Rick Hoel - Broker/Realtor, Bluffton, SC

"We have just been advised by the golf club ownership that the club will be ceasing operations as of noon today. We will provide you with further information as it becomes available." With those words in January, 2006, golf at Rose Hill Plantation in Bluffton, South Carolina suddenly ceased.

A little more than a year later, a blogger summarized the subsequent deterioration, "Does anyone notice the weeds and tall grass growing all over the golf course at Rose Hill Plantation? Why continue to water the grass if nobody will take care of it? It is the most visible golf course in Bluffton from Highway 278. How many newcomers are driving down and they see that?"

Today all of that has changed after the Rose Hill Property Owners Association voted late in 2007 to buy the course for $2.3 million. In January, the association hired the Signature Golf Group out of Myrtle Beach to manage the course and in spite of many dire past predictions, the course is on track to open in September. It means everything to the future of this community and is a wonderful rebirth story.

The club will offer membership programs though most of the play at Rose Hill will be public. There have been some significant changes to the course. Nine of the original 27 holes have been removed. The course will open as an 18-hole facility with most of the 9-hole South Course being converted to a maintained park area. There is consideration now being given to creating a lake and aviary on the bulk of this land. Holes have been realigned so that the old East Course will now serve as the front nine and the old West Course will become the back nine. A unique practice space has been created. Instead of a driving range, players will now be able to warm up on two holes dedicated solely for that purpose.

With the re-opening in only five months you will see a lot of work being done in the coming weeks. And while there is much more to be accomplished over the next several months to prepare Rose Hill for public play, expect to see steady improvement as you drive along 278 this summer.

This is a "sequel" to my April 7, 2008 blog entry, "A Real Estate Silver Lining," focusing on the real estate market in Bluffton, Hilton Head Island and the Lowcountry of South Carolina.

It's easy to become discouraged about the housing market. Pick up any paper and read about record foreclosures, the plunge in new home sales and now, recession. With the endless flow of bleak news, many consumers just assume it's a bad time to do anything with real estate. But in every market there are opportunities for certain segments of the population. Today, particularly in the Lowcountry, there are a number of situations where people have more opportunities than they may think.

First Time Buyers

Excess inventory and evidence of flat and, in some cases, falling prices, have made it tough on sellers. But for those who only want to buy a home, this is perhaps the best market we've seen in a decade. Right now, with a little patience, a buyer should be able to find just what he or she wants in a home and at the right price. This is particularly true in Bluffton where home prices were already 20 to 25 percent below those on Hilton Head Island.

Many potential first-time buyers aren't looking however because they've been frightened by reports of tight credit. While lending requirements have certainly tightened with the subprime crisis, a wide array of new and different programs are available and rates are low. According to Jason Natale of The Money Store in Bluffton: "First time homebuyer loans allow buyers to get into a home more easily with many options and looser credit requirements. These programs offer such things as very low or no down payment, limited fees, and closing cost assistance, all at a very affordable interest rates."

Second Home Buyers

In 1998, while on vacation here, we bought a second home on Hilton Head. We were scared to death but were able to cover most of our annual costs renting to other vacationers. In 2005 we sold the home for a considerable profit. Many today feel they've missed this opportunity.

Yet for all the appreciation we've experienced over the past 10 years, ours was still a relatively under-valued coastal resort community before the recent market down-turn. The current "dip" offers the same opportunities for second home buyers as first-timers. This is particularly true for foreign buyers who can take advantage of the falling dollar.

Moving Up

One of the most common complaints I hear as a Realtor is "I'd love to move, but I can't sell my current home." Some are waiting for the market to "pick up" before selling, forgetting that the market rebound, when it inevitably arrives, will increase the price of the home they buy as well.

The simple fact is that homes in our area are selling when they are prepared to show well and, most importantly, priced realistically. When sellers who want to move set the right price, they can focus on the same expansive buying opportunities that the other groups above enjoy. What they may sacrifice on the selling end can be made up on the new purchase. Additionally, the likelihood of moving to a better neighborhood means greater long term appreciation potential.

Conclusion

There is good reason for optimism here. Experts predict that over 50% of the 75 million baby boomers will be looking to move to the Sun Belt in the coming years, with most of that growth coming along the coasts. Those who take the time to examine their own particular situation carefully may very well find that despite the national hand-wringing about the real estate market, things aren't really so bad.