The URL can be used to link to this page

Home My WebLink About1.24 Comparative Market Analysis Spring Valley Ranch Phase II Analysis February 24, 2022 • Phase II 256.68 acres on the middle bench of 5,909-acre www.SpringValleyRanchAspen.com. • 4 vacant land sales 100-acres plus in Glenwood Springs, Missouri Heights and Carbondale sold on average for $4,741,748, 91% sale/list, $16,590 avg. sold $/acre, 386 ADOM, https://www.flexmls.com/link.html?1o8ewg5mbiai,2,1. • 6 Glenwood, Carbondale and Missouri Heights 100+ acre parcels sold on average for $7,313,333, 93% sale/list, $10,528 avg. sold $/acre and 386 ADOM (avg. days on market), https://www.flexmls.com/link.html?1o8ewnz6ez0w,2,1. • https://www.flexmls.com/link.html?1o8ewo2k1hye,2,1. • The best comp is the Gordan Ranch sale adjacent to Spring Valley Ranch to BWI on 2/2/21 for $8,500,000, $4,473 sold $/acre. https://www.flexmls.com/link.html?1o8ey4ho2t7l,2,1. • The second-best comp is Bill Joy’s 4,191-acre Three Meadow Ranch that sold on 8/23/21 for $18,725,000, $4,467.9 sold $/acre, https://www.flexmls.com/link.html?1o8ey7nhrb50,2,1. • The third best comp is the 960-acre Buck Point Ranch that sold on 10/22/20 for $4,500,000, $4,687 sold $/acre, https://www.flexmls.com/link.html?1o8ey7qygrle,2,1. • The three best comps sold on average for $10,575,000, 96% sale/list, $4,540 sold $/acre and 114 ADOM, https://www.flexmls.com/link.html?1o8ey7vb5d9r,2,1. Comparable Market Analysis 4000 CR 115, Glenwood Springs, CO, 81601 Prepared for Spring Valley Holdings, LLc—Thursday, February 24, 2022 Chris J. Klug Aspen Snowmass Sotheby's International Realty- Hyman Mall 415 E Hyman Ave Aspen, CO 81611 970-925-6060 chris@klugproperties.com http://www.klugproperties.com This report is not an appraisal and is not intended to meet the requirements set out in the Uniform Standards of Appraisal Practice. If an appraisal is desired, the services of a licensed appraiser should be obtained. Map of Subject And Comparable Properties Active Sold Pending Withdrawn Cancelled Expired Address MLS # Status Distance from Subject Subject 4000 CR 115 , Glenwood Springs CO 81601 1 860 County 121 Road , Carbondale CO 81623 168414 Closed 5.35m 2 TBD County Road 121 , Glenwood Springs CO 81601 163927 Closed 5.27m 3 6800 Upper Cattle Creek Road , Carbondale CO 81623 171714 Closed 7.35m CMA Prepared for Spring Valley Holdings, LLc by Chris J. Klug 4000 CR 115 , Glenwood Springs CO 81601 Chris J. Klug | 970-925-6060 | chris@klugproperties.com Page 2 of 9 Subject Address 4000 CR 115 , Glenwood Springs, CO 81601 Days on Market n/a Acreage 256.68 Nbr of Acres 256.68 Major Area S. Glenwood/Missouri Heights Location Amenities: Borders Public Land Yes Location Amenities: Exposure, Southern Yes Location Amenities: Horse Property Yes Location Amenities: Pond, Stream, Lake Yes CMA Prepared for Spring Valley Holdings, LLc by Chris J. Klug 4000 CR 115 , Glenwood Springs CO 81601 Chris J. Klug | 970-925-6060 | chris@klugproperties.com Page 3 of 9 Comparable Properties Subject 168414 163927 171714 4000 CR 115 Glenwood Springs CO 81601 860 County 121 Road Carbondale CO TBD County Road 121 Glenwood Springs CO 6800 Upper Cattle Creek Road Carbondale CO Distance From Subject 5.35 5.27 7.35 List Price $8,500,000 $5,150,000 $18,725,000 Original List Price $8,500,000 $5,150,000 $18,725,000 Sold Price $8,500,000 $4,500,000 $18,725,000 Status Closed Closed Closed Status Date 02/02/2021 11/10/2020 08/24/2021 Days on Market n/a 0 177 166 Adjustment +/-+/-+/- Acreage 256.68 101 +101 +101 or More Nbr of Acres 256.68 1,900 960 4,191 Major Area S. Glenwood/Missouri Heights Missouri Heights Missouri Heights Missouri Heights Location Amenities: Borders Public