Executive Summary Stowe Luxury Ski Chalets by Adam Greenfader

RESIDENTIAL DEVELOPMENT OPPORTUNITY

5 LUXURY SINGLE FAMILY HOMES IN STOWE VERMONT

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EXECUTIVE SUMMARY The proposed project is a residential development in Stowe, Vermont . The site consists of approximately 24 acres located off of mountain road. Purchase Price: $1,000,000.00 Stowe is located in the North Western part of Vermont. It is strategically located within easy driving distance to Montreal (2 ½ hours), Boston (3 ½ hours) and a New York City (5 hours). The town of Stowe is located approximately 35 minutes from Burlington, the State’s capital. Burlington is a thriving city with world class universities, hospitals, an international airport, shopping, and abundant recreational facilities.

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The town of Stowe is host to one of Vermont’s most prominent ski resorts, multiple golf courses, ample hiking and mountain trails, the home of Ben and Jerry’s Ice Cream, and The Von Trapp Family resort, among other destinations. The town of Stowe has a population of approximately 4,339 (2000 census) persons.

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THE SITE

The proposed site is located off of Mountain Road (108) and highway 100 in Lamoille County. It is accessed via Winterbird Ridge Road in what is known as Birch Hill.

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The site is also within easy walking distance to the town of Stowe. The town of Stowe has many of the areas top restaurants, bars, shopping, and entertainment.

The site is divided into five lots. The site is covered with a mixture of hard and soft woods. Tree cover is mature and has been maintained through a forest management program. Deer wintering is a key resource of the site.

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The lots have the following sizes according to a plan prepared by JH Stuart Associates dated 3/26/04: Lot 36: Lot 37: Lot 38: Lot 39: Lot 40:

3.12 acres 3.39 acres 2.57 acres 2.71 acres 2.02 acres ------------13.81 acres

The remainder of the site is dedicated to 300 feet of roadways, 550 feet of “common drives” and land dedicated to the town of Stowe (8.89 acres).

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ZONING & PERMITTING The five lots are planned and approved for (WW-5-2603) for drilled wells. The lots are located in the Stowe Sewer District and will connect with available collection facilities. The proposed project is not located in the 100 year floodway as identified by the National Flood Insurance Maps. The access road for the lots will cross a small portion of a Class III wetland and an unnamed seasonal stream. The lots will be accessed via a 1650’ extension of Winterbird Ridge Road. The soil consists primarily of well drained fine sands and fine sandy loam with limited potential for erosion. LU permit 5L0267-11 was issued on December 20, 1996 specifically for a master plan approval. Limited findings were issued under Criteria 1(D), 1(F), 6, 7, 8(A), 9 (A-E & G-L) and 10. The Master Plan approval was granted for five years on all criteria except for 10 years on Criterion 10. The permit allows for a maximum of 4 bedroom single family residence on each lot.

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MARKET ANALYSIS The proposed development’s highest and best use is for luxury single family homes. Homes in the Stowe market area range in size from 1,500 SF to 5,000 SF. The homes adjacent to the proposed site range in price from $600,000 to $1,200,000. Enclosed is a preliminary analysis of sales prices in the market area. A more detailed investigation will need to be conducted. Also please see addendum 1 for addition properties for sale in Stowe.

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PRELIMINARY DEVELOPMENT ANALYSIS Enclosed is a preliminary development analysis for 5 single family homes. Most of the numbers are estimates obtained from conversations with local experts in Vermont. All costs and revenues need to be verified with further research. The total estimated construction cost for the 5 units is approximately $4,500,000. The projected sales revenue is $6,000,000. The projected return is 32% or approximately $1,400,000 in 16-20 months. Land Cost The owner is asking $1,000,000. or approximately $200,000 per lot. An appraisal of the property will need to be obtained. Site Work The site work includes the clearing and grubbing of trees, land movement, building of the road, installation of water, electrical, and sewer infrastructure. A land planner will be needed to verify this cost. According to the seller, a cost of $600,000 was originally quoted for said works. House Construction House construction is estimated at $150 a SF with total construction costs projected at $300 a SF. Since the project is relatively small, custom features will be billed as options based on each client’s preferences. Construction Plans The construction plans supposedly are for the house structures. A top local architect will be hired to produce a home with local characteristics and flair

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PRELIMINARY DEVELOPMENT ANALYSIS ANALYSIS Cont. Administration & Supervision A total fee of $9,000 per month is being allocated for a project engineer and Maxcapital. Sales Commissions No sales commission is being projected for in house Maxcapital / AXYON sales. If local brokers are used, a fee will need to be reserved. Marketing & Advertising The M & A cost is estimated at $175,000. This includes the decoration of a model home and furniture. Construction Permits / Fees Most permits are supposedly obtained and already built into the cost of the lots.

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CONCLUSION The town of Stowe is undergoing positive development changes. The proposed site is very well located. It has excellent access to the town as well as the area’s major recreational amenities. The site is being sold with entitlements for five single family homes. The entitlements will need to be investigated. Similarly, construction costs will need to be verified in order to determine the eventual market price. The luxury residential market in Stowe ranges from $800,000 to $1,500,000. A comprehensive market investigation will be needed in order to determine the absorption rate. Assuming that entitlement and construction risks can be identified, the development concept is strong.

