I wrote, "It is purely my opinion, but I believe an expansive open space park in lieu of a money-losing golf course would increase home values. One thing is painfully obvious -- our golf course is not a major attraction for home buyers or we would have more than 115 or so golf members."

You reply, "An opinion based on pure fantasy."

I will allow forum readers to read my opinion and your well thought out response and make up their own minds as to where the fantasy lies.

Anyway, Clemson University (WP 012203) did a study back in 2003 and here is the abstract:

In this study, we augment an earlier study by estimating the effect of golf course on housing
values using a data set of single-family homes sold between 1994 and 2000. We find that there is
generally a positive impact on houses proximate to open space (golf course and neighborhood
parks). The value of proximity to golf course is found to be greater than figures reported in
previous studies. Proximity impacts extend beyond abutting properties and go as far as to those
within almost quarter of a mile. The value of properties proximate to parks is found to be
significant and varies with park size and type. Parks classified as small and medium had positive
impacts extending over quarter of a mile with the small parks having the greatest impact on the
value of properties.

While the study does not mirror my opinion, you will note the study made little distinction between parks and golf course in terms of property value impact. I have left the authors a note advising them that you view their conclusions as fantasy. 

Then there is this Cornell University study from 2010:

Developers usually seek to maximize their land’s value. Amenities are often used to accomplish this purpose.  One of the most popular amenities of the past half century has been the golf course and the integrated golf course development. Today, however, U.S. golf course developments are overbuilt and represent, to some, a tired model for development-supported amenities. Furthermore, trends in sustainability have led to the creation of denser and less impactful developments, in contrast to the typical sprawling and ecologically impactful golf developments. These trends have forced developers to consider alternative amenities for driving land values and sales pace. Amenities, such as open space preserves, organic farms, urban parks and
community centers, create unique centerpieces for new developments and in many cases represent a better value proposal than traditional golf developments. However, in markets where golf courses are not overbuilt and strong demand exists, unique implementations can both satiate golf demand and provide an environmentally functional purpose for the development to placate shareholders and stakeholders alike.

I don't feel like I need to spend more time on research as the above surely lifts my opinion well out of the "fantasy" range. 

Since 2003 and 2010, I also believe the stats will show a further decline in overall golf interest.

Cheers and enjoy that fantasy world I created for you.