Fall 2018 Real Estate Update
Before writing my quarterly update, I always review my previous letter, which last time had me musing about the joy of making summer memories with family. As I sat writing this current update, it struck me that I should be grateful I managed to slip in some early family fun because as it turned out, I worked my butt off and experienced a lot of stress since then with the major projects underway at Eagle Point.
The snowmaking installation was an intimidating and challenging project which involved moving a massive amount of dirt to shape a pond and bury underground plumbing and electrical across a large span of the Monarch Lift and Skyline Lodge areas. We built and lined a 20 acre foot pond (equivalent to 6.5 million gallons) which is now filling with water. The whole project would have made some great episodes of reality TV, with all kinds of “will they finish in time?”-moments along the way. Try to imagine the mixed emotions I felt when we received a foot or more of October snow during the final stages of shaping the pond. Where most people saw a gorgeous mountainscape covered in a blanket of white, I saw a weather event that shut down a massive operation for days at a critical time. Nevertheless, now that Eagle Point has water storage and snowmaking infrastructure in place, I feel a huge sense of relief and accomplishment which compensates for the grey hairs and wrinkles the project gave me. With the heavy machines and operators all gone, I can once again pray for snow while we wait for our new pond to fill from developed water sources.
The first Twin-Home building in the Golden Hollow development is framed and roofed with contractors now moving to the interior finishes. It will be move-in ready during Spring 2019 for the first two reserved buyers. We are now taking reservations for the next 6 units still available with expected completion dates of late Fall 2019. Located in Aspen Crest, the resort’s premier location, the ski-in/ski-out Golden Hollow Twin-Homes are 2,000+ square feet of space with 3 bedrooms, 3 bathrooms, a 2-car garage and signature views. There are two units in each building. 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.
I can also report that the high speed internet installation is “done”, although we are waiting on the wholesale internet provider to deliver a 6-foot receiver dish that will mount to the new tower we installed. The dish is how we will receive the microwave internet signal from the provider. We have all of the infrastructure installed to “flip the switch on” to the lodges and certain condos and cabins in the area as soon as the dish arrives. However, I recently learned that the dish is coming from Italy on a ship and won’t arrive until sometime in December. While I’m annoyed that the timing of the dish’s arrival calls into question high speed internet for opening day, I’m totally excited to be so close to flipping the switch and delivering a vastly better digital experience to our guests and owners.
Please find below a summary of real estate activity in the area since my last update in August 2018.
Homesites were the most popular purchases in 2018 as we sold from our inventory 33 lots and have 7 more currently under contract. Aspen Crest only has 10 available lots and there is only 1 remaining lot in the Sunset Ridge neighborhood.
While many inbound buyers want to start with a condo, unfortunately, inventory in the area is extremely tight with only 1 condo listing. Given the shortage of existing condos and cabins, the expected trend over the next few years will be new home and condo construction. I’ve just started planning a mid-priced condo product for release in 2020.
It has been very cool to watch the progress of the five new buildings under construction right now. Check them out during your next visit.
I’m happy to report that the property market is strong at the low and high prices points, with recent sales of a cabin for $850,000 and an Aspen Crest lot for $195,000, both record prices in the area’s history.
If you are looking for a condo at Eagle Point, 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. Most sales are happening privately without any listing.