WINTER/SPRING 2012 THE BIG RED BOOK. Real Estate Update Aspen Snowmass Basalt

WINTER/SPRING 212 THE BIG RED BOOK Real Estate Update Aspen Snowmass Basalt

Marching to Our Own Beat Looking back at the 211 Upper Roaring Fork Valley real estate market, there are so many interesting trends that developed: Listing Inventory dropped 1% and then stabilized. Prices in the Central Core and West End neighborhoods in Aspen began to turn the corner ever so slightly. Sales of $1 million + homes in Aspen/Snowmass grabbed headlines. Basalt posted off-the-chart increases in the Number of Sales (at the expense of Sellers in short-sale and foreclosure situations) and the story continues. What became abundantly clear is that the old real estate maxim, Location, Location, Location, is more pertinent than ever. We at BJ Adams and Company choose to ignore broad-brush statements about the local real estate market news headlines trying to lure readers with phrases like Worst month for resort real estate in years, and rhetoric encouraging Buyers to get in before the best opportunities disappear. Every neighborhood is different and location matters. That s why we publish this report. General statements about the market can be interesting and sometimes helpful, but until you peel back a few layers it s difficult and downright inaccurate to dole out advice to individual Buyers and Sellers. So, enjoy the high-level observations we ve assembled and gear up for the nitty-gritty details we provide about our local market (many of which you won t find anywhere else). Onward! 211 Market Highlights Sales Dollar Volume and Total Number of Sales were up 13% and 3% respectively for the overall Aspen/Snowmass Village/Basalt area. Prices showed signs of strengthening in certain neighborhoods, but continued to slide as much as 2% in some areas. We saw two types of Buyers really dig in with interest in these areas: lower price-point sales and the extremely high-end of the market (see below). What s Inside Highlights & Overview 2-3 Area Maps 4-5 Homes 6 Sales by Town 7 Neighboorhood Stats 8-9 Condos/Townhomes 1 4% 3% 2% 1% % Aspen Single Family Home Sales (by price range as a percent of total sales) Up 91% Less than $2.5 $2.5-$5 $5-$7.5 $7.5-$1 26-21 Average 211 Up 5% $1+ Sales by Town 11 Neighborhood Stats 12 Land 13 Sales by Town 14 Neighborhood Stats 15 Snowmass Ski Report 16-17 Price Range Sales Activity 18 Local Business Confidence Index 19 Aspen/Snowmass Market Index Back 2

UPPER ROARING FORK VALLEY MARKET TRENDS 211 vs 21 Number of Sales Dollar Average Sales Average Sales Avg Sale Listing Inventory Sales Volume Price Price Per Sq Ft Price as a % Depletion of Asking Price Aspen 211 was a solid year for Aspen real estate. All of the major trends were up, or close to even, compared to 21. Particularly, there were nearly 15% gains in the Number of Sales and Sales Dollar Volume. Prices began to strengthen in certain neighborhoods, and we expect these trends to continue to build on themselves in 212. Snowmass Village Although the overall Number of Sales were up in Snowmass Village during 211, the Single Family Home market was weaker than the year prior. A mixed bag of results for all property types in Snowmass Village indicates that the same market recovery experienced in Aspen has yet to take hold in Snowmass Village. With the foreclosure of Base Village behind us, we feel that 212 will be an important year for Snowmass Village real estate to establish new levels of stability moving forward. Basalt Pricing weakness in Basalt during 211 was actually a good sign, underscored by large increases in the Number of Sales as a result of numerous short-sale and foreclosure properties finally being absorbed by the market. Basalt is not yet in the clear. We anticipate 212 will bring many of the same opportunities for Buyers, although we feel that the bottom is currently being determined for prices. Listing Inventory Increase/Decrease (211 vs 21 as of December 31 st ) ASPEN Condo/Townhouse Single Family Single Family Lot -7% -1% 23% SNOWMASS VILLAGE Condo/Townhouse Single Family Single Family Lot -3% 8% 1% BASALT Condo/Townhouse -48% Single Family -31% Single Family Lot -27% -5% -4% -3% -2% -1% % 1% 2% 3% BJ Adams and Company www.aspensnowmassproperties.com email@bjac.net Aspen 97.922.2111 Snowmass 97.923.2111 3

THE UPPER ROARING FORK VALLEY 115 121 C o u l t e r r C e e k 12 13 17 Missouri Heights 122 C a t t l e Spring Park Reservoir C r e e k 111 P r i n c e Prince Creek Rd C r e e k W Sopris Creek Rd s C e r El Jebel Basalt Emma e k F r y i n g P a n R Old Snowmass i v e r Frying Pan Rd Ruedi Reservoir To: Meredith, Thomasville, Norrie Thomas Lakes Dinkle Lake S o p W E Sopris Creek Rd Lower River Rd i r E s i S o p r C r e e k C C a p i t o l e r e k Watson Divide Rd Upper River Rd 82 Woody Creek Lenado Rd A v a l a n c h e C r e e k S n o w m a s s C r e e k Brush Creek RdOwl Creek Rd Snowmass Village McLain Flats Rd e k e Wo o d y Aspen C r e e k H u n t e r C r e e k To: Maroon Lake and Maroon Bells M a r o o n C r e e k Maroon Creek Rd r l e C C a s t To: Ashcroft 82 To: Independence Pass (closed in winter) The Roaring Fork Valley is named after the river that flows from Independence Pass through Aspen, Basalt, Carbondale and eventually Glenwood Springs where the confluence of the Roaring Fork and Colorado Rivers is located. The headwaters for the Roaring Fork River start from snowmelt at the top of the Continental Divide. The focus of The Big Red Book is on the Upper Roaring Fork Valley primarily Aspen, Snowmass Village and Basalt. 4

