Spring 2025 Real Estate Update
- scottmcurry
- Apr 28
- 6 min read
I am not sure when it happened. Over time, my career transitioned imperceptibly from resort owner/operator into community builder. No longer am I only managing a ski resort. Rather, I am leading the development of a charming ski town in the Tushar Mountains. This reality became evident recently with the astonishing amount of hustle and bustle around the resort as we welcomed 18 new families into their newly-completed Polestar Condos. From both our core markets of Utah, Nevada and California and from as far away as Illinois and Florida, families are establishing second homes at Eagle Point Resort at record pace. Meanwhile in the Tushars, the community living full-time at the resort, including some who are raising children, is up to 23 people (from zero when I arrived in 2009).
Building a ski town requires relentless effort. I need all of the energy and diplomacy that I can muster to manage the tenuous balance of interests among the ski town’s important stakeholders including guests, mountain property owners, and the local community in the valley. Each of those important partners needs to be satisfied or the ski town’s happiness quotient decreases.
If there are too many guests, the ski town will suffer from the same negative network effects currently plaguing many of the mega ski resorts. Conversely, if there are not enough guests, the ski town will languish in an underdeveloped state — as nearly happened with Eagle Point’s predecessors, Mount Holly and Elk Meadows.
Real estate development is generally favored by certain stakeholders (e.g. the owner/operator, guests looking for nicer rentals, real estate buyers and the county tax roll) but may be reviled by others (e.g. conservationists, anti-growth existing property owners). Every action has a reaction in the development of Eagle Point.
This career is certainly challenging, but I have learned a great deal about building a community over 15 years of hands-on training and relationship development with my stakeholders. Leveraging the real estate development platform that I have established, my team and I are building the ski town of Eagle Point one household at a time. We spend a lot of time researching our development plans because we care deeply about making Eagle Point an exemplary model for right-sized ski towns. The job gets easier with every new family that joins our town, each bringing unique perspectives and contributions. I love to hear feedback from my readers and guests, so please keep sharing.
Come up for a visit this summer to see the many improvements in the area or to experience the Tushars for the first time.
REAL ESTATE UPDATE
Detailed below is a first quarter 2025 update of real estate activity in our community.
The most evident trend is that cash purchases of ski-in/ski-out lots have accelerated beyond the normal pace of sales (6 per year is average). There were already 3 sales in the first quarter of 2025, all for cash, including Aspen Crest Premier II Lot 6 which sold for $630,000. New buyers have pointed to the quantity and quality of new ski-in/ski-out homes built in Aspen Crest influencing their decision to purchase a lot. Additionally, stock market volatility may make scarce, inflation-protected assets like ski-in/ski-out land strong portfolio diversifiers, as I discussed in a past update.
We also observed several notable condo sales during the ski season. Two of the best Snowflake condos sold in April to buyers who followed my recommendation to buy in this coveted location. The fires in LA have impacted mountain properties, including the Snowflake units, as insurance carriers dropped coverage and/or raised premiums for condos. Snowflake experienced a sharp increase in insurance premiums leading some long-time owners to consider selling.
With the Polestar project nearly complete, I will be taking a long break from building condos. I believe that now is the time to focus on the few good remaining opportunities among existing condos in the village. Send me an email if you want to discuss what I’m seeing in the condo market at Eagle Point.
NEW DEVELOPMENT
Aspen Crest Premier Phase II
There are five remaining lots in Aspen Crest Premier Phase II, the resort’s premier ski-in/ski-out location. These lots extend the iconic viewscape of homes that currently line the Glacier Glade ski run and will have great access to the future Town Square. Prices range from $480,000 to $700,000.
Aspen Crest Premier Phase II Lot 1 -- 0.50 acre lot. Listing price: $510,000.
Aspen Crest Premier Phase II Lot 2 -- 0.50 acre lot. Listing price: $480,000.
Aspen Crest Premier Phase II Lot 4 -- 0.72 acre lot. Listing price: $595,000.
Aspen Crest Premier Phase II Lot 7 -- 0.63 acre lot. Listing price: $650,000.
Aspen Crest Premier Phase II Lot 8 -- 0.68 acre lot. Listing price: $700,000.
Slopeside Subdivision
In November 2024, I released a two-lot subdivision, Slopeside, and sold the first lot in a matter of days. Slopeside 2 is still available. I think it is arguably the best available property to develop a ski-in/ski-out rental. You walk out the door right to the lift for the ultimate ski-in/ski-out experience.
Slopeside 2 -- 0.45 acre lot. Listing price: $395,000
CONDO & HOME LISTINGS
Newly Listed Snowflake Condo 8 -- This 1BD/2BA plus loft, 1037 sq ft beautiful turnkey condo has it all. We believe that this is the best location for ski-in/ski-out access in the village. Listing price: $395,000.
Snowflake Condo 22 -- This 2BD/2BA, 1036 sq ft ski-in/ski-out condo comes fully-furnished with gorgeous views. This is the only 2 bedroom Snowflake Condo on the market. It is a must see. Listing price: $435,000.
482 Ponderosa Drive -- 2BD/2BA plus loft, 2,352 sq ft cabin in the West Village area. Escape to the tranquility of the Tushar mountains with this charming rustic cabin. This is a great fixer-upper project for the right buyer. Listing price: $395,000.
Snowflake Condo 28 -- 1BD/1BA, 682 sq ft cabin. Enjoy stunning alpine views, a warm and inviting interior, perfect for relaxing after a day on the mountain. Listing price: $245,000.
Mount Holly Condos #6-C -- 1BD/1BA plus loft, 727 sq ft fully furnished, turnkey condo. Perfect mountain getaway. Listing price: $295,000.
RESALE LOT LISTINGS
Ski-In/Ski-Out
Newly Listed Aspen Crest Lot 13 -- This 0.67 acre ski-in/ski-out lot is in the coveted Aspen Crest subdivision. Listing price: $450,000.
Skyline Terrace Lot 2 -- This 0.42 acre ski-in/ski-out lot is located above the Belknap Bow slope in the new Skyline Terrace neighborhood. Listing price: $400,000.
Non Ski-In/Ski-Out
West Village Lot 29 -- Great value for this 0.61 acre lot. Listing price: $96,000.
West Village Lot 28 -- Beautiful 1.10 acre lot. Listing price: $125,000.
New Listing West Village Lot 148 -- Mountain living can be yours with this 0.55 acre lot in the West Village area on Ponderosa Dr. Listing price: $125,000.
SALES OR PENDING SALES SINCE LAST UPDATE
CONDOS:
Polestar Beta 9 -- SOLD JAN 2025
Polestar Beta 1 -- SOLD JAN 2025
Polestar Beta 3 -- SOLD FEB 2025
Polestar Beta 6 -- SOLD FEB 2025
Polestar Beta 8 -- SOLD FEB 2025
Polestar Beta 2 -- SOLD MAR 2025
Snowflake Condo Unit 11 -- SOLD APR 2025
Snowflake Condo Unit 13 -- SOLD APR 2025
Wooded Ridge 14 -- SOLD APR 2025
Polestar Alpha 1 -- SOLD APR 2025
Polestar Alpha 3 -- SOLD APR 2025
Polestar Alpha 5 -- SOLD APR 2025
Polestar Alpha 7 -- SOLD APR 2025
LOTS:
West Village Lot 88 -- SOLD MAR 2025
Skyline Terrace Lot 5 -- SOLD MAR 2025
Aspen Crest Premier Phase II Lot 6 -- SOLD MAR 2025
Aspen Crest Lot 16 -- SOLD APR 2025
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 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
Comments