Fall 2021 Real Estate Update

In this season of thanks, I am truly thankful! I spent last Saturday in Michigan Stadium watching my Wolverines finally beat Ohio State for the first time since 2011. In the final moments of the game amidst light snowfall with victory secured, nearly all of us Michigan fans smile-cried tears of joy; the guy next to me literally was brought to his knees out of elation (which made me smile-cry even more heartily). We were all so demonstrably emotional that the Ohio State fan in front of me looked around and remarked out loud “man, I guess you Michigan fans really needed this.” He was right. It was a rare and fleeting feeling of complete satisfaction; it lasted the entire night.

The next morning, I wasn’t even sure what to do with myself because nothing else seemed to matter as much. I was still completely satisfied. Of course, reality eventually set in as I came down from “cloud nine” to let out the dog and do the dishes. Yet, the entire experience made me dwell on this notion of “complete satisfaction”, like the Buddhist concept of “nirvana”, a state of perfect peace and happiness without any desire or suffering.

In the new year, I am committed to finding moments of complete satisfaction in other, more normal moments during the minutes, days, weeks or years of my life. Those moments are out there for all of us provided we stop to see them. I want to snowboard more, spend as much time as possible with my 18 year old son before he leaves for college and fully unpack the boxes from the move into my twin home that is less than 2 years old.

The scene from Michigan Stadium after the victory. Go Blue! Photo Credit: University of Michigan Alumni Association

Before moving into the new year, I would like to share some of the highlights of 2021.

Polestar Condos - We broke ground on the 18 new Polestar condos located next to the Tunnel. When complete, these condos will be iconic, perfectly situated with 360 degree views in the “true center” of the resort. Perched at the highest site within the original condo village started in the 1970s, Polestar’s location also represents the gateway to the exciting new development plans for Town Square, which will sit above (north) of Highway 153 adjacent to the Aspen Crest community. All of the Polestar units are under contracts with hard deposits and a long waiting list.

Custom Home Building - My in-house custom building business, Aspen Equity Construction, is fully booked for 2021 and 2022 with 10 custom homes, 10 studio cabins and 27 condos under contract for construction. Unless and until we can find new subcontractors (and places to house them), we will continue to face maximum building capacity as an organization and community. We are experimenting with some new building techniques (see below) with the new Skyline Terrace project to help scale our resources.

Skyline Terrace - This planned ski-in/ski-out development includes one- and two-bedroom condos (9), rental studio cabins (10) and finished mid-sized homes (6) plus an observation park delivering impressive horizon and summit views. The design of the 9 condos are identical to those of Polestar while the studio cabins and mid-sized homes will be built with panelized construction solutions offered by potential vendors under consideration: Zip Kit Homes and/or Den. We are ready to take reservations with a refundable deposit for the mid-sized finished homes with a price range from $600,000 to $1,000,000+. If you are interested in mid-sized homes, please send me an email. For now, the 9 condos are all reserved.

The studio cabins (not for sale) most likely will use Zip Kit’s Studio Pod design which is essentially a hotel room in a box. The team and I think it is possible to have these built and operational before the 2022/2023 ski season (under 1 year start to finish). The accelerated pace is made possible because the cabins will be under construction at the production center offsite and will be trucked over on trailers when the site itself is prepared at Eagle Point. This allows major phases of the construction process to be executed simultaneously (e.g. building the structure in a factory at the same time foundation work is done on site) instead of sequentially as in the normal stick-built process. These will be ideal overnight lodging units that can be delivered at an affordable rental price point for Eagle Point guests. The studio cabins will also expand short-term stay capacity for contractors building the next wave of construction.

Ski-in/Ski-Out Lots in Aspen Crest Premier & Eagle Song: The team and I completed two new ski-in/ski-out subdivisions of high-end homesites. I was impressed, but actually not surprised, that buyers emerged from as far away as Texas and Connecticut to acquire these signature lots that likely will become treasured family retreats for generations to come. Aspen Crest Premier Lot 1 (0.94 acres) is the only remaining ski-in/ski-out lot at Eagle Point and is arguably the crown jewel homesite on the mountain. The list price is $940,000.

Snowmaking & Winter Operations - We have started snowmaking operations laying down “whale tails” when the temps allow as we approach our scheduled opening day on December 17, 2021. For the upcoming season, my team and I hope to deliver the same great experience with a few enhancements in the dining menus, more and nicer lodging options, like the Canyonside Collection, and an awesome new after-hours experience, the Snowcat Excursion, which I highly recommend. You can find me trying to enjoy myself a little more on the slopes this season and waiting to find opportunities to be completely satisfied while those moments last. I hope to see you out there doing the same. Snowy wishes to you all.

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