THE POLARIS PACIFIC REPORT SEATTLE

THE POLARIS PACIFIC REPORT SEPTEMBER 2018

MARKET OVERVIEW / 01 CURRENTLY SELLING / 08 SOLD OUT / 16 ABOUT POLARIS PACIFIC / 62

MARKET SNAPSHOT / SEPTEMBER 2018 LOW-RISE BUILDING 4 STORIES OR LESS MID-RISE BUILDING 5-12 STORIES HIGH-RISE BUILDING 13 STORIES OR MORE $683 $884 $1,018P/SQ. FT. P/SQ. FT. P/SQ. FT. ANNUAL CHANGE ANNUAL CHANGE ANNUAL CHANGE +11.7% +14.6% +21.1% MACRO TRENDS CONDO INVENTORY BY TYPE 409 NEW CONDOS 2.5 MONTHS OF RESALE INVENTORY CONDO SALES & MEDIAN PRICE BY TYPE 0 NEW CONDOS $595K MEDIAN RESALE PRICE MULTI-FAMILY COMPLETIONS BY BUILDING TYPE 236 NEW CONDOS 7,812 2017 MULTI-FAMILY COMPLETIONS 1,382 RESALES 1,423 RESALES 7,576 NEW APTS SOURCE: NWMLS, POLARIS PACIFIC. DATA FROM SOURCES MAY BE SUBJECT TO ERRORS, OMISSIONS AND REVISIONS. PSF FIGURES ARE FOR BUILDINGS BUILT AFTER 2004. THE FIGURES COVER THE SIX-MONTH PERIODS ENDING 8/31/2017 AND 8/31/2018.

01 ANNUAL PSF AND SALES CHANGES BY DISTRICT The maps below (Figures 1 & 2) show annual percentage changes in median PSF and total sales by district. Almost all districts in Seattle experienced an increase in median PSF and total number of sales. The most notable year-over-year median PSF increase occurred in District 4 (26.8%) and the most notable sales increase occurred in District 8 (+32.3%). FIG 1. ANNUAL PSF CHANGE MAP FIG 2. ANNUAL SALES CHANGE MAP 8 NW Seattle +14.3% 7 Fremont/ Ballard +20.7% 9 NE Seattle +13.6% 11 Kirkland +25.3% 12 Redmond +10.5% 8 NW Seattle +32.3% 7 Fremont/ Ballard +1.6% 9 NE Seattle +15.4% 11 Kirkland +5.9% 12 Redmond +11.2% 6 Queen Anne +10.1% 5 Lake Union +9.1% 2 West Seattle +18.3% 1 Downtown +18.0% 3 Capitol Hill +13.2% 4 Central Seattle +26.8% 10 Bellevue +7.0% 6 Queen Anne -3.8% 5 Lake Union +32.1% 2 West Seattle +29.0% 1 Downtown +30.2% 3 Capitol Hill +9.2% 4 Central Seattle +5.1% 10 Bellevue +1.3% ANNUAL PSF CHANGE MAP Year-over-year change in median PSF in each district of the city, for May 2018 - Jul 2018: (Source: RealQuest) -30% -15% No Change +15% +30% TOTAL RESALES CHANGE MAP Year-over-year change in total resales in each district of the city, for May 2018 - Jul 2018: (Source: RealQuest) -30% -15% No Change +15% +30% CURRENT PRICES AND SALES BY DISTRICT Figure 3 shows a box-and-whisker plot of sales prices by district during the three-month period ending August 31. As shown below, District 10 (Bellevue) had the highest median price ($725,000), while District 11 (Kirkland) had the lowest ($445,000). District 1 (Downtown) and District 11 (Kirkland) experienced the most sales during this period (137 and 176 sales, respectively). FIG 3. SALES BY DISTRICT $2,000,000 $1,500,000 Sale Price $1,000,000 $500,000 $0 SE District 1 SE District 2 SE District 3 SE District 4 SE District 5 SE District 6 SE District 7 SE District 8 SE District 9 SE District 10 SE District 11 SE District 12 RESEARCH REPORT / SEPTEMBER 2018

02 HISTORICAL PRICES AND SALES During the three-month period ending August 31, the median price increased 6.3 percent from the prior year to $595,000 At the same time, the total volume of resales decreased 13.7 percent. The median price has rebounded from 2012 (see Figure 4) and is expected to appreciate further. FIG 4. MEDIAN PRICE AND RESALES 600 $700,000 500 $600,000 $595,000 400 $500,000 # of Sales 300 $400,000 $300,000 Median Price 200 $200,000 100 $100,000 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 $0 CASH AND INVESTOR BUYERS Figure 5 provides a historical trend of all-cash and investor buyers in Seattle since 2008. For the three months ending August 31, all-cash transactions represented 25.9 percent of sales, an increase from 23.0 percent the same time last year; investor buyers represented 17.9 percent of buyers, an increase from 16.4 percent last year. FIG 5. PERCENT OF CASH AND INVESTOR BUYERS 100% Cash Buyer Investor Buyer 80% 60% 40% 20% 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 RESEARCH REPORT / SEPTEMBER 2018

03 HISTORICAL AVERAGE MARKET TIME (MONTHLY TREND) The average days on market (DOM) figure is calculated as the amount of time between the date a home is listed for sale and the date it goes into escrow. The 60-day benchmark signifies a balanced market (the dotted line in Figure 6). As shown in Figure 6, the average DOM figure was 13 days in the three-month period ending August 31; it has been below 60 days since 2013. FIG 6. AVERAGE SOLD MARKET TIME (MONTHLY) 80 Number of Days 60 40 20 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 HISTORICAL AVERAGE MARKET TIME (ANNUAL TREND) Figure 7 shows the average DOM figure at the end of each year going back to 2008 (the 2018 figure is year-to-date). Since 2011, the average DOM figure has declined and in 2013 it fell below the 60-day benchmark. FIG 7. AVERAGE SOLD MARKET TIME (ANNUAL) 80 70 60 Number of Days 50 40 30 20 10 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 RESEARCH REPORT / SEPTEMBER 2018

04 MONTHS OF REMAINING INVENTORY (MONTHLY TREND) The months of remaining inventory figure, or MRI figure, indicates how many months it would take to absorb current supply. Six months is considered a balanced market, while nine months or more is considered an oversupplied market. Figure 8 shows a three-month moving average of the figure going back to July 2014. As shown, the MRI figure has remained below the six-month benchmark since 2012. The most recent figure was 2.5 months. FIG 8. MONTHS OF REMAINING INVENTORY 7.0 6.0 5.0 Number of Months 4.0 3.0 2.0 1.0 0.0 July 2014 November 2014 March 2015 July 2015 November 2015 March 2016 July 2016 November 2016 March 2017 July 2017 November 2017 March 2018 July 2018 MONTHS OF REMAINING INVENTORY (ANNUAL TREND) Figure 9 shows the MRI figure at the end of each year. As shown, the MRI figure has decreased since 2014 and has been indicative of a seller s market. FIG 9. AVERAGE MONTHS OF REMAINING INVENTORY 7 6 5 Number of Months 4 3 2 1 0 2014 2015 2016 2017 2018 RESEARCH REPORT / SEPTEMBER 2018

05 FUTURE CONDOMINIUM SUPPLY BY DISTRICT Figures 10 and 11 show the number of new condominiums and apartments currently under construction by district. There are 1,149 new condominiums currently under construction in Seattle. An additional 863 condominiums are entitled and could begin construction in the near future. FIG 12. CONDOMINIUMS UNDER CONSTRUCTION FIG 13. CONDOMINIUMS APPROVED 8 NW Seattle 0 7 Fremont/ Ballard 0 9 NE Seattle 244 11 Kirkland 0 12 Redmond 0 8 NW Seattle 21 7 Fremont/ Ballard 0 9 NE Seattle 0 11 Kirkland 0 12 Redmond 0 6 Queen Anne 57 5 Lake Union 0 2 West Seattle 0 1 Downtown 654 3 Capitol Hill 51 4 Central Seattle 0 10 Bellevue 143 6 Queen Anne 0 5 Lake Union 352 2 West Seattle 0 1 Downtown 203 3 Capitol Hill 287 4 Central Seattle 0 10 Bellevue 0 MAP OF THE MARKET Number of Units: 1,149 (Source: Polaris Pacific) No Change 500 1,000 MAP OF THE MARKET Number of Units: 863 (Source: Polaris Pacific) No Change 500 1,000 FUTURE APARTMENT SUPPLY BY DISTRICT Figures 12 and 13 show future supply of apartments by district. There are 6,123 apartment units under construction and 9,824 apartment units approved. FIG 14. APARTMENTS UNDER CONSTRUCTION FIG 15. APARTMENTS APPROVED 8 NW Seattle 0 7 Fremont/ Ballard 0 9 NE Seattle 271 11 Kirkland 0 12 Redmond 1,367 8 NW Seattle 0 7 Fremont/ Ballard 195 9 NE Seattle 220 11 Kirkland 435 12 Redmond 662 6 Queen Anne 80 5 Lake Union 1,718 2 West Seattle 45 1 Downtown 1,109 3 Capitol Hill 647 4 Central Seattle 433 10 Bellevue 453 6 Queen Anne 0 5 Lake Union 1,410 2 West Seattle 76 1 Downtown 4,605 3 Capitol Hill 1,071 4 Central Seattle 727 10 Bellevue 423 MAP OF THE MARKET Number of Units: 6,123 (Source: Polaris Pacific) No Change 500 1,000 MAP OF THE MARKET Number of Units: 9,824 (Source: Polaris Pacific) No Change 500 1,000 RESEARCH REPORT / SEPTEMBER 2018

