George,

Here sales numbers from Reagan:

As you can see his units sold at a variety of prices per square foot. The
1308/1308 model seems to have the most data and looks most similiar to the
units you are selling. At 2.7 MM, my bid is .70/sf higher than his units
under construction. I am having a hard time justifying paying much more with
competition on the way. The price I am bidding is higher than any deals
actually done to date.

Let me know what you think. I will follow up with an email and phone call
about Cherry Creek. I am sure Deborah Yates let you know that the bid was
rejected on the De Ville property.

Phillip Allen