Snowmass Village, Colorado:

Today, Erik Cavarra highlights the Fractional Marketplace within the Aspen & Snowmass Village Areas.

While Single Family Homes, Condos, and Land sales skyrocket, Fractional trails behind.

The below charts highlight a trend that will continue within the next period of years making Fractional an extremely good purchase decision in today’s market because the values will remain in a state of flux.

Example: last year there were 148 fractional sales within the Aspen & Snowmass Village areas totaling $65m in sales. This year, we have seen only 101 total sales or slightly over $32m in total sales volume.

What’s this showing us:

Aspen: Single Family Home Sales and Volume in 2013:  1/1/13 – 12/31/13

Statistical Market Analysis

Status	# Listings	List Volume	Sold Volume		List Price	Sold Price	Sale/List Price	Total SqFt	List Price Per Total SqFt	Sold Price Per Total SqFt	Days On Market
Closed	89	532,765,500	466,971,531	Low Avg High	650,000 5,986,129 33,500,000	656,500 5,246,871 27,000,000	0.63 0.90 1.05	782 4,716 15,304	213.63 1,234.54 4,603.58	213.63 1,088.81 3,644.50	0 390 1,200

Aspen: Single Family Home Sales and Volume in 2014: 1/1/14 – 12/31/14

Statistical Market Analysis

Status	# Listings	List Volume	Sold Volume		List Price	Sold Price	Sale/List Price	Total SqFt	List Price Per Total SqFt	Sold Price Per Total SqFt	Days On Market
Closed	86	585,303,570	532,497,386	Low Avg High	300,000 6,805,855 29,900,000	200,000 6,191,830 26,000,000	0.67 0.91 1.08	915 5,209 13,731	185.19 1,246.82 2,583.33	123.46 1,143.06 2,406.67	0 309 1,677

Snowmass Village: Single Family Home Sales and Volume in 2013: 1/1/13 – 12/31/13

Statistical Market Analysis

Status	# Listings	List Volume	Sold Volume		List Price	Sold Price	Sale/List Price	Total SqFt	List Price Per Total SqFt	Sold Price Per Total SqFt	Days On Market
Closed	30	129,764,900	115,352,000	Low Avg High	680,000 4,325,497 50,000,000	660,000 3,845,067 44,000,000	0.73 0.90 1.00	1,857 4,341 25,996	294.88 746.60 1,923.37	278.93 669.92 1,692.57	39 390 1,295

Snowmass Village: Single Family Home Sales and Volume in 2014: 1/1/14 – 12/31/14

Statistical Market Analysis

Status	# Listings	List Volume	Sold Volume		List Price	Sold Price	Sale/List Price	Total SqFt	List Price Per Total SqFt	Sold Price Per Total SqFt	Days On Market
Closed	32	92,723,900	84,098,000	Low Avg High	849,900 2,897,622 9,950,000	785,000 2,628,062 8,600,000	0.83 0.91 1.00	2,168 3,586 6,551	346.90 743.77 1,518.85	320.41 677.26 1,312.78	32 199 650

Fractional Data:

Market Data Report 207 Re-Sale Listings Currently On Aspen/Snowmass Fractional Market

Fractional Resort Total # of listings on Market Avg Days on Mkt Avg Listing Price # of Closings Since Jan 1, 2013 Avg Price of Closing/Sale Residences at SMC 21 189 $160,286 36 $131,692 Timbers Club 11 218 $299,000 30 $269,150 Ritz Carlton 40 339 $108,856 29 $60,966 Residences RLN 10 162 $2,637,008 16 $2,509,688 St. Regis 20 518 $292,300 28 $292,707 Innsbruck 1 176 $39,000 2 $16,000 Dancing Bear 7 404 $765,000 29 $685,000 Hyatt Residences 85 398 $163,817 20 developer 44 resales $100,011 Roaring Fork 11 287 $304,286 16 $517,438

Residences at Snowmass Club Listings: 21

Unit Type Total # of listings on Market Avg Days on Mkt Avg Listing Price # of Closings Since Jan 1, 2013 Avg Price of Closing/Sale 2 Bed SMC 4 187 $101,250 10 $96,312 3 Bed SMC 11 188 $153,545 16 $129,148 3 Bed Sanctuary 1 146 $149,000 3 $101,333 4 Bed Sanctuary 2 195 $181,667 5 $156,000 5 Bed Sanctuary 3 169 $249,333 2 $170,000

RECENTLY CLOSED: (4) Two Bedroom PRC, (2) Three Bedroom PRC:

Year by Year Comparison: Average Fractional Sold Price Fractional Resort 2008 Avg Sold Price 2009 AvgSold Price 2010 Avg Sold Price 2011 Avg Sold Price  2012 Avg Sold Price 2013/14 Avg Sold Price  Snowmass Club $252,500  $245,833 $172,557 $212,625  $134,563  $131,692 Timbers $434,783 $323,000 $229,357 $304,357  $272,857  $269,150 Ritz Carlton $279,749 $155,000 $131,375 $107,000  $104,312  $60,966 RLN $1,575m $1,353m $1,302m $1,613m  $1,442m  $2,509m St. Regis $565,818 $311,367 $261,800  $185,955 $225,500  $292,707  Hyatt  $608,406 $187,143  $141,636  $220,983  $144,358  $100,011

Aspen/Snowmass Fractional Market: Year-to-Date Stats Year Total # of Fractions Sold Total Dollar Volume Sold Average Sold Dollar Volume Average Days on Market 1/1/08-12/31/08 117 $31,236,280 $266,977 254 1/1/09-12/31/09 177 $166,490,400 $940,624 890 1/1/10-12/31/10 105 $66,041,371 $655,736 211 1/1/11-12/31/11 97 $66,987,166 $690,486 305 1/1/12-12/31/12 108 $51,567,300 $477,475  293  1/1/13-12/31/13  148  $65,347,683  $441,538  328  1/1/14-10/16/14  101  $32,105,800  $317,879  338