NW Florida and JOE
We have traveled to research St. Joe Company 5 times over 10 years. We finally made an investment after the fourth trip in late 2018. It became our largest holdings. JOE owns 171,000 acres at a cost of $5 per acre around Panama City Beach. The area has become very popular nationwide.
Here is a map of just JOE’s current housing developments. JOE has 1,284 housing lots under contract. The map does not show JOE’s hotel projects, commercial projects, recreational projects or new marinas being built.
Here is what Titus Park (upper right-hand corner of the map above) looked like in June of 2020 when we were there. Not one house had been started, all the utilities had just been stubbed in.
Currently, only 10 months later, this is what Titus Park looked like. 80 homes are either completed or near completion. It’s very similar with all of JOE’s current housing developments. The demand is very strong and progress is rapid.
On May 1st, JOE will have an online drawing for the first new homes at Margaritaville a 55 and better housing development (upper left on the map, picture below). There is a lot of interest. We will be watching the drawing. This development is expected to be 3,500 homes with amenities, a town center and a marina. JOE and its partner have built 13 model homes for buyers to tour and pick from, these homes are fully decorated and landscaped.