In September 2020, the USGA named Pinehurst Resort & Country Club the first anchor site for the U.S. Open. The championship was already scheduled there for 2024. The announcement added 2029, 2035, 2041, and 2047. Pinehurst now sits alongside Oakmont and Pebble Beach as one of three courses the association returns to on a fixed rotation.
The scheduling was the smaller half of it. The USGA also built Golf House Pinehurst, a roughly $25 million project that put two buildings near the clubhouse, moved its agronomy and equipment-testing operations down from New Jersey, and brought about 50 full-time staff with them. Ground was broken in June 2022. A museum and visitor center sit on the same campus. In 2029 the men's and women's U.S. Opens run in consecutive weeks, which last happened in 2014.
For Puerto Rico luxury buyers, Pinehurst matters for reasons beyond golf. It shows how a relatively small destination can build long-term real estate relevance when a major institution commits capital, operations and recurring events to the market. That same framework can help buyers evaluate Puerto Rico's resort-driven communities, where the durability of the resort, club, infrastructure and surrounding destination may matter as much as the residence itself.
Lesson 1: Long-Term Institutional Commitment Matters More Than a One-Time Event
A one-off championship gives a host town a spike. Hotels fill, short-term rentals price up for a week, and the local economy absorbs a surge it will not see again for a decade. Planning capital projects around that is guesswork.
A fixed rotation removes the guesswork. The Village of Pinehurst and Moore County know the dates through 2047, so they can sequence road work, parking, water and sewer capacity, and public safety staffing against a calendar instead of hoping. USGA championship officials have said this is the point of the anchor model: host communities and courses can plan permitting and facilities years in advance.
Municipal spending on a schedule affects the housing market differently than tourism revenue. It shows up in what gets built, what gets widened, and what the village looks like in 2035.
Institutional Commitment
For a Puerto Rico buyer, the equivalent question is not simply whether a resort or destination is popular today. It is whether established operators, hospitality brands, developers, and community institutions continue to invest in it for the long term. Permanent infrastructure and recurring capital commitments generally tell buyers more about a destination's durability than a single high-profile event.
Lesson 2: Resort Markets Are Usually Several Micro-Markets, Not One
The effect concentrates rather than spreading. Over the last 24 months of residential sales, Old Town Pinehurst, the original village core within walking distance of the resort clubhouse, recorded 42 sales with a median of $1,212,500 and the highest price per square foot in Pinehurst. Neighborhoods ten minutes out with comparable square footage and newer construction trade well below that. Buyers are paying for the walk.
The club communities behave differently. Country Club of North Carolina, Forest Creek and Pinewild draw buyers who want the course and the privacy and care less about proximity to the village. When I pull luxury homes in Pinehurst, North Carolina for a client, village-core listings and club listings come back looking comparable on square footage and price and are not remotely the same product.
Some Pinewild properties may also include transferable Pinehurst Country Club membership privileges separate from Pinewild's own club structure. That distinction can materially change what a buyer is acquiring and what the property may be worth to a future purchaser. In resort-driven markets, membership rights, transferability, initiation costs and access rules deserve the same scrutiny as the home's physical features.
Puerto Rico buyers should make the same distinction between owning a residence inside a resort community and possessing whatever memberships or privileges provide access to its golf, beach, dining or recreational amenities.
Micro-Markets
Puerto Rico buyers encounter the same problem when comparing luxury communities. A home in Dorado Beach, a branded residence at Bahía Beach, a property in Palmas del Mar, and an urban luxury condominium in Condado may all fit a buyer's budget, but they aren't interchangeable products. Resort access, club privileges, beachfront positioning, privacy, services, HOA structures, and proximity to San Juan can create separate submarkets even when asking prices appear similar.
Lesson 3: Compare Total Ownership Cost, Not Just Purchase Price
Buyers coming from higher-tax jurisdictions assume a resort village carries a resort tax rate. Moore County's 2026 rate is $0.2900 per $100 of assessed value for county general, plus $0.0425 for advanced life support. The Village of Pinehurst adds $0.2200. Combined, that is $0.5525 inside village limits, or roughly $6,630 a year on a $1.2 million home.
Inside the same county, Southern Pines totals $0.6225, Aberdeen $0.7525, and Carthage $0.8375. Pinehurst carries the lowest municipal rate of any incorporated town in Moore County, which is the opposite of what most people expect.
Ownership Costs
The broader lesson for Puerto Rico buyers is to compare the full cost of ownership rather than assuming that the most prestigious resort address is automatically the most expensive to carry. Property taxes are only one component. HOA assessments, club dues, insurance, maintenance, security, utilities and optional resort memberships can materially change the annual cost of two similarly priced homes.
Lesson 4: The Value Is Often in the Ecosystem Around the Home
Pinehurst demonstrates that resort-driven value is not created by the golf course alone. The surrounding ecosystem matters: hospitality, dining, club facilities, walkability, recurring events, institutional investment and the reputation of the destination all reinforce one another.
That distinction is especially relevant in Puerto Rico. Buyers evaluating Dorado Beach or Bahía Beach are not simply comparing houses with houses elsewhere on the island. They are also evaluating access to established resort infrastructure, hospitality services, beaches, golf, private amenities and a broader lifestyle ecosystem.
Palmas del Mar offers another model: a large, master-planned community where residential options, golf, marina access, and other amenities combine to create a self-contained destination. The investment thesis differs by market, but the principle is the same: a property's surrounding ecosystem can influence how buyers perceive and value the real estate within it.
Lesson 5: Major Events Do Not Guarantee Property Appreciation
The championship is a week. Five weeks spread across 23 years don't create year-round demand, and I wouldn't buy on their strength. The anchor designation removes a specific risk: the resort drifting into irrelevance and the village losing its reason for existing. The USGA has kept its operations, staff, and championship calendar in one place through 2047.
The same restraint applies in Puerto Rico. A new resort opening, major development announcement, or surge in tourism can increase visibility, but buyers should distinguish temporary attention from structural demand supported by limited supply, established amenities, infrastructure, and a durable resident or second-home buyer base.
If you are evaluating the market, treat the village core and the club communities as two separate markets that happen to share a zip code. They price differently, they turn over at different speeds, and a buyer who wants one is usually wrong about wanting the other. The mistake I watch people make is touring both in the same weekend and deciding based on the house.
Lesson 6: Established Resort Markets and Emerging Ones Carry Different Risks
One reason Pinehurst is a useful case study is that buyers aren't betting on the destination becoming important. Its golf identity, resort infrastructure and institutional relationships already exist. The USGA commitment reinforces something established rather than attempting to create demand from scratch.
Puerto Rico buyers should make a similar distinction between established resort communities and emerging luxury developments. Mature markets can offer clearer evidence of resale demand, operating costs, amenity quality, and community management. Newer developments may offer contemporary design and early-entry opportunities but carry different questions around delivery, absorption, future inventory, and how the surrounding destination will mature.
Neither model is inherently superior. They simply require different forms of due diligence.
Final Thoughts
The bigger lesson for Puerto Rico luxury buyers is to evaluate resort real estate from the outside in and from the house out. Start with the destination's durability, then examine the community, club or resort structure, ownership costs, and access rights before comparing individual residences.
Pinehurst shows what can happen when a small luxury market has an institution willing to commit for decades. Puerto Rico's resort communities have different economic drivers, but the buyer's question is similar: what will continue bringing people, investment and relevance to this place long after today's listing has sold?
Looking to buy, sell, or rent luxury properties in Puerto Rico? Christie’s International Real Estate Puerto Rico can help you compare resort communities, understand ownership considerations, and identify opportunities that align with your goals. Contact our team to explore Puerto Rico’s luxury real estate market with guidance from experienced locals.
Frequently Asked Questions
What should buyers consider when comparing resort-driven luxury properties in Puerto Rico?
Buyers should look beyond the home itself and evaluate the surrounding resort or community, including amenities, club access, HOA costs, infrastructure, security, location, and long-term demand. These factors can make two similarly priced luxury properties in Puerto Rico very different ownership experiences.
Do major resorts and events increase luxury property values?
Major resorts, events, and institutional investment can increase a destination’s visibility and support infrastructure improvements, but they do not guarantee property appreciation. Buyers should focus on long-term fundamentals such as established amenities, limited supply, community management, recurring demand, and the strength of the surrounding market.
Is it better to buy in an established Puerto Rico resort community or a newer luxury development?
Both can suit different buyers. Established communities may offer a longer track record of resale activity, amenities, operating costs, and management, while newer developments may provide modern design and new facilities but require closer evaluation of delivery timelines, future inventory, and how the community will develop over time.
