Covid-19 is accelerating work, education, and entertainment at home. There is a growing desire for single family homes and for less-dense, urban life. Flight from cities and early retirement are boosting home sales in St. Joe (JOE, Financial) communities. Homes are selling before they are finished. Builder demand is at a record high. Latitude Margaritaville WaterSound is scheduled to open in April. A first phase of 3,500 homes has golf cart access to a marina, commercial village, and, eventually, to beaches, resorts, and airport. Apartments are leasing upon completion. Joe’s top-rated beach resorts are near full. The Camp Creek Golf Club is transforming into a private resort and residential community. Boutique inns, hotels, and marinas are rising. You can view Joe’s latest progress at https://www.youtube.com/watch?v=Od6FMshu3wk.
From Bruce Berkowitz (Trades, Portfolio)'s Fairholme Fund (Trades, Portfolio) 2020 semiannual shareholder letter.
