Cincinnati is suffering from a similar fate although individuals are not buying the private clubs. More often it is a golf managememt company. In Cincinnati there are just too many clubs for the number of golfers. Another problem is that they are all going after the same market - a full service country club with full dining, clubhouse, swimming pool, tennis courts, etc. I contend that if someone would just make a golf club with a good to great course that is easily walkable with a small place to get sandwiches it would make a killing. Most cities of any size have too many dining/entertainment options with better food and service than a club can provide for a club to make money on this stuff anymore.