the Aspen Snowmass SUMMER 2016 MARKET REPORT Insider s Real Estate Guide ANDREW ERNEMANN

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1 the Aspen Snowmass SUMMER 2016 MARKET REPORT Insider s Real Estate Guide ANDREW ERNEMANN

2 For a digital copy of this report, visit CONTENTS Aspen Snapshot...04 Snowmass Snapshot...06 Woody Creek/ Old Snowmass Snapshot...09 Luxury Snapshot...10 Emotional Cycle...13 Future Price Indicator...14 Aspen by the Numbers...16 Snowmass by the Numbers...20 About Andrew The Aspen Snowmass Market Report is a biannual publication providing an objective view of the Aspen/Snowmass real estate market. Data presented in this publication comes from the Aspen/ Glenwood Springs Multiple Listing Service and is presented in a format intended for Aspen/Snowmass real estate buyers, sellers and professionals. Turning Point? The Aspen/Snowmass real estate market suffered its worst peak-to-trough downturn in recent history between 2008 and Now, several years later, local real estate has climbed out of the recession, established solid footing and even set records in a handful of locations. Every real estate upswing has an inevitable slowdown and it seems that almost overnight the local real estate current shifted in Aspen/Snowmass and the pace of sales has slowed considerably. The early year turbulence in the financial markets, depressed oil prices, global economic slowdown concerns, the upcoming presidential election and a host of other micro and macro issues may be to blame for a change in buyer sentiment and confidence. Many of the world s luxury real estate markets have experienced a drop in sales activity and/or prices in Perhaps there s another trend at play in Aspen/Snowmass that is taking place - with the exception of a dozen or so eye popping sales much of the Aspen real estate market has been average at best ever since the recession. Much of the current listing inventory is dated compared to the styles that are more in vogue today and the cost to remodel or rebuild has risen disproportionately to market prices. Increasingly, buyers seem to be pushing back on premium prices for imperfect properties. The unexpected bright spot has been Snowmass Village which hasn t experienced the same level of slowdown Aspen is currently grinding through. The reality is that real estate prices in most Aspen/Snowmass neighborhoods are still below or just now reaching prior peak levels. There doesn t appear to be any kind of bubble or other delusional market trend that has pushed the market to the precipice of an impending decline. There is no question supply has gotten ahead of the demand over the past year, although that really only equates to less upward pressure on prices for now. The pertinent question today is whether fewer sales will equate to lower prices or just a short-term build up in listing inventory? I won t try to predict the future but I will arm you with all the history and current knowledge you need to make educated buy/sell decisions for Aspen/Snowmass real estate. Enjoy the latest report! Andrew Ernemann, Broker Associate Past President, Aspen Board of REALTORS

3 SNAPSHOT SNAPSHOT SALES ACTIVITY $1,400,000,000 $1,200,000,000 $1,000,000,000 $800,000,000 $600,000,000 $400,000,000 $200,000,000 LISTING INVENTORY AS OF MAY 31st INVENTORY ABSORPTION NUMBER OF MONTHS $ Single Family Condo/Townhouse Single Family Lot Sales $ Volume CONDO/ TOWNHOMES SINGLE FAMILY HOMES LAND RESIDENTIAL On the heels of several years of increasing sales, the Aspen real estate market took a breather for the first five months of Throught the end of May, the overall number of sales was down 48% and sales dollar volume was down 54%. The significant drop is likely due to several factors including volatile financial and energy markets, the impending presidential election, global growth fears and overall buyer uncertainty in luxury markets around the world. PRICE PER SQUARE FOOT AVERAGE ANNUAL APPRECIATION Central Core Red Mountain West End East Aspen Smuggler West Aspen McLain Flats/Starwood Woody Creek Central Core Condos/TH s ONE YEAR 31% 22% 1% 7% 7% 5% 29% 5% FIVE YEARS 8% 4% 8% 6% 6% 