06 ANNUAL MULTI-FAMILY COMPLETIONS Figure 14 shows total annual multi-family completions of both apartments and condominiums in Seattle. The peak year for condominium completions was 2007, when 1,674 new units were delivered to the market. In stark contrast, there were only 236 condominium completions in 2017. FIG 14. TOTAL ANNUAL MULTI-FAMILY COMPLETIONS Units 8,000 7,500 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Apartments Condos 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Polaris Pacific Year RESEARCH REPORT / SEPTEMBER 2018

07 SUBDISTRICTS FREMONT BALLARD NORTHWEST NORTHEAST KIRKLAND REDMOND QUEEN ANNE LAKE UNION DOWNTOWN CAPITOL HILL CENTRAL BELLEVUE WEST DISTRICT 1 Belltown, Downtown, International District, Pioneer Square DISTRICT 2 Admiral, Alki, Arbor Heights, Fauntleroy, Highpoint, Industrial District, North Delridge, Roxhill, South Delridge, West Seattle DISTRICT 3 Capitol Hill, First Hill, Portage Bay DISTRICT 4 Atlantic, Broadmoor, Central District, Denny-Blaine, Leschi, Madison Park, Madison Valley, Madrona, Montlake DISTRICT 5 Eastlake, Westlake, South Lake Union DISTRICT 6 Interbay, Lower Queen Anne, Magnolia, QueenAnne DISTRICT 7 Ballard, Fremont, Loyal Heights, Sunset Hill, Whittier Heights DISTRICT 8 Crown Hill, Greenlake, Greenwood, North Beach, North College Park, Olympic Manor, Phinney Ridge, Wallingford DISTRICT 9 Bryant, Hawthorne, Laurelhurst, Maple LeafMatthews Beach, Meadowbrook, Ravenna Roosevelt, Sand Point, University District, View Ridge, Wedgewood, Windermere DISTRICT 10 Clyde Hill, Downtown Bellevue, Enatai, Valley, Hunts Point, Medina, Meydenbauer, Bellevue, arrow Point Bridle Trails, Everest, Highlands, Houghton, Juanita, Lakeview, Market-Downtown, Moss Bay, Norkirk, North Rose Hill, South Rose Hill, Totem Lake DISTRICT 11 Bridle Trails, Everest, Highlands, Houghton, Juanita, Lakeview, Market-Downtown, Moss Bay, Norkirk, North Rose Hill, South Rose Hill, Totem Lake DISTRICT 12 Redmond RESEARCH REPORT / SEPTEMBER 2018

08 CURRENTLY SELLING DEVELOPMENTS NEXUS KODA Gridiron Condos Hendon Condos Solis MIRA Flats One88 Number of Units Available Units Available Units Closed Units in Contract 0 100 200 300 400 Total Units NEW CONDOMINIUMS NOW SELLING CURRENT PERFORMANCE LAST MONTH LAST YEAR TOTAL PROJECTS 5 5 5 TOTAL RESIDENCES 874 874 1,126 TOTAL UNSOLD RESIDENCES 305 305 236 RESEARCH REPORT / SEPTEMBER 2018

09 NEXUS DISTRICT 1 / 1200 HOWELL ST DESCRIPTION NEXUS is located in Downtown Seattle in the Denny Triangle neighborhood and consists of 389 units in a 40-story building. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: Burrard Group Date on Market: October 2016 Co-Working Space Hardwood floors Submarket: Denny Triangle First Close of Escrow: N/A Fitness Center Number of Homes: 389 In Contract: 360 Sky Club HOA Fees: $325 - $1,500 Closed: 0 Sky Bar Avg. Monthly Absorption: 13.2 Units Exhibition kitchen Recreation room Roof terrace with open-air kitchen Guest suites Business Center UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. STUDIO - 395-436 $300,000- $688-1-BED - 480-1,080 $350,000- $581-1.5-BED - 669-1,400 $400,000- $571-2-BED - 1,099-1,898 $800,000- $683-2.5-BED - 1,525-2,394 $1,500,000- $754-3-BED - 1,618-1,672 $1,900,000- $1,146-3.5-BED - 2,177-2,194 N/A - N/A - RESEARCH REPORT / SEPTEMBER 2018

10 KODA DISTRICT 1 / 450 S MAIN ST DESCRIPTION KODA is located in the International District of Seattle. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: Da-Li International Date on Market: September 2018 Co-Working Space Hardwood floors Submarket: International District First Close of Escrow: N/A Fitness Center Number of Homes: 203 In Contract: 0 (193 Reservations) Yoga studio HOA Fees: $300 - $860 Closed: 0 Outdoor Zen garden Avg. Monthly Absorption: - Units LIbrary Business center Conference room Entertainment room UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. STUDIO 16 350-488 $400,000 - $500,000 $1,024 - $1,142 1-BED 101 559-780 $400,000 - $850,000 $715 - $1,090 2-BED 85 852-1148 $750,000 - $1,400,000 $880 - $1,220 LIVE/WORK 1 - - - RESEARCH REPORT / SEPTEMBER 2018

11 MIRA FLATS DISTRICT 10 / 1085 103RD AVE NE DESCRIPTION MIRA Flats are move-in ready condos centrally located in Downtown Bellevue. The six-story building will contain 162 residences. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: Intracorp Date on Market: September 2018 Private courtyard Hardwood floors Submarket: Bellevue First Close of Escrow: N/A Club room Number of Homes: 162 In Contract: 0 (79 reservations) Rooftop deck HOA Fees: - Closed: 0 Fire pit Avg. Monthly Absorption: - Units Dog run UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. STUDIO 19 406-528 $425,000- $975- OPEN 1-BED 47 550-629 $485,000- $882-1-BED 57 541-753 $525,000- $928-1.5-BED 5 752-752 $615,000- $818-2-BED 16 936-1,064 $795,000- $849-3-BED 6 1,189-1,191 $1,100,000- $925- RESEARCH REPORT / SEPTEMBER 2018

OVERVIEW PRICING COMPS BELLEVUE PIPELINE TRENDS APPENDIX ABOUT POLARIS PACIFIC 12 ONE88 DISTRICT 10 / 10429 NE 2ND ST DESCRIPTION One88 is located at the intersection of Bellevue Way and Second Street in Downtown Bellevue. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: BOSA Date on Market: September 2018 Indoor pool Hardwood floors Submarket: Bellevue First Close of Escrow: N/A Fitness center Outdoor terraces Number of Homes: 143 In Contract: 124 Yoga studio HOA Fees: $600 - $2,450 Closed: 0 Steam room Avg. Monthly Absorption: 15.6 Units Sauna Golf simulator Resident lounge Children s playroom Pet retreat E/V charging stations UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. 1-BED - 752-1,025 $825,000 - $1,250,000 $1,097 - $1,263 1.5-BED - 956-1,025 $875,000 - $1,175,000 $915 - $1,146 2-BED - 1,095-1,353 $1,175,000 - $1,575,000 $979 - $1,347 2.5-BED - 1,259-1,404 $1,325,000 - $2,150,000 $979 - $1,531 3-BED - 1,949-2,170 $2,225,000 - $3,375,000 $1,142 - $1,732 3.5-BED - 1,688-1,688 $2,350,000 - $3,050,000 $1,392 - $1,807 RESEARCH REPORT / SEPTEMBER 2018

13 GRIDIRON DISTRICT 1 / 589 OCCIDENTAL DESCRIPTION Gridiron is in the heart of Pioneer Square, offering a central location in one of the most connected transit hubs in the city. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: Daniels Real Estate Date on Market: November 2015 Rooftop deck 16 Ceilings Submarket: Pioneer Square Number of Homes: 107 HOA Fees: - First Close of Escrow: - In Contract: 22 Closed: 54 Fitness center Bicycle storage Personal storage units Hard surface floors throughout White quartz countertops Avg. Monthly Absorption: 2.2 Units Parcel storage UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. STUDIO 12 458-538 $383,250 - $833- JUNIOR 1-BED 39 505-818 $459,790- $695,000 $771- $861 1-BED 38 570-881 $482,000- $482,000 $821- $821 2-BED 16 915-1,430 $943,380- $1,206,610 $844- $977 LOFT 2 1,343-1,726 $901,870 - $901,870 $672- $672 RESEARCH REPORT / SEPTEMBER 2018

