April 2015 pitkin

Land Title Market Analysis by Fee Simple Transfers: Pitkin County 2009

2010

2011

2012

2013

2014

2015

January February March April May June July August September October November December YTD Totals

$51,067,849 $65,200,368 $32,854,531 $68,630,306 $56,681,718 $57,563,989 $116,154,221 $48,327,723 $124,844,807 $114,678,430 $75,939,052 $78,720,955 $217,753,054

$49,615,385 $38,868,999 $100,605,244 $158,544,632 $73,320,335 $100,602,177 $68,183,086 $70,001,699 $90,318,503 $194,057,196 $114,454,505 $123,002,681 $347,634,260

$73,988,349 $111,550,853 $84,472,737 $97,210,864 $120,682,933 $166,017,477 $34,072,361 $84,239,728 $128,951,013 $83,752,145 $120,748,836 $74,705,410 $367,222,803

$94,010,915 $40,718,729 $100,654,039 $97,359,781 $92,462,347 $141,664,462 $77,226,626 $102,778,767 $217,665,305 $136,910,144 $69,202,013 $265,449,558 $332,743,464

$75,588,955 $34,756,879 $69,193,237 $107,933,030 $114,044,463 $99,784,738 $83,551,350 $127,377,401 $216,617,642 $121,835,246 $112,317,241 $74,667,650 $287,472,101

$35,592,328 $96,506,369 $97,805,193 $172,030,423 $187,358,202 $73,504,025 $84,125,294 $121,968,946 $200,084,788 $158,401,154 $149,521,948 $140,159,693 $401,934,313

$186,520,543 $174,375,128 $126,018,523 $198,596,859

$685,511,053

% Change vs.

Previous Year 424.05% 80.69% 28.85% 15.44% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00% 70.55%

Annual Totals

$890,663,949

$1,181,574,442

$1,180,392,706

$1,436,102,686

$1,237,667,832

$1,517,058,363

$685,511,053

-54.81%

Month

Please Note: June 2006 has a transaction of $48,500,000, December 2007 has one transaction of $36,500,000, April 2008 has one transaction of $36,375,000. September 2012 includes a QCD transaction for $90,000,000. July 2013 had 314 Interval Transaction closings.

Copyright Š 2011. Land Title Guarantee Company. All Rights Reserved.

2009

2010

2011

2012

2013

2014

2015

January February March April May June July August September October November December YTD Totals

31 30 18 29 28 32 25 28 56 47 52 54 108

39 33 70 51 30 32 29 39 43 43 51 53 193

37 37 51 49 39 53 32 49 62 46 46 46 174

43 34 40 53 45 52 38 51 55 60 56 82 170

36 35 53 60 64 48 67 55 85 64 53 47 184

27 61 77 67 73 42 50 62 74 77 65 72 232

49 37 98 72

256

% Change vs.

Previous Year 81.48% -39.34% 27.27% 7.46% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00% 10.34%

Annual Totals

430

513

547

609

667

747

256

-65.73%

Month

Interval Transactions are not included in these tables. See Interval Sales Transactions & Yearly Side by Side Analysis.

Compliments of: Land Title Aspen Bob Rulon

970-925-1678

Land Title Market Analysis All Transaction Comparison: Pitkin County Month to Month Comparison by Dollar Volume

Month

January February March April May June July August September October November December

Year-toDate Total

2009

% Change vs.

Previous Yearto-Date

2010

% Change vs.

Previous Yearto-Date

2011

% Change vs.

Previous Yearto-Date

2012

% Change vs.

Previous Yearto-Date

2013

% Change vs.

Previous Yearto-Date

2014

% Change vs.

Previous Year-toDate

$115,936,999 $106,356,206 $46,906,531 $74,009,706 $64,477,218 $63,784,489 $126,622,273 $56,984,673 $128,180,662 $126,613,840 $81,433,876 $81,241,755

-8.85% -19.11% -52.82% -45.35% -43.63% -41.44% 1.73% -64.50% 27.43% 46.33% 25.69% -27.48%

$55,349,360 $49,136,999 $103,247,244 $168,793,594 $81,899,335 $115,390,224 $74,155,436 $74,470,199 $99,756,099 $197,043,696 $118,441,223 $125,236,180

-52.26% -53.80% 120.11% 128.07% 27.02% 80.91% -41.44% 30.68% -22.18% 55.63% 45.44% 54.15%

