Before 2005, there was very little residential development in BH, and in the last few years there has been a small flurry (pun intended!) of development. We have seen the growth in BH closely mirror that of the population growth in Las Vegas, which has been and will continue to be the fastest growing city in the country, likely for the next 20 years. We believe very strongly that as we grow, BH will benefit from added demand for the outdoor recreation activities it offers (skiing, snowboarding, hiking, mountain biking, 350 miles of ATV trails…). We see Brian Head in 10-15 years being similar to Park City, Mammoth, or Aspen today. I was up there two weeks ago and the amount of dirt moving around is incredible. From new condo developments being built to the interconnect lift system that will expand the skiable area by 33% and on to the retail center coming in at the base of Giant Steps…the opportunity is tremendous.

We are currently in pre-construction pricing and selling phase one of our development. The residences range in size from about 760 sqft to over 2000 sqft, in bedrooms from 1-3, and in price from the mid-$200k to over $800K. Our pricing strategy is that of a block system including scheduled price increases. We have recently completed the infrastructure around our site, including sewer and water lines. We plan to go vertical next spring with completion sometime in 2009.