Spring 2021 Real Estate Update

Dear All,

I spend a huge amount of time speaking with buyers interested in making Eagle Point their second home. The question I have heard the most over my 12 years is “what is your master plan?” As a career professional investor, I should have a polished response at the ready. After all, who would make such a complicated investment without a master plan?

Well, that’s not really how the situation evolved. I didn’t purchase the resort over a decade ago as a platform to execute an established master plan. My objectives at the time, as a starry-eyed 35 year old, were far more simple, and, even, swashbuckling: pursue an exciting adventure, meet interesting people, and create value along the way.

While those objectives certainly defined my own perspective, they did not constitute a master plan relevant to my guests and community members. Thus, the question remains: what is my master plan? I intend to make Eagle Point the best mid-sized mountain resort in the United States, seamlessly integrating nature’s healing qualities with modern amenities in novel ways so you can live and stay connected while you recharge. There, I said it, and it feels great to announce clearly what my team and I are building.

Just in the past few months, the real estate market around Eagle Point has substantially transformed our resort, and the vision of what it can become. The supply-demand imbalance for ski-in/ski-out property with high speed internet has never been greater. Despite my efforts continually to release new land and new-builds at present market values buoyed by rising prices, I struggle to keep anything available for the buyers who contact me seemingly every day. The acceleration of sales has led to an equal acceleration of new resort improvements as property sales are parlayed into upgrades. Notably, buyers from California now represent 30% of new purchases when historically they have been around 5%. Here is a summary of the latest projects.

Polestar Condos: The new 18 unit condominium project, Polestar, that I teased in December’s update, is sold out and construction is underway. There was so much interest that I’m going to release another identical version closer to Skyline Lodge with views among the best in the resort area with prices ranging from $300,000-$500,000. If you are looking for a ski-in/ski-out condo, please let me know. I am going to release 9-18 more units (1 or 2 buildings), depending on demand.
Aspen Crest Premier and Skyline - New Subdivisions: Many of you may remember my recent flash update which released two new ski-in/ski-out subdivisions, Aspen Crest Premier with 4 signature lots in the Aspen Crest neighborhood and Skyline with 2 new lots just above the bottom terminal of the Skyline lift. The Premier lots went under contract within days for prices ranging from $500,000-$700,000, smashing the prior lot price records for the area. There is 1 remaining Skyline Lot (#1) available for $325,000 with a generous 0.47 acre lot. For the moment, I am only advertising this lot to recipients of this email so please let me know if you are interested.
Aspen Crest Phase 2 Subdivision: The next ski-in/ski-out homesite release is Aspen Crest Phase 2 which includes 9 new lots (only 8 remain) in the existing Aspen Crest subdivision. This is an awesome expansion of the Aspen Crest community along the Glacier Glade ski run just below the original 23 Phase 1 lots. These picturesque half-acre lots start at $400,000. The Phase 2 subdivision contains the nearest homesites to the eventual Town Square development that I will be discussing in more detail in the next quarterly update.
More Snowmaking Infrastructure: The rapid absorption of the Aspen Crest Premier and Skyline subdivisions has allowed us to launch two new projects effective immediately. We are building a second snowmaking pond and installing a new snowmaking water line from the Skyline Lodge down to the Tunnel adding additional terrain that doesn’t require natural snowfall to open for skiing. Both will be ready for next winter.
New Connector Chairlift: With the market accelerating real estate sales years ahead of my expectations, I fully intend to capitalize on the opportunity to accelerate the resort’s infrastructure investment at a similarly rapid pace. You are among the first to learn of the formalized plan for a new connector lift which we hope to build in 2022. I’ve included the planned lift line below. The lift will carry guests from an area near the bottom of Moki Steps to Skyline Lodge, over Highway 153. This will transform the mountain experience, making a connection between the lower and upper portions of the mountain, completing a goal that was imagined by former resort owners well before I was fortunate enough to find Eagle Point myself.

New planned lift:

Most of the snow has melted and summer is on the horizon. Last summer every weekend was a lodging sellout and we expect the same this summer, and midweek bookings are already robust as well. In addition to the abundant natural wonders and recreational opportunities attracting nature seekers, we will welcome back the Mountain Archery Festival June 25-27, the Crusher in the Tushar July 10, the Tushar Mountain Runs July 31, and the Don’t Trip Campout music and wellness retreat June 11-14 which we expect to become an annual event.

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.

Best wishes,

Shane P. Gadbaw

Owner/Operator/Developer - Eagle Point Resort

Owner/Broker - Aspen Equity Real Estate