$84,137,903 $115,915,853 $89,077,737 $119,488,884 $127,403,833 $173,547,002 $39,375,261 $90,403,628 $137,723,013 $90,428,710 $124,204,186 $77,740,576

52.01% 135.90% -13.72% -29.21% 55.56% 50.40% -46.90% 21.40% 38.06% -54.11% 4.87% -37.92%

$96,653,315 $45,363,729 $104,686,039 $99,180,781 $100,619,347 $147,102,867 $78,740,126 $105,496,731 $232,414,305 $141,281,894 $70,112,013 $269,713,558

14.87% -60.86% 17.52% -17.00% -21.02% -15.24% 99.97% 16.70% 68.75% 56.24% -43.55% 246.94%

$79,873,838 $38,389,379 $73,084,171 $111,269,030 $116,140,963 $101,933,738 $90,966,690 $138,447,113 $237,616,521 $128,803,398 $115,804,611 $78,706,505

-17.36% -15.37% -30.19% 12.19% 15.43% -30.71% 15.53% 31.23% 2.24% -8.83% 65.17% -70.82%

$43,278,212 $103,049,828 $103,895,043 $180,236,593 $192,877,482 $79,192,062 $89,266,089 $125,277,165 $205,721,939 $166,391,258 $150,613,523 $145,185,198

-45.82% 168.43% 42.16% 61.98% 66.07% -22.31% -1.87% -9.51% -13.42% 29.18% 30.06% 84.46%

$188,017,079 $176,782,289 $128,933,964 $207,934,609

334.44% 71.55% 24.10% 15.37% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00%

$1,072,548,228

-21.47%

$1,262,919,589

17.75%

$1,269,446,586

0.52%

$1,491,364,705

17.48%

$1,311,035,957

-12.09%

$1,584,984,392

20.90%

$701,667,941

-55.73%

2015

% Change vs.

Previous Year-toDate

Please note: The above figures include ALL transactions; Fee Simple and Interval. They are an unofficial tabulation of Pitkin County records that are believed to be reasonably accurate.

Month to Month Comparison by Number of Transactions

Copyright Š 2011. Land Title Guarantee Company. All Rights Reserved.

2009

% Change vs.

Previous Yearto-Date

2010

% Change vs.

Previous Yearto-Date

2011

% Change vs.

Previous Yearto-Date

2012

% Change vs.

Previous Yearto-Date

2013

% Change vs.

Previous Yearto-Date

2014

% Change vs.

Previous Year-toDate

January February March April May June July August September October November December

78 74 41 46 45 47 43 44 74 78 72 60

-20.41% 19.35% -14.58% -47.73% -43.75% -38.96% -34.85% -33.33% 21.31% 14.71% 53.19% -10.45%

49 46 84 71 44 50 41 53 62 56 66 67

-37.18% -37.84% 104.88% 54.35% -2.22% 6.38% -4.65% 20.45% -16.22% -28.21% -8.33% 11.67%

78 50 68 73 54 66 43 66 86 59 57 56

59.18% 8.70% -19.05% 2.82% 22.73% 32.00% 4.88% 24.53% 38.71% 5.36% -13.64% -16.42%

55 46 48 64 57 64 47 60 76 77 65 90

-29.49% -8.00% -29.41% -12.33% 5.56% -3.03% 9.30% -9.09% -11.63% 30.51% 14.04% 60.71%

59 44 65 72 75 54 381 162 409 100 107 174

7.27% -4.35% 35.42% 12.50% 31.58% -15.63% 710.64% 170.00% 438.16% 29.87% 64.62% 93.33%

128 84 99 160 154 77 60 137 268 212 78 117

116.95% 90.91% 52.31% 122.22% 105.33% 42.59% -84.25% -15.43% -34.47% 112.00% -27.10% -32.76%

78 65 122 135

-39.06% -22.62% 23.23% -15.63% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00%

Year-toDate Total

702

-15.22%

689

-1.85%

756

9.72%

749

-0.93%

1,702

127.24%

1,574

-7.52%

400

-74.59%

Month

2015

% Change vs.

Previous Year-toDate

Interval Sales in 2013 reflect a sell-off in Innsbruck totalling: $16,915,371 with 857 transactions that started in July, 2013 and continued througout the end of the year. See Fee Simple Transactions for Transactions/Gross without Intervals.

108inS.2014 YTD. include 0030 Benchmark Rd Market Street All Interval Sales 827 Transactions through 65 December 31st, 2014. YTD: Interval Transactions for 2015 = 144 Transactions.