5% 15% 4% NOTE: All single family homes except Central Core Condos/THs. TEN YEARS 5% 4% 2% 7% 4% 6% 4% AVERAGE PRICE PER SQUARE FOOT 2016 (thru MAY 31st) Central Core Red Mountain West End East Aspen Smuggler West Aspen McLain Flats/Starwood Woody Creek Central Core Condos/TH s $1,885 $1,734 $1,173 $1,194 N/A $1,191 N/A $1,009 $1,477 NOTE: No single family sales in Smuggler or McLain Flats/ Starwood 2016 YTD. All other neighborhoods range from one to three total sales. SALES-TO-LIST PRICE ALL RESIDENTIAL 95.5% 95.6% 96.1% 93.2% 87.4% 87.2% 88.4% 89.7% 91.0% 92.6% % SALES BY PROPERTY TYPE - and 2016 YTD 113 SINGLE FAMILY 233 CONDOS and THs 38 LAND SMUGGLER WOODY CREEK McCLAIN FLATS/ STARWOOD SINGLE FAMILY SALES BY PRICE POINT 3 3 $15M+ $10M TO $15M $5M TO $10M UNDER $5M 24 WEST END 2016 (YTD) SALES BY NEIGHBORHOOD - and 2016 YTD 5 26 WEST 10 CENTRAL CORE 21 EAST 22 RED MTN

4 SNOWMASS VILLAGE SNAPSHOT SNOWMASS VILLAGE SNAPSHOT SALES ACTIVITY $600,000,000 $400,000,000 $200,000,000 LISTING INVENTORY AS OF MAY 31st INVENTORY ABSORPTION NUMBER OF MONTHS Single Family Condo/Townhouse Single Family Lot Sales $ Volume $ CONDO/ TOWNHOMES SINGLE FAMILY HOMES LAND RESIDENTIAL Snowmass Village has experienced an uneven recovery from the 2009 lows and 2016 has been no exception. The number of sales and sales dollar volume has dropped about 30% year to date for Condo/Townhome properties while Single Family sales (and prices) have increased at a healthy clip. Listing inventory continues to rise and the slowdown in the Aspen market will likely tug on Snowmass Village through the remainder of PRICE PER SQUARE FOOT AVERAGE ANNUAL APPRECIATION The Divide Wood Run Ridge Run Fox Run Two Creeks The Pines Horse Melton /Wildridge SMV Condos/TH s ONE YEAR N/A 39% 26% N/A -8% 11% 10% -11% 2% FIVE YEARS 8% 9% -2% N/A -5% 0% -2% -2% TEN YEARS 2% -4% 0% 2% -1% 1% 1% NOTE: All single family homes except Snowmass Village Condos/THs. AVERAGE PRICE PER SQUARE FOOT 2016 (thru MAY 31st) The Divide Wood Run Ridge Run Fox Run Two Creeks The Pines Horse Melton /Wildridge SMV Condos/TH s $1,268 $1,306 $651 N/A N/AA $814 N/AA $636 $641 NOTE: No single family sales in Fox Run, Two Creeks or Horse 2016 YTD. All other neighborhoods range from one to five total sales. SALES-TO-LIST PRICE ALL RESIDENTIAL 96.4% % SALES BY PROPERTY TYPE - and 2016 YTD 9 LAND 96.9% 83.9% 87.1% 48 SINGLE FAMILY 88.9% 127 CONDOS and THs 90.2% 92.0% 91.6% 92.5% FOX RUN TWO CREEKS THE DIVIDE SINGLE FAMILY SALES BY PRICE POINT 1 2 $10M+ $5M TO $10M $2.5M TO $5M UNDER $2.5M 2016 (YTD) SALES BY NEIGHBORHOOD - and 2016 YTD 2 12 RIDGE RUN THE PINES MELTON RANCH/ WILDRIDGE HORSE RANCH 11 WOOD RUN

5 WOODY CREEK OLD SNOWMASS SNAPSHOT NUMBER OF SALES 2016 YTD LISTING INVENTORY NUMBER OF LISTINGS: ABSORPTION (MONTHS): WOODY CREEK 2012 OLD SNOWMASS WOODY CREEK OLD SNOWMASS AVERAGE PRICE PER SQUARE FOOT PRICE PER SQUARE FOOT AVERAGE ANNUAL APPRECIATION SALES: CURRENT LISTINGS: $675 $1,361 $828 $1,406 WOODY CREEK OLD SNOWMASS 29% 15% 6% 2 7% 2% WOODY CREEK OLD SNOWMASS ONE YEAR FIVE YEARS TEN YEARS

6 LUXURY SNAPSHOT YTD $10M to $15M $15M+ YTD /SNOWMASS RESIDENTIAL SALES Other than a modest price drop in West Aspen there were clear gains for every neighborhood. At this level of detail the sample size for each neighborhood is relatively small so one outlier sale can heavily impact the averages (up or down). There is a scarcity of single family home listings in the Central Core and increased demand for downtown living has pushed prices into record territory for new construction that is walkable to the core. The pressure on downtown prices should continue to translate to upward price movement throughout the Aspen market. SINGLE FAMILY HOMES PRICE PER SQUARE FOOT / $5M Sales Sales $2,000 $1,500 $1,000 $500 $0 $1,778 $2,074 $1,452 $1,484 $1,335 $1,229 $1,715 $1,638 $1,192 $1,139 $1,655 $1,546 Central Core East Aspen McLain Flats West End West Aspen Red Mountain N $10M+ SALES BY NEIGHBORHOOD /16 SALES: NUMBER OF MONTHS OF INVENTORY: RED MTN. CENTRAL CORE WEST END EAST WEST McCLAIN FLATS & STARWOOD SNOWMASS VILLAGE WOODY CREEK & OLD SNOWMASS DOWNTOWN SALES $2K/SF $3K/SF $4K/SF 2016 YTD $29,500,000 HIGHEST PRICE SALE $15,000, YTD $3,322 HIGHEST PRICE PER SQ FT SALE $4, YTD 100 $5M+ SALES YTD

