Pinehurst marks final home sale

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Pinehurst marks final new home sale.

Pinehurst was the Front Range’s first master-planned community.

Resale homes are still available in Pinehurst, of course.

Pinehurst

It was a pioneering effort when Pinehurst, a golf course community, was launched almost 60 years ago by Koelbel and Co.

The final new home has been sold in the Pinehurst Country Club, the first master-planned community developed along the Front Range.

Koelbel and Co. began the development of the 600-acre, 800-home Pinehurst Country Club at Sheridan Boulevard and West Quincy Avenue in 1958, with the opening two years later.

In the final new home sale, a buyer paid $515,000 for a 2,437-square-foot, patio ranch home built by Koelbel Urban Homes in the Bluffs at Pinehurst. The master bedroom is on the main floor, as is a study, in the two-bedroom home with a finished, walk-out basement.The Bluffs is a low-maintenance residential enclave of luxury attached homes within a quarter-mile of the 84,000 square foot clubhouse and 27 holes of golf.

One of the first buyers in Pinehurst paid $31,900 for a home in 1963, which in today’s dollars, adjusted for inflation, would cost $249,426. That home today is worth  $800,000. Although the final new home has been sold, there are resale homes available in Pinehurst, of course.

Still, the  final new home sale is a milestone, said Walter A. “Buz” Koelbel Jr., president of his namesake company founded in 1952 by his father.

“In a fast-paced market, where Denver is now ranked as the best place to live in the nation, this milestone is reminder of not how fast, but how slow and deliberate the process of developing urban land can be,” Koelbel said.

A development as large and as ambitious as Pinehurst doesn’t happen over night.

“My father always said that patience is genius, which became one of the company’s credos, and this landmark moment is certainly the manifestation of that mantra,” Koelbel said.

Pinehurst

Shown is the final new home sold at Pinehurst,

Pinehurst County Club had been a farm owned by industrialists Carl Norgen, the father-in-law of the senior Walter Koelbel.

The idea to transform a farm into a golf-course community was rare in the late 1950s and early 1960s.

Only a handful of them had been built in the U.S. at that time, many of them in Florida and other warm weather states.

Walert Koelbel chose to annex all of Pinehurst to Denver, making it Denver’s first and what was then the largest master-planned community in the city, according to his son.

“Pinehurst was quite a gamble but my father was a true visionary and Koelbel and Co. was founded on an overriding goal best expressed in his own words: ‘Never forget, under all lies the land… we must protect it and use it wisely,’” said Buz, who was 8-years old when Pinehurst opened in 1960.

Pinehurst

A map of Pinehurst, the first golf course, master-planned community along the Front Range.

Although not Koelbel and Co.’s first residential development, it set the stage for future developments, such as the Preserve at Greenwood Village.

Pinehurst Village also included one of the first condo projects in Denver in the late 1960s, after legislation was enacted allowing the construction of condo projects.

Other Koelbel and Co. communities include:

  • The Preserve at Greenwood Village: The largest master-planned custom-home community in the Denver metro area.
  • The Breakers Resort: With 1,523 units surrounding a 60-acre lake, it is one of the largest apartment communities in the Rocky Mountain region.
  • Rendezvous Colorado: An 1,100-acre master-planned resort community in Grand County focusing on trail-side living and outdoor Colorado.
  • Catalyst HTI: New and cutting-edge health-tech industry integrator in the burgeoning RiNo district of Denver.
  • LIHTC: With its mission-driven efforts to provide affordable workforce and senior housing in the Rocky Mountain area, the low-income, affordable housing division is executing its seventh project, which has 420 units. LIHTC has delivered more affordable units than any other private developer in Colorado.

In addition, Koelbel Urban Homes offers more than 250 urban-infill for-sale homes in seven sites in the Denver area.

Interested in buying a resale home in Pinehurst? Please visit 8z Real Estate.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. DenverRealEstateWatch.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

 

 

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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