t l e r White Star Ranch Sardy Field (Pitkin County Airport) West Buttermilk To: Woody Creek To: Owl Creek Ranch, East Owl Creek, Two Creeks Eagle Pines West Aspen Owl Creek Rd West Buttermilk Star Mesa North 4 White Horse Springs Tiehack Summit Express 82 R o a r i n g Buttermilk Ski Area Aspen Highlands Village McLain Flats/Starwood Panda Peak Ski School Lift F o r k Maroon Creek Club R i v Maroon Creek Club Golf Course Exhibition Starwood e r Thunderbowl Skiwee Aspen Highlands Ski Area Rio Grande Trail Pitkin Mesa West Aspen Meadowood Aspen Golf Course Aspen Highlands Private lift from schools to Thunderbowl Red Butte 82 Snow Bunny Marolt Open Space HOSPITAL FiveTrees Ridge of Red Mountain Black Birch e C a s e k C r Red Mountain Pitkin Reserve Aspen Meadows Aspen Institute Aspen Music Festival Tent & Harris Hall Pitkin Green West End Hallam Lake Red Mountain Main St St. Regis Hotel Top of Mill Lift 1A Little Nell Aspen Mountain Ski Area Central Core Silver Queen Gondola Red Mountain Ranch Herron Park Ute Park R o a Smuggler i n g Lacet F o r k R Smuggler i v 82 e r Aspen Grove Knollwood Aspen Club Eastwood Riverside Calderwood Stillwater The Preserve Ranch East Aspen Mountain Valley To: Independence Pass (closed in winter) ASPEN Aspen includes the area of the Upper Roaring Fork Valley east of the airport. It is further divided into the following areas: Central Core (bounded to the east and North by the Roaring Fork River and by Garmisch Street on the west), East Aspen (east of the Central Core and Roaring Fork River), Smuggler (the area near the old Smuggler silver mine and now a popular hiking trail), Red Mountain (to the north of the Core), the West End (a section near the Core that is home to many Victorianstyle, historic single-family homes), West Aspen (west of Castle Creek) and McLain Flats/Starwood (to the northwest of downtown Aspen). SNOWMASS VILLAGE The Snowmass Ski Area was developed in the 196 s, and Snowmass Village has continued to develop on and around the ski area since that time. There are multiple ski-accessible neighborhoods in Snowmass Village, as well as properties within neighborhoods that line the mountains and golf course nearby. The Divide, Woodrun, the condos on Fanny Hill and Assay Hill, Base Village, Two Creeks, The Pines, and parts of Ridge Run all offer ski access. Melton Ranch, Horse Ranch, lower Ridge Run, The Snowmass Club and a few other pockets in Snowmass Village are located off the ski slopes. Krabloonik B Ziegler Lake r u s h C The Divide Woodrun III Woodrun II r e Burlingame Hidden Meadows at Snowmass e k Coney Glade The Village Fanny Hill Fanny Hill Woodrun IV Melton Ranch Wildridge Wildoak Snowmass Center Base Village Woodrun Wood Run Alpine Springs POST OFFICE Woodrun V Naked Lady Assay Hill Ridge Run II The Preserve at Woodrun Ridge Run IV Ridge Run III Woodrun I Funnel Wildcat Vista Melton Ranch III Melton Ranch I To: Wildcat Ranch Melton Ranch II Chapel/ Community Center Yarrow Park Anderson Ranch Ridge Run Wildoak Wildridge II Meadow Ranch Ridge Run I Wildridge I Little Red Schoolhouse Cathy Robinson Park Two Creeks Two Creeks Fox Run Two Creeks Community Park Snowmass Golf Course Two Creeks Horse Ranch Rodeo Parking Lot The Crossings The Snowmass Club and Golf Course Owl Creek Rd The Pines To: Owl Creek Ranch, East Owl Creek, Aspen BJ Adams and Company www.aspensnowmassproperties.com email@bjac.net Aspen 97.922.2111 Snowmass 97.923.2111 5

HOMES OVERALL MARKET The Single Family Home market in the Upper Roaring Fork Valley is experiencing a clear rebound and recovery from the Sales Activity lows set in 29. Sales Dollar Volume and the Number of Sales were up 17% and 13%, respectively, in 211 for Single Family Homes. $1,2,, $1,,, $8,, $6,, $4,, $2,, $ Single Family Home Sales Activity 25 26 27 28 29 21 211 Sales $ Volume # of Sales 35 3 25 2 15 1 5 Listing Inventory for Single Family Homes stayed about even in Aspen/ Snowmass between 21-211 this follows a 2% drop in Single Family Home Inventory from the peak in Aspen! Basalt s Single Family Home inventory dropped over 3% in 211 thanks in large part to a number of short-sales and foreclosures. 25 2 15 1 5 Single Family Homes - Listing Inventory (as of December 31 st ) 24 21 77 75 96 66 21 211 1% 95% 9% 85% 8% Average Single Family Home Sales Price as a % of List Price Much like other trends we are seeing in the market, the Average Sales Discount has started to narrow. The gap between the Average Original List Price and the Average Sale Price remains slightly above 2%. 75% 7% 25 26 27 28 29 21 211 Average Sold Price (as a % of Original List Price) Average Sold Price (as a % of Ask Price) 6

HOMES ASPEN SNOWMASS VILLAGE BASALT 1 8 6 4 Single Family Homes - Number of Sales 81 72 55 27 29 22 21 211 Both Aspen and Basalt posted gains between 21 and 211 with regard to Single Family Home Sales. Conversely, an underperforming segment of the Upper Valley market relative to 21 was Snowmass Village Single Family Homes. 2 Single Family Homes - Sales Dollar Volume $6,, $5,, $4,, $3,, $2,, $1,, $ 21 211 No surprises here, Sales Dollar Volume trends followed the same relative pattern as the Number of Single Family Home Sales. $7,, $6,, $5,, $4,, $3,, $2,, $1,, $ Single Family Homes - Average Sales Price 21 211 Average Sales Price is not typically a great indicator for market trends in the Upper Roaring Fork Valley the range of Sale Prices is so extreme that the Average Price can be misleading. Nonetheless, Aspen and Basalt posted slight increases. $1,2 $1, $8 $6 $4 $2 $ Single Family Homes - Average Sales Price per Sq Ft 21 211 The Average Price per Square Foot for all Single Family Home Sales in Aspen and Basalt dropped approximately 3-4% between 21 and 211, signaling that further price drops will be modest (if any) in these areas. Snowmass Village prices dropped approximately 8%; the bottom has not yet been established in Snowmass Village, although we feel it is very close. Some areas in Aspen have already begun to show strength. BJ Adams and Company www.aspensnowmassproperties.com email@bjac.net Aspen 97.922.2111 Snowmass 97.923.2111 7

