Executive Summary Stowe Luxury Ski Chalets

RESIDENTIAL DEVELOPMENT OPPORTUNITY

5 LUXURY SINGLE FAMILY HOMES

IN STOWE VERMONT

MaxCapital - We Maximize Your Real Estate Investment

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Luxury Residential Development Stowe, Vermont – U.S.A.

Confidential Prospectus All Rights Reserved ®

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

EXECUTIVE SUMMARY


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


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

THE SITE


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The site is also within easy walking distance to the town of Stowe. The town of Stowe has many of the areas top restaurants, bars, shopping, and entertainment. The site is divided into five lots. The site is covered with a mixture of hard and soft woods. Tree cover is mature and has been maintained through a forest management program. Deer wintering is a key resource of the site.


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The lots have the following sizes according to a plan prepared by JH Stuart Associates dated 3/26/04: Lot 36: 3.12 acres Lot 37: 3.39 acres Lot 38: 2.57 acres Lot 39: 2.71 acres Lot 40: 2.02 acres ------------- 13.81 acres The remainder of the site is dedicated to 300 feet of roadways, 550 feet of “common drives” and land dedicated to the town of Stowe (8.89 acres).


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

ZONING & PERMITTING


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

MARKET ANALYSIS


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11

Enclosed is a preliminary development analysis for 5 single family homes. Most of the numbers are estimates obtained from conversations with local experts in Vermont. All costs and revenues need to be verified with further research. The total estimated construction cost for the 5 units is approximately $4,500,000. The projected sales revenue is $6,000,000. The projected return is 32% or approximately $1,400,000 in 16-20 months. Land Cost The owner is asking $1,000,000. or approximately $200,000 per lot. An appraisal of the property will need to be obtained. Site Work

The site work includes the clearing and grubbing of trees, land movement, building of the road, installation of water, electrical, and sewer infrastructure. A land planner will be needed to verify this cost. According to the seller, a cost of $600,000 was originally quoted for said works. House Construction House construction is estimated at $150 a SF with total construction costs projected at $300 a SF. Since the project is relatively small, custom features will be billed as options based on each client’s preferences. Construction Plans The construction plans supposedly are for the house structures. A top local architect will be hired to produce a home with local characteristics and flair

PRELIMINARY DEVELOPMENT ANALYSIS


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

PRELIMINARY DEVELOPMENT ANALYSIS ANALYSIS Cont.


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

CONCLUSION

PRELIMINARY DEVELOPMENT ANALYSIS


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Addendum 1

MLS #: 2605967 Status: Active Address: 1746 Mountain Road List Price: $839,000

County: Lamoille Town: Stowe Apx Acres:

17 Development:

FIN SQFT:

2,429 UNFIN SQFT: 0

Condo Unit#:

684/6 Condo Name: None

Year Built:

2006 # Fireplaces: 3

# Bdrms:

3 # Baths: 4

Exterior: Covered Porch, Deck(s)

Tax Year: 2006

Interior:

220 Plug, Breakers, Draperies, Vaulted Ceiling, Walk-in Closet, Wet Bar, Whirl Pool

Taxes: $0

Assoc Fee $:

$517



0 Development:

FIN SQFT:

2,429 UNFIN SQFT: 0

Condo Unit#:

686/6 Condo Name: None

Year Built:


# Bdrms:

3 # Baths: 4

Exterior: Covered Porch, Deck(s)

Tax Year: 05-06

Interior:

220 Plug, Breakers, Draperies, Vaulted Ceiling, Walk-in Closet, Wet Bar, Whirl Pool

Taxes: $0

Assoc Fee $:

$517

MLS #: 9931973 Status: Active Address: 10 BrookRd List Price: $840,000


0 Development:

FIN SQFT:

3,521 UNFIN SQFT: 0

Condo Unit#:

10 Condo Name: Covered Bridge

Year Built:


# 4 # Baths: 5


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Bdrms:

Exterior: Deck(s), Patio, Other-See Remarks

Tax Year: 06/07

Interior:

Cedar Closet, Natural Woodwrk, Skylight, Vaulted Ceiling, Other-See Remarks

Taxes: $10,732

Assoc Fee $:

$693



0 Development:

FIN SQFT:

2,247 UNFIN SQFT: 0

Condo Unit#:

682/6 Condo Name: Eastwood Commons II

Year Built:


# Bdrms:

3 # Baths: 4

Exterior: Deck(s) Tax Year: 05/06

Interior: 220 Plug, Vaulted Ceiling, Walk-in Closet

Taxes: $8,580

Assoc Fee $:

$517

MLS #: 2602163 Status: Active Address: 4000 MountainRd List Price: $850,000


2.34 Development:

FIN SQFT:

2,378 UNFIN SQFT: 0

Condo Unit#:

530 Condo Name: Topnotch

Year Built:


# Bdrms:

3 # Baths: 3

Exterior: Deck(s), Window Screens

Tax Year: 05-06

Interior:

220 Plug, Blinds, Breakers, Cable TV Available, Skylight, Walk-in Closet, Whirl Pool, Bath Tub(s)

Taxes: $7,918

Assoc Fee $:

$300



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.05 Development:

FIN SQFT:

1,978 UNFIN SQFT: 600

Condo Unit#:

541 Condo Name: Topnotch

Year Built:


# Bdrms:

3 # Baths: 3

Exterior: Deck(s), Patio, Window Screens

Tax Year: 2006

Interior:

