There is nothing like a major crisis to up the chutzpah quotient.  Three executives of money-burning car companies fly to Washington in their separate gas guzzling private jets with their hands out and their briefcases empty of anything resembling a plan.  That is a textbook definition of chutzpah.  Banks begging for survival money and then spending it on executive payouts and shareowner dividends -- the execs are big shareowners, lest we forget, and the dividends are about all that is left of their investments -- are well out there on the chutzpah scale too.
    We should have figured that it would not be long before factions within
Yun pumped so much sunshine into the market that realtors and investors alike were burnt by the glare.

the real estate industry would extend their own hands, and they have not let us down.  According to an article in yesterday's Wall Street Journal, under the headline "Builders Make Plea for Federal Aid," the residential builders lobby is pitching a $250 billion stimulus package that it calls "Fix Housing First." They want to encourage more people to buy houses by having the government provide up to a $22,000 tax credit to new home buyers and mortgage subsidies that will bring loan rates down to 3% next year (4% during the second half of 2009).  Those loan subsidies, the Journal figures, could cost the government as much as $16,000 for each $200,000 loan.
    Now, we should not fault the homebuilders too much for the housing crisis; they were feeding demand, not creating it.  But pushing right behind them for a handout now is the more culpable Lawrence Yun, chief mouthpiece cum economist at the National Association of Realtors (NAR), who pumped enough sunshine into the housing market even after the solar eclipse began that unsuspecting realtors and investors nationwide were burnt (literally) in the glare.
    For a housing market economist, Mr. Yun does not seem to know very much about his own market's basics.  In trying to run his jive by the government, Yun has
You cannot force people to buy a home if they are unsure about their jobs.

calculated that every 1% drop in interest rates will spur between 500,000 and 800,000 home sales.  What market is he talking about?  Who, exactly, is going to buy all those homes?   Not the 8% of Americans soon to be without jobs, or the 10% or more if the car companies are forced to restructure, which appears inevitable.  And what about all those homes many of these unemployed workers will be forced to sell?
    You don't need to take a real estate course or Econ 101 to understand that the housing market is driven by supply and demand.  Sorry for the basics, but when demand is up and supply down, prices rise.  And when supply is way up, as it is now in spades, and demand way down, then prices drop precipitously.  
    You can manipulate supply in some ways, including by stopping the building of homes and by dropping prices radically on the vast supply of homes on the market.  Foreclosure pricing accomplishes some of that, although there are prices below which even banks are reluctant to go.  But on the demand side, you cannot force people to buy a home no matter how many incentives you build in, financial or otherwise.  Despite the sub-prime mess, most people do know that, at the end of the day, they have to pay back their loans, and those who don't know it are about to find out when they are forced out of their homes.   
    In short, no matter how many incentives you throw at them, those who fear for their jobs and income are not going to buy a home now.  They've read the stories about Detroit and Lehman Brothers and Fidelity and Boeing and so many other companies that are cutting staff.  Those who are calling to work on the supply side first, by keeping people in homes that otherwise might make it to the market via foreclosure, have it right.  Lawrence "Pollyanna" Yun isn't one of them.

bearlakepar3.jpg Bear Lake Reserve's nine holes by Nicklaus Design covers the community's mountaintop, with home sites set well back.


    Before my first trip to Paris many years ago, a friend told me, "There is only one problem with Paris.  Too many Frenchmen."  It didn't ruin the experience for me; Paris remains among my favorite international cities.  
    But to borrow a page from my friend's line, the only problem with planned-community golf courses is too many darn houses.  Put another way, I have not yet met the golfer who prefers lining up shots toward a gable on the

A string of oceanfront condos doesn't excite the golfing senses the way an ocean without them does.