7 EMOTIONAL CYCLE EMOTIONAL MARKET WHAT S ABOUT TO HAPPEN? WHAT JUST HAPPENED? WAIT AND SEE EARLY ADOPTERS BUY VALUE MARKET EMOTIONAL MARKET WHAT S ABOUT TO HAPPEN? Behind the PSYCHOLOGY of the Local Real Estate Market 2016 It s been an interesting start for the Aspen/Snowmass real estate market. Midway through the year a significant slowdown in Aspen sales has tempered expectations after an otherwise blazing. Snowmass Village remains on track with continued improvement in certain neighborhoods. Today it seems the local real estate market is taking a bit of a breather, it s too early to know if prices will stop increasing, or even decrease, before the next upswing. Looking back at it s clear there was a shift taking place in the Aspen market. High profile sales in the West End, Red Mountain and well-designed contemporary construction in just about any location demonstrated more of the characteristics of the Emotional phase of the cycle. The past months are a perfect case for why it s often hard to paint the state of the local real estate market with a broad brush. Some properties are selling at record prices while much of the outlying areas around Aspen and Snowmass Village are still in the midst of a maturing market cycle The downtown Aspen and ultra-luxury ($10M+) markets led the charge to a steady and almost calculated recovery from the bottom. The West End, Red Mountain and Central Core neighborhoods had healthy price appreciation while areas outside downtown Aspen (including Snowmass Village) had varied results with buyers slow to recognize value opportunities in some locations. Perhaps the best summary would be that Aspen real estate was certainly back on the map, Snowmass Village climbed out of the recession and more rural areas such as McLain Flats, Woody Creek and Old Snowmass just began to regain traction toward the latter half of The classic emotional bottom to the real estate market, buyers who chose to make their move during this time are already looking back with comfort that they made smart purchases and timed the market well (either by luck or savvy). It was hard to see ahead during this time to really know the price bottom had been established and that brighter days were ahead The confusion of the sharp drop from the year prior was replaced with some fear and panic on behalf of sellers, and a few buyers took advantage of once in a generation purchase opportunities The notion that Aspen was immune to sharp real estate drops coupled with the fact the previous market run had been so strong for several years caught almost everyone in Aspen/Snowmass by surprise. The change in direction and momentum was sharp and swift Ironically as the rest of the U.S. was bracing for a certain economic recession there was some amount of local hubris in Aspen/Snowmass that real estate and the local economy would continue to perform. Local real estate purchases dropped dramatically as many potential buyers took caution although prices continued to rise through the end of An unprecedented real estate run was taking place in Aspen/Snowmass, prices were rising 20%+ year over year and several properties traded multiple times within a month period, each time at a higher price than the previous sale

8 FUTURE PRICE INDICATOR $/SF $1300 $1200 $1100 $1000 $900 $800 $700 $600 AVG. SOLD FUTURE Behind the SCIENCE of the Local Real Estate Market The Aspen/Snowmass Real Estate Future Price Indicator tracks key local real estate trends to help determine the future direction of prices in the Aspen/ Snowmass real estate market. The graph above demonstrates how over 10+ years the Indicator has done an excellent job of demonstrating future price movements as much as 2-3 years prior to prices actually changing direction (up or down). The Indicator should not be relied upon to make real estate purchase or sale decisions, it s meant to be a conversation point that tracks a proprietary blend of local real estate trends. 