Issuu on Google+

12 MONTH PERSPECTIVE DECEMBER 2016 2% FEWER SELLERS. 17% FEWER BUYERS. 31% LESS SPENT. 12 MONTH PERSPECTIVE DECEMBER 2016

THE ASPEN REPORT DEFINITIVE ASPEN ANALYSES FOR A GLOBAL MARKET 2% FEWER SELLERS. 17% FEWER BUYERS. 31% LESS SPENT.

WHAT'S INSIDE general activity

12 MONTH PERSPECTIVE DECEMBER 2016 2% FEWER SELLERS. 17% FEWER BUYERS. 31% LESS SPENT.

2 monthly general market activity - 12-month report 3 monthly general market activity - quarterly comparative 4 monthly general market activity - month comparative 5 monthly general market activity - YTD + pending 6 median price report 7 sales discounting report 8 inventory report 9 luxury activity 10 current luxury property report 12 communities 13 currrent aspen general activity report 15 currrent snowmass village general activity report 18 currrent basalt general activity report 20 property types 21 single family home market distribution 28 condominium/townhome market distribution 34 single family lot market distribution 39 residential sales activity summary graphs


12-month market activity

with and without luxury properties

12 months ending 12/31/16

with Viceroy* without Viceroy*

##

Last 12 months, including Luxury Properties (over $7.5M) Sales 1 Yr Chg

$ Volume

1 Yr Chg Inventory 1 Yr Chg

TOTAL VALLEY (incl. rural)

515

-17% $1,129,496,353 -32%

686

-2%

Aspen Condominiums/Townhomes Single Family Homes Land Snowmass Village Condominiums/Townhomes Single Family Homes Land Basalt Condominiums/Townhomes Single Family Homes Land

204 121 68 15 130 85 41 4 154 90 53 11

-34% -24% -46% -40% -2% -2% 5% -33% 4% 6% -5% 57%

336 104 191 41 240 162 67 11 110 36 45 29

-1% -37% 41% 5% -7% -10% 6% -21% 1% -29% 32% 21%

$707,185,893 $227,206,250 $400,962,143 $79,017,500 $238,506,675 $75,551,175 $154,753,000 $8,202,500 $110,112,285 $48,071,391 $59,948,894 $2,092,000

-43% -22% -53% -19% 3% 0% 3% 14% -5% 24% 6% -90%

$/SF

1 Yr Chg Avg Sold Price 1 Yr Chg Discount

$838 * $1,264 $1,251 $1,287 N/A $710 $632 $873 N/A $372 $376 $364 N/A

1 Yr Chg

-6%*

$2,193,197

-18%

6.6%

0.2

1% 6% -3%

$3,466,598 $1,877,738 $5,896,502 $5,267,833 $1,834,667 $888,837 $3,774,463 $2,050,625 $715,015 $534,127 $1,131,111 $190,182

-13% 2% -12% 35% 4% 2% -2% 70% -9% 17% 12% -93%

6.8% 5.7% 9.0% 9.9% 7.0% 6.6% 7.8% 7.3% 4.6% 2.4% 7.0% 11.6%

0.2 0.7 0.8 0.9 -0.5 -0.6 -1.0 0.6 0.3 -0.1 1.5 -42.2

-1% -1% -2% 13% 20% 10%

6.8% note how much the inclusion of luxury sales (only 7% of activity) distorts average sold prices from the non-luxury averages below…by 48% in Aspen * STATISTICAL ANOMALY NOTE: most average prices show gains, but not the TOTAL VALLEY, because Aspen's reduced 2016 activity created an unusually high proportion of lower priced sales, reducing the overall average price.

Last 12 months, excluding Luxury Properties Sales 1 Yr Chg

$ Volume

48% 1 Yr Chg Inventory 1 Yr Chg

TOTAL VALLEY (incl. rural)

482

-15%

$775,099,410

-25%

550

-6%

Aspen Condominiums/Townhomes Single Family Homes Land Snowmass Village Condominiums/Townhomes Single Family Homes Land Basalt Condominiums/Townhomes Single Family Homes Land

178 119 47 12 126 85 37 4 154 90 53 11

-34% -23% -48% -48% -2% -2% 6% -33% 5% 6% -5% 83%

$415,693,950 $203,906,250 $174,270,200 $37,517,500 $204,761,675 $75,551,175 $121,008,000 $8,202,500 $110,112,285 $48,071,391 $59,948,894 $2,092,000

-41% -14% -55% -53% 6% 0% 10% 14% 12% 24% 6% -29%

227 94 95 38 217 162 46 9 106 36 41 29

-8% -38% 67% 3% -8% -10% 10% -31% 0% -29% 28% 26%

$/SF

1 Yr Chg Avg Sold Price 1 Yr Chg Discount

$766 * $1,197 $1,222 $1,134 N/A $685 $632 $806 N/A $372 $376 $364 N/A

with Viceroy*

-5%* 3% 6% -4% 2% -1% 7% 16% 20% 10%

1 Yr Chg

$1,608,090

-12%

6.3%

0.3

$2,335,359 $1,713,498 $3,707,877 $3,126,458 $1,625,093 $888,837 $3,270,486 $2,050,625 $715,015 $534,127 $1,131,111 $190,182

-11% 12% -13% -10% 8% 2% 4% 70% 7% 17% 12% -61%

6.8% 5.7% 9.0% 9.0% 7.0% 6.6% 7.8% 7.3% 4.6% 2.4% 7.0% 11.6%

0.7 0.7 1.9 0.1 -0.5 -0.6 -1.0 0.6 0.6 -0.1 1.5 -5.9

12-month market activity 12 months ending 12/31/16 Copyright © 2016

2


quarterly general market activity

excludes luxury properties

(excludes luxury property)

due to distortion of averages 12/31/2016

Q4

Q3

Q2

number sold

what are the BUBBLES? A CONDENSED VISUAL QUARTERLY SYNOPSIS

SIZE = volume HEIGHT = activity

Aspen C Condominiums/Townhomes Si Single Family Homes Si Land Snowmass Village C Condominiums/Townhomes Si Single Family Homes Si Land Basalt C Condominiums/Townhomes Si Single Family Homes Si Land

Q1

2016

2015

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4 2016 change

148

128

96

86

130

153

156

105

13.8%

57 31 22 4 38 31 7 0 53 34 18 1

54 38 14 2 31 18 13 0 43 26 14 3

33 23 5 5 28 17 10 1 35 19 13 3

34 27 6 1 29 19 7 3 23 11 8 4

71 38 28 5 28 17 9 2 31 19 11 1

67 34 28 5 27 16 10 1 59 33 23 3

77 52 19 6 39 28 10 1 40 23 15 2

54 31 16 7 34 26 6 2 17 10 7 0

-19.7% -18.4% -21.4% -20.0% 35.7% 82.4% -22.2% -100.0% 71.0% 78.9% 63.6% 0.0%

Q2

Q1

Q4 2016 change

Q4 TOTAL

(reported separately)

NOTE: 1st Qtr 2016 represents approximately 90% of expected 1st quarter production at the time of this writing.

sales volume

2016 Q4

Farm/Ranch

Farm/Ranch

Farm/Ranch

TOTAL

$229,808,416

Q3 $213,848,880

Aspen C Condominiums/Townhomes Si Single Family Homes Si Land Snowmass Village C Condominiums/Townhomes Si Single Family Homes Si Land Basalt C Condominiums/Townhomes Si Single Family Homes Si Land

$139,735,000 $50,222,000 $79,388,000 $10,125,000 $47,915,200 $24,935,200 $22,980,000 $0 $42,158,216 $19,753,841 $22,209,375 $195,000

$130,442,250 $70,298,250 $52,344,000 $7,800,000 $55,290,600 $13,524,600 $41,766,000 $0 $28,116,030 $12,328,350 $15,121,180 $666,500

ng

Q2

Q1

$159,950,984

$126,959,630

$80,439,700 $47,541,500 $17,698,200 $15,200,000 $56,154,000 $18,701,500 $36,415,000 $1,037,500 $23,357,284 $10,164,000 $12,726,784 $466,500

$65,077,000 $35,844,500 $24,840,000 $4,392,500 $45,401,875 $18,389,875 $19,847,000 $7,165,000 $16,480,755 $5,825,200 $9,891,555 $764,000

Q4

Q3

$250,177,036

$260,677,864

$260,789,596

$224,554,517

$187,550,439 $45,328,143 $122,972,296 $19,250,000 $41,590,500 $14,234,000 $24,906,500 $2,450,000 $21,036,097 $9,354,597 $11,499,500 $182,000

$185,661,769 $56,358,625 $116,283,144 $13,020,000 $32,865,400 $6,584,500 $25,080,900 $1,200,000 $42,150,695 $14,958,015 $24,812,680 $2,380,000

$176,866,800 $78,021,300 $79,683,000 $19,162,500 $58,866,896 $21,054,396 $36,842,500 $970,000 $25,055,900 $10,627,900 $14,055,000 $373,000

$155,014,000 $57,141,500 $69,572,500 $28,300,000 $59,269,417 $33,687,917 $22,981,500 $2,600,000 $10,271,100 $3,886,600 $6,384,500 $0

-8.1% -25.5% 10.8% -35.4% -47.4% 15.2% 75.2% -7.7% -100.0% 100.4% 111.2% 93.1% 7.1%

NOTE: 1st Qtr 2016 represents approximately 90% of expected 1st quarter production at the time of this writing.

average $/sf TOTAL Aspen C Condominiums/Townhomes Si Single Family Homes ng Snowmass Village C Condominiums/Townhomes on Si Single Family Homes ng Basalt C Condominiums/Townhomes Si Single Family Homes ng

2015

2016

2015

Q4 $726

Q3 $813

Q2 $755

Q1 $843

Q4

Q3

Q2

Q1

Q4 2016 change

$831

$753

$824

$860

-12.6%

$1,088 $1,145 $1,008

$1,229 $1,227 $1,233

$1,295 $1,314 $1,209

$1,239 $1,225 $1,299

$1,121 $1,123 $1,117

$1,223 $1,287 $1,146

$1,187 $1,163 $1,253

$1,116 $1,021 $1,300

-2.9% 2.0%

$649

$698

$707

$699

$628

$551

$679

$795

$613 $806 $414 $445 $356

$630 $791 $362 $335 $413

$628 $840 $324 $307 $350

$668 $784 $354 $377 $323

$626 $633 $371 $374 $366

$459 $698 $328 $321 $337

$611 $870 $292 $283 $305

$783 $847 $273 $247 $310

-9.8% 3.2% -2.0% 27.4% 11.6% 19.0% -2.8%

quarterly general market activity (excludes luxury property) Copyright Š 2016

3


monthly general market activity

Farm/Ranch Activity

49

42

change 16.7%

16 5 9 2 15 11 4 0 18 9 8 1

21 11 8 2 10 6 3 1 11 6 4 1

-23.8% -54.5% 12.5% 0.0% 50.0% 83.3% 33.3% N/A 63.6% 50.0% 100.0% 0.0%

2016

2015

Aspen Aspen C C ondominiums/Townhomes o S S Single Family Homes i S S Land i Farm/Ranch Snowmass Village S CCondominiums/Townhomes n C S Single Family Homes o S S Land i Single Family Basalt Lot F CCondominiums/Townhomes a B S Single Family Homes a C S Land o

prices

average $/sf

Avg $/sf

TOTAL

2016

2015

change

$671

$885

-24.1%

TOTAL

$994 $1,232 $862

$1,277 $1,289 $1,259

-22.1% -4.5% -31.6%

$624 $583 $736

$625 $653 $567

-0.1% -10.8% 29.8%

$447 $504 $384

$375 $343 $422

19.4% 46.9% -9.1%

Aspen CCondominiums/Townhomes S Single Family Homes Land Snowmass Village CCondominiums/Townhomes S Single Family Homes Land Basalt CCondominiums/Townhomes S Single Family Homes Land

2016

2015

$78,876,141

$89,029,796

change -11.4%

$38,191,000 $6,805,000 $28,386,000 $3,000,000 $24,045,000 $10,510,000 $13,535,000 $0 $16,640,141 $6,686,641 $9,758,500 $195,000

$64,470,796 $19,021,000 $37,049,796 $8,400,000 $15,610,000 $6,255,000 $7,855,000 $1,500,000 $8,949,000 $3,140,000 $5,627,000 $182,000

-40.8% -64.2% -23.4% -64.3% 54.0% 68.0% 72.3% N/A 85.9% 113.0% 73.4% 7.1%

2016

2016

2015

Farm/Ranch

2015

total sales volume

Volume

average sold prices

2016

2015

change

$1,609,717

$2,119,757

-24.1%

$2,386,938 $1,361,000 $3,154,000 $1,500,000 $1,603,000 $955,455 $3,383,750 $0 $924,452 $742,960 $1,219,813 $195,000

$3,070,038 $1,729,182 $4,631,224 $4,200,000 $1,561,000 $1,042,500 $2,618,333 $1,500,000 $813,545 $523,333 $1,406,750 $182,000

-22.3% -21.3% -31.9% -64.3% 2.7% -8.3% 29.2% N/A 13.6% 42.0% -13.3% 7.1%

2016

Farm/Ranch

2016

december

(reported separately)

2015

number sold

Dec 12

2015

december 2016 compared with december 2015 Dec 12

excludes luxury properties due to distortion of averages

Avg Pr.

monthly general market activity december 2016 compared with december 2015 Copyright Š 2016

4


ytd overall market activity

includes luxury properties

all YTD sales and pending sales, at 12/31/16

dec dec

A

P

12

12

7/2/1905

Though less illuminating or predictive in the early-year shorter time spans, this is the most current indicator of relative market activity

number sold/pending

2016

2015

Listed

Pending

2016 Sold

Sold + Pending

Sold + Pending

change

TOTAL (incl. Rural)

