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The recent deep freeze that reached as far south as Orlando and put a serious hurt on citrus crops there did not deter dedicated golfers in the deep south. Greenville, SC, real estate professional Lee Cunningham sent the photo below as testimony that New England and Midwestern golfers do not have the market cornered on cold weather play (although Greenville boasts of more days of sunshine annually than any other city in the state). Perhaps golfers at The Thornblade Club saw the frozen ponds (foreground in photo) as hazard insurance, although no meterological condition could neutralize the effects of the Tom Fazio bunkering on the classic course.
Frozen ponds may keep golfers at Tom Fazio's classic Thornblade Club out of the water hazards, but plenty of sand hazards await.
I have written about The Thornblade Club often since I first played the golf course and dined in the clubhouse nearly five years ago. Read my comprehensive golf course review here. Thornblade, which hosts a
Thornblade is a prime example of how golf-focused couples can save money by purchasing a home and a golf club membership from separate entities.
Nationwide tournament and spawned U.S. Open winner Lucas Glover, is a prime example of how golf-focused couples can save money by purchasing a home and a golf club membership from separate entities. At Thornblade, many of the traditionally styled houses are within a short walk of the clubhouse, and others a two-minute drive. Most of the extra amenities one would expect in a golf community, such as pool, tennis and nice dining areas, are available on the club's grounds. I can vouch for the food at Thornblade, which was better than 90% of the golf community clubhouses I've eaten in.
Greenville did not suffer a dramatic increase in house prices before the 2005 market drop and, therefore, area prices have not suffered the way more high-growth areas like Myrtle Beach have. And according to local data, more new house permits were issued in the Greenville area in the second half of 2009 than in the first half, which typically accounts for 60% of the year's new permits. That signals some confidence among builders and a possible strengthening of the market.
Lee Cunningham, a member of our network of real estate professionals throughout the southern U.S., sent us a photo of a 5 BR, 4 1/2 BA, 5,900 square foot home currently for sale in Thornblade. "It's on a great street and backs to a natural area with a creek for privacy," says Lee, and includes a finished basement, multiple decks and a private backyard. The house is listed at $699,900, $125,000 off its original price. Fifteen minutes away, comparable properties in the hyper-amenitized Cliffs Valley community run into the seven figures, but some include golf membership in six clubs, currently valued at $150,000.
Greenville has about a dozen golf communities in the metro area, as well as excellent private clubs, like Thornblade, and semi-privates that are central to residential neighborhoods. If you would like more information on life and real estate in the Greenville area, or a free copy of a newsletter I dedicated to some Greenville area golf communities, contact me.
Most of the reports today of a drop in new home sales include the footnote that “economists were surprised.” Well, there’s a news bulletin for you. Aren’t these the same guys who stood mute as the whole economic mess unfolded, and then made livings out of unhelpful after-the-fact analyses?
According to reports, these geniuses expected the new home sales figure for December to be about 44,000 homes more than the reported 342,000. Oops...again.
I was an English major; therefore, almost by definition, numbers are not my strong suit. But you don’t
You don't need to know math to understand why new homes aren't built.
need to know your multiplication tables to understand that a continuing rush of foreclosures, an unprecedented percentage of homeowners “under water” (mortgages greater than the values of their homes) and a double-digit national unemployment figure are, together, a huge drag on new home purchases. The new-home builders are obviously way smarter than the economists (the more so for not listening to them).
Sure, back in the days when price was almost irrelevant in buying a home in a rapidly rising market, most people wanted that new house smell. It is a rush to be able to select your color scheme, appliances and flooring. But that was then, and this is now: Millions of homeowners so desperate to unload their homes before they face foreclosure that you could probably gut and refinish a 20-year old home to your desires and still have some money left over, compared with what you’d pay for a comparable new home.
In this economy, a tremendous bargain smells a lot better than a new home.
‘Tis the season for Coastal golf community discovery tours
Tuesday, 26 January 2010 16:32
The new Cape Fear National Golf Club is part of the $179 three-day discovery tour courtesy of Brunswick Forest, near Wilmington, NC.
Photo courtesy Cape Fear National.
Golf communities know that if they can get a couple to stay on their property for a few days, try out the golf course, maybe have a nice meal in the clubhouse and partake of the area’s cultural and entertainment activities, they have a fair chance of making a sale. Back when the market was good, some communities told me nearly 20% of those who visited wound up buying property. Today, the number is closer to 5%, but if you are selling dirt for, say, $150,000, a hit rate of 1 in 20 still is not bad if the total acquisition cost is just a few thousand dollars.
