Augusta National Golf Club was third. The list is available in the magazine's May issue.
"Pine Valley did nothing wrong to drop from the top spot," said Ron Whitten, the architecture editor at Golf Digest. "Pebble Beach improved its position in the conditioning category as it was groomed for last year's U.S. Open, and it impressed our panelists with its ambience."
Whitten said the margin between Pebble Beach and Pine Valley was so small that another change in position could easily occur when the next list comes out in 2003.
"We've had a long run at No. 1, so the course has stood the test of time," said Charlie Rautenbush, head pro at Pine Valley. "It's a big deal to a lot of people to say it's the No. 1 course in their neighborhood, but we're not going to change anything we do."
Rounding out the top 10 were Cypress Point; Oakmont; Shinnecock Hills; Merion (East); Winged Foot (West); Pinehurst No. 2; and Oakland Hills.
In other golf news:
* Tiger Woods is among those not competing in this week's BellSouth Classic in Duluth, Ga., in order to rest for next week's Masters.
* Jennifer Capriati defeated a limping Serena Williams, 6-1, 7-6 (5), in a quarterfinal match at the Ericsson Open in Key Biscayne, Fla. Williams is suffering from a sore thigh.
* Shelly Finkel, the adviser to Mike Tyson, said it is likely his fighter will take on David Izon in Sydney, Australia, in June.
* Chilukki, the champion 2-year-old filly of 1999, is finished racing because of an ankle injury.
* Jonna Mendes needed surgery to repair a broken right foot after she crashed on her second slalom run at the U.S. Alpine nationals in Whitefish, Mont. Mendes, of Heavenly, Calif., won the women's giant slalom Tuesday.
* Greg Steadman, crew chief for John Andretti, was fined $20,000 by NASCAR for a rules violation at Bristol (Tenn.) Motor Speedway.
* Clint Mathis scored with four minutes left as the United States defeated host Honduras, 2-1, in a World Cup qualifier in San Pedro.