2009 – JULY – AVALON, NJ:

RESIDENTIAL – UNDER CONTRACT: 7/1/2009 TO 7/31/2009 = (6)

                                                           ORIGINAL            REDUCED            DAYS ON

ADDRESS                                        LIST PRICE           LIST PRICE         MARKET

345 7^th St..(5)Bed.,(2)Bth.                 $899,999.                     SAME                    230

258 70^th (4)Bed.,(2)Bth.                   1,499,000.                  1,195,000.                  144

35 E. 12^th(5)Bed.,(3.5)Bth.               1,800,000.                      SAME                    108

* 84 W. 29^th(5)Bed.,(5)Bth.              1,995,000.                      SAME                    145

* 7290 Ocean(5)Bed.,(5/2)Bth.         6,395,000.                 5,995,000.                   472

* 146 Pelican(5)Bed.,(5/2)Bth.          5,995,000.                     SAME                     838

(3)NEW CONSTRUCTION

RESIDENTIAL – COMPARABLE SALES: 7/1/2009 TO 7/31/2009 = (10)

                                             ORIGINAL     REDUCED     SOLD     CLOSING    DAYS

ADDRESS                           LIST PRICE       PRICE        PRICE        DATE       onMkt

4251 Ocean(4)Bed.,(2)Bth.  $1,199,000.         $799,999.       $760,000.     7/24/09         996

3750 Ocean(4)Bed.,(2.5)Bth.    790,000.            SAME           775,000.     7/10/09         51

1889 First(5)Bed.,(3)Bth.        1,350,000.        1,250,000.        995,000.     7/14/09         155

6439 Dune(4)Bed.,(3)Bth.       2,299,000.        1,849,000.     1,550,000.     7/8/09           835

15 E. 24^th(5)Bed.,(2)Bth.         1,725,000.        1,711,000.      1,668,000.    7/14/09          75

110 36^th(4)Bed.,(3)Bth.           1,995,000.         1,849,000.     1,700,000.     7/10/09         343

255 67^th(5)Bed.,(4.5)Bth.        2,495,000.         2,175,000.     1,815,000.     7/1/09           285

2763 Avalon(6)Bed.,(5)Bth.    2,595,000.        2,395,000.      2,100,000.     7/10/09         437

74 E. 11^th(5)Bed.,(3)Bth.         2,495,000.            SAME        2,300,000.     7/11/09         50

1852 Ocean(4)Bed.,(3.5)Bth.   2,495,000.        2,395,000.      2,300,000.    7/31/09          208

                                               (19,438,000.)    (17,708,999.)  (15,963,000.)                    (3,435)

Average Original               Average Reduced               Average Sold            Average Days on

List Price = $1,943,800.     List Price = $1,770,900.     Price = $1,596,300.   Market = 343

- Difference between ORIGINAL List Price and SOLD Price = (18%)

- Difference between ORIGINAL List Price and REDUCED Price = (9%)

LOTS/LAND – UNDER CONTRACT: 7/1/2009 TO 7/31/2009 = (0)

LOTS/LAND – COMPARABLE SALES: 7/1/2009 TO 7/31/2009 = (0)

COMMERCIAL – UNDER CONTRACT: 7/1/2009 TO 7/31/2009 = (0)

COMMERCIAL – COMPARABLE SALES: 7/1/2009 TO 7/31/2009 = (1)

                                              ORIGINAL     REDUCED     SOLD     CLOSING    DAYS

ADDRESS                           LIST PRICE      PRICE         PRICE        DATE       onMkt

3101 Dune#105                     $225,000.           $175,000.      $165,000.    7/10/09        1,142

MULTI-FAMILY – UNDER CONTRACT: 7/1/2009 TO 7/31/2009 = (0)

MULTI-FAMILY – COMPARABLE SALES: 7/1/2009 TO 7/31/2009 = (0)

CONDO/TOWNHOUSE – UNDER CONTRACT: 7/1/2009 TO 7/31/2009 = (6)

                                                                         ORIGINAL            REDUCED            DAYS ON

ADDRESS                                                       LIST PRICE          LIST PRICE         MARKET

* 2019 Dune(3)Bed.,(3)Bth. #5                       $724,900.                 $550,000.                  378

258 28^th(4)Bed.,(2.5)Bth. East                           599,000.                    SAME                    22

4017 Fourth(4)Bed.,(2)Bth.  #B                         650,000.                   600,000.                  179

* 2025 Dune(3)Bed.,(3)Bth. #7                          845,000.                   650,000.                  383

* 2330 Dune(3)Bed.,(3)Bth. #2314                    899,000.                   779,000.                  120

230 29^th(4)Bed.,(2.5)Bth. East                            875,000.                   799,000.                  459

(3) NEW CONSTRUCTION

CONDO/TOWNHOUSE – COMPARABLE SALES: 7/1/2009 TO 7/31/2009 = (7)

                                                        ORIGINAL     REDUCED     SOLD     CLOSING    DAYS

ADDRESS                                      LIST PRICE      PRICE         PRICE       DATE       onMkt

7800 Dune(1)Bed.,(1)Bth. #123      $225,000.             SAME         $220,000.    7/10/09        25

2007 Seventh(3)Bed.,(2)Bth. 2ndFl   584,900.             SAME          478,000.     7/3/09         174

* 2023 Dune(3)Bed.,(3)Bth. #6         799,000.            525,000.         525,000.     7/26/09       398

756 Sunrise(4)Bed.,(3.5)Bth.             995,000.            799,500.         649,000.     7/7/09        1,210

281 35^th(4)Bed.,(2.5)Bth. West         759,900.             724,900.         655,000.     7/24/09       253

506 20^th(4)Bed.,(4)Bth. #506            792,000.               SAME          740,000.     7/17/09        83

700 Ocean(3)Bed.,(2.5)Bth. #G4   1,095,000.              899,000.         885,000.    7/16/09        316

(1)NEW CONSTRUCTION

                                                       (5,250,800.)          (4,550,300.)   (4,152,000.)                (2,459)

Average Original               Average Reduced               Average Sold              Average Days on

List Price = $750,114.        List Price = $650,043.        Price = $593,143.        Market = 351

- Difference between ORIGINAL List Price and SOLD Price = (21%)

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

TOATL AVALON SALE INVENTORY (AS OF 8/15/09) = 425

RESIDENTIAL                                           226

LOTS / LAND                                              31

COMMERCIAL                                          22

MULTI-FAMILY                                        10

CONDO/TOWNHOUSE                            136