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Author: VANole Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 140  
Subject: Only 5 recorded sales this Qtr in Walton Co Date: 6/12/2006 6:59 AM
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decided to search http://clerkofcourts.co.walton.fl.us to see how many recorded sales there are for this quarter (4/1/06 to date) in the primary NW Fla county (Walton) for St. Joe's signature beach property developments (WaterSound, WaterColor, etc.)

Only counted original Warranty Deeds, under all St. Joe names, that weren't merely correcting previous deeds, and after removing duplicate references to the same sale

Results of my search: Only 5 sales, which would be shocking if not for the fact that I have a vacation home there and have seen for myself the staggering level of unsold inventory (new developments and owner resales) from Destin to Panama City and have spoken with many realtors who all lament how dead the market currently is (although all say stoically that it's a "good correction" since things had gotten so crazy... Not so sure St. Joe considers it good.)

anyway, I'm expecting Q2 numbers FAR below estimates. I would NOT be long this stock.


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