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    In the course of my research for this web site, the modern courses I play outnumber the classic probably 10 to 1.  Rare is the Donald Ross or Tillinghast or Mackenzie layout that lies at the heart of a neighborhood of homes.  Even though I walked the Country Club of Farmington (CT) course today during qualifying for the state amateur tournament, I felt the tug of the familiar.  
    I used to play Farmington, which was mostly designed by Devereaux Emmet in the 1920s, as guest of one of its members who moved on to another course some years ago.  Fond memories floated by for me at Farmington today.  I remembered the layout as keenly as I do that of my home course of the last 24 years.  Farmington's rolling terrain, maddeningly small and sloped greens perched on hills, and two of the hardest par 3s in Connecticut are hard to forget.  
    The par 3 2nd hole, for example, is 190 yards of pure uphill terror, with a three-tiered narrow

#2 at Farmington is 190 yards of pure uphill terror, maybe the toughest three par in Connecticut.

green that falls off on both sides.  Unless you are pin high, missing the green is bogey or worse territory (the hole average was nearly four strokes halfway through the round today).  The hole is made all the more difficult coming after #1, a par 4 that measures less than 300 yards with a tiny hourglass green whose left side is protected by a straight drop down and whose right edge is just a few feet from the out of bounds line.  If you push your drive, assuming you go for the green, you will be lucky to catch the big elm that seems to grow out of the putting surface.
    The finishing hole, also a par 3, has been softened recently by widening a putting surface that had been shaped something like Betty Boop's waist.  The one shotter plays downhill in more ways than one.  Missing anywhere but short (who misses short on purpose?) means a lob wedge from thick rough and the possibility of playing fully across the green and down the other side.  Getting close is only marginally easier than it was previously, the only compensation for a bogey being the patio and bar lurking above, welcoming the vanquished.
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The finishing holes at Farmington begin with a tricky par 4 (bottom) that forces a drive well left of the reachable water.  The approach is at an angle to the elevated and horizontal green.  The finisher (top) is a par 3 whose green has been widened to accept a few more tee shots, but miss on either side, and your finishing score could widen as well.

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    Bob and Carol and Ted and Alice -- okay, not very original, I admit -- are two couples who live in the same neighborhood in the suburbs of New York, but their story could be told in any nice, stable community in the northern U.S.  In many regards, their lives have followed a similar track over the 20 years they have lived in the Leafy Glen section of the town of Stabler.  They chose Leafy Glen for the excellent local school system for their children, now all out of the nest; they worked hard to pay off their mortgages early; joined the local country club; and talked often about the day their financial obligations to their children and their jobs would be over and they could head for warmer climates to spend their retirement years.
    Although they had seen recessions come and go during their time in Stabler -- that one in the early 1990s was especially scary -- the severity of the
Both couples lost about 25% of the value of their homes.

recession they began to feel around 2007 and its timing for their plans knocked them back.  Their stock portfolio losses were similar -- Bob and Ted belonged to the same stock trading club and often coordinated their buys -- and since the couples' homes were next door to each other and of essentially the same size and style, their real estate "paper" losses were the same, about 25% in the last three years.  If there was any silver lining, it was that their homes had more than doubled in value over the 15 years before 2007 (although one couple would factor their home equity into their thinking, the other would not).
    But Bob and Carol were quite upset about the market collapse, emotional actually, and at backyard barbecues they lamented the timing of it
One couple looked to recoup the lost value in their home; the other said "What the heck."

all.  "If only we had sold two years ago," they'd complain, "when others sold their homes."  They swore they would not sell for any price lower than what their neighbors had received 18 months ago.  They would wait to recoup most of the 25% value they had lost.  Ted and Alice, certainly upset about their own losses, took a more fatalistic and analytical approach.  Stuff happens, they commiserated with each other, and it was better to think like a financial analyst at times like these.  They had a plan to retire and relocate by 2010, and rather than throw up their hands and wait for a full market rebound that could take some years, they went about the work of figuring out how they could execute their plan to buy a home in the southern U.S.
    Ted and Alice broke things down into their logical components.  The first was lifestyle.  They were tired of winters, tired of paying for two-week trips to somewhere warm in order to play golf and lie on a beach in January.  Although they loved their town of Stabler, they were tired of the traffic and some of the other stress-inducing aspects of life in a densely populated area.  Long ago, they had decided the last third of their lives would be more meaningfully lived in a community that supported a more casual lifestyle.  
    Second, of course, was their real concern about whether they could
A move to North Carolina would save the couple almost 21% in living expenses.