14 SOLIS DISTRICT 3 / 1300 E PIKE DESCRIPTION Solis is located in centrally located in Capitol Hill. The community incorporates many energy-efficient designs and is targeting Passive House Certification. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: SolTerra Date on Market: September 2018 Rooftop deck Bosch appliances Submarket: Capitol Hill First Close of Escrow: N/A Outdoor lounge Hardwood floors Number of Homes: 45 In Contract: 0 (24 reservations) BBQ area HOA Fees: - Closed: 0 Dog run Avg. Monthly Absorption: - Units Green roof Six-story art wall UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. STUDIO - 445 - $450,000- $1,011-1-BED - 544 - $550,000- $1,011-2-BED - 878 - $850,000- $985,000 $968- RESEARCH REPORT / SEPTEMBER 2018

15 HENDON CONDOS DISTRICT 8 / 300 N 68TH ST DESCRIPTION The Hendon Condos are centrally located in Phinney Ridge. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: Isola Homes Date on Market: February 2016 Rooftop deck 12 Ceilings Submarket: Phinney Ridge First Close of Escrow: - Secure entry Slab quartz countertops Number of Homes: 32 In Contract: 9 Underground parking European cabinetry HOA Fees: - Closed: 0 Stainless steel appliances Avg. Monthly Absorption: 0.3 Units UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. STUDIO 4 556-562 $375,000 - $674-1-BED 9 702-850 $525,000- $664-1.5-BED 9 810-895 - - 2-BED 10 940-1,050 - - RESEARCH REPORT / SEPTEMBER 2018

16 PAST RESALE DEVELOPMENTS PROJECT NAME ADDRESS DEVELOPER RESIDENCES INSIGNIA 2301 6TH AVE BOSA DEVELOPMENT 698 LUMA 1321 SENECA ST LOWE ENTERPRISES 168 VIK BALLARD 1760 NW 56TH ST CONTINENTAL PROPERTIES 117 FOUR SEASONS 99 UNION ST HOTEL GROUP 36 TOTAL 1,019 RESEARCH REPORT / SEPTEMBER 2018

17 INSIGNIA DISTRICT 1 / 2301 6TH AVE DESCRIPTION Insignia is the newest luxury condominium in Seattle. It offers 360 views of the skyline, Puget Sound and Olympic Mountains. It is located at the intersection of South Lake Union, Downtown and Belltown. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: BOSA Submarket: Downtown Number of Homes: 698 HOA Fees: $420 - $765 Date on Market: September 2013 Sold Out Date: March 2017 In Contract: 0 Closed: 698 Avg. Monthly Absorption: 16.6 Units Spa and fitness center Sky terrace Screening room Outdoor pet area Secure parking Bike storage Designed by Mitchell Freedland Open space design Hardwood floors Whirlpool washer/dryer Private balconies Quartz countertops Bosch kitchen appliances UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. 1-BED 203 737-1,092 $415,000- $660,000 $512 -$856 2-BED 502 1,003-2,311 $590,000- $2,670,000 $528 -$1,205 3-BED 2 2,192 - $2,580,000- $1,177 - RESEARCH REPORT / SEPTEMBER 2018

18 LUMA DISTRICT 1 / 1321 SENECA ST DESCRIPTION Luma is centrally located between the dynamic neighborhoods of First Hill and Capitol Hill. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: Lowe Enterprises Date on Market: July 2015 Spa and fitness center 16 Open space design Submarket: First Hill Sold Out Date: November 2016 Sky terrace Hardwood floors Number of Homes: 168 HOA Fees: $350 - $1,000 In Contract: 0 Closed: 168 Avg. Monthly Absorption: 10.4 Units Outdoor pet area with pet wash Secure parking Bike storage Private dining room Library Fireplace lounge Whirlpool or LG washer/ dryer Private balconies Quartz, granite, or marble countertops Bosch and Samsung kitchen appliances UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. STUDIO 3 602-620 $379,950 - $384,950 $631- $639 1-BED 112 648-1,012 $459,950- $684,950 $549- $829 1.5-BED 3 847-858 $494,950 - $504,950 $584- $596 2-BED 40 1,181-1,356 $649,950 - $969,950 $527- $819 2.5-BED 6 1,322-1,529 $849,950 - $1,379,950 $643- $903 PH 4 1,586-1,721 $1,400,000- $813 - RESEARCH REPORT / SEPTEMBER 2018

19 VIK BALLARD DISTRICT 7 / 1760 NW 56TH STREET DESCRIPTION Vik Ballard is located in the dynamic Ballard neighborhood in Seattle. The development features 117 residences housed in a six-story building. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: Continental Properties Submarket: Ballard Number of Homes: 117 HOA Fees: $275 - $415 Date on Market: April 2014 Sold Out Date: June 2016 In Contract: 0 Closed: 117 Avg. Monthly Absorption: 4.5 Units Concierge Fitness Center Rooftop dog run Bike storage Delivery Storage Laminate wood-grain flooring Stainless steel appliances Quartz-stone countertops Electronic wall safes High Speed WiFi and USB charging ports UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. STUDIO 12 520-575 $254,900 - $490-1-BED 44 661-763 $349,900 - $529-1.5-BED 52 733-812 $349,900 - $477-2-BED 5 1,096-1,112 $569,000 - $519-2.5-BED 4 1,127-1,202 $599,900 - $532 - RESEARCH REPORT / SEPTEMBER 2018

20 FOUR SEASONS DISTRICT 1 / 99 UNION STREET DESCRIPTION The Four Seasons offers unrivaled exclusivity in a premier waterfront location. Residents have full access to hotel amenities in addition to a full resident-only staff. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: Seattle Hotel Group Date on Market: May 2008 24/7 concierge Miele appliances Submarket: Downtown Number of Homes: 36 HOA Fees: $1,220 - $2,800 Sold Out Date: September 2016 In Contract: 0 Closed: 36 Avg. Monthly Absorption: 1.0 Units Fitness center Infinity-edge pool Secure storage Sub-Zero refrigerator and wine Cooler Kohler bathroom Stone countertrops UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. 1-BED 13 1,025-4,865 $1,265,000 - $6,820,000 $1,055 - $3,440 2-BED 19 1,850-5,280 $2,700,000 - $9,160,000 $865 - $2,380 3-BED 3 3,190-7,380 $4,570,000 - $11,385,000 $1,430 - $1,575 6-BED 1 7,715 - $11,295,000 - $1,465 - RESEARCH REPORT / SEPTEMBER 2018

21 PAST RESALE DEVELOPMENTS DISTRICT 1 - DOWNTOWN PROJECT NAME ADDRESS DEVELOPER RESIDENCES ESCALA 1920 4TH AVE THE LEXAS COMPANIES 271 2200 WESTLAKE 2200 WESTLAKE AVE MILLIKEN / VULCAN 260 THE COSMOPOLITAN 819 VIRGINIA ST CONTINENTAL PROPERTIES 253 HEIGHTS 2600 2ND AVE COSMOS DEVELOPMENT 239 GALLERY 2911 2ND AVE SCHNITZER WEST 233 WATERFRONT LANDINGS 1950 ALASKAN WY INTRACORP 232 OLIVE 8 737 OLIVE WY R.C. HEDREEN COMPANY 229 CONCORD 2929 1ST AVE HAL REAL ESTATE INVESTMENTS 206 THE ELLINGTON 2801 1ST AVE INTRACORP 204 CRISTALLA 2033 1ST AVE MURRAY FRANKLYN 191 THE PARC 76 CEDAR ST INTRACORP 185 THE VINE 2607 WESTERN AVE INTRACORP 176 MOSLER LOFTS 2730 3RD AVE THE SCHUSTER GROUP 148 1521 2ND AVENUE 1521 2ND AVE THE OPUS GROUP 143 KLEE 2701 WESTERN AVE VAL THOMAS INCORPORATED 140 ENSO 820 BLANCHARD ST VULCAN REAL ESTATE 135 SITE 17 2440 WESTERN AVE HAL REAL ESTATE INVESTMENTS 129 5TH AND MADISON 909 5TH AVE BEACON CAPITAL PARTNERS 127 AVENUE ONE 2721 1ST AVE INTRACORP 120 THE FLORENTINE 526 1ST AVE ALEXANDER AND VENTURA 116 TRIO 3104 WESTERN AVE TRIAD DEVELOPMENT 116 VEER LOFTS 401 9TH AVE VULCAN REAL ESTATE 99 BELLORA 2716 ELLIOT AVE MURRAY FRANKLYN 93 TOBIRA 108 5TH AVE SOUTH WYSON GROUP 88 ONE PACIFIC TOWER 2000 1ST AVE VYZIS DEVELOPMENT GROUP 80 THE MATAE 159 DENNY WY OVATION PARTNERS 78 ASIA 668 S. LANE ST MASTRO PROPERTIES 75 BELLTOWN LOFTS 66 BELL ST THE URBAN FUND 62 CARBON 56 2015 TERRY AVE KAURI INVESTMENTS 56 POMEROY 2319 1ST AVE MURRAY FRANKLYN 54 MADISON TOWER 1000 1ST AVE WILLIAM JUSTEN 47 TOTAL 4,584 RESEARCH REPORT / SEPTEMBER 2018