Compliments of: Land Title Aspen Bob Rulon

970-925-1678

Land Title Market Snapshot by Area: Pitkin County Area

Average Price Average Price Single Family YTD: Single Family 2014

2015

% Change vs.

Previous Yearto-Date

Average Price Average Price Multi-Family YTD: Multi-Family 2014

2015

% Change vs.

Previous Yearto-Date

Average Price Average Price Vacant Land YTD: Vacant Land 2014

2015

% Change vs.

Previous Yearto-Date

Aspen: Zone1

$6,350,914

$8,152,241

28%

$2,041,098

$2,358,245

16%

$2,978,323

$3,350,000

12%

Snowmass Village: Zone 2

$2,602,785

$3,955,107

52%

$843,807

$1,248,164

48%

$1,531,636

$1,300,000

-15%

Woody Creek: Zone 3

$1,966,316

$13,225,000

573%

$0

$0

0%

$1,228,648

$0

n/a

Old Snowmass: Zone 4

$1,712,808

$5,550,000

224%

$0

$0

0%

$681,250

$0

n/a

Basalt: Zone 5

n/a

$567,500

$1,600,000

182%

$1,129,077

$1,025,000

-9%

$376,308

$0

Carbondale: Zone 6

$769,193

$437,667

-43%

$650,000

$0

n/a

$102,000

$0

n/a

Redstone: Zone 8

$519,833

$420,000

-19%

$0

$0

0%

$90,000

$0

n/a

$4,004,580

$5,992,670

50%

$1,538,413

$1,967,887

28%

$1,760,142

$2,659,091

51%

Gross Live Average:

Please note: The above figures are an unofficial tabulation of Pitkin County records that are believed to be reasonably accurate. Sales belived to be inaccurate indicators of the market have been eliminated.

Full Interest, Fee Simple, Arms-Length transactions only, are shown in the Snapshot Report.

Area

Median Price Median Price Single Family YTD: Single Family 2014

2015

Median Price Multi- Median Price Multi- % Change vs.

Median Price Vacant Land YTD: Previous Year2014 Family YTD: 2015 Vacant Land 2014 to-Date

% Change vs. Median Price Previous YearFamily to-Date

2015

% Change vs.

Previous Yearto-Date

Aspen: Zone1

$4,950,000

$5,850,000

18%

$1,250,000

$1,440,000

15%

$2,500,000

$3,900,000

56%

Snowmass Village: Zone 2

$1,850,000

$2,647,500

43%

$587,500

$754,500

28%

$1,210,000

dna

n/a

Woody Creek: Zone 3

$755,000

dna

n/a

$0

$0

0%

$885,500

$0

n/a

Old Snowmass: Zone 4

$835,000

dna

n/a

$0

$0

0%

$632,500

$0

n/a

Basalt: Zone 5

$659,000

$607,500

-8%

$659,000

$0

n/a

$510,000

dna

n/a

Carbondale: Zone 6

$408,500

$368,000

-10%

dna

$0

n/a

dna

$0

n/a

Redstone: Zone 8

$420,000

dna

n/a

$0

$0

0%

dna

$0

n/a

$2,575,000

$3,900,000

51%

$940,000

$1,055,000

12%

$1,267,500

$2,000,000

58%

Gross Live Median:

Copyright Š 2011. Land Title Guarantee. All Rights Reserved.

Compliments of: Land Title Aspen Bob Rulon

970-925-1678

Land Title Market Analysis Historical Fee Simple Sales Volume Pitkin County: 2009 through YTD. 2015 $300,000,000

