Winter 2021 Real Estate Update

Many of you know that two years ago we installed the resort’s first phase of snowmaking infrastructure, including a 6.5 million gallon pond, 2 stationary gun towers and 6 mobile guns. This critically-important infrastructure dependably covers 6 runs, and terrain park, on the Monarch lift which is the only terrain we had open for most of the December holiday period. Despite limited terrain, the mountain was at full capacity with guests and owners enjoying precious time outdoors. In fact, we even limited ticketed sales to preserve the guest experience by not overcrowding trails or creating lift lines. In addition to this simply being the right thing to do, the grateful, positive response from guests will pay dividends as they hear tales from friends of 45 minute lift lines elsewhere.

With this year's pattern of snowfall, the old Eagle Point (and Mount Holly/Elk Meadows before that) would have had to postpone opening and cancel the holidays for many disappointed guests and homeowners (like I’ve gut wrenchingly done twice before, ugh). Even with an average of 350” of snowfall per year, nature is fickle. Instead, the evolved Eagle Point with snowmaking saved the holidays, putting the resort on track for another record year (in the midst of a pandemic). My experience this year validates the merits of investing in snowmaking; I’m hooked and will be installing more. What a difference it makes!

One night during our recent stay at the resort, my wife and kids found ourselves in a heated game of Monopoly, a favorite one of my youth. My expectations for an easy victory were quickly crushed as my wife and I went bankrupt early in the game while our three kids extended the property battle for hours. It was cool to see my kids express their nascent business acumen through their actions in the game.

I was struck by one interesting analog between the game of Monopoly and the current situation at Eagle Point. In the board game, there is that subtle moment of anticipation which comes after the players have purchased and/or traded all of the properties but before any houses or hotels have been built. This is the moment of inflection, when it becomes apparent that the real action is about to begin. It feels to me like Eagle Point is at that same inflection point. To explain this notion further, I’ve pieced together below some interesting stories and developments from 2020.

Sold Out of Available Property

Substantially all available development property, building lots, condos and cabins in the area have sold and third-party developers have also entered the scene.

Our current inventory of lots in Aspen Crest and West Village are sold out. I even sold the lots I had been saving for myself. Buyers from California have emerged as a major source of demand for property at Eagle Point and in southern Utah in general.
The 40 acres near the Falling Water road crossing sold to a buyer from St. George. This area is several years away from development but will be interesting when we reveal plans for new intermediate terrain in that area at the right time.
An investor from Las Vegas purchased the 20 acres once called Pinnacle Club which is located just across the highway from the Canyonside Lodge parking lot. I’ll have more info on this project in the next update.
The resort acquired two parcels that are core to the long-term master plan and the long awaited connector lift which will connect both sides of the mountain over Highway 153. Now that those acquisitions are complete, I’m excited to show off the new master plan and new connector lift line in a few months.
I do have one listing available for a ski-in/ski-out cabin built in 2018 for sale for $1,000,000. If you are interested, please let me know.

New Ski-in/Ski-out Polestar Condos and New Ski-in/Ski-out Homesites in Aspen Crest

In my last update, I gave a brief introduction to the new ski-in/ski-out condo project called Polestar. After releasing this project for reservations in late December 2020, there are only 2 remaining units out of the 18.
Polestar is set for groundbreaking in May 2021 and will be completed in mid 2022. Beyond Polestar, any new developments will not be ready until 2023 or later, so grab one of the last Polestar condos if you want your ownership experience to begin sooner.
We will also release about 8 new homesites in Aspen Crest in late 2021. The Aspen Crest Premier Series will be 4 magnificent homesites located at the pinnacle of the neighborhood. These will be the nicest lots at the resort (hands down) and will be priced accordingly (TBD).
We are also working on a phase 2 release in the Golden Hollow area of lower Aspen Crest. Those 4 lots will be more in line with the size and prices of recent sales in Aspen Crest.
Development of these new lots will begin summer 2021; we will start taking reservations in a few months.

Future Town Square and Major Resort Improvements -- Planning Underway

I am really excited to announce that master planning is well underway for the future Town Square of Eagle Point located adjacent to the existing Aspen Crest neighborhood and other new amenities. Included within will be modestly scaled commercial space bringing some much-desired, year round amenities to the area.
We will reveal the new master plan concept sometime this summer which will include a 30 acre leisure and recreation center within the Town Square featuring a new main lodge, tubing runs, a beginner learning center, a variety of overnight lodging options, spa, boutique restaurant, sporting club and an energy station (a reimagined, 21st century gas station). The new connector lift terminal will be located in the leisure and recreation center enhancing the connectivity of the skier/rider experience (and reducing dependence on shuttle buses).
I have assembled a team of planning and engineering professionals to assist me on this most ambitious project of my tenure of ownership. I should have a concept site plan to share with you in my next update.

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.