Terry,
Interesting topic.
There are quite a few restorations/renovations happening these days at private clubs, which are no doubt tied to the good economy and the resulting higher than usual membership rolls willing to either take on debt or assess.
But even despite the good economy, there seem to be less and less people (in particular young people) willing to join a golf club. So in breeds the arms race.
One trend I really don't understand is the regrassing one. There is a club up here in Minnesota that has a similar lineage as yours that is spending a massive amount of $$ to regrass their fairways and greens to rid the course of poa. It was a hot topic and a very close vote by the membership. It's obviously their club, but I really don't understand what possesses smart people to want to spend a massive amount of money so that their greens run an extra foot and a half on the stimpmeter.
Not to mention the poa is destined to come back eventually, no? I'm not sure it's a sustainable trend.
I don't understand the trend for these perfect, huge, bunkers with (nearly always) white sand. It's a hazard. They look much better when rough around the edges and as its a hazard there should be the element of an awkward lie.
I don't mind the trend of additional short grass around greens. It sure helps golfers like my wife get around the course by being able to roll up or putt their ball toward the hole. It's probably reaching the point where architects/memberships are reaching too hard to put shortgrass everywhere, but it's probably not the worst trend.