Summer 2022 Real Estate Update

Greetings from the Tushar Mountains where the short spring season currently transitions into the summer monsoon season with moist winds delivering regular afternoon showers. I love this time of year when seasonal stream flows are high and the sound of running water dances with the songs of birds and the rustle of winds throughout the forest. The construction team is busy with a production pipeline of 36 condos and 8 custom homes in varying phases of construction while the operations team has successfully hosted two large-scale events, a music festival and an archery weekend, in June.

After my last update in late May, a reader wrote back to me saying that he liked it better when I focused on resort improvements instead of real estate. This scenario has come up many times before in my days building out the resort and community of Eagle Point. Several guests have offered helpful suggestions for a new lift, additional terrain or some other attraction, all of which are good ideas, if only out of sequence in terms of development strategy. Let me explain.

Imagine a fisherman who has found a bountiful location for catching fish but whose net is of such a size that the fisherman reaches capacity every time he goes fishing. In this scenario, the fisherman cannot catch more fish by using better techniques or making any improvements to his operation because he is already at capacity based on the size of his net. His solution is simple: he just needs a bigger net to improve his fishing results.

Eagle Point is in the same position as the fisherman in need of a larger net for an already bountiful location. Overnight lodging capacity is Eagle Point’s fishing net. Skiers and snowboarders want to spend multi-night stays at Eagle Point but there is not enough existing lodging capacity to satisfy that demand. By adding new terrain or lifts now, there would be little to no impact on guest visitation because we are already at lodging capacity. The improvements will come - they always do. After all, we are the operators who installed snow-making and high speed internet which are two of the most important improvements ever made for this resort and community. With 36 new condos and 8 custom homes completing now through 2023, we are expanding our fishing net at a significant pace. Ski resort improvements will certainly follow.

Below you will find select real estate opportunities in the Eagle Point area.

Skyline Terrace -- The Beaver County Commissioners approved the final plat for the new Skyline Terrace Subdivision which includes a 9 unit slopeside, condo building, 6 homesites and 9 studio cabin rentals. Construction is underway with the 9 studio cabin rentals expected to be available for opening day of the ski season. This ski-in/ski-out project adds a variety of overnight accommodations while opening a new development area near the Skyline Lodge. There is 1 remaining 0.42 acre prime homesite, Skyline Terrace Lot 6, listed for $375,000 and 1 two-bedroom, two-bathroom 1,615 square foot condo available for $665,000. If you are interested, please let me know.

Construction of the first Studio Cabin is underway at an off-site location

Available Land Listings -- Inventory remains extremely limited even with the volatility in the financial markets.

Aspen Crest Premier Lot 4 -- This 0.85 acre lot is the premier listing in the entire resort area. Located at the top of the Aspen Crest community, the Aspen Crest Premier 4-lot subdivision was finished in 2021 and boasts incomparable ski-in/ski-out access and views. Listing price: $890,000
West Village Lots 56 & 58 -- This combined 1.66 acres two-lot property has awesome views with a building pad and driveway already roughed in. This is a great value for relatively large acreage. The listing price has been reduced to: $110,000.
West Village 94 -- This 1.64 acre lot is located along the state highway with big views of Beaver canyon. Listing price: $80,000.

Home Building - 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 mountain range. 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.

Winter 2022/2023 Lodging Reservations & Ticket Sales - In mid-July, we will release winter 2022/2023 dates so guests can make lodging reservations and buy tickets, rentals and lessons. Most of the prime properties for the popular December holiday dates will go quickly.

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

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