22 PAST RESALE DEVELOPMENTS DISTRICT 1 - DOWNTOWN 7 FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

23 ESCALA DISTRICT 1 / 1920 4TH AVE Developer: The Lexas Companies Submarket: Downtown Number of Homes: 271 HOA Fees: $510 - $1,460 Sales start Date: Oct 09 Sales End Date: Jan 10 Avg. Absorption: 3.8 Units/Month 2200 WESTLAKE DISTRICT 1 / 2200 WESTLAKE AVE Developer: Milliken / Vulcan Submarket: Downtown Number of Homes: 260 HOA Fees: $500 - $700 Sales start Date: July 05 Sales End Date: Jun 10 Avg. Absorption: 4.3 Units/Month 2-BED AVGS 3 1,384 $832,933 $601 24 THE COSMOPOLITAN DISTRICT 1 / 819 VIRGINIA ST Developer: Continental Properties Submarket: Downtown Number of Homes: 253 HOA Fees: $470 - $625 Sales start Date: Jan 06 Sales End Date: Aug 09 Avg. Absorption: 5.8 Units/Month STUDIO AVGS 2 419 $322,500 $770 7 1-BED AVGS 6 899 $588,333 $665 13 2-BED AVGS 6 1,289 $746,667 $580 12 HEIGHTS DISTRICT 1 / 2600 2ND AVE Developer: Cosmos Development Submarket: Belltown Number of Homes: 239 HOA Fees: $475 - $830 Sales start Date: Aug 93 Sales End Date: May 10 Avg. Absorption: 1.2 Units/Month 1-BED AVGS 3 665 $412,150 $624 20 2-BED AVGS 10 1,081 $693,276 $631 12 3-BED AVGS 2 3,143 $2,825,000 $902 13 RESEARCH REPORT / SEPTEMBER 2018

24 GALLERY DISTRICT 1 / 2911 2ND AVE Developer: Schnitzer West Submarket: Belltown Number of Homes: 233 HOA Fees: $305 - $325 Sales start Date: Mar 08 Sales End Date: Nov 11 Avg. Absorption: 5.2 Units/Month 1-BED AVGS 1 1,001 $405,000 $405 188 2-BED AVGS 2 1,400 $640,000 $459 61 WATERFRONT LANDINGS DISTRICT 1 / 1950 ALASKAN WY Developer: Intracorp Submarket: Downtown Number of Homes: 232 HOA Fees: $585 - $780 Sales start Date: Mar 00 Sales End Date: Jun 03 Avg. Absorption: 5.9 Units/Month OLIVE 8 DISTRICT 1 / 737 OLIVE WY Developer: R.C. Hedreen Company Submarket: Downtown Number of Homes: 229 HOA Fees: $350 - $445 Sales start Date: May 07 Sales End Date: Jan 10 Avg. Absorption: 7.0 Units/Month 1-BED AVGS 8 812 $629,500 $789 13 2-BED AVGS 4 1,468 $1,185,250 $801 64 CONCORD DISTRICT 1 / 2929 1ST AVE Developer: HAL Real Estate Investments Submarket: Belltown Number of Homes: 206 HOA Fees: $320 - $620 Sales start Date: Sep 99 Sales End Date: Apr 09 Avg. Absorption: 1.8 Units/Month 1-BED AVGS 7 712 $484,743 $689 20 2-BED AVGS 3 1,138 $755,333 $661 6 3-BED AVGS 1 3,070 $3,150,000 $1,026 15 RESEARCH REPORT / SEPTEMBER 2018

25 THE ELLINGTON DISTRICT 1 / 2801 1ST AVE Developer: Intracorp Submarket: Belltown Number of Homes: 204 HOA Fees: $295 - $380 Sales start Date: Feb 00 Sales End Date: Nov 07 Avg. Absorption: 2.2 Units/Month STUDIO AVGS 2 447 $301,500 $674 6 1-BED AVGS 7 686 $440,857 $643 9 2-BED AVGS 1 1,467 $1,060,000 $723 7 CRISTALLA DISTRICT 1 / 2033 1ST AVE Developer: Murray Franklyn Submarket: Downtown Number of Homes: 191 HOA Fees: $570 - $725 Sales start Date: May 05 Sales End Date: Nov 10 Avg. Absorption: 2.9 Units/Month STUDIO AVGS 1 422 $360,000 $853 8 1-BED AVGS 9 759 $598,176 $788 10 2-BED AVGS 1 1,572 $974,000 $620 75 THE PARC DISTRICT 1 / 76 CEDAR ST Developer: Intracorp Submarket: Belltown Number of Homes: 185 HOA Fees: $345 - $705 Sales start Date: Jan 07 Sales End Date: Mar 10 Avg. Absorption: 4.8 Units/Month STUDIO AVGS 1 423 $280,000 $662 5 1-BED AVGS 28 734 $418,774 $582 16 2-BED AVGS 12 1,132 $730,091 $642 23 THE VINE DISTRICT 1 / 2607 WESTERN AVE Developer: Intracorp Submarket: Belltown Number of Homes: 176 HOA Fees: $315 - $660 Sales start Date: May 02 Sales End Date: Jun 10 Avg. Absorption: 1.8 Units/Month STUDIO AVGS 2 431 $320,000 $742 2 1-BED AVGS 14 821 $428,643 $527 9 2-BED AVGS 16 1,160 $690,313 $598 11 RESEARCH REPORT / SEPTEMBER 2018

26 MOSLER LOFTS DISTRICT 1 / 2730 3RD AVE Developer: The Schuster Group Submarket: Downtown Number of Homes: 148 HOA Fees: $330 - $750 Sales start Date: Nov 07 Sales End Date: Jan 10 Avg. Absorption: 5.6 Units/Month STUDIO AVGS 4 563 $338,250 $602 7 1-BED AVGS 10 907 $577,650 $638 22 2-BED AVGS 1 1,529 $1,200,000 $785 7 1521 2ND AVENUE DISTRICT 1 / 1521 2ND AVE Developer: The Opus Group Submarket: Downtown Number of Homes: 143 HOA Fees: $1,200 - $1,385 Sales start Date: Nov 08 Sales End Date: Apr 11 Avg. Absorption: 4.9 Units/Month 2-BED AVGS 11 1,851 $2,201,727 $1,174 53 KLEE DISTRICT 1 / 2701 WESTERN AVE Developer: Val Thomas Incorporated Submarket: Belltown Number of Homes: 140 HOA Fees: $295 - $310 Sales start Date: May 05 Sales End Date: Dec 07 Avg. Absorption: 4.4 Units/Month STUDIO AVGS 1 494 $240,000 $486 115 1-BED AVGS 4 898 $491,750 $553 62 2-BED AVGS 3 1,250 $804,167 $634 28 ENSO DISTRICT 1 / 820 BLANCHARD ST Developer: Vulcan Real Estate Submarket: Downtown Number of Homes: 135 HOA Fees: $460 - $695 Sales start Date: Aug 09 Sales End Date: Dec 11 Avg. Absorption: 4.9 Units/Month RESEARCH REPORT / SEPTEMBER 2018

27 SITE 17 DISTRICT 1 / 2440 WESTERN AVE Developer: HAL Real Estate Investments Submarket: Belltown Number of Homes: 129 HOA Fees: $285 - $550 Sales start Date: Mar 05 Sales End Date: Aug 08 Avg. Absorption: 3.1 Units/Month 1-BED AVGS 5 593 $346,240 $585 27 2-BED AVGS 2 1,026 $552,500 $539 26 5TH AND MADISON DISTRICT 1 / 909 5TH AVE Developer: Beacon Capital Partners Submarket: Downtown Number of Homes: 127 HOA Fees: $575 - $855 Sales start Date: Jun 06 Sales End Date: Oct 10 Avg. Absorption: 2.4 Units/Month AVENUE ONE DISTRICT 1 / 2721 1ST AVE Developer: Intracorp Submarket: Belltown Number of Homes: 120 HOA Fees: $240 - $610 Sales start Date: Aug 04 Sales End Date: July 09 Avg. Absorption: 2.0 Units/Month STUDIO AVGS 1 423 $280,000 $662 5 1-BED AVGS 28 734 $418,774 $582 16 2-BED AVGS 12 1,132 $730,091 $642 23 THE FLORENTINE DISTRICT 1 / 526 1ST AVE Developer: Alexander and Ventura Submarket: Pioneer Square Number of Homes: 116 HOA Fees: $515 - $625 Sales start Date: July 91 Sales End Date: May 07 Avg. Absorption: 0.6 Units/Month 1-BED AVGS 4 1,369 $532,000 $388 16 2-BED AVGS 2 1,252 $485,000 $387 14 RESEARCH REPORT / SEPTEMBER 2018

