Spring 2020 Real Estate Update
I wrote most of this letter on the plane from Detroit to Las Vegas, one of about 15 masked guests onboard. I’ve never been on a private jet, but I imagine it would be a lot like this flight. It was my first return to Eagle Point since I left a few days before Vail announced the closing of all of its North American resorts, and the rest of us followed. Locked down in my Michigan home for the quarantine, I initially watched the health and economic crisis unfold around the world and wondered helplessly how it might affect my family, friends and businesses. My condolences go out to anyone reading this who may have suffered or knows someone who has suffered during the pandemic.
Having lived in New York City during two crisis periods -- the September 11th attacks and the financial crisis, I’ve always tried to use the down time to invest in making myself and my business better and stronger. In fact, it was during the financial crisis that I decided to leave my 12 year career on Wall Street and pursue a more romantic future operating and developing a resort in Utah. This crisis will be no different for me; I’m committed to making Eagle Point better and stronger, and doing so at a more accelerated pace than ever. Here are some of the plans or projects that I’m working on to that end.
New Village Condos
We have broken ground on the first new condo project at Eagle Point in 20 years. The new village condos (name TBD) will be dedicated guest lodging properties (not for sale) in an awesome location across the street from Canyonside Lodge. The first building offers 4 new condos: (2) two bedroom, two bathroom units with a spacious 1,700 square feet design and (2) one bedroom, one bathroom units with 800 square feet. As a showcase for future development, the condos will feature a prime digital experience in a beautiful, natural setting. I gave myself a personal challenge to have them done by Christmas 2020 so my team and I are working super hard to make that happen.
Digitized Operations
The COVID-19 outbreak only accelerated a digital transformation of operations underway since we installed high speed internet and became an internet service provider in the resort area. I searched for help on this buildout and I’ll share more news in the next letter about an exciting partnership with an eminent tech executive who is already a significant investor in the Aspen Crest project and has become a good friend. The timing and stages of the implementation are still sorting out, so I’ll keep it big-picture for now through a glimpse of the future at Eagle Point:
No one waits in line at Eagle Point. There are no lines. There is vast open space available for your enjoyment. And there is an app, a reloadable card, and your device to connect you to Eagle Point. Use your device anytime before your trip to buy products, like lift tickets, lessons, and rentals on your reloadable EP pass. Head straight to the lifts if you have what you need. Schedule your rental fitting ahead of time on the EP app and get fitted in the new Guest Center with a large open fitting area with comfy seating and a technician ready to get you out on the slopes quickly. While you’re on the lift gloating about your last epic run, check out the app to see when you can reserve seating at the Canyonside Lodge or order your food to go for slopeside pick up. Spend more time in the hot tub and less time cooking dinner; use the app to order delivery pizza to your modern, tech-infused, slopeside condo.
I’ll have much more on this topic in future letters as the roll-out takes shape.
Sales and Existing Inventory
After strong sales in the first quarter, inquiries and sales came to a halt during the quarantine but have since rebounded nicely. Here is a summary of current real estate opportunities in the Eagle Point area.
Building lots
If your dream is to build a custom home at Eagle Point, we offer 17 remaining lots: 6 in Aspen Crest ranging from $105,000-$289,000 and 11 in the West Village ranging from $27,500-$55,000. We added Aspen Crest 1 into the available inventory after converting it to a nearly 1 acre “trophy” property by adding adjacent land and clearing an extraordinary view. We offer a full range of building services and would be happy to provide estimates and share ideas for your project. Click here for a map of the communities of Eagle Point.
New Twin Home Series
For those who prefer a right-sized, ski-in/ski-out finished home, the fourth and final twin home is under construction with scheduled completion in November 2020. This luxury unit is 2,000+ square feet with 3 bedrooms, 3 bathrooms and a 2 car garage priced from $549,000. The twin homes are located in Aspen Crest. We would love to give you a tour of the existing twin homes that were finished in December 2019. This is probably the last twin home we do for a while as we focus on 1 and 2 bedroom condos to build out the resort’s lodging base.
Existing Condos and Cabins
This is the tightest inventory I have ever seen at Eagle Point. As of now, there are zero condos listed for sale and only two, early 1980s-era cabins in hard-to-access locations. I’ve always said that I’ll really start building new condos only after I can no longer buy existing ones for cheaper than I can build. Thankfully, that time is now. There is still the one-off opportunity to approach existing owners preemptively to find existing condos if you are ready to purchase. Give me a call if so. There are still some owners who are willing to entertain good offers even if they are not actively marketing for sale.
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 at shane@skieaglepoint.com.