693

67

515

582

684

-14.9%

Aspen Co Condominiums/Townhomes Si Single Family Homes Farm/Ranch Si Land Snowmass Village Co Condominiums/Townhomes Si Single Family Homes Farm/Ranch Si Land Basalt Co Condominiums/Townhomes Si Single Family Homes Farm/Ranch Si Land

341 106 191 44 242 162 68 12 110 36 41 33

39 18 16 5 17 7 7 3 11 7 3 1

204 121 68 15 130 85 41 4 154 90 53 11

243 139 84 20 147 92 48 7 165 97 56 12

343 179 137 27 152 98 47 7 162 90 62 10

-29.2% -22.3% -38.7% -25.9% -3.3% -6.1% 2.1% 0.0% 1.9% 7.8% -9.7% 20.0%

2016

2015

dollar volume TOTAL (incl. Rural) Aspen Co Condominiums/Townhomes Si Single Family Homes Si Land Farm/Ranch Snowmass Village Co Condominiums/Townhomes Si Single Family Homes Farm/Ranch Si Land Basalt Co Condominiums/Townhomes Si Single Family Homes Farm/Ranch Si Land

Listed

Pending

2016 Sold

Sold + Pending

Sold + Pending

change

$3,470,681,478

$256,545,860

$1,129,496,353

$1,386,042,213

$1,836,733,493

-24.5%

$203,562,000 $48,334,000 $140,389,000 $14,839,000 $45,335,000 $11,194,000 $18,191,000 $15,950,000 $7,648,860 $4,544,860 $2,839,000 $265,000

$707,185,893 $227,206,250 $400,962,143 $79,017,500 $238,506,675 $75,551,175 $154,753,000 $8,202,500 $110,112,285 $48,071,391 $59,948,894 $2,092,000

$910,747,893 $275,540,250 $541,351,143 $93,856,500 $283,841,675 $86,745,175 $172,944,000 $24,152,500 $117,761,145 $52,616,251 $62,787,894 $2,357,000

$1,368,057,841 $362,002,568 $903,522,773 $102,532,500 $275,120,213 $87,713,813 $178,986,400 $8,420,000 $127,450,217 $41,905,037 $64,996,180 $20,549,000

-33.4% -23.9% -40.1% -8.5% 3.2% -1.1% -3.4% 186.8% -7.6% 25.6% -3.4% -88.5%

$2,662,454,299 $335,967,800 $2,029,006,999 $297,479,500 $690,543,100 $179,512,100 $415,562,000 $95,469,000 $117,684,079 $29,761,780 $64,526,900 $23,395,399

ytd overall market activity all YTD sales and pending sales, at 12/31/16 Copyright Š 2016

5


annual changes in median sales prices

excludes luxury properties due to distortion of medians (reported separately)

as of 12/31 of each year

changes in median sales prices (an equal number of sales closed below these prices as above) 2016 1 Yr Chg 2015 1 Yr Chg 2014 1 Yr Chg 2013 1 Yr Chg Aspen Condominiums/Townhomes Single Family Homes Single Family Lots Snowmass Village Condominiums/Townhomes Single Family Homes Single Family Lots Basalt Condominiums/Townhomes Single Family Homes Single Family Lots

$1,785,000 $1,225,000 $3,824,000 $3,125,000 $1,043,750 $660,000 $2,797,500 $1,932,500 $571,250 $466,500 $870,000 $195,000

-11.9% 16.4% -6.7% -13.2% 11.6% 6.5% 17.0% 64.5% 3.9% 9.1% 12.1% 0.8%

$2,025,000 $1,052,500 $4,100,000 $3,600,000 $935,000 $620,000 $2,391,900 $1,175,000 $550,000 $427,500 $776,000 $193,500

-6.4% -14.8% 4.5% 55.7% -10.5% 5.5% 27.6% -7.3% 10.0% 3.0% 19.8% 7.5%

$2,162,500 $1,235,000 $3,925,000 $2,312,500 $1,044,750 $587,500 $1,874,500 $1,267,500 $500,000 $415,000 $647,500 $180,000

20.1% 23.5% 15.9% -0.5% 58.3% 15.4% -9.7% -1.2% 20.5% 29.7% 6.3% 2.9%

$1,800,000 $1,000,000 $3,387,500 $2,325,000 $660,000 $509,106 $2,075,000 $1,282,500 $415,000 $320,000 $609,000 $175,000

-3.0% 5.8% -7.2% -10.6% -13% -16.5% 2.5% -61.7% 6.4% 25.1% 12.6% 12.9%

2012 $1,856,000 $945,000 $3,650,000 $2,600,000 $755,000 $610,000 $2,025,000 $3,350,000 $390,000 $255,750 $541,000 $155,000

1 Yr Chg

-13.4% -21.3% 2.1% 33.3% -11.2% -17.5% -23.6% 427.6% -7.1% -9.8% -2.1% 33.0%

2011 $2,143,250 $1,200,000 $3,575,000 $1,950,000 $850,000 $739,500 $2,650,000 $635,000 $420,000 $283,500 $552,850 $116,500

annual changes in median sales prices as of 12/31 of each year Copyright Š 2016

6

1 Yr Chg

3.3% 14.3% -10.3% -22.0% -35.8% -2.7% -11.7% -37.7% -6.7% -27.3% -18.1% -54.8%


changes in average discounts

includes luxury properties

average price discounts at 12/31/16

2016

2015

2014

2013

2012

2011

asking vs. selling price discount %

Average Asking vs. Selling Price Discount 15%

Decreasing Sales Discounts

Stabilizing

10% 5% 0% 2011

2012 Aspen

2013 2014 Snowmass Village

2015 Basalt

last 12 mo

2016

last 12 mo

2015

2014

2013

2012

2011

OVERALL AVERAGE

6.3%

6.6%

6.2%

7.1%

8.1%

8.9%

10.6%

Aspen C Condominiums/Townhomes S Single Family Homes S Land Snowmass Village C Condominiums/Townhomes S Single Family Homes S Land Basalt C Condominiums/Townhomes S Single Family Homes S Land

7.0% 5.6% 9.1% 9.3% 7.2% 6.6% 8.3% 8.3% 4.6% 2.4% 7.0% 10.9%

7.0% 5.6% 9.1% 9.3% 7.2% 6.6% 8.3% 8.3% 4.6% 2.4% 7.0% 10.9%

6.6% 5.0% 8.2% 9.0% 7.6% 7.2% 8.8% 4.5% 4.0% 2.6% 5.5% 10.7%

7.6% 6.1% 7.8% 16.4% 8.4% 7.5% 8.9% 11.6% 4.4% 2.5% 5.9% 7.4%

9.1% 7.4% 10.8% 12.8% 8.1% 6.9% 10.1% 18.1% 5.8% 3.6% 6.2% 12.3%

10.3% 7.9% 11.1% 17.3% 9.8% 9.0% 12.0% 8.2% 5.9% 3.7% 6.4% 16.0%

11.4% 10.1% 12.0% 18.6% 11.4% 11.4% 12.1% 7.8% 8.8% 8.0% 7.3% 19.9%

2015 2014

2013

2012

2011

original vs. selling price discount %

Average Original vs. Selling Price Discount 25%

Decreasing Sales Discounts

Stabilizing

20% 15% 10% 5% 0% 2011

2012 Aspen

2013 2014 Snowmass Village

2015 Basalt

last 12 mo

2016

last 12 mo

OVERALL AVERAGE

9.8%

10.1%

9.2%

10.5%

13.2%

16.2%

20.2%

Aspen C Condominiums/Townhomes S Single Family Homes S Land Snowmass Village C Condominiums/Townhomes S Single Family Homes S Land Basalt C Condominiums/Townhomes S Single Family Homes S Land

10.7% 8.9% 13.2% 14.0% 11.5% 10.9% 12.6% 13.0% 7.3% 3.6% 11.3% 17.4%

10.7% 8.9% 13.2% 14.0% 11.5% 10.9% 12.6% 13.0% 7.3% 3.6% 11.3% 17.4%

9.8% 7.2% 11.4% 17.9% 11.0% 11.7% 10.5% 4.5% 6.5% 4.1% 8.9% 16.7%

10.8% 9.1% 10.8% 22.0% 13.2% 13.3% 13.4% 12.6% 6.2% 2.6% 9.6% 10.1%

15.0% 12.1% 18.1% 20.7% 12.6% 10.4% 16.4% 31.7% 9.5% 7.7% 9.7% 14.9%

17.8% 14.9% 19.0% 25.7% 19.2% 17.4% 24.8% 8.2% 11.6% 9.9% 11.6% 21.0%

20.6% 19.6% 21.1% 25.8% 18.7% 19.9% 17.7% 10.6% 20.5% 19.8% 18.3% 35.6%

changes in average discounts average price discounts at 12/31/16 Copyright Š 2016

7


changes in inventory as of 12/31

dec

A

P

12

luxury properties separated to better reflect volume

dec

12

2010

listing inventory

listing volume dec 2016 dec 2015

dec 2016 dec 2015 change ALL LISTINGS

ALL LISTINGS

707

724

-2.3%

Luxury Market Condominiums/Townhomes Single Family Homes Land

157 12 125 19

137 14 110 13

14.6% -14.3% 13.6% 46.2%

GENERAL LISTINGS

550

587

-6.3%

GENERAL LISTINGS

Aspen Condominiums/Townhomes Single Family Homes Land Snowmass Village Condominiums/Townhomes Single Family Homes Land Basalt Condominiums/Townhomes Single Family Homes Land

227 94 95 38 217 162 46 9 106 36 41 29

246 152 57 37 235 180 42 13 106 51 32 23

-7.7% -38.2% 66.7% 2.7% -7.7% -10.0% 9.5% -30.8% 0.0% -29.4% 28.1% 26.1%

Aspen Condominiums/Townhomes Single Family Homes Land Snowmass Village Condominiums/Townhomes Single Family Homes Land Basalt Condominiums/Townhomes Single Family Homes Land

pending inventory

dec 2016 dec 2015 change

Luxury Market Condominiums/Townhomes Single Family Homes Land

pending volume

ALL PENDING

67

66

1.5%

ALL PENDING

Luxury Market Condominiums/Townhomes Single Family Homes Land

10 2 7 1

9 5 4 0

11.1% -60.0% 75.0% N/A

Luxury Market Condominiums/Townhomes Single Family Homes Land

GENERAL PENDING

57

57

0.0%

GENERAL PENDING

Aspen Condominiums/Townhomes Single Family Homes Land Snowmass Village Condominiums/Townhomes Single Family Homes Land Basalt Condominiums/Townhomes Single Family Homes Land

31 16 10 5 15 7 6 2 11 7 3 1

24 15 7 2 19 11 7 1 14 5 6 3

29.2% 6.7% 42.9% 150.0% -21.1% -36.4% -14.3% 100.0% -21.4% 40.0% -50.0%

Aspen Condominiums/Townhomes Single Family Homes Land Snowmass Village Condominiums/Townhomes Single Family Homes Land Basalt Condominiums/Townhomes Single Family Homes Land

-66.7%

$3,738,446,478 $2,471,704,999 $148,290,000 $1,950,919,999 $372,495,000

$1,266,741,479 $781,449,300 $187,677,800 $450,492,000 $143,279,500 $367,608,100 $179,512,100 $162,077,000 $26,019,000 $117,684,079 $29,761,780 $64,526,900 $12,413,400

$3,207,965,108 $1,998,824,000 $178,100,000 $1,561,179,000 $259,545,000

$1,209,141,108 $687,442,100 $283,496,600 $269,914,500 $132,536,000 $422,165,088 $224,779,088 $160,712,000 $36,674,000 $99,533,920 $34,429,020 $54,387,000 $10,717,900

change 16.5% 23.7% -16.7% 25.0% 43.5%

4.8% 13.7% -33.8% 66.9% 8.1% -12.9% -20.1% 0.8% -29.1% 18.2% -13.6% 18.6% 15.8%

dec 2016

dec 2015

change

$256,545,860

$186,893,425

37.3%

$143,690,000 $22,300,000 $108,890,000 $12,500,000

$112,855,860 $80,872,000 $26,034,000 $39,999,000 $14,839,000 $24,335,000 $11,194,000 $9,691,000 $3,450,000 $7,648,860 $4,544,860 $2,839,000 $265,000

$81,199,000 $45,000,000 $36,199,000 $0

$105,694,425 $59,630,000 $25,206,000 $29,224,000 $5,200,000 $34,278,000 $12,153,000 $20,925,000 $1,200,000 $11,786,425 $3,077,925 $8,244,500 $464,000

77.0% -50.4% 200.8% N/A

6.8% 35.6% 3.3% 36.9% 185.4% -29.0% -7.9% -53.7% 187.5% -35.1% 47.7% -65.6% -42.9%

changes in inventory Copyright Š 2016

8

as of 12/31


LUXURY PROPERTY MARKET ACTIVITY December 31, 2016 'Luxury' is defined as property priced over $7.5 million, nearly always limited to single family homes or ranches.

Copyright © 2016

9


current luxury property report 'Luxury' is defined as property priced over $7.5 million, nearly always limited to single family homes or ranches.