28 TRIO DISTRICT 1 / 3104 WESTERN AVE Developer: Triad Development Submarket: Belltown Number of Homes: 116 HOA Fees: $200 - $295 Sales start Date: Mar 06 Sales End Date: Nov 09 Avg. Absorption: 2.3 Units/Month STUDIO AVGS 2 511 $340,000 $665 5 1-BED AVGS 9 645 $396,444 $629 10 2-BED AVGS 1 1,200 $578,000 $482 25 VEER LOFTS DISTRICT 1 / 401 9TH AVE Developer: Vulcan Real Estate Submarket: Downtown Number of Homes: 99 HOA Fees: $370 - $510 Sales start Date: Jun 06 Sales End Date: Nov 10 Avg. Absorption: 1.8 Units/Month BELLORA DISTRICT 1 / 2716 ELLIIOT AVE Developer: Murray Franklyn Submarket: Belltown Number of Homes: 93 HOA Fees: $265 - $560 Sales start Date: July 02 Sales End Date: Sep 06 Avg. Absorption: 1.8 Unnits/Month STUDIO AVGS 1 494 $240,000 $486 115 1-BED AVGS 4 898 $491,750 $553 62 2-BED AVGS 3 1,250 $804,167 $634 28 TOBIRA DISTRICT 1 / 108 5TH AVE SOUTH Developer: Wyson Group Submarket: International District Number of Homes: 88 HOA Fees: $240 - $300 Sales start Date: Jan 07 Sales End Date: Sep 08 Avg. Absorption: 4.3 Units/Month STUDIO AVGS 3 470 $220,417 $470 65 1-BED AVGS 3 601 $323,300 $534 27 2-BED AVGS 2 968 $432,444 $447 9 RESEARCH REPORT / SEPTEMBER 2018

29 ONE PACIFIC TOWER DISTRICT 1 / 2000 1ST AVE Developer: Vyzis Development Group Submarket: Downtown Number of Homes: 80 HOA Fees: $1,300 - $1,515 Sales start Date: Aug 95 Sales End Date: May 10 Avg. Absorption: 0.5 Units/Month STUDIO AVGS 2 436 $324,500 $746 141 2-BED AVGS 3 1,941 $1,871,000 $935 51 THE MATAE DISTRICT 1 / 159 DENNY WY Developer: Ovation Partners Submarket: Belltown Number of Homes: 78 HOA Fees: $180 - $365 Sales start Date: Aug 04 Sales End Date: Aug 06 Avg. Absorption: 1.6 Units/Month STUDIO AVGS 1 561 $325,000 $579 94 1-BED AVGS 8 799 $458,500 $574 22 2-BED AVGS 1 1,011 $560,000 $554 8 ASIA DISTRICT 1 / 668 S. LANE ST Developer: Mastro Properties Submarket: International District Number of Homes: 75 HOA Fees: $300 Sales start Date: Jun 06 Sales End Date: Jun 06 Avg. Absorption: 25 Units/Month BELLTOWN LOFTS DISTRICT 1 / 66 BELL ST Developer: The Urban Fund Submarket: Belltown Number of Homes: 62 HOA Fees: $375 - $425 Sales start Date: Sep 00 Sales End Date: July 09 Avg. Absorption: 0.6 Units/Month 1-BED AVGS 8 668 $335,063 $500 8 RESEARCH REPORT / SEPTEMBER 2018

30 CARBON 56 DISTRICT 1 / 2015 TERRY AVE Developer: Kauri Investments Submarket: Downtown Number of Homes: 56 HOA Fees: $225 - $270 Sales start Date: Feb 07 Sales End Date: Mar 08 Avg. Absorption: 4.3 Units/Month 1-BED AVGS 1 1,142 $570,000 $499 71 POMEROY DISTRICT 1 / 2319 1ST AVE Developer: Murray Franklyn Submarket: Belltown Number of Homes: 54 HOA Fees: $330 - $430 Sales start Date: Feb 00 Sales End Date: May 06 Avg. Absorption: 0.7 Units/Month 2-BED AVGS 1 1,264 $698,000 $552 341 MADISON TOWER DISTRICT 1 / 1000 1ST AVE Developer: William Justen Submarket: Downtown Number of Homes: 47 HOA Fees: $420 - $1,085 Sales start Date: Mar 05 Sales End Date: May 09 Avg. Absorption: 0.9 Units/Month 1-BED AVGS 5 836 $541,000 $647 19 2-BED AVGS 2 1,444 $955,000 $661 82 RESEARCH REPORT / SEPTEMBER 2018

31 PAST RESALE DEVELOPMENTS DISTRICT 2 - WEST PROJECT NAME ADDRESS DEVELOPER RESIDENCES HIGHPOINT 2800 SW RAYMOND ST CORNERSTONE DEVELOPMENT 96 ADELAIDE 5001 CALIFORNIA AVE WEST PROPERTY 72 THE ADMIRAL 2331 42ND AVE SW. GARTIN PROPERTIES 65 HARBOR PLACE 3318 30TH AVE SW. HARBOR COURT, LLC 57 VERGE 3213 HABOR AVE SW. SKYLINE CONDOMINIUM 52 SAUSALITO 3015 SW AVALON WY KAURI INVESTMENTS 51 TOTAL 393 7 FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

32 HIGHPOINT DISTRICT 2 / 2800 SW RAYMOND ST Developer: Cornerstone Development Submarket: Highpoint Number of Homes: 96 HOA Fees: $210 - $320 Sales start Date: Nov 06 Sales End Date: Aug 07 Avg. Absorption: 10.6 Units/Month 2-BED AVGS 1 1,304 $380,000 $291 9 ADELAIDE DISTRICT 2 / 5001 CALIFORNIA AVE Developer: West Seattle Property Submarket: West Seattle Number of Homes: 72 HOA Fees: $255 - $390 Sales start Date: Sep 03 Sales End Date: Jun 05 Avg. Absorption: 3.4 Units/Month 1-BED AVGS 5 790 $334,000 $422 10 2-BED AVGS 2 1,096 $414,000 $382 15 THE ADMIRAL DISTRICT 2 / 2331 42ND AVE SOUTHWEST Developer: Gartin Properties Submarket: Admiral Number of Homes: 65 HOA Fees: $195 - $270 Sales start Date: Apr 03 Sales End Date: Jun 05 Avg. Absorption: 2.5 Units/Month STUDIO AVGS 1 410 $194,000 $473 65 1-BED AVGS 3 643 $268,300 $417 4 HARBOR PLACE DISTRICT 2 / 3318 30TH AVE SOUTHWEST Developer: Harbor Court, LLC Submarket: Admiral Number of Homes: 57 HOA Fees: $325 - $375 Sales start Date: Apr 00 Sales End Date: Jun 04 Avg. Absorption: 1.1 Units/Month 1-BED AVGS 2 572 $228,500 $400 5 2-BED AVGS 2 856 $322,500 $377 7 RESEARCH REPORT / SEPTEMBER 2018

33 THE VERGE DISTRICT 2 / 3213 HARBOR AVE SOUTHWEST Developer: Skyline Condominium Submarket: Admiral Number of Homes: 52 HOA Fees: $230 - $290 Sales start Date: Sep 06 Sales End Date: Mar 11 Avg. Absorption: 1.0 Units/Month SAUSALITO DISTRICT 2 / 3015 SW. AVALON WY Developer: Kauri Investments Submarket: North Delridge Number of Homes: 51 HOA Fees: $270 - $340 Sales start Date: Jan 02 Sales End Date: Apr 04 Avg. Absorption: 2.1 Units/Month 1-BED AVGS 3 565 $217,500 $387 8 2-BED AVGS 2 1,020 $376,150 $365 5 RESEARCH REPORT / SEPTEMBER 2018

