Fall 2022 Real Estate Update
A busy season of construction wraps up between now and Thanksgiving when our team transitions from construction mode into winter operations mode. There will be several new lodging options available for our guests this winter including two, large gorgeous homes in Aspen Crest and the eight Studio Cabins in the new Skyline Terrace subdivision. The addition of these properties marks the largest single year increase in our overnight lodging capacity as we grow from 33 rental properties to 43 (plus a dozen or so owner-managed units).
As I discussed at length in my last update, releasing new lodging options for our resort guests is the most important priority for our team. When I accepted the challenge over a decade ago to build a ski town nearly from scratch, among the many opportunities attracting me was the chance to incubate new, best-in-class business lines and brands in the core functions of construction, real estate brokerage and hospitality operations. My personal Aspen Equity brand is humming right along in construction and brokerage with solid teams in place. As such, I’m moving my focus to building out the premier lodging operator in the resort area with the finest collection of properties across price points and locations.
The Canyonside Collection was the first release and after a first full year of operation, the units established themselves as the nicest and best performing rental properties in our program, leading the way in the luxury condo segment. In the affordable lodging segment, the soon-to-be released Skyline Terrace Studio Cabins will offer exceptionally located, low-cost lodging units configured like classic hotel rooms with each of the eight units encompassing 288 square feet of space, high-speed internet, smart TV, electric fireplace inside and a stone outdoor private fire pit with two Adirondack chairs.
Having successfully opened new greenfield locations around the resort in Aspen Crest and Skyline Terrace, my design team and I are returning to the original condo village around Canyonside Lodge for one of the last remaining infill projects in that area. With a working name of Canyonside Village, this mixed-use, wellness-themed development will include a variety of affordable ski-in/ski-out lodging units together with to-be-determined commercial amenities that may include a spa/yoga studio/gym, private hot tubs and a small walk-up cafe. Like Canyonside Collection was, this Opportunity Zone-Eligible investment opportunity will be available for outside investment with a minimum of $100,000. If you are looking for an inflation-resistant, real asset investment with a minimum of a five-year holding period, send me an email and I’ll keep you posted as the opportunity materializes leading into the ski season.
If alternatively you are looking for a stand-alone investment or personal property, below you will find the few listings still available in the Eagle Point area.
* AVAILABLE CONDOS & CABINS
Skyline Terrace -- There is only one remaining property in this new 23 unit subdivision project. Skyline Terrace Condo #8 is a two-bedroom, two-bathroom 1,615 square foot ski-in/ski-out condo. Listing Price: $665,000.
Mt Holly Village Condo -- This 2BD/2BA, 734 sq ft unit is the only turnkey condo opportunity for immediate move-in or rental income. Listing Price: $359,000.
West Village Cabin - This mountain classic 3-bedroom cabin has been a great performer in our rental pool for years. Listing Price: $689,000.
** AVAILABLE LOTS
Fir Haven 2 -- This 0.91 acre lot is a prime ski/in-ski/out property located on the slopes adjacent to the Skyline Chairlift lower terminal for the ultimate ski-in/ski-out building lot. Options for development include building a legacy single family home or a highly-desirable location for a small condo project. Listing Price: $599,000
Two Lots in West Village -- There are two available lots in the West Village community include #66 for $108,000 and #94 for $80,000.
*** SALES SINCE LAST UPDATE
Skyline Terrace Lot 6 sold for $345,000
A “Compound” in West Village (3 adjacent lots) sold for $475,000
West Village 134 sold for $137,500
West Village 141 sold for $110,000
West Village 56 & 58 sold for $87,500
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 Mountains. 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 Update: Looking Ahead to December 16
By any metric of success, the past several years have been incredible. Sold out lodging during the entire December holidays is the norm, and we again foresee full lodging capacity every Friday/Saturday including through April. Local rental property owners have benefited greatly as the low supply/high demand has allowed us to bump up lodging prices each year without any impact on the demand side. We’re still one of the most affordable ski-in/ski-out options in the west. Our association with Indy Pass has provided exposure to others that appreciate skiing independently-owned resorts.
The growth rate has been perfect. It has allowed our staff to introduce more and more guests to the resort without overburdening the staff or facility to the point where the guest visit becomes unpleasant. If you follow the ski industry these days, you know that customer satisfaction levels have been a challenge as overcrowding, traffic and overall hassle are THE issues in the industry. Their challenges are our fruit as people look for an alternative. With ticket prices soaring over $200+, we have kept our Window Price flat so we can serve the passionate among us that are willing to pay for value but might not want to spend $5,000 a weekend multiple times per year. We’ll continue to grow, continue to invest, and do so without altering the unique character and experience of the resort.
Following my vision and strategic plan, we continue to reinvest to improve the guest experience. Some big and small highlights that the team worked on during the offseason:
Commitment to add staff to shorten wait times at Skyline Lodge for tickets and rentals.
Yet another reconfiguration of the Rental Shop at Skyline Lodge to improve the flow, and accommodate our expanded offering of ski and snowboard rentals. The expansion also includes rentals for ski bikes which are growing in popularity
Lift operation is one of the biggest challenges with running a resort in the harsh winter elements at 10,000 feet. It is also one of the most capital intensive. Skyline Lift (drive programming and evacuation engine replacement), Monarch Lift (fully updated modern control system) and Canyonside Lift (full replacement of the tension system) all saw engineering upgrades. Lookout Chair got a tune up as well.
Commitment to improve our pre-opening process for storm preparedness, particularly for Lookout Chair so guests can get that sweet powder without delay.
New drinking fountain/water bottle fill stations were installed at Skyline and Canyonside Lodges.
Book your lodging ASAP. I’m serious. We’re going to sell out key dates soon. I look forward to seeing our most loyally committed guests this winter.