I don't live in FFB, just close. I'll do the best I can to answer your questions, but I have only been there a few times, so it's not like I'm an expert.
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What activities are available for the golf widows?
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FFB is mostly a resort/vacation spot on Greers Ferry Lake, although the retirement community is growing.
As a resort area, fishing and golfing are pretty big. Is a fitness center in town, tennis courts and parks there too. Limited shopping. Some restaurants. FFB is fairly small, so it's not going to have many things you might find in a more populated area.
Antiquing is an attraction, lots of places in the area for that sort of stuff.
Or you could take up golf.
Closest town of any size is Heber Springs, about 6500 people, big by AR standards, but not a lot of stuff to do there beyond the normal central AR lifestyle.
What you do get is a very laid back lifestyle, Beautiful 4 season area, friendly people, very little crime, and an area that is not growing very fast (at least, I hope not)
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When does it start to turn hot and humid? When does it begin to cool down?
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Was hot up until a few days ago, then the temperature dropped from 75/80(but that's not really the norm for that time of the year) to 55/60 (including an overnight freeze), but it's going back up (thank goodness)...was fairly humid mid March, but normally figure mid/late April through August as hot/humid.
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Are there any upscale restaurants in F'field Bay, or must one drive a distance for that?
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No, if you mean trendy or chic. Little Rock is 75/80 miles, a good two hours away, because you're going to be traveling two lane highways, if you're looking for that kind of thing.
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Shopping? any boutiques nearby?
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A few little stores in Heber that might loosely be called boutiques.
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Any educational opportunities for retirees? We actively participate in classes for seniors, studying a variety of subjects.
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ASU-HS is being built. 4 year University, plus there are various and sundry classes you might find.
I would not look at FF Bay as an investment opportunity, but as a place to spend my retirement years with a slower paced lifestyle.
Doubt you'd make any money if you were to stay for only a couple three years then try to flip it. Other than the beauty of the place there's not much to attract a great horde of people to it for year around living. Some people do keep a vacation residence there, but not a lot.
That being said, it's too crowded for me; must be a couple of thousand people living there.