second floor of a condo or at one of the three chimneys on a McMansion at greenside.  It is much less disquieting to aim toward a notch in the distant mountains or at a spreading Japanese maple tree behind a green.  To bring it down to a concrete example, literally, the 18th at Wild Dunes in South Carolina, with ocean left and condos along the right, doesn't quite excite the senses the way the 18th at the Ocean Course at Kiawah Island does, with a natural corridor of ocean on the right and natural links-like terrain down the left.
    I have played community courses where it was hard to keep an occasional shot from bouncing off a roof, and others where it was hard to spot a roof.  At Castle Bay, a Scottish links style course north of Wilmington, NC, that was designed by its developer, the memory of a surprisingly entertaining round was pretty much neutralized by a string of homes packed against each other along the 18th hole.  That is not the kind of last (or lasting) image any golfer wants from a round.  At my own vacation home course at Pawleys Plantation, a couple of years ago the developer built a string of condos not more than 30 yards from the edge of the 15th fairway.  Because the hole is a dogleg left, the aiming line from the tee is at the second-floor bedroom deck in Unit #1 down the right side.  Slightly pushed shots wind up out of bounds right or, potentially, into the screen fronting one of the condos' porches.  Jack Nicklaus certainly did not have that in mind when he designed the otherwise splendid course in the late 1980s.
    More often than not, though, the name designers (and developers) get it right, justifying their six- and seven-figure fees.  Tom Fazio is among the best,
Tom Fazio and Pete Dye are among the best designers at balancing golfers' and developers' needs.

cleverly balancing the needs of the golfer for unimpeded vistas and the developer for the extra revenue generated by golf course lots.  At Champion Hills in Hendersonville, NC, for example, Fazio gouged the fairways into the hills, creating a routing well below most of the community's amply sized homes.  Views from the homes down to the course are impressive, and yet a golfer focused primarily on his shots won't notice most of the homes.
    Cuscowilla, the Coore/Crenshaw course in rural Georgia that shows up perennially on best residential golf course lists, also does an excellent job of keeping its houses at a few hundred yards distance (one of the reasons it rates so highly).  Other, more recently developed mountain communities seem to be increasingly sensitive to the yin and yang of homes and course layouts.  Balsam Mountain Preserve (Palmer) and Bright's Creek (Fazio), for example, two North Carolina communities I visited a couple of months ago, have set their home sites up and away from their golf courses.  Ditto Bear Lake Reserve, whose nine-hole Nicklaus Design course occupies top of the mountain status in the Tuckasegee, NC, community, its few adjacent home sites tucked behind trees and well away from the field of play.
    Pete Dye also seems particularly adept at separating fairways from hulking mansions.  At his Oconee Course at Ford Plantation, south of Savannah,
You can smell and hear the ocean from DeBordieu's Dye course, but you never see it.

GA, ponds and lakes form a natural barrier between a richly designed layout and the community's $1 million+ homes.  At his older DeBordieu course, in Georgetown, SC, Dye faced a different challenge.  Years before Dye's commission to build the course, the owners of DeBordieu sold off all the prime lots along the beach, leaving the architect with a relatively flat piece of land, a few lakes and a bit of marsh land with which to work. You can smell the ocean from the golf course and if the wind is blowing right, you can hear it as well, but you never see it.  One is left to wonder if the timing had been different, would Dye's masterpiece Ocean Course have emerged just south of Myrtle Beach, rather than on Kiawah Island.  Nevertheless, Dye, who knows how to push earth around to create earthbound moonscapes, did a nice job of bobbing and weaving his layout around ponds and marsh, confining the encroaching homes to adjacent to the tee boxes rather than along aiming lines.
    Generally speaking, golf communities with the most expensive properties and golf fees, like the Carolinas' Cliffs Communities, put a safe distance between fairways and homes.  If you are going to pay $150,000 for initiation fees, more than $600 a month in club dues, and upwards of $1 million for a home site, you should expect the views from the course to be as luscious as the views from your home.

fordplantationhouseacrosspond.jpg 
At Ford Plantation, Pete Dye and the developers used natural elements, like ponds, to separate homes from the course.