I stumbled upon an ad two weeks ago for a golf cottage for sale in the beautiful Wachesaw Plantation located in Murrells Inlet, SC, at the south end of Myrtle Beach’s Grand Strand.  Wachesaw, not to be confused with its neighbor Wachesaw East, is a gated golf community just 10 minutes from a wide, clean beach (Huntington State Park), dozens of excellent restaurants and shopping, and less than five minutes from a modern hospital. The two-bedroom, two-bath cottage was listed for just $149,000.

        I am familiar with Wachesaw and its private and excellent Tom Fazio

The price for the cottage is unusually low even in the beaten-up real estate market of the Myrtle Beach area.

golf course, and that price tag was unusually low even in the beaten-up real estate market of the Myrtle Beach area.  You would think that a golf vacation destination like Myrtle Beach, with its 110 or so golf courses, would have a dozen or two private clubs but, actually, Wachesaw Plantation is one of just four members-only clubs on the entire Grand Strand.  (The others are DeBordieu and The Reserve, both a few miles south of Wachesaw, and The Surf Club in Myrtle Beach.)  Vacationers and retirees looking to replicate their private club experiences up north without breaking the bank should seriously consider the above-mentioned private communities at the south end of the Grand Strand.

        Last week, I teed it up with a few of Wachesaw’s club members and asked if any were familiar with the golf cottage for sale.  “Needs a little cosmetic work,” one told me, “but it is in great shape.  Owner just wants to get rid of it.”

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The 7th hole at Tom Fazio's Wachesaw Plantation, a par 3, is among the toughest one-shot holes on the entire Grand Strand of Myrtle Beach.

 

        With the nation’s official unemployment rate over 9%, it seems almost insensitive to talk about opportunities to purchase a vacation home.  But lost in the mass media’s fascination with negatives is the fact that almost 91% of the employable are earning a wage, and many of them have enough assets and confidence to consider a vacation home, even one connected to a private golf club.  The recession has affected the price of real estate, to be sure, but it also has reduced –- in some cases, significantly -– the costs of golf membership.  Consider Wachesaw’s “national” membership at just $850 (application and initiation fees) and dues of just $220 per month (full family) that grants all the privileges of a local membership.  (Note:  The food minimum is $400 per year, small enough to be eaten up in just a few meals by any family with normal appetites).  The $220 per month equals about three or four green fee payments at local public golf courses.  All you need to do to qualify for Wachesaw’s national membership is demonstrate that you pay your taxes to jurisdictions outside Horry and Georgetown counties.

        There are many such bargains in real estate and golf club membership up and down the Grand Strand of Myrtle Beach and, indeed, throughout the south, and not just for golf vacation homes.  Calling all golf retirement wannabes:  A one-story brick home with three bedrooms and two baths that looks out on a pond and the 2nd tee at Wachesaw is listed for just $449,900. A few miles away, at the semi-private Pawleys Plantation, you will find patio homes that begin in the low $300s (and golf villas in the mid $100s).  Even at DeBordieu Colony, whose community stretches from Highway 17 to the Atlantic Ocean and whose prices have traditionally been the highest on the South Strand, you can find nice single-family homes within walking distance of the beach starting in the $500s.

        For more information about Wachesaw Plantation and other Myrtle Beach golf communities, or to be connected with one of our pre-qualified local realtors, please contact me.

wachesaw11greenhomeatside

Homes in Wachesaw Plantation are more sharply priced than in the other two gated communities with private golf courses on the southern end of the Grand Strand.

        Our story a few days ago about the bankruptcy at Richmond’s Dominion Club struck a chord with a few of our readers who are none too happy with the owner’s actions.  If you haven’t read the article, the capsule is that the golf club’s owner declared bankruptcy reportedly to avoid repaying initiation fee deposits for which he was obligated.  Here is what one club member wrote:

        “…thanks for your very thoughtful, well written and right on the money reporting.  We continue to reel at their [the owners’] arrogance and disdain with which HH Hunt continues to hold its long supporting club members.  We should have seen this coming from such a treacherous bunch of self-dealing land developers.  If you pursue this further, you will find a trail of deceit, shell companies and HH Hunt's footprints throughout the myriad of related entities involved in the unfortunate taking.

        “They admitted at the meeting last Tuesday that they had grave concerns about the continued success of their business model which incorporated a ‘refundable’ deposit as early as 1999.  They did, however, continue to take refundable deposits and, in fact, offered upgrades to various levels of golf membership for a number of years after that realization.

        “Thanks again for alerting other clubs and potential and existing members to the folly of this form of capital formation in the golfing arena.”

        I was also gratified to hear from someone I once was matched with for a round of golf in Williamsburg, VA.  He wrote:

        “I am now a member at Dominion and wanted to tell you that your brief summary of the situation is by far the most objectively on point.  Much of the Richmond media has presented a distorted perspective.   Thanks again and hope that you are doing well…”

        We are doing well, thank you, and hope that The Dominion Club members get some satisfaction from the bankruptcy process.  Stay tuned.