Spring 2024 Real Estate Update

The final weekend of the ski season at Eagle Point is always a bittersweet transition for me. Every weekend, all season long, it gives me great pleasure to welcome excited guests to the resort. The team and I work together, often through challenging conditions, to offer everyone the best possible mountain experience. Each weekend marks another important step in the creation of the next generation of young skiers and snowboarders. With so many first-time visitors gracing our slopes, our network of friends and fans expands after every long weekend in the Tushar Mountains. 

When the last guest leaves the mountain after we close on April 7th, there is a huge sense of accomplishment (that’s a wrap on Season 14!!) and relief for all of us involved. The Eagle Point team needs the rest after a grueling stretch from the start of snowmaking in November until the last bamboos and tower pads are stored away until next season. 

This season we incorporated a new ticketing system in partnership with Entabeni Systems that will substantially improve our guest experience and change our business for the better. With our new RFID-enabled Eagle Cards and lift scanners, guests can purchase tickets online and head directly to the slopes. From a business perspective, our new technology offers an exciting opportunity to understand our guests better through their data. For example, we learned through data analysis that kids under the age of 12 are underrepresented at Eagle Point. This led us to introduce Kids 12 and Under Ski Free, because we hope every kid gets their start at Eagle Point. We believe Eagle Point Resort is the best place to learn to ski and snowboard in the West. Our expert instructors, small class sizes, and terrain for all skill levels ensure a great learning experience for everyone.” Now we have strategies in place to make sure parents and children in our driveable market take full advantage of our exceptional learning platform. Look for some big changes to our ski school program next year as well.  

As I foreshadowed in my last letter, legendary snowboarder Shaun White joined us for an extraordinary two-day As You Wish Experience, further solidifying Eagle Point as the market leader in private ski and snowboard experiences - the important second prong of our business model. We hosted Shaun, his team, and 15 lucky guests on a perfect bluebird day. Shaun was joined by his business manager, Miles, and his videographer, Mike. Miles worked in the hedge fund industry for years, as I did, before joining Shaun’s team. Mike was no average cameraman: on a typical run, I would take the lead, riding as fast as I could (trying to avoid any embarrassing falls), while Mike rode downhill facing backwards videoing Shaun. I was amazed that as fast as I rode, Mike was right on my tail. It was like he didn’t need to see in front of him and could feel the terrain through his feet. Over lunch, I learned that Mike had also been on the US Olympic team, which explained his gifted riding skills. We all had a great time, and there is more to come from this relationship. 

Shaun White is in the center in black and white flanked by me (viewer’s right), my wife Kini (viewer’s left) and some of the Eagle Point Team.

REAL ESTATE UPDATE

Detailed below is a first quarter 2024 update of real estate activity in our community. 

1. NEW DEVELOPMENT

Aspen Crest Premier Phase II Subdivision

We are seeing sales momentum for Aspen Crest Premier Phase II, the resort’s premier ski-in/ski-out location (see Sales/Under Contract below). These lots extend the iconic viewscape of homes that currently line the Glacier Glade ski run. Prices range from $400,000 to $630,000. We have only six lots remaining. 

Aspen Crest Premier Phase II Lot 1 -- 0.50 acre lot.  Listing price:  $450,000.

Aspen Crest Premier Phase II Lot 2 -- 0.50 acre lot.  Listing price:  $400,000.

Aspen Crest Premier Phase II Lot 3 -- 0.53 acre lot.  Listing price:  $450,000.

Aspen Crest Premier Phase II Lot 5 -- 0.63 acre lot.  Listing price:  $630,000.

Aspen Crest Premier Phase II Lot 6 -- 0.63 acre lot.  Listing price:  $630,000.

1. AVAILABLE CONDO & HOME LISTINGS

Skyline Terrace Condo 1 -- This 1BD/1BA, 880 sq ft ski-in/ski-out condo is under construction for delivery in mid-2024.  Listing price: $295,000. 

322 N Upper Meadow Dr -- Captivating 2019 custom built log home, 1675 sf, fully furnished 3 bd/3 ba 2-story home with loft & attached 528 sf 2 car garage; sits on .34 acres.  Listing price: $958,000.

Snowflake Condo 11 -- This 2BD/2BA + loft, 1204 sq ft ski-in/ski-out condo comes fully furnished with multiple upgrades throughout. Perfect for personal and/or rental use.  Listing price: $485,000.

1. AVAILABLE LOT LISTINGS

Aspen Crest Premier Lot 1 -- This 0.93 acre ski-in/ski-out lot is located atop the Aspen Crest neighborhood with views in every direction. Arguably the best lot at Eagle Point and the gem of Aspen Crest.  Listing price: $950,000.

Skyline Terrace Homesite 1 -- This 0.44 acre ski-in/ski-out lot is located above the Belknap Bow slope in the new Skyline Terrace neighborhood. Listing price: $345,000.

Skyline Terrace Homesite 5 -- This 0.42 acre ski-in/ski-out lot is located above the Belknap Bow slope in the new Skyline Terrace neighborhood. Listing price: $400,000.

The Pinnacle Pines Subdivision is the epitome of convenience for mountain living at Eagle Point Resort with only a short walk to the Canyonside Lodge.

Pinnacle Pines Lot 13 -- 0.63 acre lot. Listing price: $310,000.

Pinnacle Pines Lot 15 -- 0.67 acre lot. Listing price: $330,000.

Pinnacle Pines Lot 17 -- 0.97 acre lot. Listing price: $475,000.

Pinnacle Pines Lot 28 -- 0.61 acre lot. Listing price: $190,000.

1. SALES/UNDER CONTRACT SINCE LAST UPDATE

Aspen Crest Premier Phase II Lot 4 -- 0.72 acres, sold

Skyline Terrace Condo 9 -- 2BD/2BA plus loft, 1615 sq ft ski-in/ski-out condo, sale pending

Polestar Alpha Condo 6 -- 2BD/2BA plus loft, 1615 sq ft ski-in/ski-out condo, sale pending

West Village Lots 27, 28, and 29 -- 2.54 acres, sale pending 

West Village Lot 86  -- 0.70 acres, sale pending 

With the recent contracts above, there are zero lots available in West Village, which is the first subdivision created at the ski area in the 1970s by its original owner, Conrad Koning. This is the first time in my ownership period that West Village is sold out. As sale prices have risen across the Eagle Point area, buyers shifted focus to the relatively affordable price points offered in West Village and bought up all the properties. If you own a West Village lot and are interested in an opinion of value, please reach out to the Aspen Equity team. 

Aspen Equity Construction specializes in design + build projects where we 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