$250,000,000

$205,721,939

$198,596,859 $186,520,543 $192,877,482

$200,000,000

$174,375,128

$166,391,258 $145,185,198 $150,613,523

$150,000,000

$126,018,523

$125,277,165

$79,192,062

$89,266,089

$100,000,000

$50,000,000

$0 January

2009

February

2010

March

April

2011

May

June

2012

July

August

2013

September

2014

October

November

December

YTD: 2015

Compliments of: Land Title Aspen Bob Rulon

970-925-1678

brulon@ltgc.com

Land Title Market Analysis by Area: Pitkin County All Transaction Summary

April 2015

Residential Summary

$ Volume Transactions

% of $ Volume

# of Transactions

% of Transactions

Average $ Transaction Sales Price

Median $ Transaction Sales Price

Aspen: Zone1

$160,680,458

77.27%

51

37.78%

$3,150,597

$1,100,000

$3,858,196

$1,600,000

$1,309

Snowmass Village: Zone 2

$26,486,547

12.74%

15

11.11%

$1,765,770

$1,030,000

$2,151,667

$1,800,000

$716

Woody Creek: Zone 3

$3,555,750

1.71%

3

2.22%

$1,185,250

$311,750

$2,950,000

dna

$973

Old Snowmass: Zone 4

$6,500,000

3.13%

1

0.74%

$6,500,000

dna

$6,500,000

dna

$802

$690,000

0.33%

1

0.74%

$690,000

dna

$690,000

dna

$324

$0

0.00%

0

0.00%

$0

$0

$0

$0

$0

Area

Basalt: Zone 5 Carbondale: Zone 6 Redstone: Zone 8 Interval Units Quit Claim Deeds with Doc Fees

TOTAL (BANK SALES)

Average $ Median $ Residential Sales Residential Sales Price Price

Average $ Residential PPSF

$0

0.00%

0

0.00%

$0

$0

$0

$0

$0

$9,337,750

4.49%

63

46.67%

$148,218

$30,000

$0

$0

$0

$684,104

0.33%

1

0.74%

$684,104

dna

$0

$0

$0

$207,934,609

100.00%

135

100.00%

$2,787,504

$1,055,000

$3,401,676

$1,675,000

$1,123

$1,090,000

0.52%

2

1.48%

$545,000

dna

$545,000

dna

$500

Average Residential Sales Price includes all forms of stastically viable Improved Fee Simple Residential Property: Single Family, Duplex, Triplex, Townhome and Condominium. Deed restricted properties are not included.

Please note: The above figures are an unofficial tabulation of Pitkin County records that are believed to be reasonably accurate. Average Sales & Median Sales Calculations do not include Interval Units. PPSF is calculated utliizing the Assessor's Website

All Transaction Summary

YTD: Apr. 2015

Residential Summary

$ Volume Transactions

% of $ Volume

# of Transactions

% of Transactions

Average $ Transaction Sales Price

Median $ Transaction Sales Price

Aspen: Zone1

$529,357,687

75.44%

158

39.50%

$3,350,365

$1,040,000

Snowmass Village: Zone 2

$106,480,964

15.18%

59

14.75%

$1,804,762

Woody Creek: Zone 3

$27,934,839

3.98%

7

1.75%

$3,990,691

Old Snowmass: Zone 4

$11,100,000

1.58%

2

0.50%

Basalt: Zone 5

$7,691,000

1.10%

8

2.00%

Carbondale: Zone 6

$1,313,000

0.19%

3

$840,000

0.12%

$16,156,888 $793,563

TOTAL (BANK SALES)

Area

Redstone: Zone 8 Interval Units Quit Claim Deeds with Doc Fees

Average $ Median $ Residential Sales Residential Sales Price Price

Average $ Residential PPSF

$4,267,630

$2,691,729

$1,299

$1,150,000

$2,072,016

$1,612,500

$766

$316,000

$13,225,000

dna

$1,626

$5,550,000

dna

$5,550,000

dna

$693

$961,375

$607,500

$1,025,000

$607,500

$320

0.75%

$437,667

$368,000

$437,667

$368,000

$267

2

0.50%

$420,000

dna

$420,000

dna

$286

2.30%

144

36.00%

$112,201

$33,588

$0

$0

$0

0.11%

17

4.25%

$46,680

$330

$0

$0

$0

$701,667,941

100.00%

400

100.00%

$2,864,927

$1,025,000

$3,501,137

$1,800,000

$1,067

$13,777,917

1.96%

13

3.25%

$1,059,840

$765,000

$1,053,750

$762,000

$760

Copyright Š 2011. Land Title Guarantee. All Rights Reserved.

Compliments of: Land Title Aspen Bob Rulon

970-925-1678

Land Title Market Analysis Interval Transaction Comparison: Pitkin County Month January February March April May June July August September October November December Annual Totals Year-to-Date Totals

2008

2009

2010

2011

2012

2013

2014

2015

% Increase /Decrease

$5,166,600 $3,413,300 $3,564,544 $3,996,300 $7,398,300 $4,562,800 $2,751,700 $1,797,061 $3,462,350 $5,923,349 $2,380,681 $6,078,263 $50,495,248

$64,869,150 $41,155,838 $14,052,000 $5,379,400 $7,795,500 $6,220,500 $10,468,052 $8,656,950 $3,335,855 $11,935,410 $5,494,824 $2,520,800 $181,884,279

