Welcome to Keystone Colorado

Joan Moats

October 09, 2009

Thank you for the opportunity to provide you with information regarding real estate in Summit County

Colorado. I look forward to assisting you with any questions you may have regarding opportunities in our

mountain communities.

Enclosed is a complete packet of information on Keystone including market statistics and historical data

for your review. I have included additional information the Brown’s Cabin parcel.

Summit County enjoys four first class ski resorts, an incredible array of summer and winter activities and

some of the most spectacular scenery found in the heart of the Rocky Mountains….all within easy access

to everything Denver and it’s Front Range communities have to offer.

Please don’t hesitate to let me know what additional information you will need on the community, the

housing market or specifically on Brown’s Cabin.

All my best from Colorado’s High Country,

Joan Moats

Broker Associate

505 S. Main Street, Suite B5 - PO Box 2510 – Breckenridge, Colorado 80424

Direct Line (970) 547-5932 Fax (866) 360-3088 Cell (970)-333-4470

Website: www.JoanMoats.com Email: jmoats@slifersummit.com

Joan Moats - Biography

Joan Moats 505 South Main Street Ste. B-5, Breckenridge Office Phone: (970) 547-5932 Mobile Phone: (970) 333-4470 Email Address: jmoats@slifersummit.com Personal Websites: www.JoanMoats.com www.BreckenridgeWaterHouse.com

Background Joan Moats has been in the real estate business for nearly ten years, and has a variety of experience in all aspects of buying and selling property. Her experience in small business management and financial planning helps her provide additional service to her clients, whether doing a 1031 exchange, reviewing absorption rates, calculating value by income approach or analyzing appreciation percentages. Born and raised in Iowa, she has been a resident of Summit County for over twenty one years. Some highlights of her career include:

Management of several portfolios, heavy in residential and commercial real estate, totaling close to $30MM in assets.

Negotiation and management of long term commercial leases.

Managed the financial side of a very successful real estate business for five years, before becoming a broker.

Built a very successful accounting/bookkeeping business including additional services such as tax preparation, financial planning and business consulting.

Provided streamline consulting to small businesses, advising on how to cut unnecessary ex-penses and monitor a safe rate of growth.

Joan completed additional educational requirements at Florida State University towards her Certificate in Financial Planning and has a Bachelor’s in Business Administration.

Commercial Sales/Lease Experience

Negotiated Commercial Lease – Main Street, Breckenridge - $2MM Sale of Retail Shop – Main Street, Breckenridge - $200k Sale of Commercial Warehouse – Silverthorne - $1.4MM Negotiated Commercial Leases – Silverthorne 0 $100k Working with Client – Commercial Retail – Breckenridge $16MM Sale of Retail Shop – Main Street, Breckenridge - $575k Consulted on a large commercial 1031 exchange – Breckenridge - $4MM Listing Restaurant on Ridge, Breckenridge - $1.5MM + $600k

Interests

Joan enjoys many of the outdoor recreational activities Summit County has to offer including horseback riding, volleyball and mountain biking.

Location: See map below for approximate location marked in yel-low. This is the Keystone Night skiing map. Size: 4.3 +/- Acres Asking Price: $2,200,000 (cash, quick close, we are told it can be picked up for $1.5MM—$1.6MM)

Terrain: The property is flat. Zoning: Keystone PUD, River Run Parcel. Zoned for up to 100 multi family employee restricted units. Contact Summit Housing Authority for specific uses.

Brown’s Cabin

Brown’s Cabin marked in yellow above.

