Spring 2023 Real Estate Update

So Much Snow!!! This has been an incredible year; it seems like every Friday has been a #PowderFriday at Eagle Point. We have surpassed 350 inches of snow already and it’s still March. The massive piles of snow surrounding the roads and buildings remind me of our first season during winter 2010, another bountiful snow year in the history of Eagle Point. Over the years, the snow comes and goes, but the resort evolves to get better every day.

In the evolution of Eagle Point, we are nearing the end of Version 2.0. The first version, let’s call it Version 1.0, involved the early-stage resort finding its way through the U.S. financial crisis and the years after. That version showed “potential” but also faced many challenges and doubts. Could we make the resort work? Would anyone make Eagle Point their second home? I suppose Version 1.0 transitioned into 2.0 with the success of the Aspen Crest neighborhood, our first ski-in/ski-out community. The transition was made possible by the initial thesis proving out: Eagle Point was becoming a boutique resort with a thriving second home community in one of the fastest growing regions in the country. This gave my team and I the confidence to shape the resort’s next version.

Version 2.0 began with the installation of the first ever snowmaking system and high speed internet during the summer of 2018. Now for the first time the burgeoning resort began to control some of the most important variables in resort management: guaranteeing an opening for the December holidays and offering connectivity to guests in the digitally connected era. On that new foundation, over the next several years we set out to expand our fishing net as I wrote about last summer, building new condos and cabins to increase the guest rental options and to welcome new owners to the community.

As we complete construction of the 27 new condos underway and release them into the guest rental platform, Eagle Point Resort will soon be recognized by our guests as having one of the nicest and newest portfolios of rental properties in the market, with such options as Evergreen Place, Canyonside Collection, and the Studio Cabins. Cell service has improved greatly in the past month as AT&T went live on the new cell phone tower we built recently. Getting better, indeed.

The important segway into Version 3.0 is the much-anticipated connector lift that will return guests from the steep side, across the state highway, to the large meadow adjacent to Skyline Lodge. I am excited to report that the resort has reached an agreement with the Utah Department of Transportation to allow the planned connector lift to cross Highway 153 with certain reasonable requirements. The highway crossing was an important threshold issue to resolve before signing the contract with the lift manufacturer. With the red tape cleared, the pacing of the connector lift installation is linked to the successful rollout of the final phase of Aspen Crest lots discussed further below.

REAL ESTATE UPDATE

Despite the record tightening of interest rates which definitely has had a negative impact on demand from buyers using financing, we are still seeing strong high-end sales by cash buyers (see Sales listed below). Cash-heavy buyers see ski-in/ski-out land as having great utility, long term investment potential and inflation protection. With the turbulence in the stock market, ski-in/ski-out lots are an interesting alternative.

Detailed below is a first quarter 2023 update of real estate activity in our community.

1. NEW DEVELOPMENT

Aspen Crest - Final Phase (Name TBD)

The final phase of Aspen Crest consists of 8 of the nicest ski-in/ski-out lots in the country, extending the iconic viewscape of homes that currently line the Glacier Glade ski run. This new 5 acre development is significant in its contribution to the master plan as it completes the buildout of the lower section of the Aspen Crest community which borders the planned Town Square, the future resort center. We are now taking reservations for the final phase.

1. AVAILABLE CONDO & HOME LISTINGS

Skyline Terrace Condo 4 -- This 1BD/1BA, 880 sq ft ski-in/ski-out condo is under construction for delivery in mid 2024. Listing price: $375,000.

Mt Holly Village Condo 8 -- This 2BD/2BA, 734 sq ft unit is a turnkey condo opportunity for immediate move-in or rental income. Listing Price: $359,000.

Mt Holly Village Condo 3 -- This 1BD/1BA, 482 sq ft condo is a guest rental in our program. Listing price: $329,000.

Snowflake 31 -- This 1BD/1BA, 682 sq ft condo is a prime ski-in/ski-out opportunity. Listing price: $349,000

1. AVAILABLE LOT LISTINGS

West Village Lot 126 Listing price: $88,000

West Village Lot 27, West Village Lot 28, and West Village Lot 29 are a cluster of adjacent lots for $70,000 each. This is a great opportunity to own a sizable chunk (2.54 acres) of Eagle Point land.

West Village Lot 66 Listing price: $108,000

West Village Lot 145 Listing price: $89,900

West Village Lot 61 Listing price: $110,000

1. SALES SINCE LAST UPDATE

Aspen Crest Premier Lot 4 sold (3/17/23) for $780,000.

787 Ponderosa sold (3/23/23) for $630,000.

Fir Haven Lot 2 sold (1/20/23) for $575,000.

351 W Hyrum Lee Drive sold (12/28/22) for $450,000.

Skyline Terrace Ct. Lot 1 is under contract to close (4/21/23) for $385,000.

123 Alpine Lane sold (1/14/23) for $360,000.

412 N. Summit Drive/Aspen Crest Lot 17 is under contract to close (3/31/23) for $325,000.

Aspen Equity Construction specializes in design + build projects where we can apply our unique understanding of terrain, snow and rainfall dynamics and best-fit materials for building in the Tushar Mountains. If you already own a building lot at Eagle Point and would like to break ground on a vacation home or investment property within the next two years, please ask us for a free estimate for building services.

Best wishes, Shane P. Gadbaw Owner/Operator/Developer - Eagle Point Resort Owner/Broker - Aspen Equity Real Estate