$5,733,975 $10,268,000 $2,642,000 $10,248,962 $8,579,000 $14,788,047 $5,972,350 $4,468,500 $9,437,596 $2,986,500 $3,986,718 $2,233,499 $81,345,147

$10,149,554 $4,365,000 $4,605,000 $22,278,020 $6,720,900 $7,529,525 $5,302,900 $6,163,900 $8,772,000 $6,676,565 $3,455,350 $3,035,166 $89,053,880

$2,642,400 $4,645,000 $4,032,000 $1,821,000 $8,157,000 $5,438,405 $1,513,500 $2,717,964 $14,749,000 $4,371,750 $910,000 $4,264,000 $55,262,019

$4,284,883 $3,632,500 $3,890,934 $3,336,000 $2,096,500 $2,149,000 $7,415,340 $11,069,712 $20,998,879 $6,968,152 $3,487,370 $4,038,855 $73,368,125

$7,685,884 $6,543,459 $6,089,850 $8,206,170 $5,519,280 $5,688,037 $5,140,795 $3,308,219 $5,637,151 $7,990,104 $1,091,575 $5,025,505 $67,926,029

$1,496,536 $2,407,161 $2,915,441 $9,337,750

$16,156,888

-81% -63% -52% 14% -100% -100% -100% -100% -100% -100% -100% -100% -76%

$16,140,744

$125,456,388

$28,892,937

$41,397,574

$13,140,400

$15,144,317

$28,525,363

$16,156,888

-43%

Copyright Š 2011. Land Title Guarantee. All Rights Reserved.

Interval Sales in 2013 reflect a sell-off in Innsbruck totalling: $16,915,371 with 857 transactions that started in July, 2013 and continued througout the end of the year.

Month January February March April May June July August September October November December Annual Totals Year-to-Date Totals

2008

2009

2010

2011

2012

2013

2014

2015

% Increase /Decrease

30 15 17 24 29 17 12 9 17 23 8 27 228

47 44 23 17 17 15 18 16 18 31 20 6 272

10 13 14 20 14 18 12 14 19 13 15 14 176

41 13 17 24 15 13 11 17 24 13 11 10 209

12 12 8 11 12 12 9 9 21 17 9 8 140

23 9 12 12 11 6 314 107 324 36 54 127 1,035

101 23 22 93 81 35 10 75 194 135 13 45 827

29 28 24 63

144

-71% 22% 9% -32% -100% -100% -100% -100% -100% -100% -100% -100% -83%

86

131

57

95

43

56

239

144

-40%

Interval Sales: 2014 at Innsbruck: 647 Transactions - Interval Sales: YTD. 2015 at Innsbruck: 69 Transactions.

Compliments of: Land Title Aspen Bob Rulon

970-925-1678

Land Title Interval Sales Analysis: Pitkin County April 2015 $ Volume Transactions

% of $ Volume

# of Transactions

% of Transactions

Average $ Sales Price

Median $ Sales Price

Innsbruck The Ritz Carlton Club: Aspen Highlands Saint Regis Club: Aspen Residence Club

$956,700

10.25%

39

61.90%

$24,531

$18,900

9.52%

$70,375

$55,000

0.00%

$0

$0

Grand Hyatt Aspen: GA Resort

$771,800

8.27%

6

9.52%

$128,633

$120,250

$0

0.00%

0

0.00%

$0

$0

Project / Legal

Dancing Bear Aspen A Storied Place: Countryside Condo Prospector Residences at Little Nell Roaring Fork Club: Club Suites Roaring Fork Club: Roaring Fork PUD

$422,250 $0

0.00% 0.00%

6 0

$0

0.00%

0

0.00%

$0

$0

$71,000

0.76%

2

3.17%

$35,500

dna

$5,200,000

55.69%

4

6.35%

$1,300,000

$1,400,000

$187,500

2.01%

1

1.59%

$187,500

dna

$720,000

7.71%

1

1.59%

$720,000

dna

Sanctuary

$0

0.00%

0

0.00%

$0

$0

Shadow Mountain Lodge

$0

0.00%

0

0.00%

$0

$0

The Residences at Snowmass Club Crestwood

$0

0

0.00% 0.00%

$0 $0

$0 $0

0

$0

0.00% 0.00%

Timbers Club

$1,008,500

10.80%

4

6.35%

$252,125

$285,750

TOTAL

$9,337,750

100.00%

63

100.00%

$148,218

$30,000

Copyright Š 2011. Land Title Guarantee. All Rights Reserved.