Communities use the lure of a cheap vacation to generate traffic to their properties. For a couple hundred dollars or so, they offer “discovery tours” that typically include a couple of days of lodging, golf
Communities are willing to subsidize visits and golf just for the chance of showing off their property.
and perhaps a meal or two. How does “3 days and 2 nights in Historic Wilmington, NC” strike you for just $179, including a room in a luxury downtown hotel, round of golf for two, access to an 18,000 square foot fitness and wellness center, a poolside lunch, a trolley tour and dining discount at a waterfront café? That’s the deal currently at Brunswick Forest, a three-year old community outside of Wilmington that just debuted a new Tim Cate golf course. Brunswick Forest’s developers have deep pockets, as I have reported here, which adds a little cushion of safety for those who are skeptical of communities that are still in development.
Further up the Carolina coast, Ocean Ridge Plantation, a mature and golf-loaded community, is running a $199 3 day, 2 night discovery special to celebrate the opening of new properties. It includes lodging in a golf cottage on site, a round of golf at one of the club’s six courses, and lunch in the clubhouse. Ocean Ridge is substantially built out, and its publicly accessible “Cats” golf courses (all named after jungle felines) are popular, especially Tiger’s Eye. It is just a few miles from the ocean and about 20 minutes from Myrtle Beach.
The lowest priced discovery tour I have seen anywhere is at
One community offers 3 days and 2 nights for just $40.
Brunswick Plantation, which is just a few miles from Ocean Ridge, where you can stay on property for 3 days and 2 nights for just $40, or 5 days and 4 nights for $90. Golf is extra, maybe another $50, but if you were to purchase a 3-day golf and lodging package in one of the Brunswick Plantation villas, without the discovery tour, you would pay from $150 to $210, depending on the season.
These are just a few of the many discovery tours available throughout the southeast, and even those communities that don’t promote them can make arrangements for a stay. (Note: If you are interested in arranging a couple of days at a particular community, contact me and I will make the arrangements for you.)
A few discovery tours packed into a week can make for a nice little vacation, but more importantly, they can bring the nuances of each community into sharper focus when compared with the others. If you do visit, make sure that you:
√ play at least one golf course per community;
√ dine in the clubhouses (lunch, at least) to test the food and the atmosphere;
√ define the type of home and property you are considering, and make sure the developer’s agent shows you a sample of those;
√ resist being smitten by amenities you won’t use, since you will wind up subsidizing them (in your dues payments);
√ and make sure the developer’s agent furnishes you with an accounting of all costs of living in the community, including taxes, homeowner association dues and assessments (insurance and cable TV are typically included), and club dues.
One other suggestion: During your visit, make a call with your cell phone; some properties are on the fringes of cell phone service areas.
So what’s the catch, you might ask? Well, married couples must visit together and you do have to
After your visit, expect a flow of emails, brochures and phone calls. But the savings may justify the inconvenience.
submit to a presentation and tour of each community by a developer’s sales representative. And when you return home, expect a continuing flow of email messages, marketing brochures and phone calls, at least until you make it clear you are not interested in the community or purchase property somewhere else. But if you don’t mind the occasional intrusion via mailbox and phone, it may be worth the savings.
And you might just discover the community of your dreams.
Acknowledging a wicked economy and a general trend toward lower-cost and maintenance-free vacation homes, The Cliffs Communities has begun to populate its mostly single-family communities with some attached residences. Although a few town homes are in place at the Walnut Cove development, and a "residence club" (fractional ownership) is on the way near Lake Keowee, The Cliffs just announced the completion of its first set of condominiums, The Village Overlook at Mountain Park. The Tuscan-style units feature The Cliffs' typical high-quality materials, but not the typical Cliffs robust prices. A one-bedroom Village Overlook unit starts at $350,000, and the top of the line three bedroom tops out at $800,000. Just down the street, single-family lots are priced in the $300s. Cliffs “estate homes” begin in the $1.3 million range, and a Cliffs golf membership, with access to all six courses within an hour of each other, is $150,000.
The Village Overlook units feature stacked stone archways and heavy wooden doors as well as views of a planned Euro-style village. Also, at least one famous neighbor lives down the road. Legendary golfer Gary Player has moved his family and golf design studio to Mountain Park in preparation for work on the community’s golf course. Because the Saluda River runs through it, the course has faced some thorny environmental issues that Cliffs officials say have now been resolved. Work on the course recommences in March, with a completion date estimated in 2011.
Interest in the condos has been brisk enough to compel The Cliffs to begin work on a second phase of Village Overlook condos. If you are interested in more information, let me know and I will be happy to provide it.
Village Overlook condominiums at The Cliffs at Mountain Park.
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