34 PAST RESALE DEVELOPMENTS DISTRICT 3 - CAPITOL HILL PROJECT NAME ADDRESS DEVELOPER RESIDENCES THE MERIDIAN 1420 TERRY AVE TALISEN CORPORATION 161 BRIX 530 BROADWAY EAST SCHNITZER WEST 148 DECATUR 1105 SPRING ST WYSONG GROUP 145 THE PRESS 1610 BELMONT AVE TED SCROTH 141 BOLERO 1323 BOREN AVE THE PAULS CORPORATION 75 PIKE LOFTS 303 E. PIKE ST MILLIKEN DEVELOPMENT 61 MERITAGE 124 BELLEVUE AVE EAST MILLIKEN DEVELOPMENT 51 HARVARD AND HIGHLAND 1178 HIGHLAND AVE ADMIRALTY GROUP 38 MODE 752 BELLEVUE AVE URBAN 36 TOTAL 856 7 FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

35 THE MERIDIAN DISTRICT 3 / 1420 TERRY AVE Developer: Taliesen Corporation Submarket: First Hill Number of Homes: 161 HOA Fees: $650 - $1,440 Sales start Date: Dec 02 Sales End Date: Oct 09 Avg. Absorption: 1.9 Units/Month STUDIO AVGS 4 437 $247,000 $566 9 1-BED AVGS 26 619 $377,927 $605 9 2-BED AVGS 6 743 $355,838 $485 37 BRIX DISTRICT 3 / 530 BROADWAY EAST Developer: Schnitzer West Submarket: Capitol Hill Number of Homes: 148 HOA Fees: $345 - $560 Sales start Date: Oct 06 Sales End Date: Sep 10 Avg. Absorption: 3.1 Units/Month 1-BED AVGS 14 716 $467,950 $663 7 2-BED AVGS 2 1,075 $550,000 $514 9 DECATUR DISTRICT 3 / 1105 SPRING ST Developer: Wysong Group Submarket: First Hill Number of Homes: 145 HOA Fees: $290 - $390 Sales start Date: Jan 07 Sales End Date: Apr 11 Avg. Absorption: 2.8 Units/Month 2-BED AVGS 4 1,259 $654,250 $525 51 3-BED AVGS 1 1,274 $587,000 $461 56 THE PRESS DISTRICT 3 / 1610 BELMONT AVE Developer: Ted Scroth Submarket: Capitol Hill Number of Homes: 141 HOA Fees: $220 - $300 Sales start Date: Sep 06 Sales End Date: May 09 Avg. Absorption: 4.3 Units/Month STUDIO AVGS 2 490 $320,000 $655 8 1-BED AVGS 6 628 $434,333 $693 7 2-BED AVGS 2 890 $588,000 $662 7 RESEARCH REPORT / SEPTEMBER 2018

36 BOLERO DISTRICT 3 / 1323 BOREN AVE Developer: The Pauls Corporation Submarket: First Hill Number of Homes: 75 HOA Fees: $215 - $300 Sales start Date: Apr 06 Sales End Date: Aug 09 Avg. Absorption: 1.8 Units/Month STUDIO AVGS 3 429 $263,833 $615 9 1-BED AVGS 4 530 $350,175 $662 9 2-BED AVGS 1 795 $370,000 $465 1 PIKE LOFTS DISTRICT 3 / 303 E. PIKE ST Developer: Milliken Development Submarket: First Hill Number of Homes: 61 HOA Fees: $300 - $335 Sales start Date: Feb 99 Sales End Date: Dec 02 Avg. Absorption: 1.3 Units/Month 1-BED AVGS 2 768 $457,500 $596 22 MERITAGE DISTRICT 3 / 124 BELLEVUE AVE EAST Developer: Milliken Development Submarket: Capitol Hill Number of Homes: 51 HOA Fees: $160 - $280 Sales start Date: Mar 06 Sales End Date: Sep 11 Avg. Absorption: 0.8 Units/Month STUDIO AVGS 2 449 $271,000 $605 7 2-BED AVGS 1 1,054 $566,000 $537 10 HARVARD AND HIGHLAND DISTRICT 3 / 1178 HAVARD AVE EAST Developer: Admiralty Group Submarket: Capitol Hill Number of Homes: 38 HOA Fees: $680 - $920 Sales start Date: Mar 10 Sales End Date: Apr 11 Avg. Absorption: 2.9 Units/Month 2-BED AVGS 1 1,888 $1,600,000 $847 9 RESEARCH REPORT / SEPTEMBER 2018

37 MODE DISTRICT 3 / 752 BELLEVUE AVE Developer: Urban Seattle Submarket: Capitol Hill Number of Homes: 36 HOA Fees: $90 - $160 Sales start Date: May 08 Sales End Date: Dec 09 Avg. Absorption: 1.9 Units/Month 1-BED AVGS 2 448 $280,000 $625 39 RESEARCH REPORT / SEPTEMBER 2018

38 PAST RESALE DEVELOPMENTS DISTRICT 4 - CENTRAL PROJECT NAME ADDRESS DEVELOPER RESIDENCES BRAEBURN 1420 E. PINE ST HAL REAL ESTATE INVESTMENTS 153 TRACE NORTH 1408 12TH AVE GTS DEVELOPMENT 142 ONYX 1125 E. OLIVE ST MILLIKEN DEVELOPMENT 62 ELEVEN ELEVEN E PIKE 1111 E. PIKE ST THE JUSTEN COMPANY 28 TOTAL 385 7 FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

39 BRAEBURN DISTRICT 4 / 1420 E. PINE ST Developer: HAL Real Estate Submarket: Capitol Hill Number of Homes: 153 HOA Fees: $210 - $310 Sales start Date: Jan 06 Sales End Date: May 08 Avg. Absorption: 5.4 Units/Month STUDIO AVGS 1 526 $315,000 $599 20 1-BED AVGS 8 635 $371,125 $584 12 2-BED AVGS 4 989 $541,250 $546 16 TRUE NORTH DISTRICT 4 / 1408 12TH AVE Developer: GTS Development Submarket: Capitol Hill Number of Homes: 142 HOA Fees: $260 - $275 Sales start Date: Apr 07 Sales End Date: Nov 11 Avg. Absorption: 2.5 Units/Month STUDIO AVGS 2 486 $296,925 $611 9 1-BED AVGS 12 746 $473,396 $637 20 2-BED AVGS 4 1,066 $696,631 $652 8 ONYX DISTRICT 4 / 1125 E. OLIVE ST Developer: Milliken Development Submarket: Capitol Hill Number of Homes: 62 HOA Fees: $420 - $540 Sales start Date: Mar 06 Sales End Date: Mar 08 Avg. Absorption: 2.5 Units/Month STUDIO AVGS 1 508 $292,500 $576 17 1-BED AVGS 4 579 $354,250 $612 8 2-BED AVGS 4 1,003 $528,250 $527 11 ELEVEN ELEVEN E PIKE DISTRICT 4 / 1111 E. PIKE ST Developer: The Justen Company Submarket: Capitol Hill Number of Homes: 28 HOA Fees: $320 - $370 Sales start Date: Dec 09 Sales End Date: Apr 11 Avg. Absorption: 1.7 Units/Month 1-BED AVGS 3 685 $434,000 $633 8 RESEARCH REPORT / SEPTEMBER 2018

40 PAST RESALE DEVELOPMENTS DISTRICT 5 - LAKE REGION PROJECT NAME ADDRESS DEVELOPER RESIDENCES MARSELLE 699 JOHN ST MARSELLE PARTNERS 132 LUMEN 500 MERCER ST LANDSTAR DEVELOPMENT 92 PORTAL OVER LAKE UNION 655 CROCKETT ST UPWIND CAPITAL 76 5TH AVENUE RESIDENCES 812 5TH AVE NORTH EQUITY RESIDENTIAL 62 RUBY 2960 EASTLAKE AVE EAST BARRIENTOS 52 TOTAL 414 7 FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

41 MARSELLE DISTRICT 5 / 699 JOHN ST Developer: Marselle Partners Submarket: South Lake Union Number of Homes: 132 HOA Fees: $270 - $320 Sales start Date: Jun 09 Sales End Date: Nov 12 Avg. Absorption: 3.2 Units/Month 1-BED AVGS 13 817 $415,484 $519 10 2-BED AVGS 3 1,289 $718,663 $558 8 3-BED AVGS 1 1,690 $970,000 $574 62 LUMEN DISTRICT 5 / 500 MERCER ST Developer: Landstar Development Submarket: Lower Queen Anne Number of Homes: 92 HOA Fees: $335 - $755 Sales start Date: Jan 07 Sales End Date: Feb 10 Avg. Absorption: 2.4 Units/Month PORTAL OVER LAKE UNION DISTRICT 5 / 655 CROCKETT ST Developer: Upwind Capital Submarket: Westlake Number of Homes: 76 HOA Fees: $240 - $480 Sales start Date: Apr 04 Sales End Date: Apr 06 Avg. Absorption: 3.1 Units/Month STUDIO AVGS 1 932 $419,950 $451 9 5TH AVENUE RESIDENCES DISTRICT 5 / 812 5TH AVENUE NORTH Developer: Equity Residential Submarket: Lower Queen Anne Number of Homes: 62 HOA Fees: $160 - $340 Sales start Date: Mar 06 Sales End Date: May 07 Avg. Absorption: 4.3 Units/Month 1-BED AVGS 1 610 $299,950 $492 30 2-BED AVGS 2 923 $495,000 $535 7 RESEARCH REPORT / SEPTEMBER 2018

