Recently, my wife and I spent a wonderful three days on a Lake Champlain island in Vermont. Our room on North Hero Island –- named in honor of the heroic exploits of Ethan Allen and his Green Mountain Boys during the Revolutionary War -- was sited across the street from one of the lake's hundreds of coves. We spent a few hours in the rocking chairs on the second-floor porch of our room and enjoyed the view of the lake, our reveries punctuated only by the occasional truck rumbling along Vermont Route 2 just below us. Our accommodations at the North Hero House were comfortable, and we did not have anything less than a terrific meal for the three days. (Burlington's Hen of the Wood is rated one of the top restaurants in New England, deservedly so in our estimation.) I didn't bring my golf clubs on this trip and, frankly, I didn't miss them.
        These days, about half the folks who ask me for assistance in finding a golf community indicate a preference for a lake location. Whether it is the fear of hurricanes or the fear of flood insurance payments near the ocean, some folks prefer their waters still. It is also a lot less expensive for a home on a lake than it is for one with a mere peek at the ocean.
        If you are fine with a golf home on fresh water, here are three lakes in the Carolinas, plus a short list of others in the South, that feature at least one golf community we can recommend. For more information, contact me.

Lake Keowee, South Carolina

        Some people think this manmade lake in the northwest region of South Carolina is shaped like a Christmas tree. Whether it is or isn't, flooding this area of the state was a gift to golf community developers, especially those looking to impress future residents with fairways along the irregularly shaped shoreline, long views to the mountains, and strategically placed home sites. Most of the golf communities on Lake Keowee are of the "upscale" variety, including those under the banner of The Cliffs Communities -– The Cliffs at Keowee Vineyard, Keowee Falls, and Keowee Springs -– and The Reserve at Lake Keowee, which is often confused as a Cliffs community but which is independently owned and did not suffer The Cliffs' financial shortcomings during the recession. With Keowee-area golf courses by the likes of Fazio and Nicklaus, expect most homes priced from $600,000 inside these guarded gates, but also expect about every amenity you can imagine, including the equestrian kind. For a more reasonable investment on the water -– much more reasonable, actually –- the long-established community known as Keowee Key offers less fancy but nonetheless quite playable golf, designed originally by George Cobb and recently updated by Richard Mandell, and incredibly cheap prices for water views from many of its homes. (A nuclear power plant about four miles away keeps prices much less radiant than those farther up the lake.) Here's just one example: A 3 BR, 2 BA, 2,100 square foot single-family home on a cul de sac with lots of glass to take full advantage of the lake views, listed at just $232,000. Okay, so the stairs to the attic are located in the corner of the master bedroom. Other, more customary layouts are available at correspondingly low prices. One other benefit of Keowee Key: It is closer than the other lakeside golf communities to the towns of Seneca and Clemson (home of the university).
KeoweeVineyard17There may be no better par 3 in the state of South Carolina than the 17th at The Cliffs at Keowee Vineyard, a Tom Fazio design.

by John Ruocco

     It is interesting that over the past few years, I have had several of my clients either buy second homes down South or simply pick up and move there. So, not surprisingly, one of the questions that has come up is how to finance the move: cash or mortgage? Do you sell your home up here and use the proceeds to buy a place down South or invest the proceeds and take out a mortgage? The answer depends on your own personal circumstances and your comfort level rather than number crunching, but here are a few things to consider.

The Bank Advantage

     First, let us consider the advantage of using a bank for this type of transaction. Sometimes when we apply for a bank loan or mortgage, we feel the bank is our adversary. Why are they asking so many questions? Why are they making me pay all these fees? Can't they understand that I have always paid my bills and I would pay this one too? Granted, it can be frustrating, but there is another way to look at it. The bank is really your partner.
     An example of this partnership from my own personal experience is when my daughter was recently trying to purchase a condominium. When I heard her offer was accepted, the first thing I told her was to get the financial documents from the condo association. The realtor involved assured her that these documents were forthcoming but,

By looking after their interests, the bank is actually looking after yours.

in the meantime, she should apply for the loan and get approved. After going through the arduous process of getting final approval, the bank finally got the condo docs three days before closing. The financials indicated that there was a high delinquency rate on the condo association fees. The bank immediately rejected the deal. If my daughter had purchased this place for cash, she may never have known that. In the end, she walked away from this property and bought another one in another town with a new, more knowledgeable realtor.