1 Following the modest local real estate slowdown from prices rose sharply; the Indicator had predicted prices would begin to rise approximately months before the real estate run from The local real estate market turned downward dramatically in The change was sudden and all the way through the end of 2008 there were many Aspen/Snowmass brokers, buyers and sellers still believing prices would continue upward. The Indicator had already turned downward a full months prior to the drop in prices. Tracking a drop-off in the number of sales and other market trends meant the Indicator was ahead of the mostly unforeseen local real estate recession. 3 The recovery for the Aspen/ Snowmass real estate market was slow to start coming out of the last recession, and the overall direction of the Indicator showed an upward moving trend beginning in 2010, demonstrating that even when prices were still dropping in Aspen/Snowmass the foundation was being laid for a healthy market recovery. Tracking supply/demand trends and other key market shifts allowed the Indicator to once again provide future insight that prices would likely begin to rise by , and sure enough the overall market validated this theory in 2014 (it s important to note certain neighborhoods in Aspen had already experienced price increases in 2013). Most recently the market indicator turned downward as a direct result of the slow 2016 start in the Aspen real estate market. Interestingly the price trend line also turned downward at the same time, despite prices in almost every neighborhood showing stable to increasing prices. This is one of those unique situations where the blended averages belie the actual market statistics; the number of sales during the first quarter of 2016 was proportionately higher in Snowmass Village than Aspen compared to the year prior and the lower average prices in Snowmass Village (on a relative basis compared to Aspen) pushed the price trend line down. Nonetheless, the indicator is pointing to at least a pause in recent price increases

9 t k l e r $7.5M2016 AVERAGE HOME SALE PRICE White Star West Buttermilk Owl Creek Rd Star Mesa White Horse Springs 82 Eagle Pines R o a r i n g Starwood F o r k McLain Flats & Starwood R i v e r Pitkin Mesa Red Butte Black Birch Maroon Creek Club 82 Snow Bunny Cemetery Lane e C a s e C r Ridge of Red Mountain Pitkin Reserve Aspen Meadows Aspen Institute Red Mountain Pitkin Green Red Mountain Smuggler N 2016 ACTIVITY: CENTRAL CORE > First ever sale over $4,000 per square foot for a residential property (Monarch penthouse) and first sale over $3,000 per square foot north of Main Street (The Mill penthouse). EAST > Slower start to the year like many neighborhoods, stable prices. SMUGGLER > Truly an up and coming neighborhood with several new homes under construction or starting soon. RED MOUNTAIN > Continued top performer for new construction and limited opportunity for land with some notable exceptions in the $20M+ range. WEST END > Always a stronger summer sales neighborhood, listing inventory has risen with several new or under construction homes. WEST > Some notable sales above $10M and plenty of listing inventory at all price points. McLAIN FLATS & STARWOOD > Great values relative to Red Mountain and areas closer to downtown. Listing inventory across all price points continues to rise, particularly in the $10M+ range. Current Market Activity Condos/Townhomes 2016 YTD YR 5YR 10YR AVG Price per SQ FT $1,345 $1,192 $1,159 $976 $928 $1, % 2% Average Sale Price $2,211,122 $1,995,076 $2,105,056 $1,692,310 $1,537,777 $2,013,964 11% 2% Number of Sales AVG % of List Price Paid 94% 95% 94% 9 92% 90% AVG Days on Market Buttermilk Ski Area West Aspen Aspen Highlands Ski Area Meadowood Aspen Highlands Five Trees West End Aspen Mountain Ski Area Central Core R o Lacet Riverside Calderwood a i n g Aspen Club F o r k R i v e r Aspen Grove Knollwood Eastwood 82 Stillwater The Preserve Mountain Valley East Aspen Single Family Homes 2016 YTD YR 5YR 10YR AVG Price per SQ FT $1,525 $1,372 $1,155 $1,040 $1,064 $1,017 11% 8% Average Sale Price $7,518,549 $7,628,957 $6,411,943 $5,187,218 $6,625,254 $6,377,344-1% Number of Sales AVG % of List Price Paid 85% 91% 92% 89% 88% 88% AVG Days on Market Single Family Land 2016 YTD YR 5YR 10YR Average Sale Price $4,740,117 $4,055,853 $2,523,382 $2,826,365 $3,536,369 $1,893,682 17% 20% 1% Number of Sales AVG % of List Price Paid 92% 90% 87% 87% 84% 82% AVG Days on Market

