Discussion in 'Real Estate' started by Joe, Jul 26, 2005.
FYI, there was a downgrade of JOE today by a small research house, based on price.
Let's hope they find another Watercolor. If you look closely, it is clear that a very large percentage of JOE's earnings come for land sales (not house sales) at WC.
I am not an investor in JOE, and have not looked at their books, but I along with many others around here could tell you that information.
One little tidbit - they were astounded by the success of the Private Residence Club (PRC) at WaterColor. Essentially a fractional ownership building. No doubt a money maker that will be copied at WaterSound and other places.
A question on PRC's, has anyone heard the rumor that Watercolor will do one on the land between WC and seaside on 30A the land that is now shown as a very costly parking lot on their maps?
I heard the county owned that piece of land, which would make sense since it's not been developed and there is a county walkover across from it. :idontno:
I never knew that but you are correct. I checked the WaltonPA.com web site and it shows the 2 acres being owned by the county.
1. I wonder why there isn't parking and/or restrooms developed there?
2. Maybe we can peddle it to a Middle Eastern Prince, who will in turn bring us all the white sand we could ever want!
I think there are or at least I think there are going to be if my sources are correct. The county got that land from St Joe for some deal they cut. We always need more beach parking.
Before Watercolor was built the county owned a large piece on the beach side. A deal was made with St. Joe and the county to give joe the land on the beach in exchange for joe building a parking lot on the north side. It took them forever to build it, I doubt they will build restrooms or anything that will attract attention. Watercolor does not have a large enough beach they don't want public beach goers on their beach. Joe has enough pull to get away with this. Watercolor's biggest problem will be their tiny beach. A friend of mine is selling his house because the beach is to crowded, he's building on his lot in Watersound, Huge beach.
I know of WaterColor owners who trek straight to the Beach thru Seaside and do not even go to WaterColor's beach. There are many homes in WaterColor with direct and closer access straight to the beach at Seaside.
I remember the debate about leaving pedestrian accesses open from WC into Seaside. I wonder what Seaside got in return if anything.
Yes, it even has a sign as seen above. Nice parking lot, eh?
JOE stock has been going down a bit over the past week -- any idea why? Is this a good time to buy more or is it a warning that caution is advised? I'd be tempted to buy more while it's lower (but never seem to get around to do it even though I keep saying I'm going to).
I think the overall market has been in a sluff recently. Surely you do not calculate your home's value every week, so carry that forward and don't waste your valuable time calculating your portfolio's value every week. If after performing your DD and the stock is good, buy it. To some extent, forget the price, except when doing your DD. Trying to time the market will beat you up, and often leave you with very little .
Historically the market does poorly in August.
Thanks for the suggestions. The only part of my portfolio I think of playing around with is Joe -- I've been tempted to buy a little bit more for a while.
Might as well buy now while its on the down slide. It should be a long term hold!
Depending on when you got in, if you're at all concerned, a little profit-taking to lock in gains (or a stop-loss on a portion of your holdings) might be in order.
I think the real estate market has been spooked by the increasing yield in the the 10-year as of late and with Fed set to keep bumping up the rate (seemingly) through the rest of the year (and beyond), the speculators are starting to sweat. Could trigger a run for the exits--or not. (JOE's PE is way too high!)
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