SBusch
Thirty years old isn't the type of course that I thought you were referring to in your first post. The "old" courses in most places are private clubs which typically carry very little debt service on their property, and the club's management then becomes the primary issue. The vast majority of these clubs have weathered bad economies, etc., before, and probably will again.
The stuff built in the past 30 years is different. In many cases, these courses are built within a housing development, and using the land for further housing may not be possible, due to failure of the land to perk, zoning issues, lack of road frontage, or other local limitations.
The courses that are in jeopardy in most places are the CCFAD's that are NOT tied into a housing development. There was a recent thread on GCA about Centennial here in Atlanta, a Jeff Brauer/Larry Nelson course that is less than 20 yrs. old, that has just closed and will become a housing development that just got squeezed out of a very tough market. It was a good daily-fee layout, no housing, but just couldn't make a go of it.
Meanwhile, the old line clubs seem to be prospering. Next month, you'll see Tiger and the boys playing at the Capital City Club's new Crabapple course (Fazio), on which they spent about a bajillion dollars. Their Brookhaven course (dating back to the 20's) is alive and well, too. With a few exceptions, like the Raleigh CC (Ross) in NC, this will continue to be true, and Raleigh is apparently a management problem that has been salvaged by a white knight.