10 Single Family Homes Condo & Townhome East Aspen Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $1,680 $1,301 $1,194 $1,177 $1,099 $927 7% 6% 2% AVG Sales Price N/A N/A $4,900,000 $4,974,032 $5,265,385 $3,342,575-6% - 2% AVG Asking Price $10,345,435 $7,975,000 $5,375,000 $5,307,000 $5,594,077 $3,729,933 AVG Original Price $10,566,043 $7,975,000 $5,375,000 $5,574,500 $5,787,692 $4,002,333 AVG Ask/Sold Discount N/A N/A 8.8% 6.8% 5.5% 10.8% AVG Days on Market Smuggler Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $1,192 $1,389 $0 $1,144 $1,073 $811 7% 6% 7% AVG Sales Price N/A N/A $0 $5,900,000 $6,763,500 $3,505, % 7% AVG Asking Price $4,563,333 $5,100,000 $0 $6,216,667 $7,405,000 $3,620,000 AVG Original Price $4,594,667 $5,100,000 $0 $6,783,333 $7,582,857 $3,620,000 AVG Ask/Sold Discount N/A N/A 0.0% 4.8% 7.8% 3.0% AVG Days on Market Central Core Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $1,906 $0 $1,885 $2,073 $1,587 $1,383 31% 8% 5% AVG Sales Price N/A N/A $8,137,500 $9,831,438 $7,208,500 $3,380,000 36% 11% 6% AVG Asking Price $9,389,545 $0 $9,250,000 $10,649,000 $7,448,750 $3,839,600 AVG Original Price $9,507,727 $0 $9,250,000 $10,774,000 $7,586,250 $3,839,600 AVG Ask/Sold Discount N/A % 8.1% 2.7% 11.7% AVG Days on Market Red Mountain Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $2,283 $0 $1,734 $1,625 $1,328 $1,271 22% 4% 4% AVG Sales Price N/A N/A $8,508,485 $11,157,307 $9,352,519 $8,626,955 19% 2% 8% AVG Asking Price $15,567,368 $0 $10,664,667 $13,825,000 $10,377,500 $9,752,636 AVG Original Price $15,788,421 $0 $11,333,000 $14,733,158 $10,809,643 $11,121,364 AVG Ask/Sold Discount N/A % 14.0% 10.6% 11.2% AVG Days on Market West End Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $1,889 $0 $1,173 $1,531 $1,510 $1,397 1% 8% AVG Sales Price N/A N/A $5,065,000 $6,259,783 $5,459,476 $6,391,154 15% 8% 6% AVG Asking Price $6,779,741 $0 $5,995,000 $6,723,043 $5,707,973 $7,311,231 AVG Original Price $7,075,414 $0 $6,895,000 $6,990,174 $5,854,536 $7,567,769 AVG Ask/Sold Discount N/A % 6.8% 4.7% 9. AVG Days on Market West Aspen Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $1,442 $1,372 $1,191 $1,073 $1,041 $984 5% AVG Sales Price N/A N/A $7,950,744 $7,726,167 $6,284,107 $5,641, % 8% AVG Asking Price $12,732,264 $5,897,094 $9,699,500 $8,631,875 $7,064,929 $6,566,952 AVG Original Price $13,170,787 $6,163,761 $10,350,000 $9,034,375 $7,355,821 $7,792,919 AVG Ask/Sold Discount N/A N/A 14.1% 8.4% 10.8% 11.2% AVG Days on Market McLain Flats/Starwood Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $1,222 $661 $0 $1,253 $1,194 $687 5% 4% AVG Sales Price N/A N/A $0 $10,582,500 $10,064,286 $3,798,500 5% 5% AVG Asking Price $11,347,895 $4,195,000 $0 $12,387,000 $11,177,857 $4,267,800 AVG Original Price $12,346,053 $4,950,000 $0 $12,413,000 $11,463,571 $5,132,800 AVG Ask/Sold Discount N/A N/A 0.0% 10.9% 8.8% 8.5% AVG Days on Market Central Core Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $1,783 $1,526 $1,477 $1,400 $1,333 $1,167 5% 4% 4% AVG Sales Price N/A N/A $2,429,071 $2,044,412 $2,283,315 $1,830,820-10% 2% 4% AVG Asking Price $3,474,368 $4,672,667 $2,529,171 $2,149,944 $2,471,485 $1,965,989 AVG Original Price $3,519,105 $4,679,075 $2,617,586 $2,222,175 $2,580,005 $2,049,495 AVG Ask/Sold Discount N/A N/A 4.7% 4.8% 5.9% 7.5% AVG Days on Market West End Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $1,456 $872 $1,321 $1,022 $1,165 $803-12% 9% 4% AVG Sales Price N/A N/A $2,565,833 $1,752,257 $1,998,421 $1,534,906-12% 10% 4% AVG Asking Price $3,438,750 $1,225,000 $2,706,667 $1,861,217 $2,096,053 $1,663,750 AVG Original Price $3,478,333 $1,225,000 $2,831,667 $1,967,556 $2,143,158 $1,714,125 AVG Ask/Sold Discount N/A N/A % 5.5% 6.1% AVG Days on Market West Aspen Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $1,138 $775 $767 $778 $687 $ % 2% AVG Sales Price N/A N/A $1,283,800 $2,392,614 $2,636,063 $1,867,326-9% - 2% AVG Asking Price $6,845,563 $3,273,333 $1,406,800 $2,536,369 $2,874,094 $2,030,822 AVG Original Price $7,017,594 $3,355,000 $1,507,800 $2,638,097 $3,055,188 $2,123,865 AVG Ask/Sold Discount N/A N/A 5.2% 4.9% 9.6% 8.0% AVG Days on Market Land East Aspen Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Sales Price N/A N/A $0 $3,183,333 $2,169,625 $2,263,875 47% N/A 1% AVG Asking Price $3,578,750 $2,950,000 $0 $3,633,333 $2,656,125 $2,573,750 AVG Original Price $3,741,250 $3,295,000 $0 $4,933,333 $2,799,375 $2,623,750 AVG Ask/Sold Discount N/A N/A 0.0% 11.4% 16.8% 14. AVG Days on Market 629 1, , Red Mountain Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Sales Price N/A N/A $7,250,000 $5,016,667 $5,050,000 $4,750,000-1% -17% 2% AVG Asking Price $4,766,667 $0 $8,497,500 $5,650,000 $5,625,000 $5,558,750 AVG Original Price $4,866,667 $0 $8,497,500 $5,650,000 $6,625,000 $6,347,500 AVG Ask/Sold Discount N/A % 10.5% 12.0% 13.8% AVG Days on Market West End Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Sales Price N/A N/A $0 $4,401,786 $3,170,000 $3,046,000 39% 17% 8% AVG Asking Price $4,547,438 $0 $0 $4,469,143 $3,157,000 $3,258,100 AVG Original Price $4,591,813 $0 $0 $4,625,714 $3,157,000 $3,468,000 AVG Ask/Sold Discount N/A 0 0.0% % 7.1% AVG Days on Market West Aspen Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Sales Price N/A N/A $4,221,250 $4,060,480 $2,576,781 $2,525,000 58% 0% 5% AVG Asking Price $4,071,545 $3,600,000 $4,475,000 $4,839,500 $3,053,636 $3,030,833 AVG Original Price $4,170,182 $4,400,000 $4,475,000 $5,144,000 $3,339,000 $3,733,333 AVG Ask/Sold Discount N/A N/A 5.5% 11.0% 15.6% 16.7% AVG Days on Market McLain Flats/Starwood Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Sales Price N/A N/A $0 $2,300,000 $1,070,000 $2,200, % 1% -4% AVG Asking Price $9,950,000 $0 $0 $2,875,000 $1,500,000 $2,619,000 AVG Original Price $12,500,000 $0 $0 $3,536,250 $1,500,000 $2,795,000 AVG Ask/Sold Discount N/A 0 0.0% 20.6% 28.7% 15.6% AVG Days on Market 1,

11 SNOWMASS VILLAGE $4.2M2016 AVERAGE HOME SALE PRICE Melton Wildoak Wildridge Snowmass Club and Golf Course Town Park Horse The Crossings 2016 ACTIVITY: THE DIVIDE > One sale in and another in 2016 has started to put the Divide back on the map. THE VILLAGE > Slower condo sales to start the year and rising inventory, stable prices. BASE VILLAGE > Viceroy sales have slowed to a trickle and a shot in the arm (or at least some construction activity) is needed to jumpstart Base Village once again. WOODRUN and RIDGE RUN > Notable sale on Edgewood over $10M and continued strength for quality ski-accessible homes. TWO CREEKS and THE PINES > Recent sales have begun to re-establish these neighborhoods, albeit at prices 20-30% below the peak levels nearly a decade ago. COUNTRY CLUB > The remodel wave has pushed prices up significantly in the Country Club neighborhood. HORSE RANCH > Modest activity and a more normalized market than a handful of years ago. MELTON RANCH/WILDRIDGE/WILDOAK > Continued price improvement and a steady flow of sales activity. Current Market Activity The Divide Hidden Meadows B r u s h C r e e k The Village Woodrun Base Village Chapel & Community Center Anderson Ridge Run Meadow Country Club Sinclair Meadows Two Creeks Fox Run The Pines Owl Creek Rd N Condos/Townhomes 2016 YTD YR 5YR 10YR AVG Price per SQ FT $641 $634 $622 $654 $580 $628 1% 0% -2% Average Sale Price $977,254 $878,672 $846,535 $693,812 $715,785 $923,184 11% 1% -1% Number of Sales AVG % of List Price Paid 94% % 89% AVG Days on Market Single Family Homes 2016 YTD YR 5YR 10YR AVG Price per SQ FT $946 $862 $686 $641 $688 $822 10% 1% Average Sale Price $4,231,929 $3,916,247 $2,697,649 $2,518,464 $3,041,959 $3,899,773 8% 2% 2% Number of Sales AVG % of List Price Paid 89% 91% 91% 90% 88% 89% AVG Days on Market Single Family Land 2016 YTD YR 5YR 10YR Average Sale Price $2,388,333 $1,203,333 $1,617,158 $1,179,375 $2,833,333 $1,035,000 98% 18% -2% Number of Sales AVG % of List Price Paid 92% 95% 88% 82% 92% 92% AVG Days on Market