HOMES ASPEN NEIGHBORHOODS JUST THE NUMBERS East Aspen Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 18 2 16 13 7 9 16 14 AVG Price per SQ FT $1,357 $886 $1,7 $896 $1,17 $1,451 $1,257 $1,246 AVG Sold Price N/A N/A $5,556,688 $5,848,77 $7,657,143 $6,95,556 $5,8,5 $4,825,45 AVG Asking Price $7,, $3,154,75 $6,362,181 $6,752,231 $9,457,143 $6,493, $5,239,375 $5,182,857 AVG Original Price $7,416,833 $3,991, $6,921,563 $7,544,231 $11,221,429 $6,727,444 $5,399,63 $5,183,214 AVG Ask/Sold Discount % N/A N/A 1.% 12.5% 19.5% 6.5% 4.7% 6.4% AVG Days on Market 294 215 369 43 431 266 288 263 Smuggler Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 14 3 3 3 11 7 8 AVG Price per SQ FT $872 $ $1,9 $759 $977 $1,11 $99 $896 AVG Sold Price N/A N/A $7,825, $4,25, $4,98,333 $4,52,69 $3,6,714 $3,977,5 AVG Asking Price $3,666,714 $ $11,196,333 $4,914,667 $4,861,667 $4,83,182 $3,778,571 $4,21,875 AVG Original Price $4,126, $ $11,468, $6,881,667 $5,615, $5,129,99 $3,784,986 $4,286,25 AVG Ask/Sold Discount % N/A 13.5% 8.8% 15.4% 7.% 3.7% 6.2% AVG Days on Market 56 415 516 375 754 192 316 Central Core Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 19 1 5 8 4 2 6 7 AVG Price per SQ FT $1,449 $1,6 $1,416 $1,419 $1,418 $1,526 $1,493 $1,185 AVG Sold Price N/A N/A $8,635, $5,753,75 $6,412,178 $5,42, $6,377,6 $7,642,857 AVG Asking Price $6,537,842 $2,175, $1,6, $6,993,125 $6,612,178 $6,235, $6,561,4 $8,427,143 AVG Original Price $7,278,368 $2,25, $12,66, $8,243,75 $6,724,428 $6,985, $6,125, $8,355,714 AVG Ask/Sold Discount % N/A N/A 11.9% 14.% 2.1% 11.7% 3.7% 6.% AVG Days on Market 36 193 542 393 214 11 577 238 Red Mountain Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 32 3 7 7 3 5 11 1 AVG Price per SQ FT $1,734 $1,23 $1,8 $1,343 $1,529 $1,721 $1,674 $1,691 AVG Sold Price N/A N/A $8,425, $1,13,429 $2,666,667 $12,377,568 $8,969,545 $13,237,5 AVG Asking Price $12,44,844 $5,213,333 $9,89,286 $13,163,571 $22,315, $13,11, $9,475,818 $13,931,9 AVG Original Price $13,14,188 $7,365, $12,491,429 $14,463,571 $24,498,333 $14,1, $9,558,545 $13,759,9 AVG Ask/Sold Discount % N/A N/A 1.% 19.7% 12.3% 5.3% 5.5% 7.2% AVG Days on Market 32 37 571 341 276 331 277 198 BEST PERFORMING West End Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 15 3 15 22 15 14 16 29 AVG Price per SQ FT $1,543 $1,7 $1,216 $1,54 $1,145 $1,464 $1,535 $1,32 AVG Sold Price N/A N/A $5,73,333 $4,244,5 $5,21,6 $6,85,913 $5,69,63 $4,486,897 AVG Asking Price $6,733, $4,281,667 $6,373,867 $4,841,818 $5,8,933 $7,133,929 $5,898,812 $4,62,172 AVG Original Price $7,77, $4,281,667 $6,823,8 $5,762,727 $6,669,6 $7,258,929 $5,738,562 $4,63,276 AVG Ask/Sold Discount % N/A N/A 9.7% 12.2% 13.5% 4.% 4.1% 2.7% AVG Days on Market 248 142 247 42 213 138 228 23 8 West Aspen Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 83 3 28 11 21 17 37 43 AVG Price per SQ FT $1,221 $574 $818 $829 $1,15 $1,197 $1,21 $979 AVG Sold Price N/A N/A $5,748,875 $5,938,636 $6,833,333 $6,579,6 $6,527,284 $5,261,693 AVG Asking Price $8,694,855 $3,91,333 $6,987,929 $7,735,89 $8,147,333 $7,11,294 $6,877,987 $5,861,721 AVG Original Price $9,129,18 $3,858, $7,718,179 $7,826,89 $9,411,429 $7,625,294 $7,8,311 $5,946,23 AVG Ask/Sold Discount % N/A N/A 14.5% 11.5% 14.% 6.8% 4.2% 7.1% AVG Days on Market 386 274 49 367 279 269 242 281 McLain Flats Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 2 1 7 8 2 2 9 12 AVG Price per SQ FT $1,465 $815 $824 $1,76 $1,191 $1,923 $942 $1,8 AVG Sold Price N/A N/A $7,11,714 $9,1, $2,6, $5,933,5 $6,585,944 $5,156,875 AVG Asking Price $9,911,5 $5,45, $8,242, $1,28, $2,972,5 $6,325, $7,157,778 $5,432,875 AVG Original Price $1,273,475 $5,85, $1,463,571 $11,973,75 $2,872,5 $6,325, $7,525, $5,699,958 AVG Ask/Sold Discount % N/A N/A 13.6% 9.3% 12.5% 4.4% 8.4% 6.2% AVG Days on Market 315 547 475 255 198 162 251 32

