2011- AUGUST – AVALON,NJ:

RESIDENTIAL – UNDER CONTRACT: 8/1/2011 TO 8/31/2011 = (7)

ORIGINAL REDUCED DAYS ON

ADDRESS LIST PRICE LIST PRICE MARKET

459 21^st (2)Bed.,(1)Bth. $459,000. SAME 24

1709 Dune (2)Bed.,(1)Bth. 729,000. $675,000. 72

1758 Dune (5)Bed.,(5)Bth. 1,599,000. SAME 26

25 E. 20^th (5)Bed.,(4)Bth. 1,995,000. SAME 91

39 E. 25^th (5)Bed.,(4.5)Bth. 2,495,000. 2,095,000. 500

56 E. 17^th (5)Bed.,(5.5)Bth. 3,795,000. 2,799,000. 915

*129 75^TH (7)Bed.,(7/3)Bth. 16,875,000. 13,995,000. 527

(1)NEW CONSTRUCTION

RESIDENTIAL – COMPARABLE SALES: 8/1/2011 TO 8/31/2011 = (9)

ORIGINAL REDUCED SOLD CLOSING DAYS

ADDRESS LIST PRICE PRICE PRICE DATE onMkt

469 21^st (4)Bed.,(1)Bth. $550,000. $535,000. $495,000. 8/1/11 105

701 Ocean (4)Bed.,(2)Bth. 744,900. SAME 702,500. 8/30/11 45

141 20^th (30Bed.,(1.5)Bth. 1,195,000. 850,000. 790,000. 8/6/11 462

299 41^st (4)Bed.,(4)Bth. 1,695,000. 950,000. 950,000. 8/2/11 449

109 20^th (5)Bed.,(4)Bth. 999,000. SAME 999,000. 8/18/11 260

1228 First (4)Bed.,(3)Bth. 1,300,000. SAME 1,135,000. 8/19/11 194

36 E. 19^th (4)Bed.,(3)Bth. 1,795,000. SAME 1,625,000. 8/19/11 144

19 Flamingo Dr. (5)Bed.,(4)Bth. 2,695,000. 2,495,000. 2,200,000. 8/31/11 222

507 42^nd (5)Bed.,(4)Bth. 3,495,000. 2,995,000. 2,750,000. 8/8/11 188

(14,468,900.) (12,663,900.) (11,646,500.) (2,069)

Average Original Average Reduced Average Sold Average Days on

List Price = $1,607,655. List Price = $1,407,100. Price = $1,294,055. Market = 230

- Difference between ORIGINAL List Price and SOLD Price = (20%)

- Difference between ORIGINAL List Price and REDUCED Price = (13%)

LOTS/LAND – UNDER CONTRACT: 8/1/2011 TO 8/31/2011 = (1)

ORIGINAL REDUCED DAYS ON

ADDRESS LIST PRICE LIST PRICE MARKET

74 E. 18^th (50’x 110’) $1,895,000. SAME 1

LOTS/LAND – COMPARABLE SALES: 8/1/2011 TO 8/31/2011 = (1)

ORIGINAL REDUCED SOLD CLOSING DAYS

ADDRESS LIST PRICE PRICE PRICE DATE onMkt

82 E. 13^th (50’x 110’) $2,100,000. SAME $2,100,000. 8/15/11 53

Average Original Average Reduced Average Sold Average Days on

List Price = $2,100,000. List Price $2,100,000. Price = $2,100,000. Market = 53

- Difference between ORIGINAL List Price and SOLD Price = (0%)

- Difference between ORIGINAL List Price and REDUCED Price = (0%)

COMMERCIAL – UNDER CONTRCAT: 8/1/2011 TO 8/31/2011 = (0)

COMMERCIAL – COMPARABLE SALES: 8/1/2011 TO 8/31/2011 = (0)

MULTI-FAMILY – UNDER CONTRACT: 8/1/2011 TO 8/31/2011 = (0)

MULTI-FAMILY – COMPARABLE SALES: 8/1/2011 TO 8/31/2011 = (0)

CONDO/TOWNHOUSE – UNDER CONTRACT: 8/1/2011 TO 8/31/2011 = (3)

ORIGINAL REDUCED DAYS ON

ADDRESS LIST PRICE LIST PRICE MARKET

1719 Ocean (3)Bed.,(2)Bth. #3 $499,500. SAME 270

274 21^st (3)Bed.,(3)Bth. #274 520,000. SAME 390

2569 Ocean (5)Bed.,(3.5)Bth. North 659,000. 649,000. 110

CONDO/TOWNHOUSE – COMPARABLE SALES: 8/1/2011 TO 8/31/2011 = (3)

ORIGINAL REDUCED SOLD CLOSING DAYS

ADDRESS LIST PRICE PRICE PRICE DATE onMkt

35 Marine Way #35 $1,195,000. $1,095,000. $960,000. 8/19/11 184

1778 Ocean (4)Bed.,(3)Bth. West 1,399,000. 1,389,000. 1,350,000. 8/13/11 71

2002 Ocean (5)Bed.,(5.5)Bth. #2002 1,850,000. 1,695,000. 1,525,000. 8/24/11 175

(4,444,000.) (4,179,000.) (3,835,000.) (430)

Average Original Average Reduced Average Sold Average Days on

List Price = $1,481,333. List Price = $1,393,000. Price = $1,278,333. Market = 143

- Difference between ORIGINAL List Price and SOLD Price = (14%)

- Difference between ORIGI(NAL List Price and REDUCED Price = (6%)

TOTAL AVALON SALE INVENTORY (AS OF 9/20/2011) = 355

RESIDENTIAL 200

LOTS/LAND 29

COMMERCIAL 10

MULTI-FAMILY 7

CONDO/TOWNHOUSE 109