afford to move.  With a little research and some advice from real estate professionals and their accountant, they came to understand they not only could afford a relocation, but also that the move to their chosen town in North Carolina would result in a cost of living decrease of nearly 21%, a consequence of lower overall taxation, especially property taxes, lower real estate costs, and lower costs for transportation, food, clothing, health care and utilities.  And because, with the kids gone, they could reduce the total size of the house they needed, from nearly 4,000 square feet to under 3,000 (they still needed room for when the kids visited), they would pay about $150,000 less in North Carolina than what they would get for their primary home in the current market.  Given the equity in the home they had owned for 20 years, they could pay for the new home in cash and have something left over.
    Although they would sell their home for less than they would have
The couple would pay a lot less for their North Carolina home since it was smaller and homes in the south cost less anyway.

expected just a few years ago, they would buy the house in North Carolina for less than it was worth in 2007.  And, Ted and Alice figured, when the market did turn around -- it always does -- their new home in North Carolina would appreciate faster than their former home in Stabler because of the pent-up demand by baby boomers to move south.  They wanted to be sure to catch the leading edge of the wave, before prices in the south escalated.  
    Ted and Alice made their move in 2010.  As for Bob and Carol, Ted and
By the time they sold their home years later, Bob and Carol had to settle for less house in the south.

Alice welcomed them for visits at their new home in North Carolina and encouraged them to sell their house and join them.  After a few years, Bob and Carol came to realize that the life they had envisioned for themselves -- including year round golf -- could not be put off any longer.  By the time they sold their home, it had appreciated slightly in price from its market value in 2010, but homes in Ted and Alice's North Carolina neighborhood had appreciated much more.  Bob and Carol settled for a home considerably smaller than their friends', a few miles away.
*

    A comment in the Wall Street Journal's Sunday pages, which are syndicated in newspapers across the country -- I read mine in the Hartford Courant -- carried a fundamentally important comment today.  A financial adviser said of those trying to recoup their stock market losses of the past year, "What's important...is recognizing where you are right now and not trying to think about where you were in 2007."  That should be as true of how we view the market value of our homes as it is the value of our portfolios.

    If you would like another opinion as you think through your own plans, please contact me.

    The Saturday Golf Properties advertising section of the Wall Street Journal features a few interesting offerings for anyone looking to live large next to a terrific golf course -- or to own an entire golf resort.  Just bring more than $14 million and a heavy sweater.
    LandVest, which is affiliated with Christies' "Great Estates" division, is offering the Thousand Islands Country Club, located on an island in the St. Lawrence River in New York State, for a cool $14.95 million.  The almost 1,000-acre

Bring more than $14 million and a heavy sweater.

property, which is located on the river and Lake of Isles, includes two 18-hole golf courses, a 103-slip marina, clubhouses, restaurant and 20 rental units.  The Castle course, whose first nine holes were built in 1896 by the property's landowner, were later expanded and redone by the legendary Seth Raynor, who designed the Yale Golf Club and Fisher's Island, among others.  The Lake course has its fans as well:  One commenter at a golf blog site wrote recently that "If you don't have an absolutely fantastic experience playing this course then I don't ever want to golf with you."
    Good luck, however, to any buyer trying to recoup the investment via green fees (the two courses are public).  The top charge on the Castle Course is $35, and you can play the Lake Course for as little as $19.  The far upstate New York golf season is about as short as Nova Scotia's -- think May to October, if you are lucky.  However, the scenery is impressive, especially for those looking for water views.  All that extra acreage provides plenty of room for future housing and a potential refuge for Floridians looking for a summer escape.  More info is available at LandVest.com or contact me if you would like me to inquire in your behalf.
    Saucon Valley Country Club is legendary among golf course aficionados.  The Allentown, PA, club features 60 holes of golf, and its [name] course will play host to this year's U.S. Women's Open.  The Still House and its 11 acres is adjacent to the club and is listed for just under $3.5 million.  The 5 bedroom, 4 ½ bath home was built in 1936 by a former Bethlehem Steel chief financial officer and Saucon Valley president.  The web site is StillhousePA.com or contact me for more info.
    Last is a brand new 8,000 square foot home on the terrific Oyster Harbors Golf Course on Cape Cod in Massachusetts.  I have played the Donald Ross designed Oyster Harbors twice and found its spacious fairways and crowned greens a delight.  The home that will be auctioned by JJ Manning on June 27th features 5 bedrooms, 5 full baths and 3 half baths on a little over an acre inside a gated community and includes deeded rights to a dock and beach.  For more information, see JJManning.com, or contact me.

