A community grew up around Fox Den Golf Club in Farragut, TN.

    My wife and I had "the conversation" this morning:  Where do we want to live in retirement?  Shall we own one home (in a golf community, of course) and either travel or rent short-term in a city or near our children's homes, wherever they wind up?  Or two homes, north and south, possibly both with golf nearby if not within the gates.  (Note:  If we can afford to have a place in a big city like New York or Boston, I am willing to forgo the close proximity to a golf course in favor of using my feet or public transportation to go to restaurants, shopping, theaters and museums.  Anything to avoid the car...)
    The conversation, which has been ongoing for a few years and has a few more years to run, got me to thinking about what it would take, financially, to have two homes in golf communities in the north and south.  For today, I decided to consider those communities where the total of real estate is no more than $500,000.  In the samples below, I am including only communities in the southern U.S. that I have visited and can recommend.  I know some of the communities in the north, but some I don't (I am happy to visit those in New England for anyone interested).  There are limitless combinations of communities to consider, and if you have a particular state or area in mind, or have a different price range, let me know and I will do the research (no charge, as always).
    In coming weeks, I'll offer some ideas for pairs of communities in the $750,000 and $1 million categories.

Not taxing at all:  Fox Den Country Club, Farragut, TN, and Owls Nest community, Campton, NH

    Both Tennessee and New Hampshire are zero-income-tax states, so those with considerable pensions might find them attractive.  Fox Den, which I played and reviewed (click here) a couple of years ago, is a classic course with an involved membership.  The course was both smartly laid out and in peak condition; it plays host annually to the Nationwide Tour's Knoxville Open, which is typically televised.  The golf course and adjacent neighborhood were not part of the same planned development; some homes are a little closer to the course than in more modern layouts, but rarely is the effect distracting.  Current listing: 2 BR, 2 BA condo, $160,000 (sale pending).
    Owls Nest is a more traditional planned resort community, with a challenging mountain golf course by Michael Mungeam (rating 74, slope 133).  The community is about 30 minutes from Lake Winnipesaukee and two hours from Boston in the heart of New Hampshire's White Mountains.  It offers both single-family homes and condos.  Annual golf membership is $3,250 for unlimited play (cart extra), but other lower-priced memberships are available if you play outside high-traffic times.  Current listing: 2 BR, 2 BA furnished one-level condo with fireplace and mountain views, $299,900.

Life's a beach:  Ocean Ridge Plantation, Sunset Beach, NC, and Ocean Edge, Brewster, MA

    For those who need the salt air 24 x 365, plenty of options abound north and south.  Ocean Ridge is just five miles from the Atlantic and surrounded by six outstanding courses, including the new Leopard's Chase, designed by the hot local architect Tim Cate.  Homes are mostly single family but they run the gamut from small and tidy to McMansion size, with most in the area of $600,000.  However, in this market, bargains abound.  Current listing:  3 BR, 3 BA, single-family, $250,000.
    The Ocean Edge community actually goes back to 1890 when it served as a private estate overlooking Massachusetts' Cape Cod Bay.  Today, the resort community includes an 18-hole Nicklaus Design course and all the amenities you would expect from a vacation haven.  Membership is pricey, at $35,000, with dues of $400 per month, but you can defray some of that cost by renting your unit (most are rented 8 to 12 weeks per year or longer).  Current listing:  2 BR, 2 BA condo on 5th fairway, $178,900.

Arnie north, Jack south:  Pawleys Plantation, Pawleys Island, SC, & Farmington Woods, Avon, CT

    Pawleys Plantation, where my wife and I have maintained a second home for the last 10 years, has an excellent selection of condos and patio homes (on small lots) beginning at under $200,000.  Initiation fees for the semi-private Jack Nicklaus golf course (circa 1989) are $15,000; I have rarely encountered a problem arranging a tee time of my choosing because of outside play.  All but three holes run along the marsh on the back nine, some of the most attractive golf views in the Low Country.  One current listing:  3 BR, 2 BA, single family, $314,900.
    Farmington Woods is less than a mile from my primary home in north central Connecticut, about 20 minutes from Hartford and smack in the middle of New York and Boston, two hours from each.  The community, a mix of condos and single-family homes, was developed in the late 1960s around a hilly, sometimes quirky design by Desmond Muirhead.  All initiation fees for the private course have been waived for 2009, and dues for the year are just $4,700 per couple.  I've played the course a number of times, and although its occasionally blind shots and elevation changes will not be to everyone's taste, it is typically in very nice condition, and staff and members are quite friendly.  Current listing:  3 BR, 2 BA condo, $186,900.

Connestee Falls, Brevard, NC, and Crail, Scotland

    Okay, this may seem a little fanciful, but the dollar has gained 50% in value against the British pound in just the last year, making real estate in the more rural parts of the UK a bargain.
    The George Cobb designed golf course at Connestee Falls is one of those that feels private but is actually open to public play.  It appeals to all golf abilities, maybe a little more so for the higher handicapper than the single-digit player.  The community has a little age on it, at 30 years, meaning some homes are in need of a little cosmetic makeup and bargains abound.  Current listing:  $3 BR, 2 BA, $330,000.   

