Could it possibly be?
Could it be that time again? I mean, it’s been so long….
But the market is perking up a bit ovah heah. After all the carnage in real estate and in Florida real estate in particular… could it actually be time to buy The St. Joe Company [[JOE]] again?
It seems nuts, but it appears that our old friend from the Florida Panhandle, St. Joe, patron saint of beachfront Pensacola property, is breaking the futz out once again.
What’s that? There’s thousands of Floriduh (sic) properties for sale at half price?
Toss off, I don’t care.
What’s that? There are whole condo complexes in Fort Meyers that have been taken over by squatting gypsies from Romania?
I don’ t give a damn.
Excuse me? There are Miami real estate agents who are supplementing their income via croupier work on floating casino boats out of Key Biscayne?
Pay me.
Don’t give me any of that backtalk, see? I don’t want to hear your whining. JOE is going to town for one reason only — he’s a secret Jackson. And no it’s got nothing to do with his barely concealed redneck origins. It’s because Joe’s main assets are largely land— primo real estate, including beach front property — in Florida.
And that may sound nuts because of the developed properties that remain unsold, but the fact is land does not depreciate, and land banking is just another form of hard money asset gathering. Make no mistake, as “land banks” go — JOE is one of the primo properties extant.
So here’s to JOE, and here’s the daily and weekly’s to show you where I think the more likely entries lie. Be cautious right now, because, despite the breakouts this week, it is somewhat egregiously overbought here. Wait for the pullback. This time, I give you weekly first to show you the breakout:
And now the daily, to see the suggested entry on a pullback:
On the PM front, the silver’s remain strong, and I will probably have some gold junior buys for tomorrow as well. Best to you all.
PS — Thaaaahhh Yankeees win, thah Yankees win.
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Hey now!
St. Joe? Really?
Jake, if you’re looking at it, I will, too. But as much love as I have for the Sunshine State, St. Joe appears to be off in some shadow of God’s light. “Primo” real estate it is not.
I thought the whole point of the joint was that it was a huge plot of more or less contiguous land. While development quality across FL is spotty and unreliable, this was a big, controllable, brand-able development. The name would become more and more value-added over time.
Not sure the land will be worth what they paid for it for some time now, nor will it be developed on the same schedule.
But you’ve been thinking about the CRE for awhile, so I will look again. Must admit, the fact that cramer nearly blew out his sound effects machine and his clown pants pimping this stock a couple of years ago does put me off more than it should. If he moves there, how fast does the neighborhood become some Todd Browning freak show?
What they paid for it??
Anton, JOE used to be a paper company before it was spun out of DuPont.
They own that land– some of it beachfront– at literally cents per acre.
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Very, very, nice. Looks like I need to make some room for JOE.
Oh, BTW the Red Sox lost in the 13th. It looks to be a very nice weekend of Yankee – Red Sox biesbol.
Papi must’ve run out of ‘roids in extra innings.
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Wow, I’d hate to try and emigrate from this country, looks harder than leaving the USSR forty years ago.
Jake,
Wow, that is weird. I have been watching JOE very closely the last few days. Kicking myself for not buying it a few days ago when I wanted to. I think this could be a GREAT holding for a longer term port.
I listened in on their call yesterday, sounded pretty good to me and the stock was trading down at that moment and I thought “man, that looks like a good buy”. Unfortunately I didn’t pull the trigger but I probably will on the next pullback on it.
JOE was a favourite (sic) from way back in the Jedi days. Great generational hold, btw.
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I like to watch JOE because of my interest in Florida panhandle beachfront property.
Rosemary Beach is a nice place. Check it out when you get a chance.
Makes Water Colours (sic) look like Pikerville.
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Will do. I am actually checking out beach front lots a bit further east/down the panhandle past Panama city.
Jake – thoughts on ABK pre-earnings?
No thoughts, save that it is a piece oh shite and should be treated w. great caution. Got some ups with that a while back, but sold it long ago.
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I think today is a good day to add some MON and ANDE if you have not yet done so.
POT is running, and it is the inferior brand.
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TCK should also STRONGLY be considered here.
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