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Addendum 1 MLS #:

2605967

Status:

Active Address: 1746 Mountain Road List Price: $839,000 County: Lamoille Town: Stowe Apx 17 Development: Acres: FIN 2,429 UNFIN SQFT: 0 SQFT: Condo 684/6 Condo Name: None Unit#: Year 2006 # Fireplaces: 3 Built: # 3 # Baths: 4 Bdrms: Covered Porch, Exterior: Tax Year: 2006 Deck(s) 220 Plug, Breakers, Draperies, Vaulted Interior: Ceiling, Walk-in Taxes: $0 Closet, Wet Bar, Whirl Pool Assoc $517 Fee $:

MLS #:

2605919

Status:

Active Address: 1746 Mountain Road List Price: $839,000 County: Lamoille Town: Stowe Apx 0 Development: Acres: FIN 2,429 UNFIN SQFT: 0 SQFT: Condo 686/6 Condo Name: None Unit#: Year 2006 # Fireplaces: 3 Built: # 3 # Baths: 4 Bdrms: Covered Porch, Exterior: Tax Year: 05-06 Deck(s) 220 Plug, Breakers, Draperies, Vaulted Interior: Ceiling, Walk-in Taxes: $0 Closet, Wet Bar, Whirl Pool Assoc $517 Fee $:

MLS #:

9931973

Status:

Active

Address:

County: Apx Acres: FIN SQFT: Condo Unit#: Year Built: #

10 BrookRd

List Price: $840,000

Lamoille

Town:

Development:

3,521

UNFIN SQFT: 0

Condo Name: Covered Bridge

2000

# Fireplaces: 0

# Baths:

Stowe

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Bdrms: Deck(s), Patio, OtherTax Year: See Remarks Cedar Closet, Natural Woodwrk, Skylight, Interior: Taxes: Vaulted Ceiling, Other-See Remarks Assoc $693 Fee $: Exterior:

06/07

$10,732

MLS #:

2605703

Status:

Active Address: 1746 Mountain Road List Price: $849,000 County: Lamoille Town: Stowe Apx 0 Development: Acres: FIN 2,247 UNFIN SQFT: 0 SQFT: Condo Eastwood 682/6 Condo Name: Unit#: Commons II Year 2001 # Fireplaces: 3 Built: # 3 # Baths: 4 Bdrms: Exterior: Deck(s) Tax Year: 05/06 220 Plug, Vaulted Interior: Ceiling, Walk-in Taxes: $8,580 Closet Assoc $517 Fee $:

MLS #:

2602163

Status:

Active Address: 4000 MountainRd List Price: $850,000 County: Lamoille Town: Stowe Apx 2.34 Development: Acres: FIN 2,378 UNFIN SQFT: 0 SQFT: Condo 530 Condo Name: Topnotch Unit#: Year 1999 # Fireplaces: 2 Built: # 3 # Baths: 3 Bdrms: Deck(s), Window Exterior: Tax Year: 05-06 Screens 220 Plug, Blinds, Breakers, Cable TV Interior: Available, Skylight, Taxes: $7,918 Walk-in Closet, Whirl Pool, Bath Tub(s) Assoc $300 Fee $:

MLS #:

2605777

Status:

Active

Address:

4000 Mountain Road List Price: $875,000

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County: Apx Acres: FIN SQFT: Condo Unit#: Year Built: # Bdrms:

Lamoille

Town:

.05

Development:

1,978

UNFIN SQFT: 600

541

Condo Name: Topnotch

2004

# Fireplaces: 2

# Baths:

Deck(s), Patio, Tax Year: Window Screens Breakers, Cable TV Available, High-spd Interior: Int Avail, Skylight, Taxes: Spa/Hot Tub, Walk-in Closet, Bath Tub(s) Assoc $450 Fee $: Exterior:

Stowe

3 2006

$9,800

MLS #:

2511508

Status:

Active Address: 1746 MountainRd List Price: $895,000 County: Lamoille Town: Stowe Apx 0 Development: Acres: FIN 3,071 UNFIN SQFT: 0 SQFT: Condo 670 Condo Name: None Unit#: Year 2002 # Fireplaces: 3 Built: # 3 # Baths: 4 Bdrms: Deck(s), In-ground Pool, Storm Exterior: Tax Year: 2006 Windows, Tennis Court Blinds, Breakers, Interior: Cable TV Available, Taxes: $9,280 Draperies Assoc $511 Fee $:

MLS #:

2600162

Status:

Active Address: 35 Mclane Road List Price: $925,000 County: Lamoille Town: Stowe Apx 0 Development: Acres: FIN 3,500 UNFIN SQFT: 0 SQFT: Condo 27 Condo Name: Covered Bridge Unit#: Year 2006 # Fireplaces: 2 Built: # 4 # Baths: 5 Bdrms: Deck(s), In-ground Exterior: Tax Year: 2006 Pool, Tennis Court 220 Plug, Other-See Interior: Taxes: $0 Remarks Assoc $500 Fee $:

