St. Joe CEO sees strong housing demand
Peter Rummell, CEO of The St. Joe Company, Florida's largest landowner, says retiring baby boomers continue to move into the state in large numbers, resulting in strong demand for housing despite hurricanes and higher interest rates.
Hopefully this link will work......
http://www.marketwatch.com/tools/quotes/quotes.asp?symb=joe&siteid=mktw&dist=mktwqn
The St. Joe CEO did a broadcast interview on CBS MarketWatch. He blamed the relative slowdown in '05 on the early and strong hurricane season and the negative media frenzy. The statistic he likes the most is that on average 1,200 people are moving into FL per day. He thinks we are just at the beginning of a boom in FL that will last for years to come.....
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SoWal Insider
Peter Rummell, CEO of The St. Joe Company, Florida's largest landowner, says retiring baby boomers continue to move into the state in large numbers, resulting in strong demand for housing despite hurricanes and higher interest rates.
The St. Joe CEO did a broadcast interview on CBS MarketWatch. He thinks we are just at the beginning of a boom in FL that will last for years to come.....
He certainly HOPES the boom will last...considering he's been cashing out his shares of JOE hand-over-fist for months & months:
Rummell Insider Selling of JOE
But hey, $1.3+ million per month don't go as far in Florida as it used to--the company's shareholders certainly understand that.
Edited
Beach LoverAuthor
Good call Shelly. You're right, St. Joe is probably the next Enron. I bet they won't even exist in a year or two once everyone realizes all the land they own is swamp land........You called it!
Maybe they'll be the focus of your upcoming thesis.
Maybe they'll be the focus of your upcoming thesis.
Beach Fanatic
Good call Shelly. You're right, St. Joe is probably the next Enron. I bet they won't even exist in a year or two once everyone realizes all the land they own is swamp land........You called it!
Maybe they'll be the focus of your upcoming thesis.
:clap_1:
_______________________________
SoWal Insider
Maybe they'll be the focus of your upcoming thesis.
Not the focus...but it's included.
Beach Fanatic
Shelly, I may have missed this somewhere....is your thesis for a degree or for a publication or specifically what? You may have mentioned this previously, but I have an interest in publication and am more than curious?
Thanks!
Thanks!
Beach Fanatic
Shelly is a fictional character created to inspire misgivings and virtual angst. He/she is not part of the world of accademia or of business. Shelly is a signpost in a two-dimensional world: fear and loathing. 
Beach Fanatic
Good call Shelly. You're right, St. Joe is probably the next Enron. I bet they won't even exist in a year or two once everyone realizes all the land they own is swamp land........You called it!That's a slight exaggeration, I'd say.
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The amount of scrutiny St Joe receives would forestall any Enron-type of scenario. And not all their land is wet.
It's been interesting watching what other developers try to get away with: I've seen a couple doozies in the short time I've been here.
But you don't read about those because they don't make good copy the way St Joe does.
BTW: your link doesn't work for me, Dave, but here is a link that does have the "approximately 1,200 people" quote
Rummell
Edited
Beach Fanatic
Shelly is a fictional character created to inspire misgivings and virtual angst. He/she is not part of the world of accademia or of business. Shelly is a signpost in a two-dimensional world: fear and loathing.Outstanding summary
SoWal Expert
He certainly HOPES the boom will last...considering he's been cashing out his shares of JOE hand-over-fist for months & months:
Rummell Insider Selling of JOE
But hey, $1.3+ million per month don't go as far in Florida as it used to--the company's shareholders certainly understand that.
The founders of Google are also selling stock, about $43,000,000 per week. Does this mean Google, too, is headed south? (Not trying to change the subject) Many people think that Google, not Microsoft, is set to take over the world.
Beach Comber
Cil- could you elaborate on some of these examples? I'd be curious.
It's been interesting watching what other developers try to get away with: I've seen a couple doozies in the short time I've been here.
But you don't read about those because they don't make good copy the way St Joe does.
It's been interesting watching what other developers try to get away with: I've seen a couple doozies in the short time I've been here.
But you don't read about those because they don't make good copy the way St Joe does.
Beach LoverAuthor
That's a slight exaggeration, I'd say.
The amount of scrutiny St Joe receives would forestall any Enron-type of scenario. And not all their land is wet.
It's been interesting watching what other developers try to get away with: I've seen a couple doozies in the short time I've been here.
But you don't read about those because they don't make good copy the way St Joe does.
