The Federal Club golf course outside of Richmond, VA, has been sold for just $2.6 million, just twice the asking price for one of the brick mansions in the upscale adjacent neighborhood.  A local businessman purchased the club and unsold adjacent properties from the bank that held the note on the bankrupt development.  The Bank of Essex had loaned more than $8 million to the original developers.

        Designed by Arnold Palmer’s group, the Federal Club golf course was intended to be the linchpin for one of the area’s upscale developments.  But through a toxic combination of a souring economy and overreaching by its developers, the golf course quickly turned into a white elephant.  After failed attempts to renegotiate the loan and opening the course to public play, the formerly private club declared bankruptcy.

        In a recent interview, new owner Chris Gilman said he was working quickly to restore course conditions; he also said he will retain the bentgrass turf rather than switching to the easier-to-maintain Bermuda.  In a recent interview, Gilman seemed to be much less interested in the adjacent properties than he is in the golf course.  Whether that means those properties will be available at deeply discounted prices remains to be seen, but those who are interested in a golfing lifestyle in Richmond, and have an appetite for a little risk, might consider a visit to play the course in a month or two.  I hope to do just that later this year and will report back.

        A 7 bedroom, 5 1/2 bath brick mansion in the heart of the community is listed for sale at $1.4 million.  The property is on more than 5 acres, enough for a couple of par 3s.

        You can read the interview with the new owner of the Federal Club by clicking here.

Know what's weird?  Day by day, nothing seems to change, but pretty soon...everything's different. -– Calvin, of the comic strip “Calvin and Hobbes”

        When my wife isn’t looking, I move some of the household furniture around.  As my eyes get worse, for example, I might reposition a favorite chair a little closer to the television.  But sometimes, out of nothing more than a yen for change, I test out new arrangements.

        The basic design of this web site has not changed since Golf Community Reviews debuted early in 2007.  Frankly, I am bored with it, and I suspect if you are a frequent reader, you are too.  Three and a half years is a long time to look at the same furniture.

        In the next couple of days, we will debut a new look for the web site.  Some pieces have been moved around, some others (like

        It may appear that we have become a little more promotional by adding more Google ads to the site, but they have just been moved up the grid a little.  The ads pay for the occasional purchase of office supplies, but not much else.  Our core revenue stream remains the referral fees we are paid by real estate agents and developers to whom we refer clients looking for their dream home in a golf community (or in a nice neighborhood near golf). 

        I am always ready to help you find the golf home that bests suits your requirements and lifestyle.  I am working actively with a half dozen couples right now.  I will never charge you any fee whatsoever, nor will the real estate agent I recommend.  But the information I have gathered and the contacts I have made over the last decade could help you find the best home and club membership at the fairest price.

        Customer service is one piece of the furniture that will not change.

Editor’s note:  The creative and technical redesign of our home page is the work of Anneliese Fox, the owner of Nutmeg Web Service in Connecticut.  Nutmeg provides the Internet hosting services for Golf Community Reviews and for our free monthly newsletter, Home On The Course (you can sign up at the top of the page).  Once I decided to move things around at the web site, I needed a lot of help with the heavy lifting.  Thanks to Anneliese for that.  And thanks to all of you for your continuing interest in the site. 

--  Larry Gavrich, founder and editor

        Local Market Monitor, a Cary, NC, firm that supplies data and trend information for investors, builders and lenders, looks at the key factors that influence housing values and trends, including population, incomes and job growth, according to an article in today’s Wall Street Journal.  Based on its latest analysis, Local Market Monitor developed a list of the best and worst markets in which to invest in residential real estate.  All but one of the 20 best and worst markets lie across the southern half of the nation, as detailed on a map in the WSJ.  Not surprisingly, given the stunning drops in real estate in Nevada, Reno and Las Vegas rank as the riskiest in the nation, respectively.  Indianapolis (3^rd best) is the only top 10 market north of the Mason-Dixon Line.

The Bright's Creek golf community and its sleek Tom Fazio course is within an hour of stable market Greenville.  The community's clubhouse has nicely appointed guest quarters for visiting friends or couples shopping for a home in the community.