42 RUBY DISTRICT 5 / 2960 EASTLAKE AVE EAST Developer: Barrientos Submarket: Eastlake Number of Homes: 52 HOA Fees: $330 - $335 Sales start Date: Jan 09 Sales End Date: Mar 12 Avg. Absorption: 1.4 Units/Month 1-BED AVGS 8 737 $396,062 $540 15 RESEARCH REPORT / SEPTEMBER 2018

43 PAST RESALE DEVELOPMENTS DISTRICT 6 - QUEEN ANNE PROJECT NAME ADDRESS DEVELOPER RESIDENCES ATHENA 323 QUEEN ANNE AVE PRYDE CORPORATION 91 TRIBECA 17 W. MERCER ST MILLIKEN DEVELOPMENT 51 TOTAL 142 7 FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

44 ATHENA DISTRICT 6 / 323 QUEEN ANNE AVE NORTH Developer: Pryde Corportation Submarket: Lower Queen Anne Number of Homes: 91 HOA Fees: $270 - $360 Sales start Date: Sep 05 Sales End Date: Mar 08 Avg. Absorption: 3.0 Units/Month STUDIO AVGS 4 427 $281,250 $657 48 1-BED AVGS 5 548 $317,200 $580 71 2-BED AVGS 2 926 $471,250 $510 52 TRIBECA DISTRICT 6 / 17 W. MERCER ST Developer: Milliken Development Submarket: Lower Queen Anne Number of Homes: 51 HOA Fees: $275 - $580 Sales start Date: Jan 03 Sales End Date: May 05 Avg. Absorption: 1.8 Units/Months STUDIO AVGS 3 470 $220,417 $470 65 1-BED AVGS 3 601 $323,300 $534 27 2-BED AVGS 2 968 $432,444 $447 9 RESEARCH REPORT / SEPTEMBER 2018

45 PAST RESALE DEVELOPMENTS DISTRICT 7 - FREMONT / BALLARD PROJECT NAME ADDRESS DEVELOPER RESIDENCES CANAL STATION 5440 LEARY AVE CLAUDIO GUINCHER 278 BALLARD PLACE 1545 NW 57TH ST PACIFIC RIM INVESTMENT 172 NOMA 5650 24TH AVE NW. TRIAD DEVELOPMENT 90 HJARTA 1530 NW MARKET ST PRYDE & JOHNSON 80 COBRIZO 4020 AURORA AVE NORTH KAURI INVESTMENTS 50 TOTAL 670 7 FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

46 CANAL STATION DISTRICT 7 / 5440 LEARY AVE Developer: Claudio Guincher Submarket: Ballard Number of Homes: 278 HOA Fees: $250 - $320 Sales start Date: Nov 05 Sales End Date: Oct 10 Avg. Absorption: 4.6 Units/Month 1-BED AVGS 17 747 $388,838 $523 12 2-BED AVGS 5 1,222 $574,400 $471 8 BALLARD PLACE DISTRICT 7 / 1545 NW. 57TH ST Developer: Pacific Rim Investment Submarket: Ballard Number of Homes: 172 HOA Fees: $205 - $405 Sales start Date: Jan 03 Sales End Date: Sep 07 Avg. Absorption: 3.0 Units/Month STUDIO AVGS 2 486 $240,000 $494 10 1-BED AVGS 10 702 $381,150 $544 9 2-BED AVGS 2 1,121 $565,750 $508 21 NOMA DISTRICT 7 / 5650 24TH AVE NORTHWEST Developer: Triad Development Submarket: Ballard Number of Homes: 90 HOA Fees: $215 - $330 Sales start Date: Jan 07 Sales End Date: Mar 09 Avg. Absorption: 3.4 Units/Month HJARTA DISTRICT 7 / 1530 NW. MARKET ST Developer: Pryde & Johnson Submarket: Ballard Number of Homes: 80 HOA Fees: $250 - $380 Sales start Date: Mar 08 Sales End Date: Apr 11 Avg. Absorption: 2.1 Units/Month STUDIO AVGS 2 486 $240,000 $494 10 1-BED AVGS 10 702 $381,150 $544 9 2-BED AVGS 2 1,121 $565,750 $508 21 RESEARCH REPORT / SEPTEMBER 2018

47 COBRIZO DISTRICT 7 / 4020 AURORA AVE NORTH Developer: Kauri Investments Submarket: Fremont Number of Homes: 50 HOA Fees: $190 - $305 Sales start Date: Sep 02 Sales End Date: Nov 03 Avg. Absorption: 3.5 Units/Month 1-BED AVGS 2 567 $257,475 $453 4 RESEARCH REPORT / SEPTEMBER 2018

48 PAST RESALE DEVELOPMENTS DISTRICT 8 - NORTHWEST PROJECT NAME ADDRESS DEVELOPER RESIDENCES REGATA 1700 N NORTHLAKE WY TRIAD DEVELOPMENT 101 FINI 6801 GREENWOOD AVE N PHINNEY RIDGE PARTNERS 54 SAPPHIRE 424 N 85TH ST MURRAY FRANKLYN 54 TAVONA 3333 WALLINGFORD AVE N MILLIKEN DEVELOPMENT 51 TOTAL 260 7 FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

49 REGATA DISTRICT 8 / 1700 N. NORTHLAKE WY Developer: Triad Development Submarket: Wallingford Number of Homes: 101 HOA Fees: $330 - $370 Sales start Date: Jun 01 Sales End Date: Dec 04 Avg. Absorption: 2.4 Units/Month 2-BED AVGS 1 1,081 $579,000 $536 7 FINI DISTRICT 8 / 6801 GREENWOOD AVE NORTH Developer: Phinney Ridge Partners Submarket: Phinney Ridge Number of Homes: 54 HOA Fees: $395 - $695 Sales start Date: May 07 Sales End Date: May 09 Avg. Absorption: 2.2 Units/Month SAPPHIRE DISTRICT 8 / 424 N 85TH ST Developer: Murray Franklyn Submarket: Greenwood Number of Homes: 54 HOA Fees: $270 - $315 Sales start Date: Jun 07 Sales End Date: Aug 11 Avg. Absorption: 1.1 Units/Month 2-BED AVGS 2 1,016 $347,500 $342 9 TAVONA DISTRICT 8 / 3333 WILLINGFORD AVE NORTH Developer: Milliken Development Submarket: Wallingford Number of Homes: 51 HOA Fees: $175 - $245 Sales start Date: Jul 06 Sales End Date: Nov 09 Avg. Absorption: 1.3 Units/Month 1-BED AVGS 2 518 $281,000 $544 44 2-BED AVGS 2 689 $367,475 $536 30 RESEARCH REPORT / SEPTEMBER 2018

50 PAST RESALE DEVELOPMENTS DISTRICT 9 - NORTHEAST PROJECT NAME ADDRESS DEVELOPER RESIDENCES BLAKELEY COMMONS 2901 NW. BLAKELEY ST BABCOCK & BERGLUND 110 THE GREENLAKE 410 NW. 70TH ST JOHANSEN PROPERTIES 106 DWELL ROOSEVELT 1026 NW. 65TH ST TRIAD DEVELOPMENT 78 DUNCAN PLACE 4547 8TH AVE NE BASE CAPITAL 63 FLORERA GREENLAKE 413 NE. 70TH ST PRYDE & JOHNSON 59 TOTAL 416 7 FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

51 BLAKELEY COMMONS DISTRICT 9 / 2901 NE. BLAKELEY ST Developer: Babcock & Berglund Submarket: University District Number of Homes: 110 HOA Fees: $270 - $415 Sales start Date: Jun 01 Sales End Date: Apr 05 Avg. Absorption: 2.4 Units/Month 1-BED AVGS 5 732 $430,200 $589 25 2-BED AVGS 1 1,026 $630,000 $614 1 THE GREENLAKE DISTRICT 9 / 410 NE. 70TH ST Developer: Johansen Properties Submarket: Greenlake Number of Homes: 106 HOA Fees: $200- $300 Sales start Date: Feb 03 Sales End Date: Feb 05 Avg. Absorption: 2.9 Units/Month STUDIO AVGS 2 462 $285,000 $614 2 1-BED AVGS 5 687 $451,000 $656 13 2-BED AVGS 1 1,297 $761,000 $587 7 DWELL ROOSEVELT DISTRICT 9 / 1026 NE. 65TH ST Developer: Triad Development Submarket: Roosevelt Number of Homes: 78 HOA Fees: $370 - $385 Sales start Date: Dec 05 Sales End Date: Aug 08 Avg. Absorption: 2.4 Units/Month 1-BED AVGS 1 617 $367,900 $596 7 2-BED AVGS 1 854 $440,000 $515 6 DUNCAN PLACE DISTRICT 9 / 4547 8TH AVE NORTHEAST Developer: Base Capital Submarket: University District Number of Homes: 63 HOA Fees: $250 - $345 Sales start Date: May 10 Sales End Date: Feb 13 Avg. Absorption: 1.9 Units/Month 1-BED AVGS 2 621 $364,000 $588 8 2-BED AVGS 1 1,120 $490,000 $438 32 4-BED AVGS 1 1,742 $628,000 $361 4 RESEARCH REPORT / SEPTEMBER 2018