Land Yes Yes Location Amenities: Exposure, Southern Yes Yes Location Amenities: Horse Property Yes Yes Yes Yes Location Amenities: Pond, Stream, Lake Yes Yes Adjusted Price $8,500,000 $4,500,000 $18,725,000 CMA Prepared for Spring Valley Holdings, LLc by Chris J. Klug 4000 CR 115 , Glenwood Springs CO 81601 Chris J. Klug | 970-925-6060 | chris@klugproperties.com Page 4 of 9 Price Analysis List, Sold and Adjusted Prices Closed Listings List Sold Adjusted 168414 860 County 121 Road Carbondale CO 163927 TBD County Road 121 Glenwood Springs CO 171714 6800 Upper Cattle Creek Road Carbondale CO $0 $5 000 000 $10 000 000 $15 000 000 $20 000 000 Low, Average, Median, and High Sold Prices Closed Listings Sold Price Low Average Median High $0 $5 000 000 $10 000 000 $15 000 000 $20 000 000 CMA Prepared for Spring Valley Holdings, LLc by Chris J. Klug 4000 CR 115 , Glenwood Springs CO 81601 Chris J. Klug | 970-925-6060 | chris@klugproperties.com Page 5 of 9 Summary of Closed Listings MLS #Address List Price DOM Sold Date Sold Price Total Adjustments Adjusted Price 168414 860 County 121 Road, Carbondale CO $8,500,000 0 02/02/2021 $8,500,000 - $8,500,000 163927 TBD County Road 121, Glenwood Springs CO $5,150,000 177 10/22/2020 $4,500,000 - $4,500,000 171714 6800 Upper Cattle Creek Road, Carbondale CO $18,725,000 166 08/23/2021 $18,725,000 - $18,725,000 Low, Average, Median, and High Comparisons Closed Overall Low $4,500,000 $4,500,000 Average $10,575,000 $10,575,000 Median $8,500,000 $8,500,000 High $18,725,000 $18,725,000 Overall Market Analysis (Unadjusted) Status # List Vol. Avg. List Price Sold Vol. Avg. Sold Price Avg. Sale/List Price Avg. Total SqFt Avg. List $/Total SqFt Avg. Sold $/Total SqFt Avg. DOM Closed 3 32,375,000 10,791,667 31,725,000 10,575,000 0.96 6,000 3,120.83 3,120.83 114 Overall 3 32,375,000 10,791,667 31,725,000 10,575,000 0.96 6,000 3,120.83 3,120.83 114 SELECTION CRITERIA FOR COMPARABLE PROPERTIES Specified listings from the following search:Property type Residential; Status of 'Closed'; Major Area of 'Missouri Heights'; Acreage of ' 101 or More'; Sold Date between '02/24/2019' and '02/24/2032'. CMA Prepared for Spring Valley Holdings, LLc by Chris J. Klug 4000 CR 115 , Glenwood Springs CO 81601 Chris J. Klug | 970-925-6060 | chris@klugproperties.com Page 6 of 9 860 County 121 Road, Carbondale, CO 81623 168414 RES Vacant Land Closed $8,500,000 Provided as a courtesy of Chris J. Klug Aspen Snowmass Sotheby's International Realty- Hyman Mall 415 E Hyman Ave Aspen, CO 81611 Office - (970) 925-6060 Mobile - (970) 948-7055 chris@klugproperties.com http://www.klugproperties.com Type:Farm/Ranch Sub-Type:N/A Major Area:Missouri Heights Area:06-Missouri Heights Lot Size:Refer to Acreage Acreage:101 + Short Sale:No REO:No Foreclosure:No Auction:No Member Association:Aspen Association Sold Price Per/Acre:4,473 List Price Per/Acre:4,473 Sub/Loc:None Lot SqFt:61,245,360 Nbr of Acres:1,900 County:Garfield Zoning:AFT ADU Allowed:Yes Sold Price Per/SF:0.14 FAR:No Allowable FAR:na Orig List Price Per/SF:0.14 Asking Price Per/SF:0.14 Metro Tax District:No Taxes:4,668.28 Tax Year:2017 Transfer Tax:No HOA Dues Y/N:No Association Fee: Association Fee Frequency: Total HOA Fee Per Year:0 Payment Per: Special Assessments: Proposed Close Date: Other Dues: Public Remarks:If you have driven around Missouri Heights, you have surely noticed this extraordinary ranch as it seems to remain green even in dry years because of its significant water rights. This working ranch has water rights from multiple ditches and springs as well as a 30% share of Consolidated Reservoir above the lower parcel. This is a ranch of many uses; raise horses and cattle, grow