Valley Luxury Sales

$2,500

200

$2,000

160

$1,500

120

$1,000

80

$500

40

$0

0

2008

2009

2010

PRICES: Avg $/SF

157

Inventory

Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

2013

2014

DEMAND: # of Sales

Avg Sales Price/SF

2015

2016

SUPPLY: Inventory

$1,913 Sales Last 12 Mo -31.3%

6%

from Dec 2015:

from Dec 2015:

from Dec 2015:

137

$1,806

48

$15,901,274

Current Avg. Asking Price/SF:

2016

Number Dollar Volume

2012

15% Current Avg. Asking Price:

total luxury sales

2011

inventory

$15,901,274 $7,500,000 $80,000,000 357

Average Sold Price: Median Sold Price:

$2,301

$14,369,000 $8,500,000 $36,000,000 695

$10,739,301 $9,625,000

0.868421053

pending

at 12/31/2016 at 12/31/2016 157 10 $2,496,499,999 $143,690,000 $1,985

$1,985

33

closed last 12 mo

change

prev 12 mo

33 $354,396,943

-31% -42% 6% -16% 0% -19% -20% 6% -51% -0.03 -13%

48 $611,035,833

$1,913 $10,739,301 $7,500,000 $24,000,000 $12,157,364 $7,975,000 $24,500,000 11.2% 263

$1,806 $12,729,913 $7,500,000 $29,500,000 $15,176,083 $7,500,000 $49,500,000 11.6% 303

2016

2015

2014

33 48 $354,396,943 $611,035,833 $1,913 $10,739,301 $7,500,000 $24,000,000 $12,157,364 $7,975,000 $24,500,000 11.2% 263

$1,806 $12,729,913 $7,500,000 $29,500,000 $15,176,083 $7,500,000 $49,500,000 11.6% 303

2013

2012

38 25 23 $458,717,886 $320,643,000 $340,856,900 $1,578 $12,071,523 $7,500,000 $26,000,000 $13,298,989 $7,750,000 $29,900,000 9.1% 303

$1,746 $13,941,000 $7,500,000 $44,000,000 $15,951,304 $7,595,000 $50,000,000 11.5% 414

$1,432 $13,634,276 $7,500,000 $41,000,000 $15,621,560 $8,000,000 $41,000,000 12.3% 391

current luxury property report Copyright Š 2016

10


current luxury property report aspen Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

snowmass village Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

inventory

pending

closed

at 12/31/2016

at 12/31/2016

114 8 $1,881,004,999 $122,690,000 $2,084

$16,500,044 $7,500,000 $80,000,000

$2,394

$15,336,250 $9,500,000 $36,000,000

last 12 mo

change

prev 12 mo

26 $291,491,943

-38% -45% -2% -11% 0% -19% -15% 6% -51% -0.13 -19%

42 $530,535,833

$1,749 $11,211,229 $7,500,000 $24,000,000 $12,359,346 $7,975,000 $24,500,000 9.0% 240

$1,777 $12,631,806 $7,500,000 $29,500,000 $14,563,262 $7,500,000 $49,500,000 10.4% 295

2015

2016

2014

26 42 $291,491,943 $530,535,833 $1,749 $11,211,229 $7,500,000 $24,000,000 $12,359,346 $7,975,000 $24,500,000 9.0% 240

$1,777 $12,631,806 $7,500,000 $29,500,000 $14,563,262 $7,500,000 $49,500,000 10.4% 295

2013

2012

36 23 19 $441,317,886 $231,912,500 $324,295,000 $1,585 $12,258,830 $7,500,000 $26,000,000 $13,485,044 $7,750,000 $29,900,000 8.9% 300

$1,601 $12,205,921 $7,500,000 $27,000,000 $14,238,684 $7,595,000 $33,500,000 12.4% 392

$1,452 $14,099,783 $7,500,000 $41,000,000 $16,175,826 $8,000,000 $41,000,000 12.5% 390

307

583

inventory

pending

at 12/31/2016

at 12/31/2016

last 12 mo

change

prev 12 mo

2016

2015

2014

2013

2012

25 $322,935,000

2 $21,000,000

4 $33,745,000

0%

4 $39,850,000

4 $33,745,000

4 $39,850,000

2 $17,400,000

3 $61,730,500

2 $16,561,900

$1,710

$1,562

$2,043 $9,962,500 $7,800,000 $12,000,000 $11,036,250 $8,250,000 $14,900,000 8.5% 246

$1,498 $8,436,250 $7,500,000 $10,595,000 $9,762,500 $8,250,000 $12,900,000 13.0% 409

$12,917,400 $7,500,000 $35,000,000

closed

$10,500,000 $8,500,000 $12,500,000

$1,498 $8,436,250 $7,500,000 $10,595,000 $9,762,500 $8,250,000 $12,900,000 13.0% 409

-15% -27% -15% -4% -12% -12% 0% -13% 0.52 66%

$2,043 $9,962,500 $7,800,000 $12,000,000 $11,036,250 $8,250,000 $14,900,000 8.5% 246

$1,459 $8,700,000 $8,600,000 $8,800,000 $9,950,000 $9,950,000 $9,950,000 12.6% 356

$1,468 $20,576,833 $8,575,000 $44,000,000 $23,115,000 $9,450,000 $50,000,000 9.6% 692

$1,205 $8,280,950 $8,061,900 $8,500,000 $9,247,500 $8,995,000 $9,500,000 10.3% 405

490

1143

inventory

pending

woody creek to missouri heights

at 12/31/2016

at 12/31/2016

last 12 mo

change

prev 12 mo

2016

2015

2014

2013

2012

Number Dollar Volume

18 $292,560,000

0 $0

3 $29,160,000

50%

2 $40,650,000

3 $29,160,000

2 $40,650,000

0 $0

1 $27,000,000

0 $0

$1,607

$0

$3,723 $9,720,000 $7,500,000 $13,410,000 $13,600,000 $9,900,000 $17,000,000 29.8% 269

$1,913 $20,325,000 $17,150,000 $23,500,000 $36,325,000 $32,750,000 $39,900,000 42.6% 573

$3,723 $9,720,000 $7,500,000 $13,410,000 $13,600,000 $9,900,000 $17,000,000 27.9% 269

$1,913 $20,325,000 $17,150,000 $23,500,000 $36,325,000 $32,750,000 $39,900,000 42.6% 573

$0 $0

$5,326 $27,000,000 $27,000,000 $27,000,000 $27,000,000 $27,000,000 $27,000,000 0.0% 0

$0 $0

rural

Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

$16,253,333 $39,900,000 $8,775,000 489

closed

$0 $0 $0 0

-28% 95% -52% -56% -43% -63% -70% -57% -0.30 -53%

$0 $0 $0 $0 $0 0.0% 0

$0 $0 $0 $0 $0 0.0% 0

current luxury property report Copyright Š 2016

11


GENERAL MARKET ACTIVITY BY COMMUNITY ASPEN · SNOWMASS VILLAGE · BASALT December 31, 2016

Copyright © 2016

12


currrent aspen general activity report

excludes luxury properties due to distortion of averages

2015

(reported separately)

Aspen Sales $1,500

500

$1,200

400

$900

300

$600

200

$300

100 PRICES: Avg $/SF

SUPPLY: Inventory

DEMAND: # of Sales

$0

0 2007

227

Inventory

(excluding luxury & ranch)

Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

2009

2010

2011

2012

2013

2014

2015

2016

$1,197 Sales Last 12 Mo

Avg Sales Price/SF

-8%

3%

-34%

from Dec 2015:

from Dec 2015:

from Dec 2015:

246

$1,165

269

Current Avg. Asking Price:

all general aspen property

2008

$3,445,572

inventory

Current Avg. Asking Price/SF:

$1,387

Average Sold Price: Median Sold Price:

pending

at 12/31/2016 at 12/31/2016 227 31 $781,449,300 $80,872,000 $1,387

$1,188

$3,445,572 $157,900 $7,499,500 306

$2,608,774 $149,000 $6,995,000 248

178

$2,335,359 $1,785,000

closed last 12 mo

change

prev 12 mo

178 $415,693,950

-34% -41% 3% -11% 5% -1% -11% 67% -22% 0.74 4%

269 $705,093,008

$1,197 $2,335,359 $100,000 $7,300,000 $2,518,739 $159,000 $7,650,000 6.8% 290

$1,165 $2,621,164 $95,153 $7,400,000 $2,822,149 $95,153 $9,800,000 6.0% 279

2016

2015

2014

2013

2012

231 210 178 269 207 $415,693,950 $705,093,008 $607,367,916 $474,813,295 $518,051,256 $1,197 $2,335,359 $100,000 $7,300,000 $2,518,739 $159,000 $7,650,000 6.8% 290

$1,165 $2,621,164 $95,153 $7,400,000 $2,822,149 $95,153 $9,800,000 6.0% 279

$1,140 $2,628,665 $107,000 $7,250,000 $2,850,973 $122,500 $7,995,000 7.4% 276

$1,006 $2,293,784 $108,000 $7,300,000 $2,533,033 $119,000 $8,495,000 8.8% 342

$970 $2,466,911 $110,000 $7,450,000 $2,785,685 $125,000 $9,500,000 10.0% 370

0

currrent aspen general activity report Copyright Š 2016

13


currrent aspen general activity report condominiums/townhomes inventory Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

2015

pending

at 12/31/2016 at 12/31/2016 94 16 $187,677,800 $26,034,000 $1,490

$1,248

$1,996,572 $157,900 $7,000,000 243

$1,627,125 $149,000 $4,349,000 275

excludes luxury properties due to distortion of averages

closed last 12 mo

change

prev 12 mo

119 $203,906,250

-23% -14% 6% 12% 5% 1% 12% 67% 2% 0.74 13%

155 $236,849,568

$1,222 $1,713,498 $100,000 $7,300,000 $1,814,012 $159,000 $7,650,000 5.7% 282

$1,152 $1,528,062 $95,153 $7,250,000 $1,612,571 $95,153 $7,495,000 4.9% 251

2016

2015

2014

2013

2012

131 110 119 155 119 $224,492,326 $152,014,283 $203,906,250 $236,849,568 $167,047,663 $1,222 $1,713,498 $100,000 $7,300,000 $1,814,012 $159,000 $7,650,000 5.7% 282

$1,152 $1,528,062 $95,153 $7,250,000 $1,612,571 $95,153 $7,495,000 4.9% 251

$1,156 $1,713,682 $107,000 $6,425,000 $1,823,526 $122,500 $6,500,000 6.0% 258

$956 $1,403,762 $108,000 $5,750,000 $1,516,776 $119,000 $5,995,000 7.5% 290

$940 $1,381,948 $110,000 $7,100,000 $1,517,739 $125,000 $8,198,000 7.9% 291

0

single family homes

inventory

pending

(excluding luxury)

at 12/31/2016

at 12/31/2016

Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

single family lots Number Dollar Volume Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

95 10 $450,492,000 $39,999,000 $1,289

$4,742,021 $795,000 $7,495,000

$1,093

$3,999,900 $1,495,000 $6,995,000

320

233

inventory

pending

at 12/31/2016 at 12/31/2016 38 5 $143,279,500 $14,839,000

$3,770,513 $395,000 $7,499,500 430

$2,967,800 $1,795,000 $5,500,000 191

closed last 12 mo

change

prev 12 mo

47 $174,270,200

-48% -55% -4% -13% -1% -3% -12% -6% -24% 1.86 5%

91 $388,510,940

$1,134 $3,707,877 $740,000 $7,200,000 $4,069,323 $799,000 $7,400,000 9.0% 272

$1,186 $4,269,351 $750,000 $7,400,000 $4,634,181 $849,000 $9,800,000 7.1% 259

2016

2015

2014

2013

2012

80 76 47 91 70 $174,270,200 $388,510,940 $329,661,000 $261,630,132 $287,936,307 $1,134 $3,707,877 $740,000 $7,200,000 $4,069,323 $799,000 $7,400,000 9.0% 272

$1,186 $4,269,351 $750,000 $7,400,000 $4,634,181 $849,000 $9,800,000 7.1% 259

$1,113 $4,120,763 $1,020,000 $7,250,000 $4,461,663 $1,050,000 $7,995,000 7.5% 284

$1,093 $3,737,573 $1,125,000 $7,300,000 $4,159,657 $1,149,000 $8,495,000 10.0% 392

$1,012 $3,788,636 $1,100,000 $7,450,000 $4,273,789 $1,199,000 $9,500,000 10.7% 430

closed last 12 mo

change

prev 12 mo

2016

2015

2014

2013

2012

12 $37,517,500

-48% -53% -10% 150% -3% -10% 139% -6% -0.08 -20%

23 $79,732,500

12 $37,517,500

23 $79,732,500

20 $53,214,590

18 $46,135,500

24 $78,100,666

$3,466,630 $500,000 $6,400,000 $3,804,304 $595,000 $7,800,000 9.1% 549

$3,126,458 $1,250,000 $6,200,000 $3,434,167 $1,425,000 $7,350,000 9.1% 439

$3,466,630 $500,000 $6,400,000 $3,804,304 $595,000 $7,800,000 9.1% 549

$2,563,083 $800,000 $5,250,000 $2,925,861 $1,100,000 $5,995,000 12.8% 488

$3,254,194 $650,000 $7,250,000 $3,884,771 $1,314,500 $8,500,000 17.3% 542

$3,126,458 $1,250,000 $6,200,000 $3,434,167 $1,425,000 $7,350,000 9.1% 439

$2,660,730 $650,000 $7,000,000 $3,142,950 $750,000 $7,500,000 16.4% 360

currrent aspen general activity report Copyright Š 2016

14


excludes luxury properties except where noted due to distortion of averages

currrent snowmass village general activity report with Viceroy

Snowmass Village Sales

$1,500

240

$900

180

$600

120

$300

60 PRICES: Avg $/SF

2006

212

Inventory

Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

2008

2009

2010

2011

2012

Avg Sales Price/SF

SUPPLY: Inventory

2013

2014

2015

0

2016

$685 Sales Last 12 Mo

-10%

2%

-2%

from Dec 2015:

from Dec 2015:

from Dec 2015:

235

$671

128

Average Asking Price:

(under $7.5 million) Number Dollar Volume

2007

DEMAND: # of Sales

inventory

$1,694,047

$1,694,047 $74,500 $6,795,000 329

$772

Average Sold Price: Median Sold Price:

pending

at 12/31/2016 at 12/31/2016 212 14 $347,713,100 $33,619,000 $772

Current Avg. Asking Price/SF:

$632

$1,622,333 $414,000 $3,590,000 327

(reported separately)

