 million. The first sale of 39,359 acres for $67.3 million is scheduled to be completed in the fourth quarter of this year. The second sale of 28,005 acres is scheduled for the second quarter of 2009 at a price of $63.1 million. These transactions are subject to ongoing due diligence review and customary closing conditions. &#8203;</div>&quot;We look forward to closing this sale and believe it represents good value for our shareholders,&quot; said Greene. &quot;At this time we do not expect to close any other large-tract land sales in 2008.&quot;

Kurt

Admin

The St. Joe Company (NYSE: 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.  
 
"These sales are evidence of our ability to execute our strategic plan in an orderly manner.  These closings further strengthen our cash position and virtually debt-free balance sheet, better positioning JOE to withstand this prolonged economic downturn.  Going forward, we will continue to prudently manage our inventory and assets to enhance long-term shareholder value."

The St. Joe Company (NYSE: 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. 
 
&quot;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,&quot; said JOE&#039;s president and CEO Britt Greene. 
 
&quot;These sales are evidence of our ability to execute our strategic plan in an orderly manner. These closings further strengthen our cash position and virtually debt-free balance sheet, better positioning JOE to withstand this prolonged economic downturn. Going forward, we will continue to prudently manage our inventory and assets to enhance long-term shareholder value.&quot;

Joe closes on 19,917 acres

Grayton BeachCam

Dune Allen BeachCam

Seagrove Beach SkyCam

Inlet BeachCam

Miramar BeachCam Majestic Sun

Santa Rosa BeachCam

Rosemary Beach Farmers Market

Peddlers Pavilion Farmers Market

Stinky’s Brunch & Live Music

Cars of 30A At Alys Beach: Event Highlights & Photo Gallery

Sixth annual Run Watersound At Watersound Town Center October 24, 2026

Support Our Parks: The 2026 Friends of Camp Helen Pumpkin Patch Is Open

Annual Events and Festivals in South Walton

International Coastal Cleanup Day Was A Success In South Walton

Merchants Of Alys Beach Announce New Dining & Shopping Options

No beachcams yet

More cams

Include enough context for a reply on the first pass: who you are, what this is about, and anything time-sensitive we should know.

Write a clear note and we will route it fast

SoWal Contact Form

What helps the SoWal team reply on the first pass

Use these links when your request already has a clear destination.

Prefer a direct route before you write?

Use this when you are not sure where your request belongs and need the SoWal team to route it.

Questions, corrections, and quick help

Share newsworthy updates, corrections, community tips, or photography that can improve SoWal coverage.

Story tips, local leads, and photos

Reach the team for business visibility, partnership planning, or other commercial opportunities.

Listings, sponsorships, and business requests

Use this path for media coordination, press follow-ups, or requests that need a communications contact.

Press outreach and interview requests

Tell us what you need and how to reach you.

Send your note here and the SoWal team will route it appropriately.

Choose the quickest route for your message

Forum account areas

Log in to view member profile, alerts, messages, watched content, bookmarks, preferences, and staff tools.

Member-only forum areas use your SoWal forum account.

Use your forum username or email to post, reply, follow threads, and manage your account.

Log in to the forum

Log in to the SoWal forum

Find people and visit their public forum profiles.

Members

Enter the six-digit code sent to {email}.

Check your email

Join the conversation

Welcome to SoWal

Sign in to SoWal

Signature preview

Ads support our local stories, BeachCams, and community guides. If you use an ad blocker, allow SoWal, then check again.

Help keep SoWal local

Your feedback helps us make SoWal better.

How was this story?

Get local stories, events, and South Walton highlights in your inbox.

Stay close to the coast

Choose whether SoWal may use optional cookies. Necessary cookies keep the site working.

Your privacy, your choice

Site navigation

Submenu

Bite-sized stories, curated itineraries, and community events delivered to your inbox on the regular.

Joe closes on 19,917 acres

Latest conversations

Write a reply

Cars of 30A At Alys Beach: Event Highlights & Photo Gallery

Sixth annual Run Watersound At Watersound Town Center October 24, 2026

Support Our Parks: The 2026 Friends of Camp Helen Pumpkin Patch Is Open

Annual Events and Festivals in South Walton