I'm looking at my recently-arrived copy of a Massachusetts-specific golf magazine. It contains a feature titled "Private and Possible." The focus is on private Boston-area courses that are currently looking for members—something that simply didn't happen seven years ago.
The "Possible" part of the title seems like a stretch and ties into Mr. Doak's point about affordability. Of the courses listed, I am looking at initiation fees of $120,000, $125,000, $100,000, $50,000 (and the most interesting of the lot—Silva's Renaissance Club), $5,000 (located north of Worcester, so not really an everyday club for a Bostonian), $75,000-$117,000, $35,000.
I understand that Boston has had a golden last 10 years, but are there that many people around who can afford to part ways with $100,000? I think there's a good reason why each of these newish clubs is still looking for members.
I must admit that the Renaissance Club is intriguing. Silva continues to import classic features like the Redan and Punchbowl. Walking is encouraged at the course and there is a huge practice facility. Even so, a $50,000 initiation fee and $6,500 annual dues is a lot for someone to spend when also thinking about cost of living in the area (outrageous) and the skyrocketing costs of education (I have three boys, and by the time they are ready for college, four years of tuition will be about $300,000 per kid!).