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Oyster Harbors is a Donald Ross gem on Cape Cod.

    Members of The Reserve at Litchfield Beach, a private club at the golf-rich southern end of Myrtle Beach's Grand Strand, overwhelmingly voted to sell the club to the McConnell Golf Group of Raleigh, NC.  The trouble is that the sale is being held up by former members who have brought suit to recoup their equity investments.  I played and reviewed the course a little over a year ago and thought this was the appropriate time to look back, especially since the McConnell Group plans to close the course for three months after purchase and redo the greens and some other aspects of the Greg Norman layout.

 

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To have a decent chance at par on the tough 5th hole at The Reserve, a drive down the left side is essential.   

   

    Greg Norman designs golf courses the way he plays them - brawny and all or nothing affairs that show little sensitivity to the needs of double-digit handicappers.  Playing from shorter tees doesn't really help much when deep bunkers and hazards snuggle up to large and significantly contoured greens.
    But a mellow Norman design can provide quite a reasonable challenge, as we found on New Year's Day at the private Reserve at Litchfield Beach, a 1998 Norman design on the South Strand of Myrtle Beach.  The Reserve is one of just a handful of private courses along the golf rich Grand Strand and among the three best, all on the south end.  The others include the Pete Dye designed DeBordieu and Tom Fazio's design for Wachesawthereserveclubhouse.jpg Plantation, both of which might be surprised - along with the Members Club at Grand Dunes and the Surf Club in North Myrtle Beach - that The Reserve's web site calls it "the only exclusive golf club on the Grand Strand."  
    Price points for homes at The Reserve fit nicely between the other two, with handsomely designed single homes on ample lots starting in the mid six figures.  Prices at DeBordieu Colony, which includes some seven-figure homes on and near the ocean, average about 10% higher than The Reserve.  Wachesaw, like The Reserve to the west of Route 17, the main thoroughfare through the Grand Strand, presents homes that begin in the $400s and move up to the $1 million+ mark for the larger lots on the Waccamaw River.
    The Reserve's operators showed some restraint by not over-seeding the fairways for the winter, and to my mind, that strategy worked to the course's advantage.  Rather than the tufts and inconsistent growth of fill-in winter grasses, the dormant fairway Bermuda grass was as tight as during the warmer months, although with a little rain in prior days, tee shots did not roll far past their landing areas.  The greens were near flawless, especially for a January, but the grass mowers were not out on New Year's morning so they lacked a little speed.  Our hosts assured us that earlier in the week, the putting surfaces had been slick.  I believe it.
    Greens were enormous and crowned in some places.  Norman has done a wonderful job of channeling Donald Ross around the greens.  Misplaced approach shots typically find the depths of a swale and require either a delicate chip shot or a long putt from up to 15 yards off the green.  We were impressed that even during the winter, putting from well off the greens was not only possible but, in many cases, preferable.
    I can't say that any holes at The Reserve are etched in my mind forever, but some stand out.  The best was also the #1 handicap hole on the course, the par 4 5th, a dogleg right that plays to a modest 395 yards.  A lone tall pine on the left side of the fairway forces a slight draw off the tee.  Pushed drives to the right side of the fairway make it essential to fade your approach shot over two sod-walled bunkers that guard the front and right sides of the green. 