300

$1,200

$0

all snowmass vlg property

2015

without Viceroy

126

$1,625,093 $1,043,750

closed last 12 mo

change

prev 12 mo

126 $204,761,675

-2% 6% 2% 8% 2% -8% 7% -11% -18% -0.51 10%

128 $192,592,213

$685 $1,625,093 $78,000 $6,750,000 $1,759,512 $79,500 $6,998,000 7.0% 354

$671 $1,504,627 $76,500 $7,297,500 $1,638,196 $89,000 $8,500,000 7.6% 323

2016

2015

2014

2013

2012

142 83 126 128 107 $204,761,675 $192,592,213 $184,758,718 $115,063,161 $115,785,617 $685 $1,625,093 $78,000 $6,750,000 $1,759,512 $79,500 $6,998,000 7.0% 354

$671 $1,504,627 $76,500 $7,297,500 $1,638,196 $89,000 $8,500,000 7.6% 323

$625 $1,301,118 $64,000 $7,250,000 $1,436,518 $75,000 $8,250,000 8.3% 308

$645 $942,421 $183,500 $4,500,000 $1,047,342 $184,900 $5,250,000 8.0% 288

$597 $1,282,658 $157,500 $6,456,500 $1,464,674 $175,000 $8,900,000 9.8% 354

currrent snowmass village general activity report Copyright Š 2016

15


excludes luxury properties except where noted due to distortion of averages

currrent snowmass village general activity report single family homes general off-mountain

Number Dollar Volume

inventory

pending

closed

at 12/31/2016 at 12/31/2016 34 6 $106,293,000 $20,925,000

Avg Price/SF $799 $632 Avg Price Paid est. $2,853,362 est. $1,474,173 Lowest Selling Price Highest Selling Price Avg Asking Price $3,126,265 $1,615,167 Lowest Asking Price $1,095,000 $712,000 Highest Asking Price $6,795,000 $2,655,000 Avg Ask/Sold Discount Avg Days on Market 211 258 general ski-accessible

Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market luxury ski-accessible (over $7.5M)

Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market all ski-accessible

Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

at 12/31/2016 12 $55,784,000

at 12/31/2016 0 $0

$997

$0

$4,648,667 $3,495,000 $6,750,000 283

$0 $0 $0 0

at 12/31/2016 at 12/31/2016 16 1 $156,985,000 $8,500,000 $1,693

$9,811,563 $7,500,000 $16,000,000 531

$1,562

$8,500,000 $8,500,000 $8,500,000 169

at 12/31/2016 at 12/31/2016 28 1 $212,769,000 $8,500,000 $1,395

$7,598,893 $3,495,000 $16,000,000 425

$1,562

$8,500,000 $8,500,000 $8,500,000 169

last 12 mo

change

prev 12 mo

2016

2015

2014

2013

2012

22 $52,656,500

-8% -8% 4% 1% 59% -19% 1% 76% -14% 0.44 -2%

24 $57,129,900

22 $52,656,500

24 $57,129,900

26 $48,603,000

19 $35,540,500

14 $23,888,607

$648 $2,380,413 $795,000 $6,375,000 $2,594,917 $795,000 $6,950,000 8.3% 270

$672 $2,393,477 $1,262,500 $5,185,000 $2,621,773 $1,399,000 $5,995,000 8.7% 264

$648 $2,380,413 $795,000 $6,375,000 $2,594,917 $795,000 $6,950,000 8.3% 270

$564 $1,869,346 $785,000 $4,500,000 $2,058,765 $849,900 $4,995,000 9.0% 228

$572 $1,870,553 $660,000 $4,500,000 $2,050,258 $680,000 $5,250,000 8.2% 339

last 12 mo

change

prev 12 mo

2016

2015

2014

2013

2012

15 $68,351,500

36% 30% 1% -5% 34% -8% -9% 26% -18% -3.59 26%

11 $52,681,500

15 $68,351,500

11 $52,681,500

8 $29,510,000

6 $15,146,000

8 $32,556,500

$990 $4,789,227 $2,089,000 $7,297,500 $5,382,273 $2,295,000 $8,500,000 10.1% 343

$1,002 $4,556,767 $2,797,500 $6,750,000 $4,893,533 $2,895,000 $6,998,000 6.5% 431

$990 $4,789,227 $2,089,000 $7,297,500 $5,382,273 $2,295,000 $8,500,000 10.1% 343

$832 $3,688,750 $1,899,000 $7,250,000 $4,028,750 $1,995,000 $8,250,000 7.8% 200

$630 $2,524,333 $2,100,000 $3,020,000 $3,012,500 $2,495,000 $3,690,000 16.2% 457

last 12 mo

change

prev 12 mo

2016

2015

2014

2013

2012

4 $33,745,000

33% 20% -14% -10% -4% -12% 0% 0% 8% 8.75 79%

3 $28,150,000

4 $33,745,000

3 $28,150,000

2 $17,400,000

2 $17,730,500

2 $16,561,900

$1,734 $9,383,333 $7,800,000 $12,000,000 $9,748,333 $8,250,000 $12,000,000 4.2% 229

$1,498 $8,436,250 $7,500,000 $10,595,000 $9,762,500 $8,250,000 $12,900,000 13.0% 409

$1,734 $9,383,333 $7,800,000 $12,000,000 $9,748,333 $8,250,000 $12,000,000 4.2% 229

$1,459 $8,700,000 $8,600,000 $8,800,000 $9,950,000 $9,950,000 $9,950,000 12.6% 356

$1,356 $8,865,250 $8,575,000 $9,155,500 $9,672,500 $9,450,000 $9,895,000 8.4% 841

last 12 mo

change

prev 12 mo

19 $102,096,500

36% 26% -4% -7% 34% -12% -6% 26% 8% -0.97 34%

14 $80,831,500

$672 $2,393,477 $1,262,500 $5,185,000 $2,621,773 $1,399,000 $5,995,000 8.7% 264

$1,002 $4,556,767 $2,797,500 $6,750,000 $4,893,533 $2,895,000 $6,998,000 6.5% 431

$1,498 $8,436,250 $7,500,000 $10,595,000 $9,762,500 $8,250,000 $12,900,000 13.0% 409

$1,107 $5,373,500 $2,797,500 $10,595,000 $5,918,579 $2,895,000 $12,900,000 7.9% 427

$1,150 $5,773,679 $2,089,000 $12,000,000 $6,317,857 $2,295,000 $12,000,000 8.8% 318

2016

2015

19 14 $102,096,500 $80,831,500 $1,107 $5,373,500 $2,797,500 $10,595,000 $5,918,579 $2,895,000 $12,900,000 7.9% 427

$1,150 $5,773,679 $2,089,000 $12,000,000 $6,317,857 $2,295,000 $12,000,000 8.8% 318

$518 $1,706,329 $575,000 $3,475,000 $1,894,500 $659,000 $3,800,000 9.6% 515

$856 $4,069,563 $1,700,000 $6,456,500 $4,982,375 $1,995,000 $8,900,000 16.7% 410

$1,205 $8,280,950 $8,061,900 $8,500,000 $9,247,500 $8,995,000 $9,500,000 10.3% 405

2014

2013

2012

10 $46,910,000

8 $32,876,500

10 $49,118,400

$957 $4,691,000 $1,899,000 $8,800,000 $5,213,000 $1,995,000 $9,950,000 8.8% 231

$811 $4,109,563 $2,100,000 $9,155,500 $4,677,500 $2,495,000 $9,895,000 14.2% 553

$926 $4,911,840 $1,700,000 $8,500,000 $5,835,400 $1,995,000 $9,500,000 15.4% 409

currrent snowmass village general activity report Copyright Š 2016

16


excludes luxury properties except where noted due to distortion of averages

currrent snowmass village general activity report condominiums/townhomes general off-mountain

Number Dollar Volume Avg Price/SF Avg Price Paid

inventory

pending

at 12/31/2016 27 $34,151,500

at 12/31/2016 3 $2,820,000

$702

$572

Lowest Selling Price Highest Selling Price

Avg Asking Price

Avg Ask/Sold Discount Avg Days on Market general ski-accessible

Avg Price/SF Avg Price Paid

$940,000

Lowest Asking Price Highest Asking Price

Avg Ask/Sold Discount Avg Days on Market

single family lots general off-mountain

Number Dollar Volume

Avg Ask/Sold Discount Avg Days on Market general ski-accessible

Number Dollar Volume

Avg Ask/Sold Discount Avg Days on Market

2013

2012

35 $30,546,500

46% 52% 2% 4%

24 $20,154,900

35 $30,546,500

24 $20,154,900

28 $23,634,750

39 $32,328,654

17 $8,215,500

$567 $839,788

$580 $872,757

$567 $839,788

$549 $844,098

$523 $828,940

$436 $483,265

$580 $872,757

$929,671

-9% 3%

$375,000 $3,100,000

6%

$881,158

$339,500 $3,200,000

$375,000 $3,100,000

$929,671

$881,158

$360,000 $1,795,000

$902,232

$295,000 $2,809,226

$926,179

$233,000 $1,000,000

$535,156

$385,000 $1,895,000

$315,000 $3,245,000

375

5.3% 344

0.40 16%

4.9% 296

5.3% 344

4.9% 296

6.0% 286

7.4% 276

8.2% 433

at 12/31/2016

last 12 mo

change

prev 12 mo

2016

2015

2014

2013

2012

135 $145,360,600

4 $8,374,000

50 $45,004,675

63 $55,405,913

50 $45,004,675

63 $55,405,913

62 $52,909,968

35 $22,613,007

41 $33,300,010

$759

$766

$668 $900,094

-21% -19% 1% 2%

$664 $879,459

$668 $900,094

$664 $879,459

$657 $853,387

$721 $646,086

$640 $812,195

373

$78,000 $3,300,000

$1,076,745 $74,500 $4,250,000

$2,093,500 $414,000 $3,590,000

317

342

inventory

pending

at 12/31/2016 4 $6,124,000

at 12/31/2016 1 $1,500,000

$984,580

$1,279,000 $1,900,000

$1,500,000 $1,500,000 $1,500,000

414

391

at 12/31/2016 5 $19,895,000

at 12/31/2016 1 $1,950,000

1243

$1,950,000 $1,950,000 $1,950,000

467

$944,259

$76,500 $3,500,000

$984,580

$944,259

$64,000 $3,750,000

$927,696

$183,500 $3,300,000

$839,346

$157,500 $2,575,000

$899,227

$79,500 $3,495,000

$89,000 $3,795,000

$75,000 $3,995,000

$184,900 $3,600,000

7.6% 385

-0.56 6%

8.1% 365

7.6% 385

8.1% 365

8.2% 321

6.7% 328

9.3% 270

$175,000 $2,895,000

closed last 12 mo

change

prev 12 mo

2016

2015

2014

2013

2012

2 $2,102,500

-60% -63% -8%

5 $5,720,000

2 $2,102,500

5 $5,720,000

12 $12,926,000

6 $6,010,000

1 $650,000

$1,144,000

$1,051,250

$1,144,000

$1,077,167

$1,001,667

$650,000

$1,175,000

9% -27%

$950,000 $1,450,000

-2%

$1,195,000

21% -17%

$950,000 $1,450,000

10.5% 104

6.27 -33%

4.3% 156

last 12 mo

change

2 $6,100,000

100% 307% 103%

$1,150,000 $1,200,000

$2,800,000 $3,300,000 $2,750,000 $5,995,000

4%

$78,000 $3,300,000

$89,000 $3,795,000

$3,050,000

$3,979,000

$76,500 $3,500,000

-11% -8%

$1,037,500 $1,065,000

$1,531,000

2% -6%

$288,000 $1,285,000

$79,500 $3,495,000

$1,051,250

Lowest Selling Price Highest Selling Price Lowest Asking Price Highest Asking Price

2014

$415,000 $3,300,000

Avg Price Paid

Avg Asking Price

2015

$362,500 $3,595,000

Lowest Selling Price Highest Selling Price Lowest Asking Price Highest Asking Price

2016

$415,000 $3,300,000

Avg Price Paid

Avg Asking Price

prev 12 mo

-13% 9%

$445,000 $1,850,000

Lowest Selling Price Highest Selling Price

Avg Asking Price

change

$362,500 $3,595,000

$250,000 $3,297,000

with Viceroy at 12/31/2016

Number Dollar Volume

last 12 mo

$339,500 $3,200,000

$1,264,870

Lowest Asking Price Highest Asking Price

closed

$3,249,500

87% 120%

$1,175,000

$950,000 $1,450,000

$1,195,000

$695,000 $1,725,000

$1,225,250

$575,000 $1,400,000

$1,272,167

$650,000 $650,000

$725,000

$950,000 $1,450,000

$749,000 $2,495,000

10.5% 104

4.3% 156

9.0% 281

20.3% 547

10.3% 37

prev 12 mo

2016

2015

2014

2013

2012

1 $1,500,000

2 $6,100,000

1 $1,500,000

6 $17,175,000

2 $3,425,000

2 $7,850,000

$1,500,000

$3,050,000

$1,500,000

$2,862,500

$1,712,500

$3,925,000

$1,500,000 $1,500,000

104%

$1,037,500 $1,065,000

$1,595,000

$1,150,000 $1,200,000

$2,800,000 $3,300,000

$3,249,500

$1,500,000 $1,500,000

$1,595,000

$2,999,000 $3,500,000

88% 119%

$1,595,000 $1,595,000

$2,999,000 $3,500,000

$1,595,000 $1,595,000

6.2% 440

0.22 66%

6.0% 265

6.2% 440

6.0% 265

$1,400,000 $4,000,000

$3,457,500 $1,750,000 $5,250,000

16.7% 820

$750,000 $1,695,000

$1,575,000 $1,850,000

$1,947,500 $1,700,000 $2,195,000

11.5% 1687

$725,000 $725,000

$3,350,000 $4,500,000

$4,247,500 $3,500,000 $4,995,000

7.1% 211

currrent snowmass village general activity report Copyright Š 2016

17


excludes luxury properties due to distortion of averages

currrent basalt general activity report 2015

Basalt Sales

$600

300

$450

225

$300

150

$150

75

PRICES: Avg $/SF

$0

2006

Inventory

2007

105

2008

DEMAND: # of Sales

2009

2011

2012

Avg Sales Price/SF

SUPPLY: Inventory

2013

2014

11

2015

0

2016

Sales Last 12 Mo

-1%

-21%

5%

from Dec 2015:

from Dec 2015:

from Dec 2015:

