Fall 2023 Real Estate Update
The brief Fall season in the Tushar Mountains reminds me of the famous truism “beauty lies in the eyes of the beholder”. The yellowing of the Aspen leaves against the background of green pines only lasts for about 2 weeks a year, but is a stunning visual for anyone lucky enough to witness in person. Those of us involved in resort operations and mountain construction appreciate the same beauty but also understand the underlying challenges that emerge at the same time the leaves change colors. The month of October can bring sunny days in the 60s and snow storms in the 20s (like the 4 inches we got last weekend). Each day can be a surprise as teams finish up annual lift maintenance while others pour concrete for new homes and condos under construction before the inevitable first big snow storm declares winter’s arrival at Eagle Point.
The view to the Monarch runs as seen from the Skyline trail near City Creek Peak.
I have friends planning to visit me at the resort this winter so I did some research on the third-party rental sites, AirBnB and VRBO, to explore all of the available rental options. I was shocked to find 25-30 rental options on these third-party sites which exist along with the 45 properties currently managed by the resort. Back in Summer of 2022, I wrote about making a bigger fishing net, which is an analogy to building more condos and cabins to increase the resort’s overnight lodging capacity. After releasing 27 new condos from the Polestar and Skyline Terrace projects and several new homes over the next few months, the pool of overnight lodging options at Eagle Point Resort will soon exceed 100 properties sleeping over 500 guests. In our first year of operation in the 2010/2011 season, we offered only 5 overnight rental properties sleeping about 30 guests in total. The new, bigger fishing net is almost here, so I am ready to turn my focus once again back to resort operations and improvements for the foreseeable future.
Foundation wall forms at the Skyline Terrace Condos project near Skyline Lodge
I am excited to switch gears away from construction to lead the expansion of amenities and programming to make the resort a more attractive place to visit throughout the entire calendar year. The teams and I have been busy in that pursuit; here is a short update on resort-area improvements heading into the upcoming ski season:
Not satisfied with the food and beverage operations, I led a national search for a new chef who starts in November and will bring a fresh approach to the dining experience at the resort.
There will be no more skipping 2 chairs on the Skyline lift as we invested over $250,000 on new electrical interfaces for the Monarch and Skyline lifts and a new drive for Skyline.
We were joined by hundreds of collegiate mountain bike athletes for an organized race last weekend. The team has spent the last two summers opening new trails on the steep side of the resort which were met with rave reviews by the collegiate athletes. We will be opening these trails to guests next summer for a major expansion of our trail network.
The north room of Canyonside Lodge which is currently used for ticketing and lodging check-in will expand significantly to offer retail items, merchandise, supplies, basic groceries, snacks and to-go food options, becoming a true general store with expanded hours for the Eagle Point area. This should save many guests and homeowners from the long drive back to Beaver for supplies.
The local water authority finished construction of a new 250,000 gallon water storage tank which will be a welcome addition to the culinary water system.
REAL ESTATE UPDATE
Detailed below is a third quarter 2023 update of real estate activity in our community.
I. NEW DEVELOPMENT
Aspen Crest Premier Phase II Subdivision
The final phase of Aspen Crest consists of 8 of the nicest ski-in/ski-out lots in the country, extending the iconic viewscape of homes that currently line the Glacier Glade ski run. We recorded the new subdivision with Beaver County yesterday and are now ready to begin marketing efforts. The Premier II lots will be our signature offering this winter with prices ranging from $400,000 to $630,000.
Pinnacle Pines Subdivision
The Pinnacle Pines subdivision is the epitome of convenience for mountain living at Eagle Point Resort, with only a short walk to Canyonside Lodge, the pulse of the ski area. Gorgeous views of the surrounding mountains and easy access from the highway are among the many additional benefits of ownership in Pinnacle Pines. The subdivision is undergoing a total replacement of the culinary water system that is already approved and funded by the local water authority. Prices start at $200,000 (see Pinnacle Pines listings below).
II. AVAILABLE CONDO & HOME LISTINGS
Skyline Terrace Condo 1 -- This 1BD/1BA, 880 sq ft ski-in/ski-out condo is under construction for delivery in mid-2024. Listing price: $375,000.
Wooded Ridge Condo 5 -- This 1BD/1BA, 640 sq ft ski-in/ski-out condo can accommodate 4 people. It is a great condo for personal and/or rental use. Listing price: $289,000.
Snowflake Condo 11 -- This 2BD/2BA + loft, 1,204 sq ft ski-in/ski-out condo comes fully furnished with multiple upgrades throughout. Perfect for personal and/or rental use. Listing price: $515,000.
III. AVAILABLE LOT LISTINGS
Aspen Crest Premier Lot 1 -- This 0.93 acre ski-in/ski-out lot is located atop the Aspen Crest neighborhood with views in every direction. Arguably the best lot at Eagle Point and the gem of Aspen Crest. Listing price: $950,000.
Skyline Terrace Homesite 1 -- This 0.44 acre ski-in/ski-out lot is located in the new Skyline Terrace neighborhood. Listing price: $345,000.
Eagle Song Lot 2 -- This 0.44 acre ski-in/ski-out lot is located in the heart of Eagle Point Resort with prime access to the slopes. Listing price: $500,000.
These Pinnacle Pines lots are only a short walk from the Canyonside Lodge:
Pinnacle Pines Lot 11 -- 0.60 acre lot. Listing price: $239,000.
Pinnacle Pines Lot 13 -- 0.63 acre lot. Listing price: $310,000.
Pinnacle Pines Lot 15 -- 0.67 acre lot. Listing price: $330,000.
Pinnacle Pines Lot 17 -- 0.97 acre lot. Listing price: $475,000.
Pinnacle Pines Lot 28 -- 0.61 acre lot. Listing price: $200,000.
Pinnacle Pines Lot 37 -- 0.59 acre lot. Listing price: $280,000.
Pinnacle Pines Lot 39 -- 0.58 acre lot. Listing price: $285,000.
These West Village lots are a terrific value at Eagle Point and also only a short walk from Canyonside Lodge:
West Village Lot 27, West Village Lot 28, and West Village Lot 29 are a cluster of adjacent lots for $96,000 each. This is a great opportunity to own a sizable chunk (2.54 acres) of Eagle Point land. Seller will entertain an offer of $225,000 for the purchase of all 3 lots.
IV. SALES SINCE LAST UPDATE
252 N Elk Meadows Drive -- I was happy to see that cash buyers remain active in the area as this 4BD/3BA, 2,262 sq ft turnkey ski-in/ski-out cabin went under contract this week for $1,200,000.
Skyline Terrace Condo Unit 4 -- This 1BD/1BA, 880 sq ft ski-in/ski-out condo is under construction for delivery in mid-2024. Sold price: $375,000.
West Village Lot 66 -- 0.98 acre lot. Sold price: $90,000.
West Village Lot 145 -- 0.79 acre lot. Sold price: $80,000
West Village Lot 126 -- This 0.91 acre lot is under contract for $63,000.
Aspen Equity Construction specializes in design + build projects where we 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.
Best wishes,
Shane P. Gadbaw
Owner/Operator/Developer - Eagle Point Resort
Owner/Broker - Aspen Equity Real Estate