52 FLORERA GREENLAKE DISTRICT 9 / 413 NE. 70TH ST Developer: Pryde & Johnson Submarket: Greenlake Number of Homes: 59 HOA Fees: $250 - $335 Sales start Date: Jan 08 Sales End Date: May 10 Avg. Absorption: 2.1 Units/Month STUDIO AVGS 2 462 $285,000 $614 2 1-BED AVGS 5 687 $451,000 $656 13 2-BED AVGS 1 1,297 $761,000 $587 7 RESEARCH REPORT / SEPTEMBER 2018

53 PAST RESALE DEVELOPMENTS DISTRICT 10 - BELLEVUE PROJECT NAME ADDRESS DEVELOPER RESIDENCES BELLEVUE TOWERS 500 106TH AVE BELLEVUE TOWERS, LLC 539 WASHINGTON SQUARE 10610 NE. 9TH PL WASATCH GROUP 377 BELLE ARTS 111 108TH AVE NE EQUITY RESIDENTIAL 128 ONE MAIN STREET 10000 MAIN ST TURNING POINT 57 TOTAL 1,101 7 FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

54 WASHINGTON SQUARE DISTRICT 10 / 10610 NE. 9TH PL Developer: Wasatch Group Submarket: Downtown Bellevue Number of Homes: 377 HOA Fees: $390 - $620 Sales start Date: Jun 06 Sales End Date: Jul 13 Avg. Absorption: 4.4 Units/Month 1-BED AVGS 20 901 $583,075 $651 314 2-BED AVGS 24 1,562 $1,017,010 $650 253 BELLE ARTS DISTRICT 10 / 111 108TH AVE NORTHEAST Developer: Equity Residential Submarket: Downtown Bellevue Number of Homes: 128 HOA Fees: $215 - $440 Sales start Date: Dec 06 Sales End Date: Jan 13 Avg. Absorption: 1.7 Units/Month STUDIO AVGS 4 526 $287,730 $548 38 1-BED AVGS 4 701 $372,516 $533 7 2-BED AVGS 2 1,022 $503,500 $497 6 ONE MAIN STREET DISTRICT 10 / 10000 MAIN ST Developer: Turning Point Submarket: Downtown Bellevue Number of Homes: 57 HOA Fees: $650 - $835 Sales start Date: Jun 10 Sales End Date: Jun 12 Avg. Absorption: 2.3 Units/Month 1-BED AVGS 6 773 $526,060 $676 13 2-BED AVGS 3 1,541 $1,247,333 $810 15 3-BED AVGS 1 1,688 $860,000 $509 2 RESEARCH REPORT / SEPTEMBER 2018

55 PAST RESALE DEVELOPMENTS DISTRICT 11 - KIRKLAND PROJECT NAME ADDRESS DEVELOPER RESIDENCES KIRKLAND CENTRAL 211 KIRKLAND AVE CONTINENTAL PROPERTIES 110 LOCHSHIRE 9229 122ND CT LOCHSHIRE CONDOMINIUM 100 WATERSTONE 10822 SLATER ST INTRACORP 60 SOHO 521 7TH AVE SEVENTH AVENUE 58 VILLA SONOMA 8244 126TH AVE NORTHSTAR DEVELOPMENT 55 TOTAL 383 7 FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

56 KIRKLAND CENTRAL DISTRICT 11 / 211 KIRKLAND AVE Developer: Continental Properties Submarket: Moss Bay Number of Homes: 110 HOA Fees: $175 - $300 Sales start Date: Apr 06 Sales End Date: Feb 09 Avg. Absorption: 3.2 Units/Month LOCHSHIRE DISTRICT 11 / 9229 122ND CT Developer: Lochshire Condominium Submarket: North Rose Hill Number of Homes: 100 HOA Fees: $155 - $205 Sales start Date: Mar 01 Sales End Date: Sep 05 Avg. Absorption: 1.9 Units/Month 2-BED AVGS 5 1,178 $431,000 $366 4 WATERSTONE DISTRICT 11 / 10822 SLATER ST Developer: Intracorp Submarket: Highlands Number of Homes: 60 HOA Fees: $225 - $365 Sales start Date: Nov 04 Sales End Date: Jun 06 Avg. Absorption: 3.1 Units/Month SOHO DISTRICT 11 / 521 7TH AVE Developer: Seventh Avenue Submarket: Norkirk Number of Homes: 58 HOA Fees: $90 - $330 Sales start Date: Jun 00 Sales End Date: Nov 01 Avg. Absorption: 3.4 Units/Month RESEARCH REPORT / SEPTEMBER 2018

57 VILLA SONOMA DISTRICT 11 / 8244 126TH AVE Developer: Northstar Development Submarket: South Rose Hill Number of Homes: 55 HOA Fees: $325 Sales start Date: Jan 06 Sales End Date: Oct 11 Avg. Absorption: 0.8 Units/Month RESEARCH REPORT / SEPTEMBER 2018

58 PAST RESALE DEVELOPMENTS DISTRICT 12 - REDMOND PROJECT NAME ADDRESS DEVELOPER RESIDENCES ELEMENT 15110 81ST WY INTRACORP 94 TALUSWOOD 9609 182ND PL MOSAIC HOMES 85 THE CLEVELAND 16141 CLEVELAND ST INTRACORP 84 COMPASS POINTE 22621 ALDER CREST DR CARINO HOMES 72 CEDAR PARK 10523 221ST AVE CARINO HOMES 70 NATURE S WALK 22549 ALDER CREST MOSAIC HOMES 60 FRAZER COURT 16275 85TH ST FRAZER INVESTMENTS 59 THE VILLAS AT MONDAVIO 15640 102ND WY POLYGON NORTHWEST 33 TOTAL 557 7 FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

59 ELEMENT DISTRICT 12 / 15110 81ST WY Developer: Intracorp Submarket: Redmond Number of Homes: 94 HOA Fees: $205 - $225 Sales start Date: Sep 09 Sales End Date: Oct 11 Avg. Absorption: 3.7 Units/Month TALUSWOOD DISTRICT 12 / 9609 182ND PL Developer: Mosaic Homes Submarket: Redmond Number of Homes: 85 HOA Fees: $255 - $295 Sales start Date: Jan 02 Sales End Date: Dec 08 Avg. Absorption: THE CLEVELAND DISTRICT 12 / 16141 CLEVELAND ST Developer: Intracorp Submarket: Redmond Number of Homes: 84 HOA Fees: $260 - $350 Sales start Date: Nov 05 Sales End Date: Apr 08 Avg. Absorption: 2.9 Units/Month COMPASS POINTE DISTRICT 12 / 22621 ALDER CREST DR Developer: Carino Homes Submarket: Redmond Number of Homes: 72 HOA Fees: $215 - $240 Sales start Date: Mar 00 Sales End Date: Jun 04 Avg. Absorption: 1.4 Units/Month RESEARCH REPORT / SEPTEMBER 2018

60 CEDAR PARK DISTRICT 12 / 10523 221ST AVE Developer: Carino Homes Submarket: Redmond Number of Homes: 70 HOA Fees: $155 - $205 Sales start Date: Feb 00 Sales End Date: Aug 01 Avg. Absorption: 3.8 Units/Month NATURE S WALK DISTRICT 12 / 22549 ALDER CREST Developer: Mosaic Homes Submarket: Redmond Number of Homes: 60 HOA Fees: $275 - $310 Sales start Date: Jan 00 Sales End Date: Apr 04 Avg. Absorption: 1.2 Units/Month FRAZER COURT DISTRICT 12 / 16275 85TH ST Developer: Frazer Investments Submarket: Redmond Number of Homes: 59 HOA Fees: $250 - $300 Sales start Date: Jan 06 Sales End Date: Jun 08 Avg. Absorption: 2.0 Units/Month THE VILLAS AT MONDAVIO DISTRICT 12 / 15640 102ND WY Developer: Polygon Northwest Submarket: Redmond Number of Homes: 33 HOA Fees: $315 Sales start Date: Oct 12 Sales End Date: Feb 14 Avg. Absorption: 1.2 Units/Month RESEARCH REPORT / SEPTEMBER 2018