HOMES SNOWMASS VILLAGE JUST THE NUMBERS Note: Data for some of the smaller neighborhoods in Snowmass is not reflected on this page but is available contact BJ Adams and Company for further information. The Divide Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 1 1 1 1 2 3 AVG Price per SQ FT $1,697 $ $ $925 $1,727 $2,15 $1,13 $1,188 AVG Sold Price N/A N/A $ $4,75, $9,5, $11,8, $6,275, $6,394,333 AVG Asking Price $9,75, $ $ $5,95, $1,975, $11,8, $6,65, $6,948,333 AVG Original Price $9,75, $ $ $8,5, $13,95, $11,8, $6,775, $7,66,667 AVG Ask/Sold Discount % N/A.% 2.2% 13.4%.% 5.6% 8.4% AVG Days on Market 4 362 331 9 473 242 Horse Ranch Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 4 3 5 2 4 9 6 AVG Price per SQ FT $747 $ $741 $759 $633 $895 $96 $911 AVG Sold Price N/A N/A $3,38,333 $2,87, $2,4, $4,392,576 $3,741,667 $3,14, AVG Asking Price $2,911,25 $ $3,655, $3,292, $2,865, $4,88, $3,99,333 $3,339,167 AVG Original Price $3,161,25 $ $3,821,667 $3,794, $2,865, $5,47,5 $4,14,889 $3,221,667 AVG Ask/Sold Discount % N/A 9.6% 13.% 15.6% 1.3% 4.5% 5.7% AVG Days on Market 263 111 272 18 176 2 288 Melton Ranch Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 8 3 1 2 4 4 5 AVG Price per SQ FT $665 $ $482 $352 $411 $842 $867 $658 AVG Sold Price N/A N/A $1,648,333 $1,35, $1,425, $2,47,5 $2,955, $1,782,5 AVG Asking Price $1,919,375 $ $1,887,333 $1,599,9 $1,847,5 $2,598,75 $2,95, $1,829, AVG Original Price $2,128, $ $2,626,333 $1,599,9 $2,395, $2,765, $3,25, $1,844, AVG Ask/Sold Discount % N/A 13.8% 15.6% 23.1% 4.9%.3% 2.7% AVG Days on Market 449 779 16 2 297 169 93 The Pines Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 8 2 2 3 3 2 2 AVG Price per SQ FT $1,417 $ $1,272 $1,37 $1,437 $1,82 $1,353 $1,245 AVG Sold Price N/A N/A $9,975, $7,5, $8,58,333 $1,233,333 $7,475, $6,85, AVG Asking Price $8,453,625 $ $12,25, $9,125, $9,7, $1,8, $7,822,5 $7,45, AVG Original Price $8,878,625 $ $12,25, $1,6, $9,7, $1,8, $7,645, $7,4, AVG Ask/Sold Discount % N/A 17.9% 16.4% 16.5% 5.1% 4.4% 7.8% AVG Days on Market 29 143 297 56 115 35 217 Ridge Run Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 16 1 5 7 5 3 6 18 AVG Price per SQ FT $914 $943 $694 $839 $618 $1,18 $1,25 $767 AVG Sold Price N/A N/A $2,431, $3,596,857 $2,15, $4,83,333 $4,331,667 $3,143,238 AVG Asking Price $4,16,875 $3,8, $2,768,8 $4,297,143 $2,516, $4,446,667 $4,446,667 $3,35,833 AVG Original Price $4,33, $4,2, $2,818,8 $4,962,143 $2,687, $4,689,667 $4,811,667 $3,32,278 AVG Ask/Sold Discount % N/A N/A 11.4% 16.5% 16.7% 8.6% 3.1% 4.8% AVG Days on Market 4 996 259 325 271 22 195 21 Two Creeks Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 7 2 3 1 2 2 2 AVG Price per SQ FT $1,632 $ $1,493 $1,434 $1,682 $2,43 $1,615 $1,135 AVG Sold Price N/A N/A $8,7, $8,133,333 $18,5, $12,5, $9,147,5 $6,225, AVG Asking Price $9,928,571 $ $9,622,5 $9,333,333 $19,995, $12,725, $9,322,5 $6,66, AVG Original Price $9,878,571 $ $1,122,5 $11,566,667 $19,995, $12,725, $9,322,5 $6,66, AVG Ask/Sold Discount % N/A 1.5% 11.4% 7.5% 6.2% 1.7% 6.4% AVG Days on Market 351 342 254 137 167 36 Wood Run Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 1 4 5 9 6 6 AVG Price per SQ FT $1,483 $ $97 $814 $ $1,241 $1,552 $946 AVG Sold Price N/A N/A $3,993,75 $3,573,37 $ $5,39,778 $6,48,5 $3,729,767 AVG Asking Price $6,61,35 $ $4,568,75 $4,37, $ $5,515,556 $6,753,333 $4,71,667 AVG Original Price $6,883,5 $ $4,969,6 $4,756, $ $5,642,778 $6,89,833 $4,41,667 AVG Ask/Sold Discount % N/A 12.3% 9.4%.% 9.1% 3.9% 8.% AVG Days on Market 311 341 152 17 311 256 9 BJ Adams and Company www.aspensnowmassproperties.com email@bjac.net Aspen 97.922.2111 Snowmass 97.923.2111 9

CONDOMINIUMS/TOWNHOMES OVERALL MARKET Similar to the Single Family Home market in the Upper Roaring Fork Valley, Condominium/Townhome Sales have shown a healthy rebound from the 29 lows. All three towns in the Upper Valley posted gains in the Number of Condo/Townhome Sales between 21 and 211. $6,, $5,, $4,, $3,, $2,, $1,, $ Condo & Townhome Sales Activity 25 26 27 28 29 21 211 Sales $ Volume # of Sales 6 5 4 3 2 1 The Central Core in Aspen continued to perform well in 211, and although Listing Inventory increased for Snowmass Village Condos, there were over 8% more Condo Sales than the year prior. Basalt had the largest Inventory drop amongst the three towns, boosted by sales of lower-price point units. 2 15 1 5 Condo/Townhomes - Listing Inventory (as of December 31 2 st ) 186 176 163 63 33 21 211 1% 95% 9% 85% 8% Average Condo/Townhome Sales Price as a % of List Price The spread between Original to Sale Price Discounts and Asking Price to Sale Price Discounts remains close to 1%. Overall, Average Discounts continued to decline in 211. 75% 7% 25 26 27 28 29 21 211 Average Sold Price (as a % of Original List Price) Average Sold Price (as a % of Ask Price) 1

