Jonathan,
The interesting factor is that little has changed at Pine Tree over the last 40 years, it's basically the same golf course.
I believe it might have been ranked in the top 30 at one time, perhaps # 25 or # 27.
The playing and shot values remain terrific.
I suspect that the housing, which is in fairly close proximity to the golf course and disturbing to the framing eye may have had an impact on Pine Tree's slide, BUT, those houses have been mostly screened out by a perimeter planting program over the last 8 years or so.
The one architectural letdown my have been the 10th hole.
Originally a par 4, it was converted to a par 5, when it was discovered that the back tee on # 12 was not on the club's property and that hole had to be shortened from a par 5 to a par 4. Those who prefered a balanced par 72 then converted the 10th from a great par 4 to a mediocre to weak par 5.
That has now changed, and the 10th hole can now be played as either, a demanding par 4 or a soft par 5. Par is now, either 71 or 72, depending on your choice.
The wind is a meaningful factor in the play of the golf course, although, sitting inland, it doesn't get the gales off the Atlantic Ocean, the good breezes have a strong impact on play.
I've played a number of courses that, in my opinion, can't hold a candle to Pine Tree, yet they are rated higher.
I think that one of the reasons is that people who come to Florida are disappointed because Pine Tree is not a typical Florida golf course, it's more northern in feel, and perhaps that disapointment translates to lower ratings.
Pine Tree is a great golf course with a great bunch of guys/golfers as members.
P.S. Sam Snead, not known to throw money around, liked the golf course so much that he became a dues paying member.