Please note: The above figures are an unofficial tabulation of Pitkin County records that are believed to be reasonably accurate. Average Sales & Median Sales Calculations do not include Interval Units

YTD: Apr. 2015 $ Volume Transactions

% of $ Volume

# of Transactions

% of Transactions

Average $ Sales Price

Median $ Sales Price

Innsbruck The Ritz Carlton Club - Aspen Highlands Saint Regis Club - Aspen Residence Club

$1,297,950

8.03%

69

47.92%

$18,811

$13,536

24.31%

$73,178

$55,000

0.69%

$342,000

dna

Grand Hyatt Aspen - GA Resort

$2,841,211

17.59%

21

14.58%

$135,296

$99,900

Dancing Bear Aspen

$1,545,000

9.56%

2

1.39%

$772,500

dna

Project / Legal

A Storied Place - Countryside Condo Prospector Residences at Little Nell Roaring Fork Club - Club Suites Roaring Fork Club - Roaring Fork PUD

$2,561,227 $342,000

$0

15.85% 2.12%

1

0

0.00%

$0

$0

$93,500

0.58%

3

2.08%

$31,167

$32,000

$5,200,000

32.18%

4

2.78%

$1,300,000

$1,400,000

0.69%

$187,500

dna

$187,500 $720,000

0.00%

35

1.16%

1

0.69%

$720,000

dna

Sanctuary

$0

0.00%

0

0.00%

$0

$0

Shadow Mountain Lodge

$0

0.00%

0

0.00%

$0

$0

0

2.08% 0.00%

$120,000 $0

$125,000 $0

The Residences at Snowmass Club Crestwood

$360,000

4.46%

1

3

$0

2.23% 0.00%

Timbers Club

$1,008,500

6.24%

4

2.78%

$252,125

$285,750

TOTAL

$16,156,888

100.00%

144

100.00%

$112,201

$33,588

Compliments of: Land Title Aspen Bob Rulon

970-925-1678

Land Title Price Point Analysis, Commercial Cost Index, Jumbo Residential Sales Index: Pitkin County April 2015 Residential Price Point Index <=500,000 500,001 to 600,000 600,001 to 700,000 700,001 to 800,000 800,001 to 900,000 900,001 to 1,000,000 1,000,001 to 2,000,000 2,000,001 to 3,000,000 3,000,001 to 4,000,000 4,000,001 to 5,000,000 5,000,001 to 6,000,000 6,000,001 to 7,000,000 7,000,001 to 8,000,000 8,000,001 to 9,000,000 9,000,001 to 10,000,000 10,000,001 to 12,000,000 12,000,001 to 14,000,000 14,000,001 to 16,000,000 16,000,001 to 18,000,000 18,000,001 to 20,000,000 over $ 20 Million Total:

# Transactions 3 3 2 4 0 1 15 6 2 2 3 2 1 0 0 1 0 0 2 1 0 48

Gross Volume $705,000 $1,722,500 $1,370,000 $3,042,500 $0 $962,000 $21,155,000 $15,208,458 $7,780,000 $8,590,000 $17,720,000 $12,875,000 $7,100,000 $0 $0 $11,400,000 $0 $0 $34,350,000 $19,300,000 $0 $163,280,458

Land Title Residential Improved Transactions by Price Point: Pitkin County Gross Volume: April 2015

500,001 to 600,000 1% 18,000,001 to 20,000,000 12%

8,000,001 to 9,000,000 9,000,001 to 10,000,000 10,000,001 to 12,000,000 12,000,001 to 14,000,000 14,000,001 to 16,000,000 16,000,001 to 18,000,000 18,000,001 to 20,000,000 over $ 20 Million Total:

# Transactions 19 7 8 9 1 4 31 14 13 11 8 4 4

Gross Volume $6,042,400 $3,962,500 $5,300,000 $6,794,400 $880,000 $3,846,000 $45,398,000 $35,972,458 $47,164,450 $49,137,500 $46,200,000 $26,225,000 $29,472,500

1 2 3 1 2 2 1 2 147

$8,350,000 $19,047,000 $34,725,000 $13,200,000 $30,100,000 $34,350,000 $19,300,000 $49,200,000 $514,667,208

700,001 to 800,000 2%

<=500,000 0%

900,001 to 1,000,000 1% 1,000,001 to 2,000,000 13%

16,000,001 to 18,000,000 21%

2,000,001 to 3,000,000 9%

10,000,001 to 12,000,000 7%

6,000,001 to 7,000,000 8%

7,000,001 to 8,000,000 4%

3,000,001 to 4,000,000 5% 4,000,001 to 5,000,000 5%

5,000,001 to 6,000,000 11%

Land Title Residential Improved Transactions by Price Point: Pitkin County Number of Transactions: April 2015

