CHICAGO, IL- Many real estate sectors went into a steep decline, or even collapse, during the recession. But few were hit as hard as golf courses, and experts say the whole industry has to change.

“Part of it was the economy, but partly it was a demographic shift,” said Chris Charnas, principal at the Evanston-based Links Capital Advisors, Inc., a broker that specializes in golf courses. “No one has as much time to spend at country clubs.” Even if the economy recovers, younger fathers spend more time providing childcare or coaching soccer than they used to, making it difficult for clubs to attract the next generation of players. “They're going to have to downsize; there's going to have to be fewer clubs.”

But with many longtime owners looking to get out, a lot of courses will change hands over the next few years, and at bargain basement prices, Charnas added. A club with 180 acres that might have fetched $5 million in the previous decade can now get picked up for $2 million, and sometimes much less. “That's a great deal for that much land.”