crops, hunt, endless recreational uses or even plan a development for the future. The views are dynamic. With no conservation easements currently in place on any part of the ranch, the sky is the limit-literally! Legal:Section: 31 Township: 6 Range: 87 A PCL WITHIN SEC 31 & 32 OF T 6 S R87 W AND SEC 5 & 6 OF T 7 S R 87 W & SEC 1 OF 7 S R Directions:Hwy 82 to Catherine Store Rd (CR 100), follow 5.5 miles north, bear right at historic old white Coulter Valley schoolhouse, property will be on your left side, at the second set of ranch homes. Possible Use:Ranch; Single Family; Subdivision Lot Description:Borders Public Land; Flat; Horse Property; Livestock Permitted; Pond, Lake, Stream; River Frontage; Rolling; View; Wooded Lot Electric:Yes Gas:Available; Propane Water:Well Installed; Other Sanitation:Septic Extras:Barn; Corrals; Fencing; Garage; Horse Facilities; Horse Property; Other Residences Mineral Rights:No Water Rights:Irrigation; Spring Crops:Yes Documents on File:Easements; Survey Disclosures:Easements Terms Offered:Cash Possession:DOD; Negotiable; Subject to Lease Access:Unpaved Sign:No Other Dues: Asking Price:8,500,000 Original List Price:8,500,000 Sold Date:02/02/2021 Sold Price:8,500,000 How Sold:Cash CMA Prepared for Spring Valley Holdings, LLc by Chris J. Klug 4000 CR 115 , Glenwood Springs CO 81601 Chris J. Klug | 970-925-6060 | chris@klugproperties.com Page 7 of 9 TBD County Road 121, Glenwood Springs, CO 81601 163927 RES Vacant Land Closed $4,500,000 Provided as a courtesy of Chris J. Klug Aspen Snowmass Sotheby's International Realty- Hyman Mall 415 E Hyman Ave Aspen, CO 81611 Office - (970) 925-6060 Mobile - (970) 948-7055 chris@klugproperties.com http://www.klugproperties.com Type:Farm/Ranch Sub-Type:N/A Major Area:Missouri Heights Area:06-Missouri Heights Lot Size:Refer to Acreage Acreage:101 + Short Sale:REO:No Foreclosure: Auction:Member Association:Aspen Association Sold Price Per/Acre:4,687 List Price Per/Acre:5,364 Sub/Loc:Coulter Creek Lot SqFt:41,817,600 Nbr of Acres:960 County:Garfield Zoning:AFT ADU Allowed:Yes Sold Price Per/SF:0.11 FAR:No Allowable FAR:Orig List Price Per/SF:0.12 Asking Price Per/SF:0.12 Metro Tax District:No Taxes:3,106 Tax Year:2017 Transfer Tax:No HOA Dues Y/N:No Association Fee: Association Fee Frequency:Annually Total HOA Fee Per Year:Payment Per: Special Assessments: Proposed Close Date:10/12/2020 Other Dues: Public Remarks:The 960-acre Buck Point Ranch, located in the last pristine ranching valley in proximity to Aspen and comprising the top of Coulter Creek Valley, one of the largest irrigated meadows in the greater Roaring Fork Valley, is now offered for sale. With bountiful, senior water rights, dramatic, south- facing Sopris and Elk Range views, live water, and adjacency to BLM lands, this property showcases western Colorado at its best. Surrounded by other large, legacy ranches, the adjoining 1,930 ranch could possibly be bought and combined with Buck Point. This unimproved property with numerous stunning home- sites, ranges in elevation from 7200 to 8500 feet, provides excellent hunting, is unencumbered by a conservation easement. Legal:On file Directions:Property is located at the end of Garfield CR 121 at the top of Coulter Creek Valley. Take Catherine Store Rd up in to Missouri Heights, bear left at fork near Full Throttle Ranch, go past old school. Possible Use:Ranch; Single Family Lot Description:Borders Public Land; Flat; Horse Property; Livestock Permitted; Pond, Lake, Stream; River Frontage; Rock Outcropping; Rolling; View; Wooded Lot Electric:No Gas:Available Water:Well to be Drilled Sanitation:Septic Mineral Rights:No Water Rights:Irrigation Crops:Yes Terms