106

14

147

Current Avg. Asking Price:

$1,014,315

listed

pending

all basalt property (under $7.5 million)

Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

at 12/31/2016 at 12/31/2016 105 11 $117,485,079 $7,648,860 $498

$1,014,315 $58,000 $4,995,000 288

$369

$695,351 $265,000 $1,275,000 267

Current Avg. Asking Price/SF:

(reported separately)

$695,351

Average Sold Price: Median Sold Price:

154

$715,015 $571,250

closed last 12 mo

change

prev 12 mo

154 $110,112,285

5% 12% 16% 7% -77% -8% 6% -77% -33% 0.62 12%

147 $98,513,792

$372 $715,015 $39,000 $3,640,000 $756,963 $39,000 $3,640,000 4.6% 243

$321 $670,162 $168,000 $3,950,000 $715,699 $173,000 $5,395,000 4.0% 218

2016

2015

154 147 $110,112,285 $98,513,792 $372 $715,015 $39,000 $3,640,000 $756,963 $39,000 $3,640,000 4.6% 243

$321 $670,162 $168,000 $3,950,000 $715,699 $173,000 $5,395,000 4.0% 218

2014

2013

2012

113 $78,822,805

89 $51,003,912

135 $76,269,146

$286 $573,078 $31,000 $3,925,000 $627,916 $37,500 $4,895,000 5.8% 248

$261 $564,957 $43,000 $3,350,000 $617,897 $48,000 $3,850,000 5.9% 222

$304 $614,330 $56,000 $2,800,000 $651,140 $58,000 $3,495,000 4.4% 206

currrent basalt general activity report Copyright Š 2016

18


excludes luxury properties due to distortion of averages

currrent basalt general activity report condominiums/townhomes Number Dollar Volume AVG Price per SQ FT Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

single family homes Number Dollar Volume AVG Price per SQ FT Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

single family lots Number Dollar Volume Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

listed

pending

at 12/31/2016 36 $29,761,780

at 12/31/2016 7 $4,544,860

$487

$367

$826,716 $329,000 $1,662,000

$649,266 $359,900 $941,460

closed last 12 mo

change

prev 12 mo

2016

2015

2014

2013

2012

90 $48,071,391

6% 24%

85 $38,827,112

90 $48,071,391

85 $38,827,112

55 $25,153,615

39 $14,423,785

64 $20,682,500

$376 $534,127 $200,000 $1,580,938 $546,043 $215,000 $1,699,000 2.4% 213

20% 17% 8% 78% 17% 23% 94% -0.12 11%

$314 $456,790 $186,001 $888,266 $467,649 $175,000 $876,600 2.6% 192

$376 $534,127 $200,000 $1,580,938 $546,043 $215,000 $1,699,000 2.4% 213

$314 $456,790 $186,001 $888,266 $467,649 $175,000 $876,600 2.6% 192

$258 $369,841 $137,000 $1,270,000 $383,349 $149,500 $1,295,000 3.6% 204

$224 $323,164 $119,500 $1,630,000 $339,345 $119,500 $1,795,000 3.7% 187

$304 $457,338 $187,000 $1,750,000 $467,983 $184,900 $1,750,000 2.5% 149

197

216

listed

pending

at 12/31/2016

at 12/31/2016

last 12 mo

change

prev 12 mo

2016

2015

2014

2013

2012

41 $64,526,900

3 $2,839,000

53 $59,948,894

-5% 6%

56 $56,751,680

53 $59,948,894

56 $56,751,680

50 $42,676,900

39 $34,004,827

60 $47,808,180

$508

$375

$364 $1,131,111 $385,000 $3,640,000 $1,227,594 $389,000 $3,640,000 7.0% 246

10% 12% 20% -8% 11% 16% -33% 1.53 10%

$331 $1,013,423 $320,000 $3,950,000 $1,105,348 $334,000 $5,395,000 5.5% 224

$364 $1,131,111 $385,000 $3,640,000 $1,227,594 $389,000 $3,640,000 7.0% 246

$331 $1,013,423 $320,000 $3,950,000 $1,105,348 $334,000 $5,395,000 5.5% 224

$314 $871,919 $210,000 $3,925,000 $972,010 $214,900 $4,895,000 6.2% 292

$301 $796,803 $235,000 $3,350,000 $868,517 $224,900 $3,500,000 6.4% 236

$1,573,827 $445,000 $4,995,000

$946,333 $765,000 $1,275,000

224

445

listed

pending

at 12/31/2016 32 $23,196,399

at 12/31/2016 1 $265,000

$724,887 $58,000 $5,999,999 509

$265,000 $265,000 $265,000 94

closed

$304 $853,538 $360,000 $2,800,000 $922,546 $394,500 $3,495,000 5.9% 239

closed last 12 mo

change

prev 12 mo

2016

2015

2014

2013

2012

11 $2,092,000

83% -29%

6 $2,935,000

11 $2,092,000

6 $2,935,000

12 $10,992,290

11 $2,575,300

11 $7,778,466

$190,182 $39,000 $344,000 $215,082 $39,000 $349,000 10.9% 473

-61% -77% -82% -64% -77% -86% 0.26 -10%

$489,167 $168,000 $1,925,000 $593,000 $173,000 $2,450,000 10.7% 523

$190,182 $39,000 $344,000 $215,082 $39,000 $349,000 10.9% 473

$489,167 $168,000 $1,925,000 $593,000 $173,000 $2,450,000 10.7% 523

$916,024 $56,000 $5,900,000 $1,044,708 $58,000 $6,750,000 8.8% 354

$234,118 $31,000 $690,000 $275,045 $37,500 $895,000 12.3% 246

$707,133 $43,000 $3,000,000 $871,545 $48,000 $3,850,000 16.0% 350

currrent basalt general activity report Copyright Š 2016

19


SINGLE FAMILY HOME MARKET DISTRIBUTION December 31, 2016

Copyright © 2016

20


single family home current market activity

includes luxury properties

distribution of listings/sales, from 1/1/2015 to 12/31/2016 listed

2016

active

pending

2016

2015

2014

ALL HOMES

372

37

246

295

Aspen

191

16

68

127

East Aspen Smuggler Central Core Red Mountain West End West Aspen McLain Flats Brush Creek Village

24 7 15 20 24 75 21 5

2 0 2 1 5 2 2 2

10 6 6 8 17 15 2 4

Snowmass Village

67

7

Ski Accessible Non Ski Accessible

28 5

1 6

Basalt

45

Basalt Proper El Jebel Frying Pan/Reudi Emma/Sopris Creek

24 4 12 5

Aspen

active 191

closed

2013

2012

2011

277

229

261

234

122

90

100

95

21 4 12 18 29 36 5 2

14 5 15 15 22 34 7 10

16 2 5 14 15 28 6 4

13 6 10 13 17 32 8 1

20 4 6 7 17 27 7 7

41

39

36

28

24

24

15 22

14 25

10 26

8 20

10 14

11 13

6

86

82

69

67

100

72

3 3 0 0

39 34 6 7

37 28 8 9

28 22 15 4

25 33 5 4

40 45 9 6

43 17 4 8

2013

2012

2011

single family homes by average price range pending 2016 2015 2014 16

64

125

113

86

99

88

under $2.5M $2.5M-$5M $5M-$7.5M $7.5M-$10M $10M-$12.5M $12.5M-$15M over $15M

11 40 44 32 18 15 31

2 5 3 2 1 1 2

6 27 10 11 7 1 2

10 48 31 12 11 2 11

15 39 26 13 10 4 6

16 35 19 4 5 2 5

19 37 20 6 5 3 9

14 32 22 5 2 6 7

Snowmass Village

68

7

41

39

36

28

24

24

under $2.5M $2.5M-$5M $5M-$7.5M $7.5M-$10M $10M-$12.5M $12.5M-$15M over $15M

13 28 5 12 5 1 4

5 1 0 1 0 0 0

15 16 6 3 1 0 0

18 9 8 2 2 0 0

24 8 2 2 0 0 0

19 6 0 2 0 0 1

13 6 3 2 0 0 0

8 11 2 0 1 0 2

Basalt

41

3

53

56

50

39

60

58

under $0.5M $0.5M-$0.75M $0.75M-$1M $1M-$1.25M $1.25M-$1.5M $1.5M-$1.75M over $1.75M

1 6 14 1 4 1 14

0 0 2 0 1 0 0

6 13 13 4 5 3 9

5 20 13 6 4 2 6

10 23 6 1 3 2 5

13 13 5 4 0 0 4

23 19 4 6 2 1 5

21 22 5 1 4 0 5

single family home current market activity Copyright Š 2016

21

distribution of listings/sales, from 1/1/2015 to 12/31/2016


single family home current market activity

includes luxury properties

distribution of listings/sales, from 1/1/2015 to 12/31/2016 over $2000 13% $1750-$2000 6%

2016

under $500 0%

under $750 9%

$750-$1000 23%

$500-$750 0%

$1250-$1500 18%

$400$500 11% $750-$1000 50%

$1500-$1750 12% $1250-$1500 16%

$1000-$1250 21%

$600-$700 over $700 4% $500-$600 1% 6%

$200-$300 41% $300-$400 31%

$1000-$1250 32%

Basalt

Snowmass

Aspen

under $200 6%

single family homes by average price per square foot listed

closed

active 191

pending 16

2016

2015

2014

2013

2012

2011

68

127

113

86

99

88

under $750 $750-$1000 $1000-$1250 $1250-$1500 $1500-$1750 $1750-$2000 over $2000

9 24 29 34 32 18 45

3 0 2 3 2 0 6

9 14 15 9 8 5 8

9 31 26 21 16 7 17

9 32 32 14 10 6 10

12 29 14 15 7 3 6

15 33 23 12 7 5 4

16 32 18 12 8 2 0

Snowmass Village

44

1

23

15

9

8

9

9

under $500 $500-$750 $750-$1000 $1000-$1250 $1250-$1500 $1500-$1750 over $1750

0 0 22 8 4 10 0

0 0 0 0 0 1 0

0 0 13 8 2 0 0

0 0 6 4 5 0 0

0 0 5 1 2 1 0

0 0 5 0 2 1 0

0 0 5 3 1 0 0

0 0 5 4 0 0 0

41

3

53

56

50

39

60

58

1 12 12 3 4 1 8

0 1 1 1 0 0 0

4 22 14 7 3 1 2

3 23 20 5 3 0 2

10 20 11 5 1 1 2

10 20 3 1 0 3 2

25 17 8 4 0 1 5

24 22 5 1 1 1 4

Aspen

Basalt under $200 $200-$300 $300-$400 $400-$500 $500-$600 $600-$700 over $700

single family home current market activity Copyright Š 2016

22

distribution of listings/sales, from 1/1/2015 to 12/31/2016


single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 12/31 2016

listed EAST ASPEN Number of Listings/Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

SMUGGLER Number of Listings/Sales

active

pending

2016

(reported separately)

last 12 mo

change

2015

2014

closed

2013

2012

2011

2010

2009

17

1

7

7

-61%

18

11

16

11

18

10

6

$1,271

$1,298

$4,610,529

$6,595,000

293

446

$921 $3,210,714 $3,607,714 11.0% 233

$921 $3,210,714 $3,607,714 11.0% 233

-14% -21% -17% 3.8 -19%

$1,065 $4,074,897 $4,357,778 7.2% 289

$1,032 $3,607,455 $3,797,273 4.2% 247

$919 $3,216,790 $3,579,938 10.1% 303

$1,022 $3,469,727 $4,148,182 15.5% 240

$995 $4,079,000 $4,501,661 9.3% 287

$881 $4,417,500 $4,877,900 10.9% 415

$1,000 $4,857,500 $5,931,667 17.4% 342

active

pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

5

0

6

6

50%

4

1

2

6

3

2

4

AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

$1,344

$0

$5,747,000

$0

175

0

$1,091 $3,437,200 $3,735,367 7.6% 212

$1,091 $3,437,200 $3,735,367 7.6% 212

14% -25% -23% 1.1 -22%

$961 $4,612,500 $4,874,750 6.5% 273

$852 $4,387,500 $4,650,000 5.6% 170

$811 $3,505,000 $3,620,000 3.0% 47

$703 $3,057,500 $3,560,667 13.0% 687

$878 $4,257,667 $4,498,333 5.0% 373

$862 $5,450,000 $6,497,000 16.1% 535

$1,061 $3,163,763 $3,783,750 16.4% 441

CENTRAL CORE HOMES

active

pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

Number of Listings/Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

RED MOUNTAIN (includes luxury) Number of Listings/Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

8

1

5

5

-29%

7

11

5

9

5

7

4

$1,898

$1,695

$5,403,125

$5,700,000

251

208

$1,763 $4,712,000 $5,209,000 9.4% 174

$1,763 $4,712,000 $5,209,000 9.4% 174

9% 39% 43% 3.9 8%

$1,624 $3,391,786 $3,653,214 5.5% 161

$1,195 $4,312,500 $4,586,182 5.8% 267

$1,383 $3,380,000 $3,839,600 11.7% 309

$1,103 $3,845,128 $4,153,556 6.7% 452

$1,234 $3,495,000 $4,000,000 12.7% 254

$1,419 $4,168,571 $4,670,000 10.8% 324

$1,152 $2,762,178 $2,972,178 7.5% 87

active

pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

18

15

14

13

7

7

3

20

1

8

8

-56%

$2,328

$2,040

$1,697 $10,128,182 $11,479,750 12.8% 358

$1,697 $10,128,182 $11,479,750 12.8% 358

6% -3% -12% -0.6 -12%

$17,275,000 $9,950,000 318

632

$1,606 $1,316 $10,486,880 $8,935,685 $13,018,056 $9,935,667 13.4% 11.1% 408 368

$1,301 $1,546 $1,080 $1,343 $1,529 $7,760,464 $11,025,000 $8,425,000 $10,130,429 $20,666,667 $8,822,786 $12,641,538 $9,809,286 $13,163,571 $22,315,000 11.9% 11.7% 10.0% 19.7% 12.3% 536 346 571 341 276

single family home comparative activity by area, as of 12/31 Copyright © 2016

23


single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 12/31 2016

(reported separately)

listed WEST END Number of Listings/Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

