Wednesday, April 18, 2007

International golf developments growing like weeds, or at least like rye grass

I enjoy being a real estate lawyer, but I have a passion for golf, even though I am not a good golfer. Most real estate people do; I wonder if it is a dirt thing.

Today's New York Times has a feature on worldwide golf expansion with residential communities, not unlike those being built in the U.S., springing up everywhere. Apparently there's gold in them there South Korean (and other worldwide) hills. I just wonder if they will build to the point that you will reach glut-like proportions, where the number of rounds played stays the same while the number of courses increases. The industry is working on solving this problem; I like the concept of playing just six or nine holes without stigma because I can play the loop in an hour or so. All of this, of course, is good for the consumer. As I learned at Father Guido Sarducci's Five Minute University, "Economics? 'Supply and demand.' That's it."

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