St. Joe's (JOE, Financial) common stock price increased last year by 120%. The company is uniquely positioned for decades of profitable growth along Northwest Florida's Emerald Coast. Residential, commercial, and hospitality segments are breaking records. Pricing is robust. Homes sell before completion. Apartments are fully occupied. Clubs by JOE expands. Hotels are in construction at Santa Rosa Beach, Camp Creek, Beaches International Airport, Pier Park, Panama City Beach's Sports Complex, and Panama City's downtown marina. The Powder Room, Watercrest, and Watersound Insurance opened for business. Latitude Margaritaville Watersound will soon open. Tyndall AFB's multi-billion dollar expansion will require thousands of additional homes. St. Joe is only scratching the surface.
Homes on Florida's Emerald Coast, South of SR 98, sell for at least $1,000,000 – and multiples more. North of the highway, at Watersound Origins, homes price about $630,000. East, at Breakfast Point, homes average around $400,000. North of the intra-costal waterway, Latitude prices start about $250,000. Commercial acreage fronting the highway sells for $200,000 and exceeds $500,000. St. Joe's entitled lands in Walton, Bay, and Gulf Counties may be worth exponentially more than implied by the company's market value.
From Bruce Berkowitz (Trades, Portfolio)'s Fairholme Fund (Trades, Portfolio) 2020 annual shareholder letter.