CONDOMINIUMS/TOWNHOMES ASPEN SNOWMASS VILLAGE BASALT 1 8 6 4 Condo/Townhome - Number of Sales 95 78 55 48 34 3 21 211 Across the board gains for Condo/Townhome Sales in 211 marks a clear recovery in the market. 2 $2,, $16,, $12,, $8,, Condo/Townhome - Sales Dollar Volume 21 211 Similar to the Number of Sales, Sales Dollar Volume trends were up for Condo/Townhome Sales in all three Upper Valley towns. The Central Core in Aspen now has less than a 2-year supply of Inventory (down from 3+ years), while Snowmass Village still has over a 3-year supply. $4,, $ $2,, $1,5, $1,, Condo/Townhome - Average Sales Price 21 211 Aspen Condo/Townhome Prices have started to show some strength, while the numerous distressed Sales in Basalt pushed prices lower in 211. $5, $ $1,2 $1, $8 $6 $4 $2 Condo/ Townhome - Average Sales Price per Sq Ft 21 211 The Average Sale Price per Square Foot for Condos in Aspen actually increased modestly in 211, confirming our prediction at the start of the year that prices would begin to strengthen first in the Central Core. Although Snowmass Village and Basalt both posted pricing decreases during 211, we feel the bottom is currently being established. $ BJ Adams and Company www.aspensnowmassproperties.com email@bjac.net Aspen 97.922.2111 Snowmass 97.923.2111 11

CONDOMINIUMS/TOWNHOMES NEIGHBORHOODS JUST THE NUMBERS Smuggler Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 18 2 4 3 3 9 13 14 AVG Price per SQ FT $857 $872 $846 $993 $811 $1,191 $1,58 $786 AVG Sold Price N/A N/A $1,518,75 $1,41,667 $615, $1,45, $1,13,38 $736,586 AVG Asking Price $966,889 $1,172,5 $1,697,5 $1,418,333 $68, $1,497,889 $1,134,692 $785,425 AVG Original Price $1,79,222 $1,335, $1,79,75 $1,474,333 $742, $1,53,889 $1,199,77 $811,282 AVG Ask/Sold Discount % N/A N/A 1.8% 2.7% 9.5% 6.4% 2.6% 4.6% AVG Days on Market 262 289 175 36 28 138 112 143 BEST PERFORMING Central Core Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 133 8 77 6 48 52 18 154 AVG Price per SQ FT $1,252 $899 $1,128 $1,123 $1,266 $1,63 $1,44 $1,167 AVG Sold Price N/A N/A $1,939,77 $1,715,65 $1,849,953 $2,52,89 $1,562,174 $1,692,235 AVG Asking Price $1,932,82 $1,237,5 $2,195,178 $2,14,553 $2,59,967 $2,786,548 $1,617,69 $1,753,584 AVG Original Price $2,9,924 $1,291,181 $2,512,619 $2,365,791 $2,387,398 $2,796,793 $1,64,789 $1,769,435 AVG Ask/Sold Discount % N/A N/A 11.% 12.1% 1.% 8.3% 3.1% 3.2% AVG Days on Market 36 32 336 346 266 319 129 235 West End Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 15 6 9 3 5 24 2 AVG Price per SQ FT $1,28 $ $648 $641 $979 $1,335 $1,78 $787 AVG Sold Price N/A N/A $896,931 $932, $1,59,975 $1,399,623 $1,264,96 $97,2 AVG Asking Price $1,121, $ $893,733 $1,25,778 $1,123, $1,54,6 $1,341,63 $1,7,732 AVG Original Price $1,197,333 $ $944,4 $1,167,667 $1,356,333 $1,577,6 $1,345,65 $1,17,83 AVG Ask/Sold Discount % N/A.9% 9.8% 5.5% 7.8% 4.3% 3.8% AVG Days on Market 299 197 283 13 169 379 218 West Aspen Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 13 7 6 1 8 24 24 AVG Price per SQ FT $742 $ $615 $637 $759 $877 $923 $71 AVG Sold Price N/A N/A $2,53,571 $2,65,917 $1,768,34 $3,71,141 $2,131,42 $1,187,479 AVG Asking Price $2,78,792 $ $2,35,286 $3,53,233 $2,18,6 $3,95,938 $2,24,958 $1,233,646 AVG Original Price $2,342,769 $ $2,91,143 $3,46,567 $2,343,5 $4,18,188 $2,251,375 $1,314,21 AVG Ask/Sold Discount % N/A 8.8% 17.2% 13.5% 4.7% 2.7% 3.5% AVG Days on Market 431 439 249 253 561 24 171 Snowmass Village Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 176 2 55 3 21 11 12 14 AVG Price per SQ FT $815 $358 $624 $684 $758 $1,49 $1,24 $77 AVG Sold Price N/A N/A $95,424 $996,117 $1,61,519 $1,184,1 $1,357,391 $1,61,75 AVG Asking Price $1,212,268 $389,45 $1,32,185 $1,178,213 $1,339,357 $1,21,887 $1,41,62 $1,14,13 AVG Original Price $1,32,31 $389,45 $1,134,384 $1,3,3 $1,536,786 $1,23,333 $1,434,155 $1,113,548 AVG Ask/Sold Discount % N/A N/A 11.4% 13.3% 15.9% 1.8% 3.4% 3.1% AVG Days on Market 312 134 267 273 218 68 235 11 NOTE: The original sale date for the majority of the Base Village condos was between Q4 27 and Q4 28. Basalt Proper Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 26 9 18 16 6 8 44 44 AVG Price per SQ FT $299 $194 $262 $314 $327 $57 $5 $386 AVG Sold Price N/A N/A $46,737 $41,33 $48,855 $674,75 $674,11 $545,659 AVG Asking Price $383,38 $224,644 $457,887 $493,945 $439, $78,563 $676,114 $558,698 AVG Original Price $49,34 $242,867 $61,256 $565,452 $553,5 $744,125 $685,443 $591,889 AVG Ask/Sold Discount % N/A N/A 7.3% 8.9% 6.7% 4.%.7% 1.9% AVG Days on Market 29 1 277 241 267 141 123 96 El Jebel Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 9 6 3 18 13 79 61 9 AVG Price per SQ FT $27 $182 $21 $269 $339 $475 $43 $332 AVG Sold Price N/A N/A $37,848 $45,72 $488,155 $674,88 $527,915 $42,335 AVG Asking Price $368,878 $289,133 $336,94 $476,39 $519,955 $76,554 $541,111 $434,268 AVG Original Price $43,989 $324,983 $383,263 $59,767 $596,743 $667,558 $542,477 $438,572 AVG Ask/Sold Discount % N/A N/A 8.4% 5.3% 6.6% 4.9% 2.8% 3.1% AVG Days on Market 237 169 25 13 235 683 31 49 12