Offered:Cash; New Loan Possession:DOD; Negotiable Other Dues: Asking Price:5,150,000 Original List Price:5,150,000 Sold Date:10/22/2020 Sold Price:4,500,000 How Sold:Conventional Fixed CMA Prepared for Spring Valley Holdings, LLc by Chris J. Klug 4000 CR 115 , Glenwood Springs CO 81601 Chris J. Klug | 970-925-6060 | chris@klugproperties.com Page 8 of 9 6800 Upper Cattle Creek Road, Carbondale, CO 81623 171714 Residential Closed $18,725,000 Provided as a courtesy of Chris J. Klug Aspen Snowmass Sotheby's International Realty- Hyman Mall 415 E Hyman Ave Aspen, CO 81611 Office - (970) 925-6060 Mobile - (970) 948-7055 chris@klugproperties.com http://www.klugproperties.com Type:Farm/Ranch Sub-Type:N/A Major Area:Missouri Heights Area:06-Missouri Heights Furnished:Yes Bedrooms:10 Total Baths:8 Baths - Full:2 Baths - 3/4:5 Baths - Half:1 Lot Size:Refer to Acreage Acreage:101 or More Garage:2 Car Pre-Fabricated Home:Other Short Sale:No REO:No Auction:No Foreclosure:No Member Association:Aspen Association County:Eagle Sub/Loc:None Zoning:AFT Nbr of Acres:4,191 Lot SqFt:182,559,960 Lv Ht SqFt:6,000 LvHtSqFt (Abv Grnd): LvHtSqFt (Blw Grnd):Unfinished SqFt:0 Total SqFt:6,000 Price/LvH SqFt:3,120.83 Garage SqFt:Pt/Dk SqFt: Levels:0 Main Floor Master:No Loft: Den:Bonus Room:Short Termable: Year Built:1898 Year Remodeled:2005 Unit Faces:South Energy Star Rated:HERS:Green Built: NAHB/NGBS-ICC 700:Indoor Air Plus:HES (Home Energy Score): Metro Tax District:No Taxes:9,325.12 Tax Year:2020 Transfer Tax:No HOA Dues Y/N:No Association Fee: Association Fee Frequency: Total HOA Fee Per Year:0 Payment Per: HOA Transfer Fee:No Special Assessments: Proposed Close Date:Sold Price Per/SF:3,120.83 Public Remarks:Why not the best? Why not the biggest? This is it, 3 Meadows Ranch! Over 4000 acres of beautiful private rolling meadows and hills. Panoramic views from Capitol Peak to Mount Sopris, Sunlight Ski area & more. The lower portion has caretakers quarters, a greenhouse and an equipment garage on the grid. High above is a self-sustaining, off-grid compound of cabins, bunkhouse, re-modeled barn with theater, game room and loft. Smith Park Reservoir has a one bedroom one bath cabin and swimming dock. This property has tremendous water rights! 200 acre feet of additional reservoir storage capacity approved. There is no other offering of this magnitude in the Roaring Fork Valley or in this proximity to Aspen, only 45 minutes away. The only limitation here is your imagination! Legal:Metes and Bounds Directions:El Jebel Road to Upper Cattle Creek Road. Laundry Facility:Room Style:Cabin; Ranch; Other Construction:Frame; Log Exterior:Other Substructure:Slab Roof:Other Condition:Good Heating:Forced Air; Gas; Solar; Wood Stove Gas:Propane Water:Well - Domestic; Well - Household Cooling:None Sanitation:Septic Fireplace:Wood Parking Area:Common Possession:DOD Extras:Barn or Corral; Electric Vehicle Hook-Up; Fence; Green House; Guest/Caretaker Qtrs; Hot Tub/Spa; Outbuildings; Outdoor Hot Tub/Spa; Patio/ Deck; Sauna; Storage Shed Terms Offered:Cash Disclosures:Excluded Buyer Mineral Rights:No Water Rights:Yes Documents on File:Survey/ILC Location Amenities:Borders Public Land; Exposure, Southern; Gentle Topo; Horse Property; Pond, Stream, Lake; Rolling Topo; Trees; Views Sign:No Inclusions:Dishwasher; Dryer; Freezer; Microwave; Oven; Range; Refrigerator; Satellite Dish; Stove Top; Washer; Window Coverings Asking Price:18,725,000 Original List Price:18,725,000 Sold Date:08/23/2021 Sold Price:18,725,000 How Sold:Cash CMA Prepared for Spring Valley Holdings, LLc by Chris J. Klug 4000 CR 115 , Glenwood Springs CO 81601 Chris J. Klug | 970-925-6060 | chris@klugproperties.com Page 9 of 9