Peter,
I actually would go further and disagree to some extent about golf courses in the US and probably everywhere but GB&I. Yes, the developer/client is critical, but like any investor they are basing their decisions on what the consumer/market wants. And if you survey the vast majority of at least American golfers, it is not the courses you note. I remember on my first Irish trip six out of the eight people on the trip ranked Old Head above Waterville and Lahinch (and Ballybunion did better primarily because it is famous). And it was not just the views; in fact, it was primarily because it seemed more like what they thought golf courses should be.
As in any other market, a business person with vision (and lots of risk capital) can "create" a market the way Mr. Keiser did with Bandon, but Bandon, Streamstrong, Cabot, and Sand Valley still represent a niche if critically important market.
Ira