Winter 2024/2025 Real Estate Update

January 4, 2025

Dear All,

December was packed with activity across the entire resort area. The construction teams hustled to finish several Polestar condos for delivery before the holidays. Meanwhile in resort operations, our teams put finishing touches on major summer infrastructure projects. We installed a new haul rope on the Monarch lift, replaced the gearbox for the Canyonside lift, and rebuilt the motor in the Tushar Peaks lift. Improving our guest experience with ongoing infrastructure investment continues to be a top priority at Eagle Point.

Just as we were finishing snowmaking efforts in preparation for opening day, we received an unexpected early Christmas gift. The creative agency promoting the Porsche Macan asked to film a commercial at Eagle Point, making for a truly extraordinary Reserve The Mountain experience. Fitted with studded snow tires, the Macan vroomed up, down, and in circles on the man-made snow terrain, sometimes requiring a snowcat tow when the doughnuts got away from the driver. The three-day shoot was a great distraction for the team amid the busy season and offered cool visuals never seen before on the slopes of Eagle Point.

Above: Filming above the tunnel with the Polestar buildings in view on the left.

Below: Minutes later the car skidded off the edge of the hard terrain requiring a rescue from the snowcat.

December also marked some major milestones in my life: I turned 50 years old and Eagle Point turned 15 (under its current name and ownership). I am in my prime, laser-focused on building an awesome resort and thriving community. Investing in a digital future, my team and I put a lot of effort into releasing new websites for Eagle Point Resort and Aspen Equity Construction. Accordingly, my theme for this update and the start of 2025 is the top 5 reasons to be excited about the new year and beyond for Eagle Point Resort.

Skiing and Snowboarding: We have nearly all terrain open for ski operations. The mountain has been full of guests enjoying their holidays. With a solid base across the resort and the holidays behind us, we are excited to welcome #PowderFridays throughout the season. We hope to see you all on the slopes.
New Overnight Lodging Properties: The primary reason I bought the resort and land in 2009 was for the opportunity to develop beautiful real estate for guests and owners for years to come. The Polestar Condominiums project is the latest overnight lodging development that draws on my experiences building Canyonside Collection, the Studio Cabins and Evergreen Place, some of the resort’s best overnight lodging properties. New rentals in Polestar will be available later this month.
New Gym and Yoga Studio: As we add modern lodging options, we are also developing more guest amenities that will be available only to guests staying in Eagle Point-managed properties. Later this month, the new gym and yoga studio will be revealed at Canyonside Lodge. With new amenities will come new programming for guests staying at the resort. Each year brings something new for Eagle Point, and I am sure this one will be a hit!
Ski-in/Ski-out Real Estate Opportunities: After 15 years of experience, I can confidently say that my specialty is developing ski-in/ski-out neighborhoods, with a body of work that includes 49 homesites across 5 new subdivisions. Only the two most recent developments have any remaining inventory: 4 left in Aspen Crest Premier II (launched Sep 2023), and 1 last homesite in the iconic Slopeside 2 location (launched Nov 2024) just below the Skyline Lift lower terminal. I am on a break from developing any new ski-in/ski-out properties while I focus on new amenities that will drive values higher in the ski area. Now is the time to secure the last few ski-in/ski-out properties before new amenities and resort improvements drive prices higher for future releases.
Connector Lift: One of the most important resort improvements we are planning is the new connector lift that will return guests from the Lookout terrain and Canyonside Village across the road to the future Town Square resort center. The connector lift will eliminate the shuttle bus from our ski operations, keeping our guests gliding on the snow or lifting through the air throughout their time on the mountain. The connector lift (and a small snowmaking extension) will also create the opportunity for “laps” on Tunnel Vision. Finally, I have a vision of an iconic landmark where the lift crosses Highway 153, at the site of Polestar and the future Town Square. This intersection and its future developments will become the operational center of an evolved Eagle Point Resort. The pace of absorption of the last few ski-in/ski-out lots will dictate the timing of the lift installation.

Above: We have delivered the first few units in the Beta building of Polestar Project.

After 15 years operating and developing the ski area, I have never been more excited about the future, and I’m committed to making Eagle Point Resort the best mid-sized mountain resort in the West.

REAL ESTATE UPDATE

Detailed below is a third quarter 2024 update of real estate activity in our community. The year of 2024 was quite strong for homesite sales. Cash buyers showed persistent demand for ski-in/ski-out lot purchases above $300,000 (6 closed in 2024) even though the market for condo purchases financed with mortgages was weak due to high interest rates.

NEW DEVELOPMENT

Aspen Crest Premier Phase II

There are only four 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 $450,000 to $680,000.

Aspen Crest Premier Phase II Lot 1 -- 0.50 acre lot. Listing price: $500,000.

Aspen Crest Premier Phase II Lot 2 -- 0.50 acre lot. Listing price: $450,000.

Aspen Crest Premier Phase II Lot 7 -- 0.63 acre lot. Listing price: $630,000.

Aspen Crest Premier Phase II Lot 8 -- 0.68 acre lot. Listing price: $680,000.

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

Snowflake Condo 11 -- This 2BD/2BA + loft, 1204 sq ft ski-in/ski-out condo comes fully furnished with multiple upgrades throughout. Perfect for personal and/or rental use. This is a great value at the newly reduced price. You cannot beat the ski-in/ski-out location adjacent to Canyonside Chairlift and Canyonside Lodge. This unit should find a new owner soon at the reduced price. Listing price: $410,000.

Snowflake Condo 22 -- This 2BD/2BA, 1036 sq ft ski-in/ski-out condo comes fully-furnished with gorgeous views. Listing price: $441,350.

LOT LISTINGS

Ski-In/Ski-Out

Aspen Crest Lot 16 -- This 0.33 acre ski-in/ski-out lot is in the coveted Aspen Crest subdivision. Listing price: $345,000.

Skyline Terrace Homesite 5 -- This 0.42 acre ski-in/ski-out lot is located above the Belknap Bow slope in the new Skyline Terrace neighborhood. This is another sleeper opportunity with a tempting price point. I expect that this lot or Slopeside 2 will be the next lots to sell. Listing price: $355,000.

Skyline Terrace Homesite 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 --This 0.61 acre lot is the last property in the entire ski area priced under $100,000. Listing price: $96,000.

West Village Lot 28 -- Beautiful 1.10 acre lot. Listing price: $125,000.

West Village Lot 88 --This 0.61 acre lot sits on top of the hill with 360-degree views. Listing price: $199,000.

SALES OR PENDING SALES SINCE LAST UPDATE

Aspen Crest Premier Phase II Lot 5 (0.63 acres) -- SOLD, OCT 2024

Slopeside 1 -- SOLD, NOV 2024

Eagle Song 1 -- SOLD, DEC 2024

Polestar Beta 5 -- SOLD, DEC 2024

Polestar Beta 7 -- SOLD, DEC 2024

Polestar Beta 4 -- SOLD, DEC 2024

Circling back to my last update, the extravagant ski home in Deer Valley did end up setting the record for the most expensive home ever sold in Utah with a purchase price in excess of $50 million.

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