I live on a golf course that's struggling and have played my entire life. With the airplane, work, wife and a kid, my time for golf is slim these days. I hope the course we live on (purchased by the home owners a couple of years ago) can make it, but the latest financials I've seen aren't promising.
I have wondered about those residential courses as to what happens if they go belly up. Those strips of land aren't really good for further residential development, you can't really farm them either. What is the zoning for the golf-course land ?
I used to live in a development that had some land behind each property that was supposed to be a city park. Eventually, when the city couldn't get their act together, the developer sold the land to the adjacent property owners to enlarge their lots.