- The document analyzes real estate market conditions in Boulder, Colorado as of April 2011, including inventory levels, sales volumes, and absorption rates for both single-family homes and condos/townhomes. - Inventory levels are now around normal levels after peaking in 2004-2005, but sales volumes remain well below historical averages. Absorption rates are also low, creating opportunities for buyers. - Price segments from $600,000-$1,000,000 have seen the largest decreases in sales volume for both houses and attached dwellings. The authors recommend pricing properties aggressively and marketing directly to buyers.

1. THE SILVER FERN REPORT: Boulder An analysis of real estate market conditions in Boulder, Colorado April, 2011 Phone: 303 586 1241 | www.silverfernhomes.com

3. Boulder, Colorado Phone: 303 586 1241 www.silverfernhomes.com “ Our goal is help you get the most value from your unique real estate situation. We offer our clients the latest market information, straight forward advice and the highest standards of service.” - Osman Parvez, Co-Founder

5. Silver Fern donates 5% of every commission to local non-profits. 2009 Boulder Shelter for the Homeless Colorado Chautauqua Association Greenwood Wildlife Rehabilitation Sanctuary Big Brothers Big Sisters I Have a Dream Foundation Circle of Care Growing Gardens Intercambio de Comunidades Wildlands Restoration Boulder Emergency Squad Boulder Day Nursery Citizens' Community Television 2008 Archway Wildlife Rehabilitation Association for Community Living Big Brothers, Big Sisters Boulder Humane Society Boulder Shelter for the Homeless Front Range Center for Assault Prevention Greenwood Wildlife Rehabilitation Center I Have a Dream Foundation Circle of Care The Medicine Horse Program 2010 Boulder Community Hospital Foundation Circle of Care Big Brothers, Big Sisters of Colorado Humane Society of Boulder Valley Medicine Horse Program Front Range Center for Assault Prevention Imagine! Foundation Growing Gardens Boulder Day Nursery Boulder Valley Rotary Community Foundation Intercambio de Comunidades I Have a Dream Foundation BouldeReach Boulder Shelter for the Homeless

7. City of Boulder Single Family Houses (detached dwellings)

16. Notable Sales 3 Agents + 5 Years To Sell 1285 Meadow Place Key Statistics: 4 Bed, 5 Bath 8,155 SQFT Sold: 3/15/11 True Days On Market: 1763 Sold: $2,192,00 % of Original Asking : 76% A beautiful behemoth in a great location. When the asking price and economic conditions were right, it sold. Buyer paid CASH. Take it as a sign for higher-end properties; a market exists but you have to be the best of the best to attract a buyer. Offer Accepted in 3 Days 3020 Ash Avenue Key Statistics: 4 Bed, 2 Bath 1,488 SQFT Sold: 3/4/11 True Days on Market: 51 Sold: $425,000 % of Original Asking : 100% This one went under contract three days after listing, despite proximity to Broadway. Did the reasonable price, two car detached garage, kitchen updates, and tasteful staging have something to do with it? “ Popped” Prices Have Fallen 70 S. 32 nd Street Key Statistics: 4 Bed, 3 Bath 2,246 SQFT Sold: 3/8/11 True Days on Market: 783 Sold: $520,000 % of Original Asking : 80% Bought in 2007 for 593K. No real upgrades but back on the market with an asking price of 650K in 2009. Two years later, they capitulated. Take Home Lesson: price to current market conditions, not wishful thinking.

17. City of Boulder Town Homes and Condos (attached dwellings)

26. Notable Sales Arete Resale Holds The Line 1301 Canyon Blvd #302 Key Statistics: 2 Bed, 3 Bath 3,104 SQFT Sold: 3/25/11 True Days On Market: 446 Sold: $1,950,000 % of Original Asking : 82% The south-west, top floor unit. The seller bought it for $1,925,000 and owned it for seven years. Buyer paid CASH, another sign of the activity at the higher-end of the market. This is one of two listings that recently sold at the Arete. Rooms with a View 1295 Bear Mountain B Key Statistics: 3 Bed, 2 Bath 1,404 SQFT Sold: 4/8/11 True Days on Market: 74 Sold: $309,000 % of Original Asking : 100% We’ve taken many buyers to see condos at this location. This one A) showed well and B) had great open space views and most importantly C) was priced like the dumpy ones with no views. Dakota Ridge Row House 589 Laramie Blvd Key Statistics: 3 Bed, 4 Bath 2,515 SQFT Sold: 3/25/11 True Days on Market: 78 Sold: $495,000 % of Original Asking : 98% The seller bought it in ‘04 for $423K. On the market for only 16 days before receiving an offer. Overlooking the park, this unit was priced right, featured higher end finishes, and showed well.