Next to River Run Village

Across from Montezuma Parking Lot

INVENTORY WATCH

Active Residential & Land Properties in Summit County

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The Market

Status List Price Sold Price Sold Date Address Comments

KeystoneA $1,262,500 22954 HWY 6 USHY Old Restaurant - very little

S $1,365,000 $1,300,000 4/9/2007 5040 MONTEZUMA RD B&B 4 mi to Keystone-22 acres

S $2,000,000 $1,900,000 9/20/2002 22869 HWY 6 HWY Mall

BreckenridgeA $1,195,000 335 N MAIN ST

A $1,300,000 207 N MAIN ST

A $1,750,000 301 N Main ST

A $1,225,000 1925 Airport RD

A $1,495,000 110 N MAIN ST

A $1,499,000 200 S Ridge ST

A $1,595,000 0 Hwy 9 STHY

A $1,800,000 224 S MAIN ST

A $1,885,000 1680 AIRPORT RD

A $2,600,000 180 W JEFFERSON AVE

A $3,250,000 232 S MAIN ST

P $1,450,000 0 Hwy 9 STHY Dev land 2/3 acre N Breck

S $1,150,000 $1,150,000 8/5/2008 130 S MAIN ST Build Main St Breck

S $1,750,000 $1,750,000 3/18/2008 211 N MAIN ST Build Main St Breck

S $3,200,000 $2,500,000 7/31/2007 1655 AIRPORT RD Build 2 mi N Breck

S $2,350,000 $2,350,000 10/2/2006 275 Ski Hill RD Build 5 blks to Breck

S $1,095,000 $925,000 9/11/2006 16172 HWY 9 HWY Land 5 mi S Breck

S $1,300,000 $1,175,000 8/3/2006 207 N Main ST Build Main St Breck

DillonA $3,750,000 240 LAKE DILLON DR Dev in Dillon

A $1,250,000 725 STRAIGHT CREEK DR

S $1,950,000 $1,800,000 1/4/2008 40 COVE BLVD Mall on way to Keystone

S $1,390,000 $1,300,000 11/21/2007 707 ANEMONE TRL Plaza in Dillon

S $1,575,000 $1,300,000 11/21/2007 707 ANEMONE TRL Plaza in Dillon

S $2,200,000 $2,000,000 9/29/2006 703 ANEMONE TRL Plaza in Dillon

FriscoA $4,000,000 40 W MAIN ST Build Main St Frisco

A $3,000,000 965 LAKEPOINT DR Build Frisco Summit Blvf

A $2,495,000 308 E MAIN ST Build Main St Frisco

S $1,080,000 $975,000 3/1/2007 701 GRANITE ST Build Main St Frisco

S $12,000,000 $10,000,000 12/14/2006 719 TEN MILE Mile Drive DR Warehouse Frisco Summt

S $1,700,000 $1,550,000 7/31/2006 740 SUMMIT BLVD Build Summit Blvd

SilverthorneA $1,100,000 890 BLUE RIVER PKY Land N Silverthorne

A $1,200,000 581 BLUE RIVER STHY Land N Silverthorne

A $1,000,000 120 W 6TH ST Motor Shop/Land

A $1,950,000 359 WARREN AVE Build Industrial

A $2,500,000 471 RAINBOW DR B&B Silverthorne

A $4,500,000 933 BLUE RIVER PKY Summit Auto/Jiff Lub

P $4,295,000 200 BUFFALO MOUNTAIN DR Auto/Land 4-acres

S $2,525,000 $2,475,000 11/1/2007 311 BLUE RIVER PKY Bar & 2/3 acre

S $1,465,000 $1,315,000 4/30/2007 471 RAINBOW DR Build Industrial

S $1,400,000 $1,100,000 1/22/2007 205 Warren Ave AVE Build Industrial

S $2,200,000 $2,000,000 10/5/2006 247 Rainbow DR Riverside Lodge

S $1,250,000 $1,100,000 3/15/2006 371 BRIAN AVE Build Industrial

Commercial Activity Actives = A Pending = P Solds = S

Summit Daily News

Saturday, September 19, 2009

Workforce housing still in demand in Summit County 42-unit Valley Brook project in Breckenridge to start coming on-line in summer 2010 By Bob Berwyn summit daily news

Peak One developer Ten Mile Partners created this rendering of what the new Frisco affordable housing neighborhood will

look like. The project is aimed at the upper end of the affordable housing target market.

Special to the Daily

SUMMIT COUNTY — Despite the year-long slump in real estate sales, the demand for workforce housing apparently hasn't diminished in the high country. Several key projects are moving forward, including the Peak One development in Frisco and the 42-unit Valley Brook project along Airport Road in Brecken-ridge. The Valley Brook project has reached a point that the Summit Combined Housing Authority will start taking reservations for units Sept. 21. “People have to be pre-approved through us and have a pre-approval letter from a lender,” said Jenni-fer Kermode, director of the Summit Combined Housing Authority. “Then we'll give them dates that they can reserve the units they want.” Of the 42 units at Valleybrook, 22 are aimed at “low-income” market, as defined by federal guidelines. For Summit County, that means an annual income of $64,000 for a family of four. Fourteen of the two-bedroom, two-bath units (1,100 square feet) will be targeted at that income level, selling for $165,000. Eight units will be sold for $267,000 for people who qualify up to 120 percent of Area Median Income level. All the Valley Brook units will have a patio and two-car tandem attached garages. Eight larger three-bedroom units (1,300 square feet), will sell for $187,000 for people at the low-income level, while six units will be listed at $302,000 for the 120 percent median-income level.

Housing

Still in demand Although housing prices have softened in Summit County, affordable units are still in high demand. Kermode said that, once the deed restrictions for the Vic's Landing units were approved by the federal government, the units were snapped up. The Vic's Landing project was often cited by affordable housing critics in their arguments against local efforts to subsidize homes for local workers. Currently, the housing authority website shows only one of the Vic's Landing two-bedroom units still for sale. Kermode said buyers have responded to the changes in market conditions by looking for units that are more affordable for the long-term. “They're not buying the 500 square-foot, 30-year-old condos,” Kermode said. Instead, buyers want to get the best value for their money, she added. First-time home buyers still have the opportunity to take advantage of an $8,000 federal tax credit on homes purchased by Dec. 1, 2009. In Frisco, the town council recently picked Wellington Neighborhood developer David O'Neil and his team to build about 70 deed-restricted homes on the 12.8 acre Peak One parcel. The town is cur-rently working on completing a contract with the development group, and work on the project could start next spring. For more information on the Valley Brook reservation process, and on the first-time home buyer tax credits, visit the housing authority on the web at www.summithousing.us.

Summit County Housing Authority

Executive Director Jenniferk@summithousing.us Ellen Coughlan Ph: 970-423-7042 Bookeeper Ellenc@summithousing.us Tim Moore Ph: 970-423-7040 (Section 8) Timm@summithousing.us Joy Klein Ph: 970-423-7041 Loan Processing joyk@summithousing.us Joanne Van Steenberghe Ph: 970-423-7044 Real Estate joannevs@summithousing.us

Visit www.summithousing.us or Click on the links below for additional information. Fair Market Rents Area Median Income Housing Data Developer Guidelines Recommended Maximum Sales Price 2009

110 Ski Hill Rd PO Box 188

Breckenridge, CO 80424

Fax: 970-423-7045