12 SNOWMASS VILLAGE SNOWMASS VILLAGE Single Family Homes Ski Accessible Properties The Divide Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $1,885 $0 $1,268 $1,367 $0 $0 N/A 8% AVG Sales Price N/A N/A $7,500,000 $7,297,500 $0 $0 N/A 9% AVG Asking Price $9,966,667 $0 $8,250,000 $7,995,000 $0 $0 AVG Original Price $10,300,000 $0 $9,450,000 $7,995,000 $0 $0 AVG Ask/Sold Discount N/A 0 9.1% 8.7% 0.0% 0.0% AVG Days on Market FoxRunPu Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $652 $0 $0 $422 $0 $0 N/A N/A -4% AVG Sold Price N/A N/A $0 $2,250,000 $0 $0 N/A N/A -5% AVG Asking Price $3,100,000 $0 $0 $2,395,000 $0 $0 AVG Original Price $3,100,000 $0 $0 $2,395,000 $0 $0 AVG Ask/Sold Discount % N/A 0 0.0% 6.1% 0.0% 0.0% AVG Days on Market Horse Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $987 $771 $0 $679 $618 $699 10% -2% -1% AVG Sales Price N/A N/A $0 $2,710,625 $1,500,000 $2,500,833 81% -1% -1% AVG Asking Price $4,698,600 $2,572,500 $0 $2,995,000 $1,650,000 $2,761,667 AVG Original Price $4,698,600 $2,675,000 $0 $3,046,250 $1,750,000 $2,796,667 AVG Ask/Sold Discount N/A N/A 0.0% 8.9% 9.1% 10.5% AVG Days on Market Melton /Wildridge Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $679 $0 $636 $524 $590 $507-11% 1% AVG Sales Price N/A N/A $2,125,000 $1,421,167 $2,004,111 $1,383,333-29% 2% 0% AVG Asking Price $2,486,556 $0 $2,313,000 $1,536,667 $2,211,556 $1,430,000 AVG Original Price $2,538,778 $0 $2,321,667 $1,585,000 $2,262,222 $1,485,667 AVG Ask/Sold Discount N/A 0 7.9% 8.1% % AVG Days on Market The Pines Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $1,436 $1,189 $814 $1,389 $1,257 $1,356 11% 0% 2% AVG Sales Price N/A N/A $4,500,000 $8,075,000 $7,250,000 $8,865,250 11% 1% AVG Asking Price $8,359,000 $6,950,000 $5,950,000 $8,622,500 $8,250,000 $9,672,500 AVG Original Price $8,424,400 $7,750,000 $7,395,000 $8,622,500 $8,950,000 $10,672,500 AVG Ask/Sold Discount N/A N/A 24.4% % 8.4% AVG Days on Market , ,006 Ridge Run Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $929 $995 $651 $773 $614 $540 26% -2% 2% AVG Sales Price N/A N/A $2,796,000 $3,611,167 $2,293,600 $2,071,750 57% 0% 4% AVG Asking Price $4,119,091 $3,345,000 $2,985,000 $3,945,556 $2,534,900 $2,421,875 AVG Original Price $4,234,045 $3,345,000 $3,070,000 $3,967,778 $2,740,400 $2,641,250 AVG Ask/Sold Discount N/A N/A 6.6% 9.5% 9.7% 15.2% AVG Days on Market Two Creeks Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $1,601 $0 $0 $1,193 $1,295 $0-8% -4% 0% AVG Sales Price N/A N/A $0 $5,842,500 $7,250,000 $0-19% -6% -1% AVG Asking Price $9,129,000 $0 $0 $6,697,500 $7,950,000 $0 AVG Original Price $9,639,000 $0 $0 $6,697,500 $8,222,500 $0 AVG Ask/Sold Discount N/A 0 0.0% 11.8% 7.9% 0.0% AVG Days on Market Wood Run Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $1,474 $1,141 $1,306 $1,237 $887 $657 39% 9% AVG Sales Price N/A N/A $6,102,800 $5,885,000 $3,849,857 $2,473, % AVG Asking Price $7,057,500 $4,847,500 $7,068,000 $6,421,667 $4,318,571 $2,908,750 AVG Original Price $7,286,667 $4,847,500 $7,567,000 $6,573,333 $4,463,571 $3,447,500 AVG Ask/Sold Discount N/A N/A 11.5% 8.5% 9.6% 15.0% AVG Days on Market Single Family Homes Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $1,437 $1,116 $1,230 $1,150 $973 $811 18% 1% 1% AVG Sales Price N/A N/A $6,073,429 $5,773,679 $4,655,455 $4,109,563 24% 1% 1% AVG Asking Price $7,536,000 $4,997,500 $7,077,143 $6,317,857 $5,184,545 $4,677,500 AVG Original Price $7,775,060 $5,197,500 $7,811,429 $6,397,143 $5,390,000 $5,321,875 AVG Ask/Sold Discount N/A N/A 13.0% 8.8% 9.1% 14.2% AVG Days on Market Condos/THs Excl. Base Village Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $710 $940 $599 $577 $564 $548 2% - 0% AVG Sales Price N/A N/A $986,029 $853,331 $832,973 $802,287 2% - 0% AVG Asking Price $1,207,713 $2,287,500 $1,074,533 $910,603 $900,692 $890,349 AVG Original Price $1,271,583 $2,462,500 $1,168,800 $959,317 $972,106 $961,368 AVG Ask/Sold Discount N/A N/A 6.5% 7.4% 7.7% 8.2% AVG Days on Market Base Village Condos Only Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $1,060 $0 $890 $882 $831 $793 6% N/A N/A AVG Sales Price N/A N/A $924,600 $990,472 $894,680 $552,406 11% N/A N/A AVG Asking Price $1,421,658 $0 $998,000 $1,060,524 $966,025 $581,276 AVG