When I first came to Atlanta in 2000, I was pretty much in golf hell. Any course that was decent was a private, equity ownership type of deal with initiation fees of at least $15k and some upwards to $300k. There are still many courses like that. Anything that wasn't private was a dump.
Eventually, a lot of these courses were taking a bath financially and a corporation decided to take them over. They now own about 20 of these courses. What the corporation is doing is they've made a very unique business model for themselves.
The initiation fees have dramatically lowered and I only paid $300 for my initiation. Then the monthly fee is about $150. On top of that, every time I go out to play I get charged a green and cart fee, but that comes out to about $25 total. Still, this is very affordable for me.
But the cool think is that I can play any of the 20 courses. They make you designate a 'home course' and on the home course you can make a tee time 7 days in advance, but the other courses you can only make a tee time 3 days in advance.
Still, extremely affordable and gives golfers the chance to play different courses to give them some variety and if a course just punched the greens, the member can go somewhere else. And these are mostly well designed courses...a couple of Palmer designs, a DLIII design, Couples design, Nicklaus, etc.
The Atlanta Business Chronicle (although often inaccurate) did a story on how Atlanta courses are hurting, but they interviewed the President of the corporation that owns these courses and he said they are doing quite well.
And I believe him. The corporation is getting a TON of play right now and Atlanta is one of the hardest hit cities because of the economy.
I went to college in Myrtle Beach and talked to some friends still working down there and they claim they are hurting quite a bit. Then again, the courses in Myrtle won't lower their rates since they set them a year in advance.
I also hear the same thing from equipment manufacturers of how they won't lower their prices because they won't be able to get the prices back up again. I really think the golfing world needs to start thinking outside the box to make the game affordable again or they'll continue to be stuck in this quagmire. Fortunately, the corporation that owns the courses I'm a member at has shown how.
3JACK