LAND OVERALL MARKET Residential Land took a step backward in 211 the only property type in the Upper Roaring Fork Valley to show a decline in Sales Dollar Volume. The Total Number of Land Sales increased slightly thanks to some lower price-point Sales in Basalt. We expect Land to continue to offer opportunity to willing Buyers until more solid trends are established. $2,, $18,, $16,, $14,, $12,, $1,, $8,, $6,, $4,, $2,, $ Residential Land Sales Activity 25 26 27 28 29 21 211 Sales $ Volume # of Sales 12 1 8 6 4 2 Relatively weak Land Sales in Aspen and Snowmass Village resulted in Inventory increases during 211. At the current pace, there is more than a 7-year supply of Land Inventory in Aspen, and over 4 years of Inventory in Snowmass Village. $5,, $4,, $3,, $2,, Residential Land - Sales Dollar Volume 21 211 $1,, $ 1% 95% 9% 85% 8% 75% 7% 65% Average Residential Land Sales Price as a % of List Price 25 26 27 28 29 21 211 Average Sale Price Discounts for Land tend to be higher than for Single Family Homes and Condos. Much of this spread stems from larger Discounts on Basalt Land Sales, while multiple recent Snowmass Village Land Sales have been at or below 1% from the Asking Price. Average Sold Price (as a % of Original List Price) Average Sold Price (as a % of Ask Price) 13 BJ Adams and Company www.aspensnowmassproperties.com email@bjac.net Aspen 97.922.2111 Snowmass 97.923.2111 13

LAND ASPEN SNOWMASS VILLAGE BASALT 15 1 Residential Land - Number of Sales 13 11 11 6 5 5 21 211 With less than 3 total Land Sales in Aspen, Snowmass Village and Basalt during 211, and close to 125 Active Listings in the same area, it is clear that this segment of the local real estate market is not yet on solid ground. 5 $5,, $4,, $3,, Residential Land - Sales Dollar Volume 21 211 No particular surprises here, with the exception of the dramatic drop in Sales Dollar Volume for Aspen Land Sales this is primarily from two higher-priced sales in 21 that totaled nearly $2 million. $2,, $1,, $ $4,, $3,, $2,, $1,, Residential Land - Average Sales Price 21 211 Perhaps of interest, is the nearly 5% drop in Average Sale Price in Aspen, and the nearly 4% drop in Snowmass Village most of the Land Sales in 211 were for lower price-point parcels that Buyers took advantage of, in tandem with somewhat lower construction costs. $ 14

LAND NEIGHBORHOODS JUST THE NUMBERS East Aspen Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 11 2 2 2 1 2 5 AVG Sold Price N/A N/A $2,5, $ $1,887,5 $1,65, $4,175, $4,32, AVG Asking Price $3,541,364 $1,782,25 $2,847,5 $ $1,997,5 $1,95, $4,6, $4,41, AVG Original Price $3,655,455 $2,943,5 $3,97,5 $ $2,825, $1,95, $4,6, $4,41, AVG Ask/Sold Discount % N/A N/A 12.5%.% 5.5% 15.4% 9.% 1.6% AVG Days on Market 312 435 55 352 6 169 74 Smuggler Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 3 1 1 AVG Sold Price N/A N/A $ $ $ $4,15, $3,8, $ AVG Asking Price $2,1,333 $ $ $ $ $4,25, $4,2, $ AVG Original Price $2,193, $ $ $ $ $4,2, $4,995, $ AVG Ask/Sold Discount % N/A.%.%.% 3.4% 9.5%.% AVG Days on Market 324 611 71 Central Core Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 7 1 1 1 1 AVG Sold Price N/A N/A $ $2,5, $1,95, $1,, $8,4, $ AVG Asking Price $3,685, $ $ $3,995, $1,95, $8, $7,9, $ AVG Original Price $3,955,714 $ $ $3,995, $1,95, $8, $7,9, $ AVG Ask/Sold Discount % N/A.% 37.4%.% -25.% -6.3%.% AVG Days on Market 539 147 28 163 146 Red Mountain Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 8 1 1 1 AVG Sold Price N/A N/A $ $13,, $ $ $7,5, $ AVG Asking Price $6,461,25 $6,9, $ $15,, $ $ $7,5, $ AVG Original Price $6,93, $6,9, $ $15,, $ $ $7,5, $ AVG Ask/Sold Discount % N/A N/A.% 13.3%.%.%.%.% AVG Days on Market 46 24 152 81 West End Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 2 1 2 2 1 2 4 AVG Sold Price N/A N/A $1,81,75 $2,, $3,3, $ $3,292,5 $3,782,416 AVG Asking Price $2,797,5 $2,75, $2,384, $2,395, $3,5, $ $3,747,5 $3,861,25 AVG Original Price $2,935, $3,95, $2,534, $3,75, $3,5, $ $3,95, $3,861,25 AVG Ask/Sold Discount % N/A N/A 24.8% 16.5% 5.7%.% 1.7% 1.8% AVG Days on Market 382 814 278 738 52 138 113 WORST PERFORMING West Aspen Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 33 4 5 7 2 16 11 AVG Sold Price N/A N/A $1,98,5 $4,1, $3,18,163 $2,719,643 $4,477,733 $2,855,357 AVG Asking Price $3,18,3 $ $2,34,75 $5,519, $4,553,571 $3,175, $4,65,25 $3,182,455 AVG Original Price $3,277,91 $ $2,98,5 $6,139, $4,625, $3,397,5 $4,561,813 $3,337,455 AVG Ask/Sold Discount % N/A 14.% 26.1% 31.9% 14.5% 3.5% 9.5% AVG Days on Market 557 693 42 259 552 245 596 McLain Flats Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 15 3 4 1 2 9 AVG Sold Price N/A N/A $1,435, $2,175, $ $3,75, $3,212,954 $3,648,611 AVG Asking Price $3,846, $ $1,895, $2,762,5 $ $3,95, $3,472,5 $3,974,444 AVG Original Price $4,51, $ $1,895, $3,112,5 $ $3,95, $3,575, $3,938,333 AVG Ask/Sold Discount % N/A 23.3% 15.9%.% 5.1% 7.4% 8.3% AVG Days on Market 416 32 22 271 129 427 Snowmass Village Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 22 5 5 1 7 15 AVG Sold Price N/A N/A $1,35, $1,721, $ $1,35, $2,325,631 $2,867,167 AVG Asking Price $3,115,523 $ $1,143,8 $1,932, $ $1,375, $2,362,857 $2,96,5 AVG Original Price $3,45, $ $1,267, $2,63, $ $1,375, $2,477,857 $2,96,5 AVG Ask/Sold Discount % N/A 7.8% 6.7%.% 1.8% 1.9% 3.% AVG Days on Market 539 316 52 88 218 224 BJ Adams and Company www.aspensnowmassproperties.com email@bjac.net Aspen 97.922.2111 Snowmass 97.923.2111 15