10,000,001 to 12,000,000 16,000,001 to 18,000,000 2% 4% 7,000,001 to 8,000,000 2%

YTD: Apr. 2015 Residential Price Point Index <=500,000 500,001 to 600,000 600,001 to 700,000 700,001 to 800,000 800,001 to 900,000 900,001 to 1,000,000 1,000,001 to 2,000,000 2,000,001 to 3,000,000 3,000,001 to 4,000,000 4,000,001 to 5,000,000 5,000,001 to 6,000,000 6,000,001 to 7,000,000 7,000,001 to 8,000,000

600,001 to 700,000 1%

18,000,001 to 20,000,000 2%

<=500,000 6% 500,001 to 600,000 6%

6,000,001 to 7,000,000 4%

600,001 to 700,000 4% 700,001 to 800,000 8%

5,000,001 to 6,000,000 6%

900,001 to 1,000,000 2%

4,000,001 to 5,000,000 4%

3,000,001 to 4,000,000 4%

2,000,001 to 3,000,000 13%

1,000,001 to 2,000,000 31%

Property Type Cost Index April 2015 Single Family Multi Family Vacant Land YTD: Apr. 2015 Single Family Multi Family Vacant Land

Number Trans.

19 29 0 Number Trans.

56 91 11

Total Volume $121,665,000 $41,615,458 $0 Total Volume $335,589,500 $179,077,708 $29,250,000

Average Price $6,403,421 $1,435,016 $0 Average Price $5,992,670 $1,967,887 $2,659,091

Number Trans.

147 24

Total Volume $514,667,208 $119,628,200

11 144 49

$29,250,000 $16,156,888 $12,297,915

Copyright Š 2011. Land Title Guarantee. All Rights Reserved.

Transaction Reconciliation by Type April 2015 Residential Improved Commercial Development Vacant Land Interval Units Employee Units Garage Space Mobile Home/Trailer Park Open Space/Easement Quit Claim Deeds Partial Interest Sales Hotel Suites Easements Related Parties HOA Purchase Historic Building Horse Stalls Low Doc Fee/MultiUnits Deed In Lieu of Foreclosure Water Rights Political/Exempt Deed Restricted Land TOTAL TRANS:

YTD: Apr. 2015 Number Trans.

48 10

Total Volume $163,280,458 $31,105,000

0 63 13

$0 $9,337,750 $3,527,297

1

$684,104

135

$207,934,609

% Gross 79% 15% 0% 0% 4% 2% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 100%

Total Volume $30,190,000 $915,000 $0 Total Volume $2,850,000 $1,949,000 $0

Average Price $4,312,857 $305,000 $0 Average Price $950,000 $974,500 $0

Residential Improved Commercial Development Vacant Land Interval Units Employee Units Garage Space Mobile Home/Trailer Park Open Space/Easement Quit Claim Deeds Partial Interest Sales Hotel Suites Easements Related Parties HOA Purchase Historic Building Horse Stalls Low Doc Fee/MultiUnits Deed in Lieu of Foreclosure Water Rights Political/Exempt Deed Restricted Land TOTAL TRANS:

1

$507,500

17

$793,563

5

$6,600,000

2

$1,766,667

400

$701,667,941

% Gross 73% 17% 0% 4% 2% 2% 0% 0% 0% 0% 0% 0% 0% 1% 0% 0% 0% 0% 0% 0% 0% 0% 100%

# Trans.

19 5 0 # Trans.

11 4 1

Total Volume $118,443,200 $1,185,000 $0 Total Volume $18,202,800 $2,274,000 $1,600,000

Average Price $6,233,853 $237,000 $0 Average Price $1,654,800 $568,500 $1,600,000

Commercial Cost Index April 2015 Commercial Improved Commercial Vacant Development April 2014 Commercial Improved Commercial Vacant Development

# Trans.

7 3 0 # Trans.

