This document provides an analysis of the real estate market in Boulder, Colorado from the Silver Fern Homes real estate agency. It summarizes inventory, sales volumes, and absorption rates for single-family homes and condo/townhomes. It also introduces the Silver Fern team and discusses some notable recent sales in the area. The document emphasizes that while the market is recovering from the downturn, buyers and sellers still need to carefully consider market conditions and negotiate prudently.

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

2. Legal This presentation was prepared exclusively for the benefit and use of the Silver Fern Homes clients in order to assist their study of real estate market conditions. This presentation is for discussion purposes only and is incomplete without an in-person, oral presentation by Silver Fern Homes. This presentation reflects our views of prevailing market conditions on this date, which are subject to change. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. The following presentation is not to be construed as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment decisions derived from this presentation. Previous market performance is not a guarantee of future results and there is financial risk associated with buying or selling property. Consult with your financial, legal, and real estate advisers before making an investment decision. The data in this presentation was obtained by private and public sources, without independent verification.

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

6. Market Conditions Regional Overview

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

14. Notable Sales Historic Charm 2242 16 th St Key Statistics: 3 Bed, 3 Bath 2,390 SQFT Sold: 8/5/11 True Days On Market: 421 Sold: $1,020,000 % of Original Asking : 73% The high-priced tier continues to struggle. The stylish, expert renovations did not protect this property from three attempts to sell with three price reductions over the course of three years. Entry-Level Potential 908 Quinn St Key Statistics: 3 Bed, 2 Bath 912 SQFT Sold: 8/15/11 True Days on Market: 94 Sold: $285,000 % of Original Asking : 100% If you’re willing to do some work, there are some great bargains at the entry-level in Boulder. This current rental in Aurora Terrace backs to Bear Canyon Creek and boasted a rare under $300,000 price tag. Long-Term Investment 3725 Cayman Pl Key Statistics: 4 Bed, 3 Bath 3,352 SQFT Sold: 8/2/11 True Days on Market: 256 Sold: $550,000 % of Original Asking : 88% It’s a good think these owners were in it for the long haul. Purchased for $270,000 in 1997, practically everything has been upgraded. After four price reductions and one failed contract, their investment paid off.

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

19. Notable Sales Luxury Spaces 1701 15 th St #204 Key Statistics: 3 Bed, 2 Bath 2,083 SQFT Sold: 8/12/11 True Days On Market: 155 Sold: $1,040,000 % of Original Asking : 90% In 2010, Unit 204 was on the Landmarks of the Future Tour, and recently won a Crystal Award from the Colorado chapter of the American Society of Interior Designers. Village at Uptown Broadway 4555 13 th Street 2-B Key Statistics: 1 Bed, 2 Bath 957 SQFT Sold: 8/5/11 True Days on Market: 505 Sold: $265,000 % of Original Asking : 100% This condo is pretty small, but it has lots of possibilities if you’re looking for attached storefront or studio space in the urban area of NoBo. The Scarcity Principle 1850 Yaupon Ave C-4 Key Statistics: 2 Bed, 3 Bath 1,216 SQFT Sold: 8/1/11 True Days on Market: 370 Sold: $336,800 % of Original Asking : 104% Porchfront Homes advertised this Greenstones condo as the last 2 bedroom to be built. This cash deal was over asking price in three days (closing took place a year later).