SKI REPORT SNOWMASS VILLAGE SINGLE FAMILY HOMES SKI ACCESSIBLE PROPERTIES Single Family Homes Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 36 1 14 6 16 16 2 AVG Price per SQ FT $1,377 $ $1,113 $1,77 $1,41 $1,55 $1,344 $977 AVG Sold Price N/A N/A $6,52,5 $5,419,275 $9,162,5 $7,356,75 $6,42,188 $4,544,8 AVG Asking Price $7,17,28 $ $7,22, $6,337,857 $1,51,833 $7,83,313 $6,675, $4,883, AVG Original Price $7,434,972 $ $7,232,34 $7,651,786 $11,6,667 $7,91,875 $6,813,125 $5,49,75 AVG Ask/Sold Discount % N/A 13.1% 12.9% 12.8% 7.1% 4.% 6.4% AVG Days on Market 355 278 272 325 142 29 252 NON-SKI ACCESSIBLE PROPERTIES Single Family Homes Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 39 1 12 13 1 13 19 29 AVG Price per SQ FT $965 $943 $58 $74 $582 $837 $925 $82 AVG Sold Price N/A N/A $2,15,833 $3,148,77 $1,857,5 $3,45,177 $3,94, $3,5,199 AVG Asking Price $4,523,538 $3,8, $2,341,333 $3,683,838 $2,275,5 $3,789,154 $4,12,316 $3,28,13 AVG Original Price $4,888,538 $4,2, $2,652,75 $4,34,992 $2,543, $3,993,769 $4,287,316 $3,157,414 AVG Ask/Sold Discount % N/A N/A 9.9% 14.1% 18.3% 8.7% 3.7% 4.6% AVG Days on Market 322 996 327 2 253 246 22 193 3 Number of Sales $1,, Average Sales Price 25 2 15 1 5 $8,, $6,, $4,, $2,, 26 27 28 29 21 211 $ 26 27 28 29 21 211 Ski-Accessible SFH Non-Ski Accessible SFH Ski-Accessible SFH Non-Ski Accessible SFH 2% Average Ask-Sold Discount (%) $2, Average Sales Price per SQ FT 15% $1,5 1% $1, 5% $5 % 26 27 28 29 21 211 $ 26 27 28 29 21 211 Ski-Accessible SFH Non-Ski Accessible SFH Ski-Accessible SFH Non-Ski Accessible SFH 16

SNOWMASS VILLAGE CONDOMINIUMS AND TOWNHOMES SKI ACCESSIBLE PROPERTIES Condos/Townhomes Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 122 38 18 16 86 62 58 AVG Price per SQ FT $85 $ $695 $76 $791 $1,88 $1,86 $797 AVG Sold Price N/A N/A $961,532 $1,131,417 $1,93,556 $1,233,199 $1,332,399 $976,397 AVG Asking Price $1,224,62 $ $1,11,239 $1,322,689 $1,47,94 $1,256,682 $1,385,311 $1,18,45 AVG Original Price $1,328,25 $ $1,196,38 $1,452,56 $1,587,46 $1,263,42 $1,46,47 $1,19,328 AVG Ask/Sold Discount % N/A 11.9% 14.2% 17.1% 1.3% 3.7% 3.1% AVG Days on Market 316 228 258 195 763 274 112 NON-SKI ACCESSIBLE PROPERTIES Condos/Townhomes Listed Pending 211 21 29 28 27 26 Number of Listings/Sales 54 2 17 12 5 15 4 46 AVG Price per SQ FT $735 $358 $467 $57 $65 $821 $927 $736 AVG Sold Price N/A N/A $78,7 $793,167 $959, $91,933 $1,396,13 $1,167,843 AVG Asking Price $1,184,41 $389,45 $877,829 $961,5 $1,122,6 $948,333 $1,449,848 $1,212,217 AVG Original Price $1,242,797 $389,45 $995,965 $1,72,667 $1,374,8 $1,42,8 $1,477,723 $1,232,348 AVG Ask/Sold Discount % N/A N/A 1.3% 12.% 12.4% 4.6% 2.9% 3.1% AVG Days on Market 33 134 353 295 29 23 175 16 1 Number of Sales $1,5, Average Sales Price 8 $1,3, 6 $1,1, 4 $9, 2 $7, 26 27 28 29 21 211 $5, 26 27 28 29 21 211 Ski-Accessible Condos/TH's Non-Ski Accessible Condos/TH's Ski-AccessibleCondos/TH's Non-Ski Accessible Condos/TH's 2% Average Ask-Sold Discount (%) $1,2 Average Sales Price per SQ FT 15% $1, 1% $8 5% $6 % 26 27 28 29 21 211 $4 26 27 28 29 21 211 Ski-Accessible Condos/TH's Non-Ski Accessible Condos/TH's Ski-Accessible Condos/TH's Non-Ski Accessible Condos/TH's BJ Adams and Company www.aspensnowmassproperties.com email@bjac.net Aspen 97.922.2111 Snowmass 97.923.2111 17