    The small and charming fishing village of Crail might be one of the best places on earth for golfers resistant to high-priced and busy golf resorts.  Crail Balcomie and Craighead Links are within just two miles of the village, and St. Andrews is just a 20 minute drive (and you pass the famed Kingsbarns and the new Castle Course on the way).  The Crail Golfing Society offers a special "overseas" membership but it includes only four rounds per year.  Green fees, however, are reasonable.  Spaces inside Crail’s homes are tighter than U.S. standards, but you will probably want to spend most of your time on the golf courses and strolling through the fishing village (and perhaps some time in the town’s pubs as well).  Current listing: 2 BR, 1 BA former doctor’s offices, conversion needed, in village of Crail, $162,000.

Crail Balcomie Links features double greens and knockout views of the Firth of Forth.

The longest par 3 at Callawassie, #3 on the Magnolia course, is 207 yards to a pin that is only unprotected if it is on the far right of the wide green.

Review:  Callawassie Island Club, Callawassie Island, SC

Executive Summary:

27 holes of Tom Fazio golf (Palmetto, Magnolia and Dogwood nines).  Each nine is distinctive in character, providing three interesting combinations.
Club membership ($45,000) is mandatory with purchase of home, but many sellers include it in their price; club and homeowner dues are about $9,100 annually.
Lots begin around $50,000; 75 currently on market.
Homes begin around $300,000 (for one of 38 villas) and $350,000 for single-family; 50 single-family homes currently on the market.
A mature, 25-year-old community, just 20 minutes from charming town of Beaufort, less than an hour from Savannah.

    Golf community developers have a defining choice when they begin to sell their properties:  Insist that owners become club members immediately upon purchase, or make club membership optional in the hopes that those who live near the golf course will join anyway.  Both approaches carry risks.  Some buyers do not take kindly to being "forced" to join a club before they start living in a community may take their business elsewhere, where they have the freedom to wait awhile to join.  But if a developer does not link membership to each property he sells, he runs the risk that revenue from memberships (dues) will fluctuate and, someday, the club will be light on members and consequently light on cash flow.
    Well, it seems that for many community golf clubs, someday is now.  Where membership is variable, clubs are scrambling to attract new members to make up for a dues shortfall that affects maintenance of the golf course and services provided to members.  As a course becomes unkempt, it becomes less attractive to current and potential members, and the cycle keeps going until either the economy turns around or the club takes drastic measures, including opening for some public play or hitting up remaining members for special assessments.
    The clubs that bit the bullet early and made membership mandatory, like the Callawassie Island Club near Beaufort, SC, don't have to worry about chasing new members; they just have to focus on keeping happy the ones they have.  And, of course, as is the case at Callawassie and elsewhere, the members own the club and can tweak whatever and whenever they want.
    Callawassie, an 880-acre gated community that appeals to a wide range of golfers and privacy seekers alike, began to make membership mandatory for all homeowners in 2001.  Because year-round residents comprise almost 80% of the community, most of the resident members get their money's worth from the club.  (Winter temperatures average a high of 60 and low of 40, making golf an easy all year activity.)  The membership ceiling is 595, a good number for the club's 27 holes of Tom Fazio golf; current members number 500, with an additional 100 "social" members who have use of the clubhouse and other facilities but can only play golf once a month.  At a little over $9,000 per year for all homeowner and club fees and dues, or about $750 per month, Callawassie provides excellent value for the serious golfer or couple who want to be close to a city -- in this case, Savannah -- but not too close, in this case about 35 minutes away.  For a slightly less urban but charming town, Beaufort is a mere 20 minutes.
    Callawassie is an attractive community set a couple of miles from the modest traffic on the nearest thoroughfare, Route 170, which runs between Bluffton and Beaufort.  Indeed, before you reach the community's gate, which it shares with the Spring Island community (review coming in a few days), the short trip from Route 170 takes you on a bridge over marsh, which gives Callawassie a remote feel.  This is a mature community but not by any means a dowdy one; home exteriors are up to date, the landscaping is neat as a pin, and the overall feeling is that Callawassie has grown gracefully in its 2 ½ decades.  I passed people fishing, bicycling, strolling and, of course, playing golf as I entered the community for the first time.  It felt comfortable right off the bat.  Everyone I would meet in the next 24 hours was friendly and enthusiastic about their community, whether they lived there, worked there, or both.
    The vast majority of house choices at Callawassie are single family, although I stayed in one of the 38 comfortable villas that are sequestered in an area called Heron Walk.  At present, 75 lots in Callawassie are on the market for prices ranging from about $100,000 for a wooded lot to the mid $100s for a golf view lot, to those in the mid-six-figures and up that have access to a deep water dock.  Some nice marsh views are available for less than $200,000. A charming 3 BR, 2 BA, 2,332 square foot home in the woods is currently listed for $475,000 and includes a social equity membership, worth $22,500.  My real estate contacts at Callawassie, Chuck Chasar and Bruce Strupp, say that the community's residents are fiscally conservative and did not overextend themselves when they purchased in the community; therefore, prices have not eroded as dramatically as in communities where purchases were more speculative in nature.  Nevertheless, one listing for an attractive lot on the 4th hole on the Magnolia nine, for just $64,000, which includes the $45,000 initiation fee for club membership, is well below the norm for the community. 
    Ownership costs at Callawassie seem reasonable for the 27 holes of golf and the other amenities in the community, which include six Har-Tru tennis courts and a pro shop, a river club which can be used for private meetings and dinners or community barbecues, two swimming pools and a fitness center.  The security gate is manned round the clock.  The clubhouse at Callawassie is attractive and warm, but certainly not lavish; it is understated, like the rest of the community.  Total annual dues (club and the homeowner) run $9,645 for a resident, and about $2,000 less if your full time residence is elsewhere; that includes a special assessment (see below).  Other communities I visited and played golf at in nearby Bluffton charge a few thousand more annually; Callawassie's golf course is as good as any of them, and better than some.
    Callawassie's proud members voted a few years ago to update the 25-year old layouts, accepting a $100 per month assessment until the year 2018 to pay for the work.  With help from a member of Tom Fazio's design team, 18 holes were completed last fall, and in a few weeks the final nine, The Dogwood, will begin receiving the treatment.  Two major issues drove the renovations: first, recent improvements in turf make it possible to have a more heat and salt water resistant grasses.  Callawassie has planted a new grass called Mini Verde on the Magnolia and Palmetto nines and will add it to the Dogwood. 

