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Wanted to talk to you about the diminished demand or is it the Vail Effect that has come to Park City, Utah.

We were studying the fourth quarter from 2013-2014, and the number of pending, which means under contract sales were actually down 5% year to date. For the fourth quarter, they were up 23%. Then if you look at the comparing 2014-2015 for the fourth quarter, we were down 16%. What that tells us is we have a huge interest in the Vail effect. We can compare this to when we had the announcement of the Olympics in 1996, we had a huge increases of under contracts during a 6 month period. You can see from the 2014 fourth quarter to the 2015 fourth quarter, we had a decreased amount of under contracts. If you were to take out the Vail effect, we actually increased by 4%. Confusing. Just really realize that that is what we feel is happening here in Park City. Contact us for more information. We’d be happy to share it with you.