​The explosion of golf’s popularity over the past six years has most everyone in the industry feeling pretty good. Still, when a commodity’s value skyrockets the way golf’s has, it’s hard not to wonder if it’s a bubble. This is especially true in the field of high-end golf-course renovations, where private clubs are jumping in at unprecedented rates, spending two to three times what they were just a decade ago.Prior to 2020, the most premium wall-to-wall remodels might’ve cost $10 million or $12 million, with most projects budgeted for far less. Today, it’s not unusual to see price tags in the $20 million to $30 million range. And it’s not only courses on our ranking of America’s 100 Greatest—second-tier clubs in major cities are also on shopping sprees, sparing no expense in the gilding of their products. It’s the Roaring ’20s, with cash flowing and architects booked out three years.This seems like a sign of strength, but not everyone is bullish on the new normal. “It’s concerning,” says architect Keith Foster, who has conducted well-regarded remodels at places like Philadelphia Cricket Club and Moraine Country Club in Dayton. “You have to ask, ‘Is it sustainable?’ ”Some of the rise in cost can be attributed to normal market forces, including heightened demand, inflation on materials and the desire to shorten renovation times to five or six months (from the usual eight to 10). Irrigation alone has nearly tripled in price. Ten years ago, a state-of-the-art system was $1.5 million. Now it costs $4.5 million.All this impacts labor and pricing. But the underlying culprit of the rapid escalation is a surge of memberships willing to indulge on items that may or may not contribute to good or architecturally interesting golf. Overflowing coffers put all the extras into play: added drainage for tees and putting surfaces; hauling in material to sand-cap fairways; deluxe bunker liners and imported designer sand; laying sod instead of seeding; and state-of-the-art subsurface greens systems, to name just some. It’s the equivalent of purchasing every possible upgrade on a luxury vehicle. It’s not unusual to see renovation price tags today in the $20 million to $30 million range. “Once one club does it, that’s the standard,” Foster says. “If someone spends $30 million, another course can rationalize their renovation simply by saying, ‘We spent more than they did. It must be better.’ ” Instead of simply doing what is necessary to improve the golf course, he says, the impulse is to just do more.These clubs might be getting what they paid for in terms of pristine turf and immaculate-looking landscapes, but it’s hard to argue any of this is good for golf. To most people, these numbers are obscene and add to a growing feeling of disparity, a sense that we’re not all playing the same game. There are also downstream effects to a small cadre of clubs effectively setting the market for all renovation work. Price