WEST ASPEN Number of Listings/Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

MCLAIN FL/STARWOOD (incl. lux.) Number of Listings/Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

SNOWMASS VILLAGE - Ski Access Number of Listings/Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

active

closed pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

13

3

13

13

-43%

23

19

11

17

13

22

16

$1,765

$1,492

$3,978,077

$4,906,667

304

228

$1,352 $4,431,077 $4,749,154 6.7% 361

$1,352 $4,431,077 $4,749,154 6.7% 361

-11% -1% 0% 0.2 59%

$1,518 $4,462,391 $4,748,478 6.5% 227

$1,368 $3,921,263 $4,088,947 4.7% 222

$1,419 $4,764,545 $5,108,727 6.3% 197

$1,253 $3,876,362 $4,383,824 10.6% 325

$1,131 $4,436,538 $4,842,923 8.6% 251

$1,031 $3,985,409 $4,582,727 12.6% 454

$1,013 $3,584,938 $4,169,656 13.8% 242

active

pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

35

2

9

9

-65%

26

25

21

25

19

17

19

$1,141

$1,076

$5,067,943

$3,245,000

327

278

$996 $3,622,222 $3,883,778 6.8% 263

$996 $3,622,222 $3,883,778 6.8% 263

5% -13% -15% -0.4 9%

$949 $4,151,261 $4,591,885 7.2% 241

$927 $4,001,400 $4,449,400 10.4% 322

$947 $3,326,905 $3,716,905 11.1% 407

$934 $3,889,800 $4,366,720 10.3% 463

$806 $3,693,289 $4,155,947 11.8% 332

$762 $3,333,176 $3,679,529 9.6% 310

$926 $4,314,474 $4,987,895 12.2% 292

active

pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

5

7

6

8

7

8

2

21

2

2

2

-60%

$1,107

$1,526

$616 $5,125,000 $5,647,500 11.4% 239

-51% -52% -54% 0.5 20%

444

682

$616 $5,125,000 $5,647,500 11.4% 239

active

pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

12

0

15

15

36%

11

8

6

8

9

11

1

$997

$572

$4,648,667

$1,615,167

283

258

$1,002 $4,556,767 $4,893,533 6.5% 431

$1,002 $4,556,767 $4,893,533 6.5% 431

1% -5% -9% -3.6 26%

$990 $4,789,227 $5,382,273 10.1% 343

$832 $3,688,750 $4,028,750 7.8% 200

$586 $2,027,460 $2,281,196 10.1% 367

$641 $2,565,687 $3,017,364 12.1% 477

$728 $2,890,238 $3,276,476 10.9% 314

$780 $3,338,907 $3,879,126 13.3% 257

$592 $1,943,182 $2,340,909 17.2% 239

$9,064,762 $19,600,000

$1,253 $1,194 $1,180 $817 $824 $1,076 $1,191 $10,582,500 $10,064,286 $3,640,417 $10,965,625 $7,101,714 $9,100,000 $2,600,000 $12,387,000 $11,177,857 $4,156,500 $11,712,375 $8,242,000 $10,280,000 $2,972,500 10.9% 8.8% 10.6% 7.7% 13.6% 9.3% 12.5% 199 264 819 450 475 255 198

single family home comparative activity by area, as of 12/31 Copyright © 2016

24


single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 12/31 2016

(reported separately)

listed SNOWMASS VILLAGE - Off-Mtn Number of Listings/Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

WOODY CREEK Number of Listings/Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

OLD SNOWMASS Number of Listings/Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

BRUSH CREEK VLG Number of Listings/Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

active

closed pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

34

6

22

22

-8%

24

26

19

14

12

12

10

$799

$572

$3,126,265

$1,615,167

211

258

$672 $2,393,477 $2,621,773 8.7% 264

$672 $2,393,477 $2,621,773 8.7% 264

4% 1% 1% 0.4 -2%

$648 $2,380,413 $2,594,917 8.3% 270

$564 $1,869,346 $2,058,765 9.0% 228

$572 $1,870,553 $2,050,258 8.2% 339

$518 $1,706,329 $1,894,500 9.6% 515

$580 $2,105,833 $2,341,333 9.9% 327

$655 $2,418,750 $2,832,492 14.1% 209

$582 $1,857,500 $2,275,500 18.3% 253

active

pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

12

0

4

4

100%

2

3

5

6

3

4

2

$1,136

$0

$3,574,333

$0

390

0

$836 $4,687,500 $5,362,500 14.0% 346

$836 $4,687,500 $5,362,500 14.0% 346

-1% 88% 91% 3.1 -66%

$847 $2,500,000 $2,805,000 11.0% 1022

$1,058 $2,824,667 $3,081,333 8.0% 323

$596 $2,126,000 $2,403,800 10.4% 225

$503 $2,112,333 $2,490,500 13.4% 391

$725 $3,375,000 $4,046,667 16.1% 489

$835 $3,504,500 $4,033,750 13.2% 458

$715 $3,603,929 $3,774,500 8.4% 275

active

pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

25

4

14

14

0%

14

13

9

7

15

8

7

$821

$210

$2,894,200

$674,875

325

331

$388 $1,483,179 $1,592,786 6.9% 364

$388 $1,483,179 $1,592,786 6.9% 364

-41% -27% -31% -2.6 -23%

$655 $2,040,226 $2,314,993 9.5% 475

$450 $1,486,385 $1,612,962 5.2% 382

$246 $560,655 $598,489 6.3% 441

$667 $3,148,018 $3,970,700 16.1% 613

$297 $1,218,000 $1,381,320 12.1% 550

$330 $1,374,063 $1,696,100 17.7% 278

$570 $1,230,429 $1,457,286 13.6% 190

active

pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

5

2

4

4

100%

2

10

4

1

7

1

1

$407

$412

$2,506,000

$1,647,000

167

165

$491 $1,764,500 $2,027,500 12.8% 194

$491 $1,764,500 $2,027,500 12.8% 194

-8% 8% 20% 9.5 -47%

$532 $1,637,500 $1,687,500 3.3% 366

$423 $1,423,810 $1,489,690 4.2% 449

$379 $1,138,000 $1,336,975 14.4% 492

$321 $862,500 $975,000 11.5% 246

$407 $1,294,786 $1,502,571 13.6% 511

$443 $750,000 $724,900 -3.5% 49

$587 $1,900,000 $2,285,000 16.8% 70

single family home comparative activity

by area, as of 12/31

Copyright © 2016

25


single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 12/31 2016

(reported separately)

listed BASALT PROPER Number of Listings/Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

BASALT RURAL Number of Listings/Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

EL JEBEL Number of Listings/Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

MISSOURI HEIGHTS Number of Listings/Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

active

closed pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

24

3

39

39

5%

37

28

25

40

43

20

18

$432

$375

$1,329,979

$946,333

191

445

$389 $1,171,052 $1,258,808 5.8% 222

$389 $1,171,052 $1,258,808 5.8% 222

21% 28% 31% 1.3 20%

$321 $916,135 $962,662 4.5% 186

$309 $832,482 $871,193 3.9% 192

$328 $704,720 $763,896 4.6% 269

$302 $816,148 $876,282 5.7% 200

$274 $691,967 $764,826 6.5% 227

$284 $685,647 $738,302 6.9% 237

$394 $1,214,167 $1,322,985 5.1% 192

active

pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

19

0

16

16

-6%

17

20

9

15

12

6

5

$595

#DIV/0!

$1,775,600

#DIV/0!

281

#DIV/0!

$287 $983,477 $1,091,119 9.0% 343

$287 $983,477 $1,091,119 9.0% 343

-18% -21% -25% 1.5 7%

$350 $1,251,746 $1,446,000 7.5% 320

$314 $893,125 $1,012,825 9.5% 325

$322 $1,368,111 $1,609,333 11.5% 412

$284 $659,252 $756,267 8.1% 322

$371 $1,151,683 $1,292,192 9.4% 255

$443 $1,324,167 $1,550,317 13.2% 366

$271 $940,000 $1,133,000 15.0% 436

active

pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

4

3

34

34

21%

28

22

33

45

17

6

12

$394

$272

$1,107,225

$521,667

148

168

$268 $566,145 $577,626 2.2% 295

$268 $566,145 $577,626 2.2% 99

4% 6% 5% -0.7 -12%

$259 $532,468 $550,425 2.9% 113

$237 $484,836 $501,109 3.5% 105

$219 $505,574 $517,245 1.2% 122

$195 $439,934 $461,802 3.6% 173

$189 $424,849 $462,056 4.9% 241

$217 $404,567 $432,233 6.2% 199

$278 $548,792 $600,375 6.8% 220

active

pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

28

4

31

31

3%

30

36

30

24

23

12

9

$407

$224

$1,943,450

$806,056

293

338

$312 $1,120,572 $1,235,917 6.8% 295

$312 $1,120,572 $1,235,917 6.8% 295

10% 27% 26% 1.0 31%

$283 $884,367 $977,397 5.8% 224

$278 $1,066,639 $1,175,683 8.2% 416

$208 $613,028 $650,774 4.5% 276

$210 $936,862 $1,036,233 9.7% 473

$190 $571,235 $662,265 11.1% 266

$286 $864,833 $1,002,833 10.0% 265

$366 $1,214,222 $1,440,544 12.3% 265

single family home comparative activity by area, as of 12/31 Copyright © 2016

26


CONDOMINIUM/TOWNHOME MARKET DISTRIBUTION December 31, 2016

Copyright © 2016

27


condominium/townhome current market activity

includes luxury properties

distribution of listings/sales, from 1/1/2015 to 12/31/2016 2016

listed active

pending

2016

2015

2014

ALL CONDOMINIUMS

304

33

297

334

Aspen

2013

2012

2011

279

290

236

200

104

18

120

159

134

122

110

95

East Aspen Smuggler Central Core Red Mountain West End West Aspen

6 3 77 0 8 10

1 2 12 0 2 1

4 13 74 0 16 13

6 15 98 0 16 24

3 15 92 0 13 11

6 13 77 0 12 14

4 8 83 0 9 6

0 6 74 0 8 7

Snowmass Village

162

7

85

87

90

122

58

55

135 27

4 3

50 35

63 24

62 28

83 17

37 17

38 12

36

7

91

85

55

39

64

48

33 3

5 2

78 13

71 14

45 10

23 16

40 24

31 17

2012

2011

Ski Accessible Non Ski Accessible

Basalt Basalt Proper El Jebel

Aspen

active 104

condominiums/townhomes by number of bedrooms pending 2016 2015 2014 2013 18

120

159

134

122

110

95

Studios 1 Bedrooms 2 Bedrooms 3 Bedrooms 4 Bedrooms 5+ Bedrooms

11 15 32 32 11 3

1 1 10 4 2 0

16 14 47 29 11 3

19 27 58 33 15 7

17 23 36 35 17 6

9 20 41 36 12 4

13 18 37 28 12 2

8 8 32 31 11 5

Snowmass Village

162

7

85

87

90

122

58

55

Studios 1 Bedrooms 2 Bedrooms 3 Bedrooms 4 Bedrooms 5+ Bedrooms

22 19 56 38 23 4

0 0 3 2 2 0

9 11 39 17 9 0

9 18 37 16 7 0

10 14 34 24 8 0

19 33 41 23 5 1

6 8 27 14 3 0

1 4 24 21 4 1

36

7

90

85

55

39

64

48

1 8 11 9 6 1

0 0 2 5 0 0

3 14 31 33 6 3

1 12 25 39 7 1

1 9 16 27 2 0

1 7 16 11 3 1

1 9 30 20 4 0

0 3 26 14 5 0

Basalt

.

closed

Studios 1 Bedrooms 2 Bedrooms 3 Bedrooms 4 Bedrooms 5+ Bedrooms

ASPEN SNOWMASS PROPERTIES | BJ ADAMS & COMPANY Copyright Š 2016

condominium/townhome current market activity 28 $1000- $1250-

distribution of listings/sales, from 1/1/2015 to 12/31/2016


condominium/townhome current market activity

includes luxury properties

distribution of listings/sales, from 1/1/2015 to 12/31/2016 $1500$1750 13%

$1750- over $2000 $2000 5% 4%

$1250$1500 18%

under $750 15%

$750-$1000 20%

$750-$1000 19%

$1000- $1250$1500$1250 $1500 $1750 6% 1% 0%

$1000$1250 25%

under $500 30%

$500-$600 9% $400$500 12%

$500-$750 44%

$200-$300 37% $300-$400 29%

Basalt

Snowmass

Aspen

$600-$700 under $200 3% 0%

condominiums/townhomes by average price per square foot listed

closed

active 104

pending 18

2016

2015

2014

2013

2012

2011

120

159

134

122

110

95

under $750 $750-$1000 $1000-$1250 $1250-$1500 $1500-$1750 $1750-$2000 over $2000

6 11 10 30 19 7 21

1 3 5 2 4 0 3

18 20 28 26 19 4 5

24 37 42 23 18 6 9

18 30 33 27 9 5 12

36 31 37 8 5 1 4

31 32 30 14 2 0 1

21 20 30 17 4 2 1

Snowmass Village

162

7

85

87

90

122

58

55

under $500 $500-$750 $750-$1000 $1000-$1250 $1250-$1500 $1500-$1750 over $1750

22 69 44 23 1 3 0

2 2 3 0 0 0 0

23 38 19 5 0 0 0

28 38 13 6 2 0 0

27 44 13 4 2 0 0

29 59 28 5 1 0 0

19 28 9 2 0 0 0

19 21 12 3 0 0 0

36

7

90

85

55

39

64

48

0 3 6 6 18 3 0

0 2 3 0 2 0 0

0 24 30 22 14 0 0

5 41 21 17 1 0 0

5 30 11 8 0 0 1

7 22 7 3 0 0 0

29 26 6 2 1 0 0

17 24 6 1 0 0 0

Aspen

Basalt under $200 $200-$300 $300-$400 $400-$500 $500-$600 $600-$700 over $700

condominium/townhome current market activity distribution of listings/sales, from 1/1/2015 to 12/31/2016 Copyright Š 2016