Breakers, Cable TV Available, High-spd Int Avail, Skylight, Spa/Hot Tub, Walk-in Closet, Bath Tub(s)

Taxes: $9,800

Assoc Fee $:

$450

MLS #: 2511508 Status: Active Address: 1746 MountainRd List Price: $895,000


0 Development:

FIN SQFT:

3,071 UNFIN SQFT: 0

Condo Unit#:

670 Condo Name: None

Year Built:


# Bdrms:

3 # Baths: 4

Exterior:

Deck(s), In-ground Pool, Storm Windows, Tennis Court

Tax Year: 2006

Interior: Blinds, Breakers, Cable TV Available, Draperies

Taxes: $9,280

Assoc Fee $:

$511

MLS #: 2600162 Status: Active Address: 35 Mclane Road List Price: $925,000


0 Development:

FIN SQFT:

3,500 UNFIN SQFT: 0

Condo Unit#:

27 Condo Name: Covered Bridge

Year Built:


# Bdrms:

4 # Baths: 5

Exterior: Deck(s), In-ground Pool, Tennis Court

Tax Year: 2006

Interior: 220 Plug, Other-See Remarks

Taxes: $0

Assoc Fee $:

$500


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MLS #: 2606177 Status: Active Address: 26 Riverwalk Lane #A

List Price: $945,000


0 Development:

FIN SQFT:


Condo Unit#:

A Condo Name: River Walk

Year Built:


# Bdrms:

3 # Baths: 5

Exterior: Deck(s), Spa/Hot Tub Tax Year: 05/06

Interior:

220 Plug, Breakers, Cable TV Available, Central Vacuum, High-spd Int Avail, Natural Woodwrk, Spa/Hot Tub, Vaulted Ceiling, Walk-in Closet

Taxes: $10,542

Assoc Fee $:

$0

MLS #: 2605439 Status: Active Address: 530 Houston Farm Road

List Price: $1,095,000


2.37 Development: Sugar House Hill

FIN SQFT:


Condo Unit#:

Condo Name:

Year Built:


# Bdrms:

5 # Baths: 4

Exterior: Deck(s), Satellite Tax Year: 2005

Interior: 220 Plug, Vaulted Ceiling, Walk-in Closet

Taxes: $5,322

Assoc Fee $:

$100

MLS #: 2605592 Status: Active Address: 522 NotchbrookRd List Price: $1,125,000


.98 Development: None (Stowe)

FIN SQFT:

3,144 UNFIN SQFT: 1,152

Condo Unit#:

Condo Name:

Year Built:


# Bdrms:

3 # Baths: 4

Exterior: Barn, Deck(s), Outbuilding(s), Patio, Other-See Remarks

Tax Year: 05/06


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Interior:

Ceiling Fan, Vaulted Ceiling, Walk-in Closet, Water Softener, Bath Tub(s), Other-See Remarks

Taxes: $9,318

Assoc Fee $:

MLS #: 2606588 Status: Active Address: 1039 Sinclair Drive List Price: $1,250,000


2.57 Development: Stowe Club

FIN SQFT:


Condo Unit#:

Condo Name:

Year Built:


# Bdrms:

5 # Baths: 5

Exterior:

Deck(s), Outbuilding(s), Satellite, Screened Porch, Spa/Hot Tub, TV Antenna, Window Screens

Tax Year: 05-06

Interior:

220 Plug, Blinds, Breakers, Ceiling Fan, Central Vacuum, High-spd Int Avail, Walk-in Closet, Bath Tub(s)

Taxes: $13,920

Assoc Fee $:

MLS #: 2510311 Status: Active Address: 700 Trapp Hill Rd List Price: $1,350,000


.08 Development:

FIN SQFT:

3,043 UNFIN SQFT: 0

Condo Unit#:

Condo Name: Villas at Trapp Family Lodge

Year Built:

# Fireplaces: 2

# Bdrms:

# Baths:

Exterior: Covered Porch, Deck(s), Screened Porch

Tax Year: 2005

Interior: Cable TV Available, Draperies, Natural Woodwrk, Wet Bar

Taxes: $0

Assoc Fee $:

MLS #: 2510314 Status: Active Address: 700 Trapp Hill Rd List Price: $1,500,000


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.08 Development:

FIN SQFT:

3,043 UNFIN SQFT: 0

Condo Unit#:

Condo Name: Villas at Trapp Family Lodge

Year Built:

# Fireplaces: 2

# Bdrms:

# Baths:

Exterior: Covered Porch, Deck(s), Screened Porch

Tax Year: 2005

Interior: Cable TV Available, Draperies, Natural Woodwrk, Wet Bar

Taxes: $0

Assoc Fee $:

MLS #: 2608768 Status: Active Address: 146 Summit Run List Price: $1,575,000


3.55 Development: Stowe Club

FIN SQFT:


Condo Unit#:

Condo Name:

Year Built:


# Bdrms:

3 # Baths: 4

Exterior:

Covered Porch, Deck(s), Patio, Satellite, Screened Porch, Storm Windows, Window Screens, Other-See Remarks

Tax Year: 06/07

Interior:

220 Plug, Breakers, Ceiling Fan, Central Vacuum, Skylight, Vaulted Ceiling, Walk-in Closet, Whirl Pool, Bath Tub(s), Other-See Remarks

Taxes: $14,919

Assoc Fee $:

$117

Executive Summary Stowe Luxury Ski Chalets

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