3 2 0

YTD: Apr. 2015 Commercial Improved Commercial Vacant Development YTD: Apr. 2014 Commercial Improved Commercial Vacant Development

Jumbo Residential Sales Index April 2015 417,001 to 650,000 650,001 to 999,999 Over 1,000,000 Total:

# Trans 3 7 35 45

Gross Volume $1,722,500 $5,374,500 $155,478,458 $162,575,458

# Trans 14 17 99 130

Gross Volume $7,877,400 $13,275,400 $487,841,908 $508,994,708

YTD: Apr. 2015 417,001 to 650,000 650,001 to 999,999 Over 1,000,000 Total:

Compliments of:

Land Title Aspen Bob Rulon 970-925-1678 brulon@ltgc.com

Land Title Market Highlights: Pitkin County Purchaser Abstract: Fee Simple Sales Only

Fee Simple Sales: Apr. 2015

April 2015 1

Front Range

32

38

Out of State: Domestic International

1

3

Local

99

Front Range 150

Out of State: Domestic International

4

Fee Simple Sales: 2013 Local Front Range Out of State: Domestic International Total Sales

# of Trans.

% Overall

328 23 300 16 667

49% 3% 45% 2% 100%

38 1 32 1 72

53% 1% 44% 1% 100%

Origin of Buyer Local Front Range Out of State: Domestic International Total Sales

# of Trans.

% Overall

150 4 99 3 256

59% 2% 39% 1% 100%

Origin of Buyer Local Front Range Out of State: Domestic International Total Sales

# of Trans.

% Overall

416 20 296 15 747

56% 3% 40% 2% 100%

Note: Interval transactions are not represented in the above section of the report.

Highest Priced Residential Sale:

Bank Sales Detail: PPSF $1,221

$

Price 765,000

Area z2

$

PPSF 728.57

$

325,000

z2

$

271.06

189 Larson Drive

Area z1

% Overall

Fee Simple Sales: 2014

Market Highlights: April 2015

Price $19,300,000

Local Front Range Out of State: Domestic International Total Sales

# of Trans.

Fee Simple Sales: YTD. 2015

YTD: 2015

Origin of Buyer

Origin of Buyer

Local

Highest Price PSF Residential Sale: Price $3,900,000

Area z1

PPSF $2,660

Compliments of: Land Title Aspen Bob Rulon

970-925-1678

Land Title Buyer Profile: Fee Simple Properties Pitkin County

Purchaser Point of Origin for: April 2015

April 2015 Purchaser Origin

1 32

Local & Adjacent Counties Front Range Colorado

38 Out of State: Domestic International

Out-of-State Breakout: April 2015

1

Other States with one Sale:, 7, 22%

California, 11, 34%

Texas, 4, 13%

New York, 3, 9%

Florida, 5, 16% Massachusets, 2, 6%

Compliments of:

Land Title Aspen Bob Rulon 970-925-1678 brulon@ltgc.com

Origin

Number Sales

% All Sales

Local & Adjacent Counties Front Range Colorado Out of State: Domestic International

38 1 32 1

52.78% 1.39% 44.44% 1.39%

State

Number Sales

% All Sales

Alabama California Connecticut Florida Georgia Illinois Indiana Louisiana Massachusets Maryland Michigan Mississippi New York New Hampshire Oklahoma Pennsylvania Texas Virginia Washington, DC Other States with one Sale: CT, IL, MN, MJ, OK, PA, VA

0 11 0 5 0 0 0 0 2 0 0 0 3 0 0 0 4 0 0 7

0.00% 34.38% 0.00% 15.63% 0.00% 0.00% 0.00% 0.00% 6.25% 0.00% 0.00% 0.00% 9.38% 0.00% 0.00% 0.00% 12.50% 0.00% 0.00% 21.88%

Out-of-State Breakout for: April 2015

32 International Breakout for: April 2015

Country

Number Sales

% INT'L Sales

Countries with one sale: Australia Total International:

1

100.00%

1

100.00%

Note: This Summary does not include data on INTERVAL transactions.

Land Title New Development Summary: Pitkin County Improved Residential New Unit Sales detail: April 2015 Brm 6

Bath 11.00

Year Built 2013

Size 13154

$

Price 17,500,000

Legal Skyview PUD Lot 5

Summary of Improved Residential New Unit Sales: April 2015 Average Price: Average PPSF: Median Price: # Transactions: Gross Volume:

$17,500,000 $1,330.39 dna 1 $ 17,500,000

Compliments of: Land Title

Aspen Bob Rulon 970-925-1678 brulon@ltgc.com NOTE: The above figures do not include time share interests, new vacant site transactions, or new commercial unit transactions. Data is deemed reliable but not guaranteed.

Unit Type SINGLEFAM

PPSF $ 1,330.39

Address 1580 Tiehack Road