Fall 2020 Real Estate Update

I usually write fun Eagle Point history or lifestyle stories in the introduction to my updates. This time, there is so much to talk about that I had to cut the intro short. I’m excited to head up to 10,000 feet next week to oversee the beginning of snowmaking operations. May we all be blessed with a bountiful winter season!

New Condos Available Soon For Pre-Sale Reservations

A new for-sale condominium community (name coming soon) will be located adjacent to the skiers’ tunnel and Highway 153 for the ultimate ski-in/ski-out location. In addition to it being the easiest drive-to access in the entire resort, the ski-in/ski-out units will be among the best views in the area as well. The community includes 18 condos with 10, 1BD/1BA units and 8, 2BD/2BA units between two identical buildings. We are finalizing prices and agreements for the release of the first 9 units in Building 1 to accept reservations before Christmas 2020. The development will break ground in May 2021 with Building 1 expected to be finished sometime during the 2021/2022 winter season. Please email me if you want details of the new condo offering. We expect within two weeks to have most of the details ironed out.

Aspen Crest, the Resort’s Premier Location

Another tech entrepreneur and executive joined the Aspen Crest community with the purchase of Lot 1, the largest lot in Aspen Crest at nearly a full acre, for $275,000. The family has already started to design a beautiful new investment property to match the splendor of this signature homesite. The investment was structured to comply with the Opportunity Zone federal tax program, like many other investors have used because of Eagle Point’s status as an eligible Opportunity Zone.

The construction on Lot 1 joins 7 other owners in Aspen Crest with new projects underway. By this time next year, the dynamic community will showcase 13 impressive new homes out of 27 total homesites. Grinning as I write this, I remember pitching to a potential investor who knew me well to co-invest equity with me to develop the new Aspen Crest subdivision. The investor declined and instead invested in a historical home renovation near a large metropolitan area at the same time I started developing Aspen Crest. Shaking off the initial feelings of rejection, in the five years since, I worked to make Aspen Crest a legal, operational subdivision with only 2 out of 27 lots still available, 5 new homes to-date completed with families enjoying them and 8 new homes underway. Back in Metropolis, it is my understanding that the historical home renovation is still in progress. Let’s just say, I’m thankful to be a developer in Beaver, Utah.

The last two lots available in Aspen Crest are Lot 12 for $250,000 and Golden Hollow Lot 4 for $190,000. Last call.

Still No Inventory of Existing Condos/Cabins, But Sales Do Happen…

There are currently zero condos, cabins or lots in Eagle Point listed for sale on the MLS service, with a growing list of buyers ready, willing and able to purchase as inventory becomes available. This reminds me of a favorite principle I learned as a young student in economics; the adage says “if there is a line at the door, you are not charging enough”... I’m starting to come to the same conclusion.

Here are some notable transactions since my last update.

A beautiful cabin at 374 W Juniper Lane sold for $1.1 million after only 35 days on the market. I was surprised to see such strong sales velocity at that high price point.
719 Ponderosa, which will be called the Ponderosa Cabin in our Eagle Point Property Management Program, sold for $350,000.
There are 4 remaining West Village lots for sale from resort inventory in the price range of $28,000-$43,000.
Stonewood 4, a 1BD/1.5BA near Canyonside Lodge, sold for $108,000 after only 37 days on the market.
The Resort is under contract to buy Snowflake 1, a 1BD/1BA, for $115,000. This seller responded to a direct email I sent to dozens of Snowflake owners offering prices for different unit sizes. This unit never hit the market. Of the existing condos in the area, Snowflake units are desirable given their prime ski-in/ski-out locations, high speed internet connection and well-managed, rental-friendly HOA.
Snowflake 7, a 2BD/2BA plus loft condo in a prime location, sold for $219,000 (more below on this sale).

Having Fun, and Doing Deals on my eBike

I love my new Bakcou ebike. My 10-year old daughter joined me on my last trip to EP since virtual learning during the pandemic allows a new freedom of adventure for families. For anyone new to ebikes, the pedal-assist feature provides varying degrees of drive from the electric motor to assist the pedaling rider. This makes the hills of Eagle Point much easier to ascend even for Annabel. She had no trouble riding down to Puffer Lake and returning the 2.5 miles and climbing the 500 feet of vertical to get back to our home in Aspen Crest.

I also use my ebike for work to get around the resort when the weather is nice. I rode my ebike to meet the seller of Snowflake 7. After he signed the listing agreement, I rode back home to email the small list of ready buyers I know with a budget of $200,000+ for a 2BD+ condo. I wanted to see how fast it could go under contract. After sending the email, I went back about my business on the bike for a few hours and had a signed contract before I punched out for the day.

Eagle Point has teamed up with Bakcou to become a wholesale dealer of backcountry eBikes. I think all of my new neighbors in Aspen Crest and elsewhere in the communities of Eagle Point would love ebikes. Please let me know if you are interested.

If you are interested in buying or selling at Eagle Point or just learning more about what’s happening in the area, give me a call at 917-213-4270 or email me shane@skieaglepoint.com.