Prices for homes in golf course communities have not rebounded to their levels in the early 2000s, partly because golf is no longer seen as a priority amenity. Instead, homeowners are seeking out green space, hiking trails, lakes and more. Additionally, only 25% of homeowners who live on the links become members of their home clubs. "Golf can still be an important amenity to enhance a master-plan environment, but it is by no means a requirement,” says real estate consultant Ken Perlman.

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