29


condominium/townhome current market activity

includes luxury properties

distribution of listings/sales, from 1/1/2015 to 12/31/2016

condominiums/townhomes by average price range listed active 104

pending 18

2016

2015

2014

120

159

29 36 11 7 4 4 13

6 6 2 1 1 0 2

47 40 15 4 3 5 6

68 52 15 6 9 2 7

Snowmass Village

162

7

85

under $0.25M $0.25M-$0.5M $0.5M-$0.75M $0.75M-$1M $1M-$1.25M $1.25M-$1.5M over $1.5M

12 31 30 25 12 15 37

0 2 1 1 0 0 3

36 0 0 8 4 4 1 19

Aspen under $1M $1M-$2M $2M-$3M $3M-$4M $4M-$5M $5M-$6M over $6M

Basalt under $0.2M $0.2M-$0.3M $0.3M-$0.4M $0.4M-$0.5M $0.5M-$0.6M $0.6M-$0.7M over $0.7M

closed

2013

2012

2011

133

122

110

95

57 31 18 11 9 3 4

58 36 12 8 2 3 3

60 33 4 6 1 3 3

32 32 10 8 9 1 3

87

90

122

58

55

5 26 21 8 7 3 15

9 22 21 13 4 3 15

8 29 14 8 15 4 12

11 46 27 13 9 6 10

7 17 15 6 6 3 4

0 15 13 13 6 1 7

7

90

85

55

39

64

48

0 0 1 2 0 2 2

0 6 22 28 9 10 15

1 11 20 21 20 7 5

1 8 16 13 11 1 5

4 14 10 5 4 0 2

16 24 13 5 2 0 4

6 21 9 7 1 1 3

condominium/townhome current market activity distribution of listings/sales, from 1/1/2015 to 12/31/2016 Copyright Š 2016

30


condominium/townhome activity by neighborhood

excludes luxury properties due to distortion of averages

by area, as of 12/31

(reported separately)

2016

listed EAST ASPEN Number of Listings/Sales Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

SMUGGLER Number of Listings/Sales Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

CENTRAL CORE CONDOMINIUMS Number of Listings/Sales

active

pending

2016

last 12 mo

change

2015

2014

6

1

4

4

-33%

6

3

$1,260

$1,014

$810 $1,153,750 $1,283,750 4.4% 252

-15% -17% -13% -1.5 10%

last 12 mo

change

280

38

$810 $1,153,750 $1,283,750 4.4% 252

active

pending

2016

$2,055,833 $4,349,000

3

2

13

13

-13%

$1,173

$907

$1,945,667

$610,000

166

83

$935 $892,462 $928,723 3.7% 184

$935 $892,462 $928,723 3.7% 184

-2% -17% -20% -1.5 5%

active

pending

2016

last 12 mo

change

65

10

72

73

-22%

$1,633

$1,425

$1,397 $1,824,764 $1,938,110 5.8% 244

3% 18% 20% 1.1 2%

last 12 mo

change

267

257

$1,366 $1,749,413 $1,864,333 5.9% 247

WEST END Number of Listings/Sales

active

pending

2016

8

2

16

16

0%

Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

$946

$1,230

$1,177 $1,757,969 $1,836,250 7.5% 127

29% 66% 65% 2.6 -28%

last 12 mo

change

Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

$1,774,708 $1,785,100

185

265

$1,177 $1,757,969 $1,836,250 7.5% 127

WEST ASPEN Number of Listings/Sales

active

pending

2016

10

1

13

13

-46%

Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

$877

$429

$3,280,980

$149,000

112

1093

$709 $2,027,231 $2,138,231 4.7% 798

$709 $2,027,231 $2,138,231 4.7% 798

1% -3% -4% -0.5 101%

$1,042,500 $1,232,500

closed

2013

2012

2011

2010

2009

6

4

0

1

2

$0 $0 $0 0.0% 0

$752 $775,000 $925,000 16.2% 276

$1,115 $2,375,000 $2,822,500 14.2% 104

2011

2010

2009

6

4

$956 $890 $847 $753 $1,390,333 $1,887,500 $1,562,302 $903,750 $1,476,333 $2,074,633 $1,702,167 $1,005,750 5.9% 5.4% 8.0% 7.7% 229 317 300 431

2015

2014

15

15

$951 $746 $1,080,687 $937,633 $1,154,133 $1,000,733 5.3% 5.3% 176 220

2013

2012

13

8

$739 $694,735 $747,000 7.6% 299

$658 $621,639 $670,375 8.7% 366

$826 $926 $1,295,000 $1,210,000 $1,444,000 $1,251,000 10.1% 5.8% 274 370

3 $811 $615,000 $680,000 9.5% 208

2015

2014

2013

2012

2011

2010

2009

94

89

74

83

74

56

46

$1,352 $1,301 $1,110 $1,022 $1,138 $1,120 $1,266 $1,543,298 $1,770,150 $1,479,869 $1,514,924 $1,978,912 $1,606,720 $1,726,038 $1,621,314 $1,876,972 $1,607,707 $1,667,245 $2,239,726 $1,880,164 $1,932,248 4.7% 5.7% 7.8% 8.1% 11.0% 11.7% 10.2% 240 240 289 292 334 341 268

2015

2014

2013

2012

16

13

12

9

$913 $1,112 $729 $817 $1,058,486 $1,266,923 $1,156,333 $965,833 $1,116,003 $1,329,615 $1,229,667 $1,024,556 4.9% 5.8% 5.0% 5.2% 176 243 249 267

2011 8 $708 $906,198 $932,050 3.0% 254

2010

2009

10

5

$705 $1,048 $993,800 $1,128,365 $1,119,200 $1,193,600 10.9% 5.6% 297 179

2015

2014

2013

2012

2011

2010

2009

24

11

14

6

7

6

9

$703 $670 $584 $494 $615 $637 $729 $2,095,479 $2,795,636 $1,804,000 $1,499,167 $2,053,571 $2,650,917 $1,902,389 $2,229,954 $3,028,318 $1,917,571 $1,660,500 $2,350,286 $3,053,233 $2,276,333 5.2% 9.7% 7.4% 9.1% 8.8% 17.2% 14.4% 396 457 318 110 439 249 259

condominium/townhome activity by neighborhood Copyright © 2016

31

by area, as of 12/31


condominium/townhome activity by neighborhood

excludes luxury properties due to distortion of averages

by area, as of 12/31

(reported separately)

2016

listed

closed

SNOWMASS VILLAGE - Ski Access

active

pending

Number of Listings/Sales

135

4

Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

$743

$766

SNOWMASS VILLAGE - Off-Mtn

Number of Listings/Sales Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

BASALT PROPER

Number of Listings/Sales Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

EL JEBEL

Number of Listings/Sales Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

$1,088,376 $2,093,500 333

342

active

pending

27

3

$702

$572

$1,264,870

$940,000

373

375

active

pending

33

5

$504

$396

$833,645

$644,072

147

180

active

pending

3

2

$304

$295

$750,500

$662,250

749

304

2016 50

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

50

-21%

63

62

83

37

38

18

16

$668 $900,094 $984,580 7.6% 385

$668 $900,094 $984,580 7.6% 385

1% 2% 4% -0.6 6%

$664 $879,459 $944,259 8.1% 365

$657 $853,387 $927,696 8.2% 321

$721 $646,086 $694,687 6.7% 217

$621 $837,729 $929,792 9.7% 298

2016 35

last 12 mo

change

2015

2014

2013

2012

35

46%

24

28

17

17

12

5

15

$580 $872,757 $929,671 5.3% 344

$580 $872,757 $929,671 5.3% 344

2% 4% 6% 0.4 16%

$567 $839,788 $881,158 4.9% 296

$549 $844,098 $902,232 6.0% 286

$436 $483,265 $535,156 8.2% 276

$467 $780,007 $877,829 10.3% 433

$570 $793,167 $961,500 12.0% 353

$650 $959,000 $1,122,600 12.4% 295

$821 $901,933 $948,333 4.6% 290

2016 81

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

81

14%

71

45

23

40

31

24

13

$385 $518,039 $530,469 2.6% 202

$385 $518,039 $530,469 2.6% 202

18% 18% 18% -0.3 13%

$327 $437,165 $449,292 2.9% 178

$313 $466,339 $476,236 2.4% 149

$286 $377,382 $383,926 2.0% 150

$242 $363,665 $386,260 5.1% 201

$247 $368,106 $411,284 8.2% 236

$301 $417,409 $486,740 8.4% 214

$333 $471,125 $504,646 6.5% 242

2016 13

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

13

-7%

14

10

16

24

17

10

6

$296 $678,419 $685,377 1.1% 276

$296 $678,419 $685,377 1.1% 276

18% 22% 22% 0.3 5%

$250 $556,314 $560,750 0.8% 263

$262 $416,838 $430,845 3.1% 147

$218 $359,000 $382,519 5.9% 281

$194 $255,663 $261,154 1.5% 163

$198 $302,671 $329,433 7.6% 224

$265 $464,833 $479,004 3.8% 105

$339 $445,753 $472,169 7.0% 253

$695 $760 $791 $961,532 $1,131,417 $1,093,556 $1,101,239 $1,322,689 $1,407,094 11.9% 14.2% 17.1% 228 258 195

2011

2010

2009

condominium/townhome activity by neighborhood Copyright © 2016

32

by area, as of 12/31


SINGLE FAMILY LOT MARKET DISTRIBUTION December 31, 2016

Copyright © 2016

33


single family lot current market activity

includes luxury properties

distribution of listings/sales, from 1/1/2015 to 12/31/2016 2016

listed

closed

active

pending

2016

2015

2014

2013

2012

2011

146

15

52

74

67

58

48

34

41

5

14

12

10

10

14

4

East Aspen Smuggler Central Core Red Mountain West End West Aspen McLain Flats Brush Creek Village

5 1 3 3 8 16 4 1

3 1 0 0 0 0 1 0

1 1 0 3 1 6 0 2

3 2 2 0 5 8 4 1

6 0 1 1 2 9 1 1

4 1 1 1 3 6 2 0

6 2 1 3 2 6 4 1

2 0 0 0 2 3 3 1

Snowmass Village Basalt

11 29

3 1

4 11

6 8

18 11

8 13

3 11

5 25

Basalt Proper El Jebel Frying Pan/Reudi Emma/Sopris Creek

15 3 7 4

1 0 0 0

5 2 3 1

3 3 2 0

5 3 3 0

6 2 3 2

6 1 3 1

2 3 3 3

2013

2012

2011

ALL LOTS Aspen

Aspen

active 41

single family lots by average price range pending 2016 2015 2014 0

15

25

20

18

24

10

under $1M $1M-$2M $2M-$3M $3M-$4M $4M-$5M $5M-$6M over $6M

1 1 11 13 4 4 7

2 2 0 0 1 0 5

0 5 0 2 4 0 4

2 4 3 7 2 3 4

2 6 6 3 1 1 1

1 4 7 5 0 1 0

2 5 6 2 4 3 2

1 4 3 2 0 0 0

Snowmass Village

12

3

4

6

18

8

3

5

0 2 2 0 2 0 6

0 0 2 0 0 0 1

0 2 0 0 1 1 0

2 3 1 0 0 0 0

6 6 2 0 0 1 3

3 3 2 0 0 0 0

1 0 0 0 0 1 1

3 1 0 1 0 0 0

Basalt

29

1

11

6

8

11

11

11

$0.1M-$0.2M $0.2M-$0.3M $0.3M-$0.4M $0.4M-$0.5M $0.5M-$0.6M under $0.1M over $0.6M

2 10 6 0 3 4 4

0 1 0 0 0 0 0

2 4 4 1 0 0 0

0 3 2 0 0 0 1

2 2 1 3 0 0 0

1 6 2 0 1 0 1

4 2 1 0 0 1 3

3 4 2 0 0 0 2

under $1M $1M-$1.5M $1.5M-$2M $2M-$2.5M $2.5M-$3M $3M-$3.5M over $3.5M

single family lot current market activity distribution of listings/sales, from 1/1/2015 to 12/31/2016 Copyright Š 2016

34


single family lot comparative activity

excludes luxury properties due to distortion of averages

by area, as of 12/31

(reported separately)

2016

listed EAST ASPEN Number of Listings/Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

SMUGGLER Number of Listings/Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

CENTRAL CORE Number of Listings/Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

