In Seaside on the Monterey Peninsula there is dunesland right on the bay which is unbelievable. I don't know who owns it. I played Cypress Point recently with a real estate attorney from Carmel who said there was great interest in the property, but he didn't add much after that.
I also think, every time I drive from Tampa another 100 miles north that the next great golf course might be built there.
Rolling land, thick forests, lakes, rivers. Lake Jovita, for example, is fine, but it's not what I would envision as the next great course.