Another casualty of the subprime selloff is Florida real estate developer St. Joe. At the end of July it reported that sales had declined 20%. The stock is down 38% in the past three months, but John Linehan, who manages the $7.8 billion T. Rowe Price Value fund, says that the market may have "thrown the baby out with the bath water. [St. Joe] is housing-related, but it can weather a two- or three-year storm and still be fine."
Future growth will come from projects like an airport in Panama City, Fla., for which St. Joe donated the land and where it owns the surrounding area. The state of Florida has committed to $119 million in funding for the airport.
Morningstar analyst Eric Landry wrote in August that the stock is worth $56 (based on his estimates of the value of the company's land holdings and other factors), a 75% premium over its current price. That would be a powerful payoff, but investors may have to be a little patient. "Joe's value lies in events likely to happen over the coming decades instead of quarters," Landry added.
Even if the credit crunch passes without a major catastrophe, the prices of stocks, bonds and real estate have a long way to fall. (more) 
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