RED MOUNTAIN Number of Listings/Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

closed

active

pending

5

3

2016

last 12 mo

change

1

1

-67%

$3,000,000 $3,295,000 9.0% 465

-6% -9% -0.2 -71%

2015

2014

2013

2012

2011

3

6

4

6

2

2009

0

2

$0 $0 0.0% 0

$1,887,500 $1,997,500 5.5% 352

672

153

$3,000,000 $3,295,000 9.0% 465

Listed

Pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

1

1

1

1

0%

1

0

1

2

0

0

0

$1,900,000 $1,900,000 0.0% 303

-8% -8%

$2,070,000 $2,070,000 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

1

1

1

1

1

1

$3,187,000 $3,430,000

228

284

$1,900,000 $1,900,000 0.0% 303

Listed

Pending

2016

2

0

$4,950,000 $1,799,000

0

0

-100%

$0 $0 0.0% 0

-100% -100% -1.0 -100% change

$5,075,000

$0

130

0

$0 $0 0.0% 0

Listed

Pending

2016

last 12 mo

2

0

1

$3,150,000

$0

519

0

$6,200,000 $7,350,000 15.6% 775

$3,183,333 $2,087,500 $2,263,875 $2,864,833 $2,500,000 $3,633,333 $2,699,833 $2,573,750 $3,309,917 $2,847,500 11.4% 21.2% 14.3% 19.0% 12.5% 1581 197 375 487 505

2010

$1,100,000 $2,570,000 $1,300,000 $3,550,000 15.4% 38.4% 401 396

$4,400,000 $1,600,000 $2,950,000 $2,400,000 $4,950,000 $1,725,000 $2,950,000 $2,695,000 11.1% 7.2% 0.0% 10.9% 428 430 286 2677

0 $0 $0 0.0% 0

$2,500,000 $1,950,000 $3,995,000 $1,950,000 37.4% 0.0% 147 28

2015

2014

2013

2012

2011

2010

2009

1

0

1

1

3

0

0

0

$6,200,000 $7,350,000 15.6% 775

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

$7,000,000 $5,250,000 $6,055,555 $7,500,000 $5,995,000 $6,966,667 6.7% 12.4% 12.5% 477 490 292

single family lot comparative activity Copyright Š 2016

35

by area, as of 12/31


single family lot comparative activity

excludes luxury properties due to distortion of averages

by area, as of 12/31

(reported separately)

2016

listed WEST END Number of Listings/Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

WEST ASPEN Number of Listings/Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

MCLAIN FLATS Number of Listings/Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

closed

Listed

Pending

9

0

2016

1

-80%

$1,750,000 $1,995,000 12.3% 460

-55% $0 5.1 15%

last 12 mo

change

$4,225,500

$0

474

0

Listed

Pending

2016

15

0

6

6

-25%

$3,594,583 $3,837,500 7.1% 399

-17% $0 0.0 66%

last 12 mo

change

0

0

-100%

$0 $0 0.0% 0

$0 $0 0.0% 0

-100% -$1 -1.0 -100%

$3,841,667

$0

385

0

$3,594,583 $3,837,500 7.1% 399

Listed

Pending

2016

3

1

407

214

change

1 $1,750,000 $1,995,000 12.3% 460

$2,996,667 $2,750,000

last 12 mo

2015

2014

2013

2012

2011

2010

2009

5

2

3

2

2

2

1

$3,862,500 $3,687,500 $2,493,333 $3,000,000 $1,801,750 $2,000,000 $3,300,000 $3,927,800 $3,697,500 $2,681,833 $3,375,000 $2,384,000 $2,395,000 $3,500,000 2.0% 0.3% 7.5% 13.6% 24.8% 16.5% 5.7% 399 131 583 425 278 738 52

2015

2014

2013

2012

2011

2010

2009

8

9

6

6

3

4

7

$4,337,500 $2,627,177 $2,525,000 $2,446,667 $2,532,333 $4,112,500 $3,108,163 $4,730,625 $3,171,111 $3,030,833 $2,910,000 $2,946,667 $5,962,500 $4,553,571 7.1% 17.6% 16.7% 13.6% 13.9% 31.7% 31.9% 240 539 617 270 814 468 259

2015

2014

2013

2012

2011

2010

4

1

2

4

3

4

$2,300,000 $1,070,000 $2,575,000 $3,631,250 $1,435,000 $2,175,000 $2,875,000 $1,500,000 $2,947,500 $4,617,500 $1,895,000 $2,762,500 20.6% 28.7% 11.9% 16.8% 23.3% 15.9% 855 0 327 817 302 220

2009 0 $0 $0 0.0% 0

single family lot comparative activity Copyright Š 2016

36

by area, as of 12/31


single family lot comparative activity

excludes luxury properties due to distortion of averages

by area, as of 12/31

(reported separately)

2016

listed SNOWMASS VILLAGE - Ski Access Number of Listings/Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

SNOWMASS VILLAGE - Off-Mtn Number of Listings/Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

WOODY CREEK Number of Listings/Sales

closed

Listed

Pending

5

1

OLD SNOWMASS Number of Listings/Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

BRUSH CREEK VLG Number of Listings/Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

change

2

100%

$3,050,000 $3,249,500 6.2% 440

103% $1 0.0 66%

last 12 mo

change

1243

467

Listed

Pending

2016

4

1

$3,979,000 $1,950,000

last 12 mo

2 $3,050,000 $3,249,500 6.2% 440

2

2

-60%

$1,051,250 $1,175,000 10.5% 104

-8% $0 1.5 -33%

2015

2014

2013

2012

1

6

2

2

$1,500,000 $2,862,500 $1,712,500 $3,925,000 $1,595,000 $3,457,500 $1,947,500 $4,247,500 6.0% 16.7% 11.5% 7.1% 265 820 1687 211

2015

2014

2013

5

12

6

1 $650,000 $725,000 10.3% 37

2010

2009

0

1

0

$0 $0 0.0% 0

$3,000,000 $3,995,000 24.9% 156

$0 $0 0.0% 0

2011

2010

2009

5

4

$1,035,000 $1,401,250 $1,143,800 $1,416,250 7.8% 2.2% 316 26

0

414

391

Listed

Pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

9

0

3

3

0%

3

0

1

3

3

1

0

$2,097,778

$0

443

0

$1,246,667 $1,381,667 9.9% 276

$1,246,667 $1,381,667 9.9% 276

64% $1 0.1 -67%

$758,021 $831,667 8.6% 827

$0 $0 0.0% 0

Listed

Pending

2016

last 12 mo

change

2015

2014

12

5

$1,531,000 $1,500,000

$1,144,000 $1,077,167 $1,001,667 $1,195,000 $1,225,250 $1,272,167 4.3% 9.0% 20.3% 156 281 547

2012

2011

$1,051,250 $1,175,000 10.5% 104

AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

2016

$2,350,000 $1,418,333 $1,188,333 $1,350,000 $2,580,000 $1,948,333 $1,405,000 $1,550,000 8.9% 25.3% 34.3% 12.9% 149 1088 936 525

2013

2012

2011

2010

$0 $0 0.0% 0

$0 $0 0.0% 0

2009

2

2

-33%

3

4

3

3

1

0

4

$537,500 $625,000 13.2% 182

-53% -$1 0.4 -64%

$1,131,667 $1,304,667 9.5% 513

$681,250 $756,250 10.0% 382

$325,000 $409,633 27.8% 553

$1,045,000 $1,238,000 12.8% 309

$220,000 $248,000 11.3% 507

$0 $0 0.0% 0

$876,250 $1,304,750 19.6% 417

$664,250

$657,400

219

797

$537,500 $625,000 13.2% 182

Listed

Pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

49

1

2

2

100%

1

1

0

1

1

0

0

$405,116

$200,000

593

127

$1,550,000 $1,822,500 14.7% 438

$1,550,000 $1,822,500 14.7% 438

210% $2 -0.1 244%

$500,000 $595,000 16.0% 127

$250,000 $299,000 16.4% 470

$0 $0 0.0% 0

$1,000,000 $1,825,000 45.2% 239

$325,000 $379,000 14.2% 330

$0 $0 0.0% 0

$0 $0 0.0% 0

single family lot comparative activity Copyright © 2016

37

by area, as of 12/31


single family lot comparative activity

excludes luxury properties due to distortion of averages

by area, as of 12/31

(reported separately)

2016

listed BASALT PROPER Number of Listings/Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

FRYING PAN/REUDI Number of Listings/Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

EMMA/SOPRIS CREEK Number of Listings/Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

EL JEBEL Number of Listings/Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

MISSOURI HEIGHTS Number of Listings/Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

closed

Listed

Pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

15

1

5

5

67%

3

5

6

6

2

3

0

$304,533

$265,000

416

94

$212,300 $232,600 8.1% 438

$212,300 $232,600 8.1% 438

-4% $0 -0.2 1%

$220,000 $245,000 10.2% 434

$263,150 $285,000 8.3% 483

$169,050 $187,500 9.5% 188

$197,244 $239,167 16.9% 351

$175,000 $204,500 18.6% 595

$196,667 $212,300 0.4% 313

$0 $0 0.0% 0

Listed

Pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

9

0

4

4

100%

2

3

3

3

3

2

1

$750,322

$0

371

0

$133,000 $136,725 4.5% 181

$133,000 $136,725 4.5% 181

-87% -$1 -0.6 -67%

$1,046,500 $1,311,500 12.2% 549

$91,000 $95,833 6.0% 221

$127,000 $151,833 15.0% 397

$231,667 $267,333 12.0% 347

$88,333 $101,000 17.6% 241

$203,750 $247,000 10.8% 264

$375,000 $595,000 37.0% 287

Listed

Pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

4

0

1

1

0

0

2

1

3

1

0

N/A $488,375 N/A 1008

N/A $0 0.0% 0

$185,000 $245,000 24.5% 1319

$185,000 $245,000 24.5% 1319

$0 $0 0.0% 0

$0 $0 0.0% 0

$590,000 $722,500 16.9% 195

$3,000,000 $3,500,000 14.3% 139

$535,000 $623,000 11.9% 296

$650,000 $950,000 31.6% 294

$0 $0 0.0% 0

Listed

Pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

3

0

2

2

-33%

3

3

2

1

3

1

0

$206,250 $255,000 18.5% 561

48% $1 0.5 24%

$139,000 $159,333 12.5% 453

$153,333 $164,333 6.1% 360

$147,500 $169,000 13.1% 227

$2,900,000 $3,850,000 24.7% 560

$102,667 $194,000 31.2% 265

$150,000 $250,000 40.0% 424

$0 $0 0.0% 0

$281,667

$0

439

0

$206,250 $255,000 18.5% 561

Listed

Pending

2016

last 12 mo

change

2015

2014

2013

2012

2011

2010

2009

49

1

19

19

-34%

29

14

15

3

3

4

1

$405,116

$200,000

593

127

$176,987 $204,500 11.5% 916

$176,987 $204,500 11.5% 916

-16% $0 0.4 81%

$209,759 $233,843 8.5% 507

$457,966 $569,786 14.1% 567

$190,933 $204,027 5.3% 160

$141,667 $170,833 18.9% 341

$261,667 $356,333 13.6% 383

$310,000 $407,250 29.1% 263

$1,200,000 $1,200,000 0.0% 42

single family lot comparative activity Copyright © 2016

38

by area, as of 12/31


residential sales activity summary graphs index suggests renewed price growth December 31, 2016

Our Resort Market Index measures the "strength" of the Aspen/Snowmass real estate market by tracking a variety of real estate trends. Different than a stock index, our Index (blue line) can be an excellent predictor of the future direction of pricing for our local real estate market. Because it is a composite of metrics, we have highs and lows during each quarter before the "close," which is represented by the blue line. The gold line is the average price per square foot of property sold in the resort market each quarter, and illustrates how prices trail the index (further behind index upswings than downturns, as buyers are slower to accept upward price pressures than downward ones) Click to view accuracy of this index.

RESORT MARKET INDEX

Election Year Disruption

Price trends historically trail the Index by 12-24 months, reacting more quickly to Index

15,000 14,500

$1550

MARKET INDEX

$1450

AVG, PRICE/SF

14,000

$1350

13,500

The Index has reliably indicated future price movement, approximately 8-14 quarters before a rise and 4-8 quarters before a fall. It has continued an upward climb that began in 2010 (with seasonal and/or election year pullbacks in 2012, 2014 & 2016), and prices began following upward in 2013. Aspen/ Snowmass real estate fundamentals are strong - listing inventory (supply) has been mostly stable to rising for 3 years; and while sales (demand) fell from their 2015 spike in Aspen, the relative values in Snowmass began to drive that single family home market, especially the ski-accessible segment. The recent Index drop typified election year disruption, and fourth quarter 2016 growth points to a continuation of the overall Index direction and renewed upward pressure on prices consistent with the sustained Index climb in 2014-15. Note the reasonable Index variation around a 4% growth trend line, unlike the 2003-05 Index, which forecast the 2006-08 price runup.

$1250

13,000 $1150

12,500 $1050

12,000

$950

11,500

A general uptrend in the Index (blue), with occasional corrections, even with the 6-qtr surge and subsequent election year correction, continues to support the stabilized upward price movement (gold) we began to see in 2013.

11,000 10,500 10,000

9,000

Among a number of metrics tracked by the index are transaction and dollar volume changes, and variation in sales prices per square foot. The accompanying graphs illustrate a general stabilization and gathering strength, with still growing sales volumes from the 2009 collapse levels.

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

9,500

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

$850 $750 $650 $550 $450

2016

Residential Sales Dollar Volume

Number of Residential Sales Millions

200 150

$600 $500 $400 $300

100

$200 50

$100 $0

0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2011

2011

2012

2013

Aspen

2014

Snowmass Village

2015

2016

2013

Aspen

Basalt

Average $/SQ FT Trendlines - Condominiums/Townhomes

$1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0

2012

2014

Snowmass Village

2015

2016

Basalt

Average $/SQ FT Trendlines - Single Family Homes

$1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200

$0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2011

2011

2012

Aspen

2013

2014

Snowmass Village

2015

2016

Basalt

2012

Aspen

2013

2014

Snowmass Village

2015

2016

Basalt

residential sales activity summary graphs Copyright Š 2016

39


THE ASPEN REPORT© MONTHLY

©2016 BERKSHIRE HATHAWAY HomeServices | Aspen Snowmass Properties. Independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc,® Information deemed accurate but not guaranteed. If your property is listed with a broker, this is not intended as a solicitation. Equal Housing Opportunity. Data

Copyright © 2016

40


Aspen Report Current Full Stats