It is pretty hard to say with certainty. I have to feel as though it will not be high end privates, nor will it be your lower end municipals either. One has to believe somewhere in between. To the point, aren't we running out of really great land? Sure, some is being found in the midwest, but as far as the more highly populated, metropolitan type areas, it would seem that a lot of the great land has been used or at least pieces of it have been used that do not allow for truly great golf development.
Trends are hard to predict. It may be that the market doesn't shift a large amount upward for 20 years. The people that are golfers in 20 years may be curious about the private sector and be looking for higher end golf. They might be tired of all the local public golf. They could also be more realistic about feasibility of maintaining that high end private, and elect to go with a semi-private, which is probably the most sustainable long term with the way the market has shaped out. The short answer is we don't know, but being speculative, I have to say that semi-private type route is the most likely to thrive. I just worry that the land isn't there in our more highly populated areas due to the already developed courses, as well as the growth of the suburbs housing development in those markets. As someone already said, redevelopment is about all thats left with the exception of the recent trend of building destinations in far out places.