North Carolina Real Estate

Other than The Peaks of Breckenridge, I am not aware of any major new condo
projects being planned in Breckenridge. There have been rumors floating around for
over a year that there might be one building planned in Keystone but there have been
no specifics. In both cases, prices will be similar to Crystal Peak Lodge.

Inventory increases significantly in the spring. Please keep in mind though that we are
in an appreciating market so prices will be higher in the spring as well.

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