PRICE RANGE SALES ACTIVITY We often track where the Sales Activity is happening in the Roaring Fork Valley, and we also focus on what price points perform better than others. The charts below all compare 211 Sales Activity with the Average Sales Activity for those same areas and price points over the past 5 years. Keep in mind that 26-28 were incredibly strong years, so in some cases the 211 Sales Activity may show a decrease from the Averages, but it was actually an up year (for example, every price range for Aspen Single Family Homes was the same or up in 211, versus 21, with the exception of the $7.5-$1 million price range even though the 5-year averages show drops in some ranges for 211). Aspen Single Family Home Sales (by price range) Aspen Condo/ Townhouse Sales (by price range) 3 4 25 2 3 15 2 1 5 1 Less than $2.5 $2.5-$5 $5-$7.5 $7.5-$1 26-21 Average 211 $1+ Less than $5K $5K-$1 $1-$1.5 $1.5-$2 26-21 Average 211 $2+ Snowmass Village Single Family Home Sales (by price range) Snowmass Village Condo/Townhouse Sales (by price range) 15 25 2 1 15 5 1 5 Less than $2 $2-$4 $4-$6 $6-$8 26-21 Average 211 $8+ Less than $5K $5K-$75K $75K-$1 $1-$1.25 26-21 Average 211 $1.25+ Basalt Single Family Home Sales (by price range) Basalt Condo/ Townhome Sales (by price range) 3 4 25 2 15 3 2 1 5 1 Less than $5K $5K-$1 $1-$1.5 $1.5+ 26-21 Average 211 Less than $2K $2K-$3K $3K-$4K $4K-$5K $5K+ 26-21 Average 211 18

Aspen/Snowmass Business Confidence Index Confidence Index Level 1 8 6 4 2 54.6 55.3 As the title implies, this Index measures the current confidence level of local business people. Many of the survey participants are business owners and/or decision makers for their respective businesses. The Index takes into account how businesses have performed over the past year, and focuses more emphasis on the current health of our local economy, and the participants anticipated business outlook for the coming months and year. We now have a solid year of Index readings in the mid-6 s. The relative consistency of the recent survey results is indicative of a few overlapping themes: Aspen/Snowmass Business Confidence Index 59.5 63.3 58.9 55. 67.3 65.3 67.2 66. Local business leaders are increasingly confident in the direction of the Aspen/Snowmass economy. Their confidence is somewhat tempered, and we continue to get mixed feedback with regard to new hiring, future business in the pipeline and sentiment towards the local government. However, the majority of local business leaders that participate in our survey feel that their business is performing better today than one year ago, and they feel this upward trend will continue. Sentiment toward our national and global economies continues to erode. The small but measurable increase in local confidence over the past year has been countered by concerns on a more global scale. There are obviously a myriad of issues outside of the Roaring Fork Valley that need to be addressed in the coming months/years, and our local business leaders seem acutely aware that these issues do have an impact on the Aspen/Snowmass economy. Real estate has increasingly become the most favored investment option over a 5-year time horizon, followed closely by stocks/mutual funds. In the short-term, cash has garnered more support in recent months; nearly half of the respondents recently indicated cash as a favorable place for their money in the coming year (this compares to only a third of the respondents favoring cash during our summer 211 survey). Our next index reading will take place mid-winter 212, and we expect to see sentiment toward our local economy remain positive. Clearly the national and global economies need to cooperate before measured improvement can take place this will take time. The Aspen/Snowmass Business Confidence Index was created, and the other data in this report was compiled and analyzed, by Andrew Ernemann of BJ Adams and Company. BJ Adams and Company www.aspensnowmassproperties.com email@bjac.net Aspen 97.922.2111 Snowmass 97.923.2111 19

ASPEN/SNOWMASS REAL ESTATE MARKET INDEX The Index measures the strength of the Aspen/Snowmass real estate market by tracking a variety of real estate trends. We have found that the Index can be an excellent predictor of the future direction of pricing for our local real estate market. Today, the Index is heading upward, and we feel prices will likely follow in the coming year - some neighborhoods have already started showing signs of small increases, while other areas are still lagging. Conversely, the Index showed a peak and subsequent downturn in 27, a full year before prices actually began to fall in Aspen/ Snowmass. Location matters; trends at the Aspen/Snowmass level are not always moving in the same direction as particular neighborhoods or property types. Mkt Index 13,5 13, 12,5 Aspen/Snowmass Real Estate Market Index $/ SQ FT $1,35 $1,25 $1,15 12, 11,5 11, 1,5 1, 9,5 Price trends follow the same pattern as the Index, and have historically lagged behind the Index by 12-24 months. The Index turned upwards in 21; we expect prices to follow in the next 12 months. $1,5 $95 $85 $75 $65 $55 9, 22 23 24 25 26 27 28 29 21 211 Market Index AVG Sold Price per Square Foot $45 BJ Adams and Company Aspen Corner of Hunter and Hopkins 97.922.2111 Snowmass Village Next to Alpine Bank 923.922.2111 534 E. Hopkins Avenue Aspen, CO 81611 CHANGE SERVICE REQUESTED 97.922.2111 97.923.2111 AspenSnowmassProperties.com email@bjac.net 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. 212 BJ Adams and Company