BTW: your link doesn't work for me, Dave, but here is a link that does have the "approximately 1,200 people" quote
Rummell
I don't know why I can't get the link to work. Sorry. If you want to hear the interview, just go to www.marketwatch.com, enter the ticker symbol JOE, and you'll see related stories with the stock quote.
FYI, my cynicism on JOE was not real, just for Shelly's benefit. Of course I don't think they're the next Enron!
Beach Fanatic
He certainly HOPES the boom will last...considering he's been cashing out his shares of JOE hand-over-fist for months & months:
Rummell Insider Selling of JOE
But hey, $1.3+ million per month don't go as far in Florida as it used to--the company's shareholders certainly understand that.
Since the stocks and options are a significant portion of his compensation package, and his sells have been fairly regular for about 18 months, and they started just after he excercised a large option order, and they occurred during a period of increasing stock value....I don't see why anyone would be concerned about this "insider selling".
Edited
Admin
I don't know why I can't get the link to work. Sorry. If you want to hear the interview, just go to www.marketwatch.com, enter the ticker symbol JOE, and you'll see related stories with the stock quote.
FYI, my cynicism on JOE was not real, just for Shelly's benefit. Of course I don't think they're the next Enron!
try this next time
<sarcasm> </sarcasm>
SoWal Insider
Shelly, I may have missed this somewhere....is your thesis for a degree or for a publication or specifically what? You may have mentioned this previously, but I have an interest in publication and am more than curious?
Thanks!
It's my graduate thesis. The title is still up in the air....but I've had to reject my first choice: "The Real Estate Boom: Investing in Dot-Condos at Enron-by-the Sea." :funn:
Beach Fanatic
Cil- could you elaborate on some of these examples? I'd be curious.I was afraid somebody would ask this! ;-)
.
I really don't want to name any names, but one guy simply began putting in a new housing development along 30-A. He removed trees, and had gotten as far as thinking about putting in a sewer system. Something like three months into the project, everything halted.
There was a minor detail: The guy apparently didn't have a permit.
Beach Lover
You're getting it mixed up a little bit. "insider trading" is illegal, but "insider selling" makes no sense. You can sell shares if you want. Do I smell jealousy?
He certainly HOPES the boom will last...considering he's been cashing out his shares of JOE hand-over-fist for months & months:
Rummell Insider Selling of JOE
But hey, $1.3+ million per month don't go as far in Florida as it used to--the company's shareholders certainly understand that.
margarita brocolia
Shelly is a fictional character created to inspire misgivings and virtual angst. He/she is not part of the world of accademia or of business. Shelly is a signpost in a two-dimensional world: fear and loathing.
OR a signpost going nowhere?
Funnkalicious
Shelly is a fictional character created to inspire misgivings and virtual angst. He/she is not part of the world of accademia or of business. Shelly is a signpost in a two-dimensional world: fear and loathing.Oh snap Miss D! ;-)
SoWal Insider
You're getting it mixed up a little bit. "insider trading" is illegal, but "insider selling" makes no sense.
It does if you're familiar with the stock market.
Beach Lover
Many CEO's and others on the Board will sell at a pre-determined number. The number of shares is also pre-determined. I stand by my comment that saying someone is 'insider selling' makes no sense. If Rummels doesn't sell any of his shares, do you think it makes Joe more money? The answer is no. He is the CEO, but can do whatever he wants with his shares, as long as he registers it with the SEC.
Beach Fanatic
It does if you're familiar with the stock market.
Then please explain.
Meow
OR a signpost going nowhere?
Runaround Sue...I mean SHELLY!!! ;-) At least SHELLY has a one track mind!
Beach Comber
Let me throw out a challenge, in support of the much maligned Shelley, could someone who has no dog in the fight, or maybe just doesn't presently own real estate in South Walton County, please make the argument that the current asking prices are the "market".
Beach Fanatic
It's my graduate thesis. The title is still up in the air....but I've had to reject my first choice: "The Real Estate Boom: Investing in Dot-Condos at Enron-by-the Sea." :funn:
Thanks Shelly for your response.....Is it possible that the discussions/opinions, etc on this board are part of your research (thesis) paper?? An experiment of sorts perhaps? Again, very curions.....
Thanks!
SoWal Expert
Let me throw out a challenge, in support of the much maligned Shelley, could someone who has no dog in the fight, or maybe just doesn't presently own real estate in South Walton County, please make the argument that the current asking prices are the "market"."Market" price is the price which people are willing to pay at the current point in time. With the lack of sales recently, market prices are lower than asking price. You must look at sold price for recent sales.
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