Tom,
I do believe oversupply is a core issue across multiple price points, as you suggest.
The laid back and simple comment was more reflective about the apres golf experience that are odds with the Pinehurst resort, which has an oversized share of discretionary $ spent in the Village.
In the case of Pinehurst, you have an expensive, upscale, resort that is the focal point of the area that draws a lot of people that are drawn to the resort experience versus a core golf experience, such as Bandon. During September, I observed more families/couples, especially those that were older, that I don't think could be bothered by driving 15-20 min out of town to play a compelling golf course.
The drive from Pinehurst to West End (Dormie) reflects an area that didn't have the economic capacity to support the original massive housing development seven years ago. I think it would be hard-pressed to find enough takers within the area to be successful in a strictly private model. My guess is if successful, it would be cannibalizing from other area options versus flipping public/resort players to private.