        Six of the 10 worst markets are in Florida, and include Orlando (3^rd worst), Lakeland/Winter Haven (#4), Daytona Beach (#7), Sarasota (#8), Naples (#9) and Fort Myers (#10).  The WSJ also reports in its article that Local Market Monitor identified five markets as “speculative areas” which may have bottomed out and could appreciate 3% to 5% annually, but also have the potential to drop further.  These include Jacksonville and Port St. Lucie in Florida and Myrtle Beach, SC.

        Greenville, SC, which we have commented upon favorably in this space, makes the “best of” list at #9.  With a stable economic base, led by the nearby BMW of North America operations in Spartanburg, and a growing entertainment district along the river that flows through downtown, Greenville appears to embody the notion of stability.  Golf community options within a half hour of the city include a couple of the Cliffs Communities, The Thornblade Club in Greer (private Tom Fazio golf course in the middle of a nice neighborhood), Greenville Country Club (two well-regarded private 18 hole courses), and the Carolina Country Club in Spartanburg.

        A little further afield, but within an hour’s drive of Greenville, are The Cliffs Communities that surround Lake Keowee, The Reserve at Lake Keowee, Bright’s Creek in Mill Spring, NC, and White Oak, located in Tryon, NC, a new golf community that is home to pro golfer Padraig Harrington.  The nine-holes I played at White Oak earlier this year were outstanding.

The nine holes at White Oak, within an hour of Greenville, were among the best I have played in recent years.  An additional nine are slated to open in the coming months.

        Golf community choices in best-market Durham include Treyburn, whose golf course is owned by the McConnell Group.  When you purchase a golf membership at the private Treyburn, you gain privileges to play at the equally private Raleigh Country Club and Cardinal Golf Club, within a half hour drive, as well as McConnell’s other three courses in the Carolinas.  Rumors are rife that McConnell is negotiating to buy the Sedgefield Golf Club, site of this weekend’s PGA tour event in nearby Greensboro.

        As always, if you would like more information on these or any other golf-rich areas, please contact me.  I am happy to help.  (Note:  Individual market reports from Local Market Monitor are $99 each.)

Wachesaw Plantation is one of only three strictly private clubs along the Grand Strand of Myrtle Beach, which is considered a "speculative market" by Local Market Monitor.  The club is located south of Myrtle Beach in Murrell's Inlet.

        Myrtle Beach National, the largest owner and manager of golf courses in the Myrtle Beach area, has closed on its anticipated purchase of Pawleys Plantation Golf Club in Pawleys Island.  Your correspondent has been a member of the semi-private club for over 10 years and also owns property in the surrounding community.

        Myrtle Beach National (MBN) owns or manages 13 other golf courses on the Grand Strand, including Waterway Hills and The Long Bay Club, like Pawleys Plantation a Jack Nicklaus design.  Burroughs & Chapin, the second largest operator of golf courses on the Strand, manages 10.

        The golf course at Pawleys Plantation opened in 1988 and is annually ranked as one of the top 10 of more than 110 in the

         Pawleys Plantation could very well be the jewel in the crown for Myrtle Beach National.  The course’s first nine holes play along the western half of the property, and feature generous bunkers, some water and a Nicklaus signature, a large tree placed at dead center on the par 4 9^th fairway.  The course becomes more visually alluring, if not more challenging, on the inward bound holes, as it moves toward the marsh that separates Pawleys Plantation from Pawleys Island and the Atlantic Ocean about a half-mile away (as the crow flies).  The signature hole, the short but hair-pulling 13^th, plays from the thin strip of a dike (on the former rice plantation) to a peninsula green that is small, firm and scary looking.  When the wind blows, the 125-yard #13 at Pawleys Plantation is the shortest par 5 on the Grand Strand.

The short par 3 13th at Pawleys Plantation makes your knees knock, no matter how many times you play it.  Pawleys Island and the Atlantic Ocean lie about a half mile beyond the marsh that surrounds the green.