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MLS #:

2606177

Status:

Active

Address:

26 Riverwalk Lane List Price: $945,000 #A County: Lamoille Town: Stowe Apx 0 Development: Acres: FIN 3,600 UNFIN SQFT: 364 SQFT: Condo A Condo Name: River Walk Unit#: Year 2005 # Fireplaces: 4 Built: # 3 # Baths: 5 Bdrms: Exterior: Deck(s), Spa/Hot Tub Tax Year: 05/06 220 Plug, Breakers, Cable TV Available, Central Vacuum, High-spd Int Avail, Interior: Taxes: $10,542 Natural Woodwrk, Spa/Hot Tub, Vaulted Ceiling, Walk-in Closet Assoc $0 Fee $:

MLS #:

2605439

Status:

Active

Address:

MLS #:

2605592

Status:

Active Address: 522 NotchbrookRd List Price: $1,125,000 County: Lamoille Town: Stowe Apx .98 Development:None (Stowe) Acres: FIN 3,144 UNFIN SQFT: 1,152 SQFT: Condo Condo Name: Unit#: Year 2001 # Fireplaces: 2 Built: # 3 # Baths: 4 Bdrms: Barn, Deck(s), Exterior: Outbuilding(s), Patio, Tax Year: 05/06 Other-See Remarks

530 Houston Farm List Price: $1,095,000 Road County: Lamoille Town: Stowe Apx 2.37 Development:Sugar House Hill Acres: FIN 4,200 UNFIN SQFT: 100 SQFT: Condo Condo Name: Unit#: Year 2005 # Fireplaces: 2 Built: # 5 # Baths: 4 Bdrms: Exterior: Deck(s), Satellite Tax Year: 2005 220 Plug, Vaulted Interior: Ceiling, Walk-in Taxes: $5,322 Closet Assoc $100 Fee $:

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Ceiling Fan, Vaulted Ceiling, Walk-in Closet, Water Interior: Taxes: Softener, Bath Tub(s), Other-See Remarks Assoc Fee $:

$9,318

MLS #:

2606588

Status:

Active Address: 1039 Sinclair Drive List Price: $1,250,000 County: Lamoille Town: Stowe Apx 2.57 Development:Stowe Club Acres: FIN 4,978 UNFIN SQFT: 528 SQFT: Condo Condo Name: Unit#: Year 1990 # Fireplaces: 1 Built: # 5 # Baths: 5 Bdrms: Deck(s), Outbuilding(s), Satellite, Screened Exterior: Tax Year: 05-06 Porch, Spa/Hot Tub, TV Antenna, Window Screens 220 Plug, Blinds, Breakers, Ceiling Fan, Central Interior: Taxes: $13,920 Vacuum, High-spd Int Avail, Walk-in Closet, Bath Tub(s) Assoc Fee $:

MLS #:

2510311

Status:

Active Address: 700 Trapp Hill Rd List Price: $1,350,000 County: Lamoille Town: Stowe Apx .08 Development: Acres: FIN 3,043 UNFIN SQFT: 0 SQFT: Condo Villas at Trapp Condo Name: Unit#: Family Lodge Year # Fireplaces: 2 Built: # # Baths: Bdrms: Covered Porch, Exterior: Deck(s), Screened Tax Year: 2005 Porch Cable TV Available, Interior: Draperies, Natural Taxes: $0 Woodwrk, Wet Bar Assoc Fee $:

MLS #:

2510314

Status:

Active

Address:

700 Trapp Hill Rd

List Price: $1,500,000

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County: Lamoille Apx .08 Acres: FIN 3,043 SQFT: Condo Unit#: Year Built: # Bdrms: Covered Porch, Exterior: Deck(s), Screened Porch Cable TV Available, Interior: Draperies, Natural Woodwrk, Wet Bar Assoc Fee $: MLS #:

2608768

Status:

Town:

Stowe

Development: UNFIN SQFT: 0 Condo Name:

Villas at Trapp Family Lodge

# Fireplaces: 2 # Baths: Tax Year:

2005

Taxes:

Active Address: 146 Summit Run List Price: $1,575,000 County: Lamoille Town: Stowe Apx 3.55 Development:Stowe Club Acres: FIN 4,486 UNFIN SQFT: 864 SQFT: Condo Condo Name: Unit#: Year 2000 # Fireplaces: 2 Built: # 3 # Baths: 4 Bdrms: Covered Porch, Deck(s), Patio, Satellite, Screened Exterior: Porch, Storm Tax Year: 06/07 Windows, Window Screens, Other-See Remarks 220 Plug, Breakers, Ceiling Fan, Central Vacuum, Skylight, Interior: Vaulted Ceiling, Taxes: $14,919 Walk-in Closet, Whirl Pool, Bath Tub(s), Other-See Remarks Assoc $117 Fee $: