St. Joe buys Shark’s Tooth Golf Course

[Joe]

Transaction Includes 28 Home Sites with Golf Course and Lake Views in Wild Heron

http://home.businesswire.com/portal/...00618&vnsId=33

[Joe]

And a bit more info from St. JOE


Dear WaterColor Homeowner,

We are very pleased to confirm The St. Joe Company has purchased Shark's Tooth Golf Club and the club facilities at Wild Heron from Lake Powell, LLC.

The purchase includes the Shark's Tooth Golf Course, clubhouse, beach club, tennis facility, golf club membership program and the twenty-eight remaining Wild Heron home sites. Shark's Tooth is a premier golf course designed by PGA champion Greg Norman and was recently ranked the #7 Best Course in Florida by Golf Digest.

It is exciting to consider the possibilities that single ownership of Camp Creek, Origins and Shark's Tooth will bring to Northwest Florida golf. The addition of the Shark's Tooth Golf Club creates opportunities to enhance St. Joe's golf programs and the options available to current Camp Creek and Shark's Tooth golf members, as well as non-golf club member homeowners in certain JOE designated communities.

Over the next couple of weeks, we will be formalizing our new membership programs that will include a membership featuring combined play at both Camp Creek and Shark's Tooth and a program that provides a limited play opportunity for JOE homeowners in the communities of WaterColor, WaterSound, WaterSound Beach, WaterSound West Beach and RiverCamps at Crooked Creek. It is our intention to announce the programs no later than September 14, 2007.

We hope you are as excited about this great addition as we are. We will communicate the new JOE golf opportunities by email and by posting them on the homeowner website, Town Talk.

[Buckhead Rick]

This has been rumored for several months but the news will surely help ALL Joe developments in the Panhandle become more of a golfer's resort. It probably won't help values now but let's hope latter.

[Gypsea]

Good news for homeowners that are golfers but not members of Camp Creek!!!

[Margarita]

Good news for homeowners that are golfers but not members of Camp Creek!!!

Are you saying that this is bad for camp creek members? If so - why?

[nmosley]

I was just about to post the contents of our letter and am happy to see that it has already made it on the blog...you guys are on top of everything! I was most interested in Shelly's take on this since the discussion on the value of JOE stock has been bantered around this week. What, if anything, does this acquisition really mean? Anyone have thoughts?

We are drenched here in Houston today and I am really wishing we were there instead - like always! I hope you are all dry and well!

Back to lurking for now!

[kurt]

This is big.

Shark's tooth and St. Joe's other recent acquisitions of Port St. Joe Marina and Baypoint Marina, the airport approval, and other happenings are all evidence of a long term strategy of panhandle development that is still in its early stages.

I have no desire to influence people and no particular agenda, but I will say this: assuming you're interested in the game, if you're standing on the sideline the game is passing you by. Hard times for some create big opportunities for others. The escalation in prices and development in SoWal and Panama City Beach in recent years was the machine starting to roll. It can't be stopped now. It will keep rolling no matter whether you like it or not.

The machine divides our community into 2 groups. To some the machine is a steamroller and to some a party bus.

[Gypsea]

Are you saying that this is bad for camp creek members? If so - why?

Margarita, it won't be bad for Camp Creek members but hopefully will at least give some options to homeowners who are not golf club members but would like to play the course or now, courses, occasionally. I believe it what should have been done originally.

[Margarita]

Thanks Gypsea - We are members of Camp Creek so I am anxious to see how this will impact us.

[Gypsea]

Hopefully they will make it a win-win for everyone involved.

[Miss Kitty]

Thanks Gypsea - We are members of Camp Creek so I am anxious to see how this will impact us.

So is Mr. K (I don't play, just pay )...he thinks maybe they will not build the second course now and might build more, dare I say...HOUSES!!

[Smiling JOe]

This has been rumored for several months but the news will surely help ALL Joe developments in the Panhandle become more of a golfer's resort. It probably won't help values now but let's hope latter.

With this announcement and yesterday's press release regarding the airport receiving final permits, I am guessing that JOE is hoping the news will plug the hole in the stock price, not increase sales in WaterSound and WaterColor.

[Smiling JOe]

This is big.

Shark's tooth and St. Joe's other recent acquisitions of Port St. Joe Marina and Baypoint Marina, the airport approval, and other happenings are all evidence of a long term strategy of panhandle development that is still in its early stages.

I have no desire to influence people and no particular agenda, but I will say this: assuming you're interested in the game, if you're standing on the sideline the game is passing you by. Hard times for some create big opportunities for others. The escalation in prices and development in SoWal and Panama City Beach in recent years was the machine starting to roll. It can't be stopped now. It will keep rolling no matter whether you like it or not.

The machine divides our community into 2 groups. To some the machine is a steamroller and to some a party bus.

wise observation

[Smiling JOe]

So is Mr. K (I don't play, just pay )...he thinks maybe they will not build the second course now and might build more, dare I say...HOUSES!!

Didn't JOE already cut out (eliminate) some of the course from WaterSound's project? I doubt they could design and build a course for the price they paid for Wild Heron and the 28 lots, so it wouldn't surprise me if Mr Kitty is right.

[SHELLY]

So is Mr. K (I don't play, just pay )...he thinks maybe they will not build the second course now and might build more, dare I say...HOUSES!!

That, apparently, is the plan:

“This is a strategic and opportunistic purchase that allows us to quickly and cost-effectively expand JOE amenities in Northwest Florida,” said JOE chairman and CEO Peter S. Rummell. “As a result of this purchase, we are now able to change the expected use of other developable JOE land in the area that had been previously planned as a future golf course, and use the land to develop approximately 300 additional home sites.

More competition from JOE with others who are trying to flip their lots.


.

[STL Don]

Margarita, it won't be bad for Camp Creek members but hopefully will at least give some options to homeowners who are not golf club members but would like to play the course or now, courses, occasionally. I believe it what should have been done originally.

Couldn't this mean more play at Camp Creek which may not be good news for Camp Creek members?

[Miss Kitty]

That, apparently, is the plan:

“This is a strategic and opportunistic purchase that allows us to quickly and cost-effectively expand JOE amenities in Northwest Florida,” said JOE chairman and CEO Peter S. Rummell. “As a result of this purchase, we are now able to change the expected use of other developable JOE land in the area that had been previously planned as a future golf course, and use the land to develop approximately 300 additional home sites.

More competition from JOE with others who are trying to flip their lots.


.

...that Mr. Kitty is a smart one.
He's also a member of Camp Creek.

[Gypsea]

Couldn't this mean more play at Camp Creek which may not be good news for Camp Creek members?

More revenue.

[Hop]

The machine divides our community into 2 groups. To some the machine is a steamroller and to some a party bus.

i'm in...where is the bus stop...

[Smiling JOe]

i'm in...where is the bus stop...

I believe the bus route will be a loop and it will begin at the new airport, then the Orvis/St Joe Lodge , making it's way down to RiverCamps, before heading down the new four lane to WaterSound, WaterSound Beach, then one last stop at WaterColor Inn, before returning to the airport.

[kurt]

I believe the bus route will be a loop and it will begin at the new airport, then the Orvis/St Joe Lodge , making it's way down to RiverCamps, before heading down the new four lane to WaterSound, WaterSound Beach, then one last stop at WaterColor Inn, before returning to the airport.

I believe that by the time the bus cranks up there will be an additional stop on a new Joe development across the intracoastal from waterSound on the new expressway you mention, along with much commercial and light industrial.

Bunker: the NEW WaterSound North = WaterDitches TM.

[Buckhead Rick]

JOE has already said they ware going to review the current camp creek golf membership. The thought being to reduce joining cost (and refund difference to current members) to get more members. With Sharks tooth, the Nicklaus and davis Love mini course along with CC, will make the JOE properties golfing destinations. After "beach". "golf" means Florida.
As many have said, this will not turn the market but will position JOE properties as first choice when the mkt does turn.