Original Price $1,453,605 $0 $1,047,800 $1,073,818 $967,275 $586,812 AVG Ask/Sold Discount N/A 0 6.6% 6.6% 6.7% 5.1% AVG Days on Market Non-Ski Accessible Properties Single Family Homes Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $837 $771 $662 $660 $564 $573 17% -1% 1% AVG Sales Price N/A N/A $2,390,429 $2,616,045 $1,869,346 $1,882,025 40% -4% AVG Asking Price $3,769,519 $2,572,500 $2,599,143 $2,854,950 $2,058,765 $2,072,495 AVG Original Price $3,822,667 $2,675,000 $2,639,286 $2,925,700 $2,174,533 $2,213,200 AVG Ask/Sold Discount N/A N/A % 9.0% 8.6% AVG Days on Market Condos/Townhomes Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Price per SQ FT $686 $940 $590 $557 $548 $518 2% 0% 1% AVG Sales Price N/A N/A $895,500 $824,330 $831,888 $821,654-1% 1% 0% AVG Asking Price $1,218,184 $2,287,500 $965,647 $862,622 $888,017 $917,273 AVG Original Price $1,257,368 $2,462,500 $1,023,382 $894,685 $947,276 $971,825 AVG Ask/Sold Discount N/A N/A 5.7% 4.7% 5.8% 7. AVG Days on Market Land All Neighborhoods Listed Pending 2016 YTD Number of Listings/Sales YR 5YR 10YR AVG Sales Price N/A N/A $2,388,333 $1,203,333 $1,617,158 $1,179,375-26% -7% -5% AVG Asking Price $3,351,429 $1,150,000 $2,566,333 $1,261,667 $1,906,316 $1,441,000-34% -8% -5% AVG Original Price $3,588,929 $1,150,000 $2,816,667 $1,261,667 $2,065,263 $1,845,500 AVG Ask/Sold Discount N/A N/A 7.9% 4.5% 11.9% 18.1% AVG Days on Market

13 the Aspen Snowmass MARKET REPORT Insider s Real Estate Guide Andrew Ernemann Broker Associate Past President and REALTOR of the Year - Aspen Board of REALTORS An Aspen native, Andrew is a Broker Associate at Aspen Snowmass Sotheby s International Realty in Aspen/Snowmass. He is experienced in luxury residential real estate as well as commercial sales and leasing. A testament to his work ethic and professional approach to the real estate business, Andrew is a past President of the Aspen Board of REALTORS and has been a recipient of the prestigious REALTOR of the Year award. He is consistently among the top ten producing Aspen/Snowmass REALTORS (in a field with over 600 competitors). Andrew has deep connections in the Roaring Fork Valley and uses his business savvy to help his clients achieve their goals. Whether it s selling a downtown Aspen condo, or purchasing an ultra-luxury home on the ski slopes, Andrew is always thinking out of the box and striving to out hustle the competition. The complexity and nuances of the Aspen area real estate market demands a broker that can serve as your trusted advisor, something Andrew understands and excels at by diving deep into the local real estate market with a global lens. For a digital copy of this report, visit Aspen Snowmass Sotheby s International Realty 415 East Hyman Avenue Aspen, CO Phone Fax andrew@aspenupdate.com Information in this report is from the Aspen/Glenwood MLS. The author is not responsible for any inaccuracies and you are advised to seek professional advice for any purchase or sale of real estate Andrew regularly publishes real estate reports, and is often quoted in local media outlets as well as national and international publications including the Wall Street Journal, the New York Times, The Financial Times, thestreet.com and the Denver Post. Previous work endeavors: Real estate development and consulting; Business consultant at McKinsey & Company in Los Angeles; Marketing at Janus Capital in Denver. Education: Masters in Civil and Construction Engineering from Stanford University; BA in Psychology at CU Boulder, Phi Beta Kappa. A true competitor at heart, Andrew is a former member of the U.S. Alpine Ski Team, and has competed around the world. He is currently on the board of directors for the Aspen Valley Ski & Snowboard Club and the Aspen Chamber Resort Association. For fun he enjoys golfing, skiing, biking, hiking, fishing, photography and cooking. Married to Ashley, they have two wonderful sons Tillar and Cornell. Andrew has built his business on the premise that each client is the best source for his next client; he s known for his laser-like focus on the task at hand and doing whatever it takes to get the job done. SUMMER 2016