    The par 3s all play over waste bunkers or marshland, but the large greens are fairly easy to hit. (if difficult to putt, especially when they are cut to roll fast).  The 17th, at 175 yards, is all carry to a large contoured green that makes being below the hole almost mandatory to avoid three-putt possibilities.  For a hole-by-hole description, click here for The Reserve's web site.
    The Reserve offers two levels of golf membership.  For an initiation fee of $32,500 and dues of around $350 per month, full golf members play unlimited golf and have the run of the club.  A special "Golf Membership" is geared toward second-home owners and provides 26 rounds of golf annually for an initiation fee of $22,000 and dues up to $200.  Members have a huge practice range and green at their disposal, and the clubhouse, while not huge, is well appointed.  The greeting at the bag drop make guests feel like members.

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Par 3s at The Reserve are all-carry affairs.  The 17th forces a high soft shot to an undulating green.  Placing your tee shot below the hole is best.

chutz·pah (noun) -- shameless audacity; impudence; brass

    In Texas Hold ‘em poker, the moment of desperation is reached when one player is down to a relatively few number of chips and goes "all in."  Sometimes the player has a good enough hand to win, he thinks, but most of the time circumstances force him to make a last, desperate attempt to stay in the game.
    In the mountains of North Carolina, Seven Falls Golf and River Club developer Keith Vinson is

The loans may be proof that big banks make small-minded decisions.  Like we needed more proof...

pushing all his chips onto the table by securing additional financing for Seven Falls while at the same time buying another golf community, Queen's Gap, an hour away in Rutherfordton.  Given the current economy and the paucity of buyers for vacation and retirement homes, this may be proof that big banks make small-minded decisions.  Like we needed more proof...
    The Seven Falls Arnold Palmer course was to open in December 2008 but an article at BlueRidgeNow.com on June 5 quoted Vinson saying he expected to complete the course in November and open it early in 2010.  According to BlueRidgeNow, which is the online presence of the Hendersonville (NC) Times-News, construction at Seven Falls was halted late last year as Vinson fought off lawsuits from contractors who claimed they had not been paid for some buildings they had completed.  Vinson is also contesting a suit by homeowners who claim his company took their money, stopped construction of their $895,000 townhouse and would not return their phone calls.  
     Infrastructure construction at Seven Falls started again in recent weeks as Vinson indicated he had secured additional financing to install sewer and water lines and to pave roads.
    "It's not through an investor," Vinson told BlueRidgeNow about the financing.  "It's through a very large national financing source."
    You have to wonder about those large national financing sources and what logic trees they have fallen out of.  At a time when his original community, Seven Falls, is in dicey shape, some bank (or banks) is lending Vinson $12 million to buy and build at the stalled Queen's Gap, including its Jack Nicklaus Signature golf course.  The developer has indicated he plans to market Queen's Gap as a companion to Seven Falls.  For the sake of those who are sitting on lots and promises in both communities, we hope he is successful.

    Note:  I have toured and played the courses at Champion Hills and Kenmure, two communities within 15 minutes of Seven Falls.  All amenities are in at both communities and the courses are fine.  Champion Hills, which is Tom Fazio's home course (he grew up in Hendersonville) is particularly sleek and mature, and features all the markings of a Fazio course, including cloverleaf bunkers and funneled fairways.  If you would like an introduction to either community, please contact me.

Tuesday, 09 June 2009 13:32

Cliffs properties auction yields no bids

    In spite of a roster of properties with opening bids as low as $25,000, an online auction of two-dozen re-sale properties in The Cliffs Communities generated no bids on Saturday.  UpstateBuyers, a new auction service, conducted the sale on the Internet and live from a Greenville, SC, hotel.
    The $25,000 property, which had recently been on the market for more than $80,000, is located in the The Cliffs Valley community in the town of Travelers Rest.  While not the most desirable lot in the golf community -- Cliffs properties with mountain and golf views can stretch into seven figures -- the $25,000 opening price was lower than virtually all other properties in The Cliffs.
    Jon Ball, founder of UpstateBuyers, which conducted the auction, told me that the market for Cliffs homes is dry because those who might move to The Cliffs either cannot or will not sell their primary homes at current market prices.  Some readers of Golf Community Reviews have told me privately that they are looking for "steals," properties either in foreclosure or in "short sell" mode (a short sale occurs when what the owner owes the bank is more than his home is worth).  Ball is confident that opening bids for properties at his next auction on July 18, featuring Cliffs at Walnut Cove properties, will be considerably lower than fair market value.  The auction web site is at UpstateBuyers.com.

