Value investors look at St. Joe - Barron's

NEW YORK, April 27 (Reuters) - Some prominent value investors have taken stakes in St. Joe (JOE.N), a Florida land developer, betting it will rebound when the real estate market recovers, financial weekly Barron's said on Sunday.

The article noted that the company is debt free and owns 700,000 acres, mostly around Florida's panhandle. Also, a nearby airport under construction could boost tourism and make the area more attractive for property buyers.

Barron's quoted Michael Winer, portfolio manager of the Third Avenue Real Estate Value Fund, as saying St. Joe is "in a great position to take advantage of the growth in the marketplace when that occurs."

But some market bears worry that Florida's depressed real estate market won't recover until 2010, the report said.

(Reporting by Paul Thomasch, editing by Richard Chang)