Summer 2018 Real Estate Update
Growing up in Michigan, I have wonderful childhood memories of my carefree summertime experiences, like tubing in the Boardman River with multiple generations of family, riding BMX bikes with my friends where the goal was often to just get lost, or road trip vacations to cool places. For some reason the summertime memories seem to stand out most vividly in our memory bank. Perhaps it is because we suspend “growing up”, to be achieved during the remaining ten months of the year dominated by school. This summer was perhaps one of my most memorable as an adult., adding more than a few good memories to my collection while travelling this summer to Utah for work and with my family for fun.
In June, my wife, three kids and I did a tour of resorts in Utah and Nevada which in my line of work as a resort operator and developer doubles as important market research! We flew into Salt Lake City and made the short drive up to Park City for two nights at a condo hotel in Deer Valley. We went mountain biking, did some hiking and rode the alpine coaster and slide -- they were all big fun (but certainly not cheap)! We all agreed that the alpine slide would be a great fit for Eagle Point some day. After Park City, we drove down to Eagle Point for some more adventure and to check on the progress of our big summer projects: installing a long awaited snowmaking system, introducing high speed internet, and breaking ground on the first Twin Homes within Aspen Crest. I even took a fresh look at where a future alpine slide might reside.
The snowmaking installation is the landmark project this summer at Eagle Point. It’s been such an interesting process watching engineers and crews install the system including “zap locking” the pipe together and eventually setting the several hundred foot long connected pipe snake into the ground. This week we started excavating two storage ponds below the Monarch lift. Our marketing director, Scott, had the great idea to do a time-lapse of the pond excavation, essentially taking multiple pictures from the same spot every day during construction to create a video-like sequence of the progress through completion. I can’t wait to share it with you when it is ready. By extending the duration of the season and enhancing the quality of the snow experience, Eagle Point continues its emergence as a first-class mountain resort in one of the country’s fastest-growing regions. I’ll have more to share about high speed internet plans in my next quarterly update in November.
We broke ground and have poured concrete for the first Twin Homes in Aspen Crest, in a location we named Golden Hollow. The ski-in/ski-out turnkey Twin Homes are 2,000+ square feet of space with 3 bedrooms, 3 bathrooms, a 2-car garage and signature views of the surrounding mountainscape. With comfortable sleeping capacity for a party of 10, the twin homes are perfect as a second home for your family in the mountains or a rental income opportunity with participation in the resort’s property management service. The first 2 of 8 Twin Homes are under construction with the first unit reserved and the second available.
Please find below a summary of real estate activity for the area since my last update in April 2018.
Aspen Crest, Lot 22 sold to another St. George-based family, and we released Lot 9 into the availability pool leaving 11 available.
The Merchant Creek area proved very popular this summer with all 18 of the Streamside lots now sold or under contract to a group with some fascinating plans for this gorgeous summer-access-only location replete with a mountain stream running through the heart of the subdivision
Buyers from St. George and Las Vegas bought 2 lots in the West Village, while Lot 1 of Sunset Ridge sold to a SLC-based real estate developer. Lot 6 is now the last unsold lot in the original 6 lot Sunset Ridge subdivision.
There are four new buildings under construction right now, including 2 cabins in Elk Meadows Estates, 1 Twin Home in Aspen Crest and 1 cabin in the West Village.
In the Base Village, there remains a shortage of condo inventory with only 4 listings, all 1 bedroom units. If you are looking for a 2 bedroom or larger condo, the best strategy is to let me know when you are ready to buy and I will reach out to owners who may be willing to sell at your budget.
It’s a great time to visit the Eagle Point area as the conditions are beautiful compared to the sweltering heat in the valley floors of southern Utah and beyond. The landscape will only get prettier until the peak in mid to late September when the Aspen leaves turn gold and winter’s breath of cold air begins to arrive. Call me anytime if you want to discuss Eagle Point and the opportunities to join our growing community.