    More than 90% of the members at Myrtle Beach area private golf club, The Reserve at Litchfield Beach, voted recently to sell to a North Carolina entrepreneur.  Now, four former members are holding up the sale.
    According to an article in the Myrtle Beach Sun News, the former members claim they are owed reimbursement of their initiation fees under terms that were in effect when they joined the 11-year old club.  However, the former members claim that the proposed sales agreement with the McConnell Golf Group would eliminate their reimbursements.
    As a rule, initiation fees at equity clubs are higher than those at non-equity clubs.  In an equity arrangement, club members are reimbursed a percentage of their "deposits" when they resign;

Getting back your equity "deposit" can sometimes take years.

these percentages are typically in the 75% to 100% range.  But the rules that govern reimbursements can be complicated and include formulas that are based on new memberships being sold before old ones can be repaid.  Many is the former club member who waited a few years before receiving the promised refunds; at clubs where membership has steadily declined over the past few years, former members are still waiting.
    The Reserve is a fine Greg Norman layout less than a couple of miles from the ocean.  Homes in the community sell in the mid-six figures range and up.  The McConnell Group has pledged to keep the club private for at least 10 years and intends to close the course for three months, if the deal goes through, and redo all the greens.  However, if the current members and their former fellows cannot resolve their dispute, McConnell may look elsewhere for an addition to its growing portfolio of golf courses in the Carolinas.  There are plenty of nice but financially strapped clubs to choose among.

*
    The digital ink is hardly dry on my review of the Oldfield community in Okatie, SC, near Hilton Head.  Yet, apparently, the community could go bankrupt along with its higher-end sister community nearby, Palmetto Bluff, and its parent company, the developer Crescent Resources.  Crescent's roster of communities includes some nice golf layouts, including one of the best Arnold Palmer courses I have played, North Hampton near Jacksonville, FL.  The Hilton Head area newspaper the Island Packet reports that Crescent is $1.4 billion in debt, and a Crescent spokesperson is quoted as saying the company is contemplating bankruptcy as one alternative.
    I'll follow developments here, pardon the pun but, in the meantime, you can read the Island Packet article by clicking here.
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The Greg Norman layout at Oldfield features plenty of waste bunkers and pine trees, as well as an uncertain future.


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Out of bounds stakes do not protect the homes at the North Shore Country Club unless they are well behind the greens. 

    One of our readers, a resident of the community that surrounds North Shore Country Club in Sneads Ferry, NC, has taken issue with our review of the golf course a year ago.  Below is her note to me and my response.  For my original review of North Shore, click here.

Her email to me:

    I saw your review about NSCC and noted your objections to the OB markers and "homes being built too close to the golf course".  Hello - without the homes there would be no golf course.  Our home is on the fairway and we have had our share of golf balls hit the house, break windows, etc., all by golfers who do not get it that when they pay their greens fee they are paying to play on the GOLF COURSE and not in and around homeowners' property.  The fairways here are generous (I am a golfer) and your criticism of obtrusive OB markers is pathetic.  If you can't play your ball in bounds (or at least be courteous if you do make an error - we all do) than you need to go hit balls on a public range and stay away from decent courses like North Shore Country Club.  Feel free to respond although I doubt you will.

