On the other hand, it seems difficult to go through the permitting and assorted legal hassles, land clearing, architect selection, routing and shaping, irrigation install, grow-in, assorted facilities construction, and turn around and charge $40 a round. Especially if you think you could charge $80. Or $200!
Given all of the above, what is a minimum green fee that could be charged to generate some kind of decent return on investment? Assume land costs, permitting, all on the low end, and minimalist architecture, irrigation, construction, and facilities?
Perhaps a better model is the renovation of existing golf courses that are uninspiring or bringing courses back from the dead that are zoned and permitted for golf.