    Mini Verde, which echoes certain properties of bent grass but is more resistant to heat and salt water, also retains its color year-round, making winter over-seeding unnecessary.  General Manager Brian Lasota, with whom I shared a round of golf, told me that this past winter was the first the club did not over-seed its fairways; no members complained.  The second reality of older golf courses is that, over time, the greens become smaller as the fringe grass areas encroach.  That causes greenside bunkers to recede away from the putting surfaces.  Over 25 years of mowing, the greens also tend to lose their original shapes.  When the Dogwood nine renovations are completed in the fall, the greens and bunkers on all 27 holes will have been restored to their original shapes and locations.
    I am not a good enough golfer for my game to be affected one way or the other by grasses.  All I can say after playing Callawassie's Magnolia and Palmetto nines was that the changes had taken quite well; there was no evidence of a recent rehab, and all the turf was in splendid condition, especially for mid March after a coldish winter. The greens are fair sized, not humongous; they must have been awfully small before they were restored to their original, and now current, glory.
    The Magnolia especially presented one imaginative hole after another, and it was challenging too.  The combination played to 6,550 yards from the blue tees, the second longest set, and with a rating of 72.8 and a slope of 132, it was no pushover by any means.  Combinations with the Dogwood course, which runs for a few holes along the marsh, change the rating and slope only slightly.
    The customary Fazio flourishes are in evidence throughout, including his signature large cloverleaf bunkers, in some cases layers of them.  But for me, the trees at Callawassie were the real attraction and, occasionally, a visual distraction (in the best sense).  On the Magnolia nine especially, the gnarly live oaks and ramrod straight palmettos and tall pines -- sometimes alone, sometimes in combination -- formed exquisite backdrops to the greens.  Oh yes, they also come into play, as on my one slightly pushed drive that wound up in the recess at the base of a live oak.  Water, which encroaches mostly near the par 3 greens, is not overly penal and will gobble up only the most errant shots.  
    None of the par 4s I played was over 400 yards, but Fazio compensates for the short yardage with significant bunkering and greens I found particularly difficult to read. (Editor's note:  My eye doctor told me today I have bad cataracts in my left eye, so take what I say about the greens with a grain of salt.)  The par 5s were no slouches on distance, all well over 500 yards and with their share of hazards along the way.  Par 3s ranged between 165 and 207 yards, the longest #3 on the Magnolia nine, the pin well protected by yawning bunkers that cover the left two-thirds of the green.
    All three nines at Callawassie offer different routings and atmospherics.  Magnolia is heavily tree laden, and with water and lots of sand, it throws just about everything at the player.  In that regard it felt like the most "modern" of the nines.  Palmetto is more classic, a little more open and, although it too has its share of water hazards, the effect is subtler than the Magnolia routing.  The Dogwood nine could almost pass for a links course as it is more susceptible to the breezes off the marsh, which do affect play on all the nines, but have their most profound effect on Dogwood.  GM Brian Lasota pointed to the space between some greenside bunkers and the greens they were supposed to be protecting, and it was clear that bunkers and greens had moved up to 10 yards or more apart over time.  When renovation work there is completed in the fall, Callawassie's members may find one of their challenges in choosing which nines to play.  
    Of course, they can certainly play all three; it's their club.

At Callawassie, the mix of live oaks, palmettos and pines form beautiful frames for many of Tom Fazio's green complexes, which were recently restored.