The response I sent to her:
    First of all, thank you for reading Golf Community Reviews and for taking the time to respond to my review of North Shore.  I appreciate the passion many people feel for their home course and community.  You certainly feel that way about North Shore.  I wrote about North Shore twice in the space of a couple of days a year ago, and my overall review was strongly positive.  I recall receiving a complimentary email from your club's general manager a few days after I posted the article.  I am a fan of North Shore, but no golf course or community is perfect, and it is the job of a reviewer to indicate the warts as well as the beauty marks for those who have not had the opportunity that I have had to play the course.
    Given your obvious anger toward golfers whose shots hit your home or land in your yard, I wonder why you purchased a home directly adjacent to a fairway.  Although there is no excuse for

Golfers make the occasional bad swing, but a homeowner who chooses to live along the fairway and expects to be free of incoming golf balls has made a bad lifestyle decision.

bad manners by golfers (or homeowners, for that matter), stray golf balls are a fact of play.  The other day at Pawleys Plantation in South Carolina, my son pushed a tee shot well out of bounds and off the roof of a home at mid fairway.  Tim is a 2 handicap golfer who plays for his college golf team.  I have watched Phil Mickelson and Tiger Woods launch errant shots that would have put a severe dent in your house.  I have played thousands of rounds of golf in my life, and I can say that I have never played with anyone who purposely aimed to hit a house.  If misguided golf balls are stressing you out, I think you have only one recourse.  Golfers make the occasional bad swing, but a homeowner who chooses to live along the fairway and expects to be free of incoming golf balls has made a bad lifestyle decision.
    After having spent virtually every day of the last five years talking with developers, researching, learning about and writing about golf communities, I know full well that many golf courses could not have been built without the homes.  In many cases, though, developers provide the golf course architect with a footprint large enough that homes are set well back from the course, eliminating the need for out of bounds stakes.  In some cases water hazards or other natural barriers provide buffers between the homes and the course.  I understand compromises sometimes are necessary, but before one of my readers chooses to visit a golf community, they should be aware of how the real estate and the golf course fit one to the other.  I see that as a fundamental part of my job.
    I am sorry you doubted I would respond to your note.  The points you raise are worthy of debate, even if your tone is more harsh than necessary.  I intend to publish your note at my web site, with my response.
    Thanks again for writing to Golf Community Reviews.


 

    This has not been a good week for Tiger Woods.  Yesterday he shot 74 at the Memorial Tournament, his highest 18 hole competitive score in almost two years.  Earlier in the week, four women finished ahead of him on Forbes magazine's list of most important celebrities.  And now comes word that Woods' big golf course project in Dubai has been sent to the pending file.  No official word has come on Woods' other projects in Baja California and at the Cliffs Communities' High Carolina project, although at the Memorial, Tiger indicated they are "in various stages of completion," according to Golfweek magazine.
    The Dubai project was to include palaces, mansions and luxury villas; only one-third of the properties have been sold, according to an article in Maktoob Business, an online publication.  Although Woods and the project's developers insist the golf course will be completed in 2010, only three holes have been laid out.
    "We're making sure we get the holes completed -- the holes we have," Woods told Golfweek.
    On the Forbes list, which uses a combination of income and media "exposure" to rank the celebrities, Woods dropped from his #2 position last year.  Movie actress and media darling Angelina Jolie topped the list, unseating Oprah Winfrey who fell to #2, just ahead of the Material Girl, Madonna, and Beyonce Knowles, the former member of the group Destiny's Child whose destiny seems to make lots of money ($87 million last year).  Although Woods ($110 million) earned more than Ms. Knowles, she outranked him, demonstrating that old saw that money isn't everything.

    A new western Carolinas real estate auction service goes online Saturday with 27 golf community properties at the prestigious Cliffs Communities under the gavel.  Add up all the minimum bids and more than $10 million is potentially up for grabs to the highest bidders.  The operative word is "potentially" because the private sellers (no Cliffs developer properties are involved) are not required to accept the high bids. UpstateBuyers.com founder Jon Ball indicates that some after-auction negotiations are likely between the high bidders and owners.  But with one property with a minimum bid of just $25,000, some offers are bound to be accepted without further ado.

    You can bid or follow the bidding on the individual properties by registering at UpstateBuyers.com (it's free).  Most of the properties, both home sites and re-sale homes, are part of the the Cliffs Valley community in the aptly named town of Travelers Rest, within a half hour of Greenville, SC.  A second auction, scheduled for mid July, will feature re-sale properties from the Cliffs at Walnut Cove near Asheville.  Properties from other developments, including those at Brights Creek, are expected to be included.

    If you decide to register for the auction, please indicate you read about it here at Golf Community Reviews.

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