2009 - MARCH – AVALON, NJ:

RESIDENTIAL – UNDER CONTRACT: 3/1/2009 TO 3/31/2009 = (5)

                                                           ORIGINAL          REDUCED          DAYS ON

ADDRESS                                        LIST PRICE         LIST PRICE        MARKET

268 23^rd St(5)Bed.,(2)Bth.                 $895,000.               $739,000.                   922

314 76^th St(4)Bed.,(2)Bth.                 1,175,000.              1,125,000.                   31

54 W. 26^th St(4)Bed.,(3)Bth.             1,595,000.              1,395,000.                   133

* 53 W. 15^th St(5)Bed.,(5)Bth.          1,995,000.              1,795,000.                   157

4618 Fifth Ave. (5)Bed.,(3)bth.         2,695,000.                SAME                       54

(1) NEW CONSTRUCTION

RESIDENTIAL – COMPARABLE SALES: 3/1/2009 TO 3/31/2009 = (3)

                                                ORIGINAL     REDUCED     SOLD     CLOSING     DAYS

ADDRESS                             LIST PRICE      PRICE          PRICE      DATE         onMkt

383 21^st St(4)Bed.(2.5)Bth.       $989,000.          $799,000.        $735,000.    3/31/09         541

178 26^th St(5)Bed.,(5)Bth.     1,795,000.         1,500,000.       1,500,000.    3/7/09           385

6600 Ocean(4)Bed.,(3)Bth     2,175,000.         1,989,000.       1,700,000.   3/21/09         365

(4,959,000.)           (4,288,000.)  (3,935,000.) (1,291)

Average Original                 Average Reduced                 Average Sold            Average Days

List Price = $ 1,653,000.      List Price = $ 1,429,333.      Price = $1,311,667.     on Mkt = 430

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

- Difference between Original List Price and REDUCED Price = (14%)

LOTS / LAND – UNDER CONTRACT: 3/1/2009 TO 3/31/2009 = (1)

                                                        ORIGINAL          REDUCED          DAYS ON

ADDRESS                                      LIST PRICE        LIST PRICE       MARKET

192 61^ST St 60’x 110’                     $4,295,000.            $3,095,000.                948

LOTS / LAND – COMPARABLE SALES: 3/1/2009 TO 3/31/2009 = (0)

COMMERCIAL – UNDER CONTRACT: 3/1/2009 TO 3/31/2009 = (0)

COMMERCIAL – COMPARABLE SALES: 3/1/2009 TO 3/31/2009 = (0)

MULTI-FAMILY – UNDER CONTRACT: 3/1/2009 TO 3/31/2009 = (0)

MULTI-FAMILY – COMPARABLE SALES: 3/1/2009 TO 3/31/2009 = (0)

CONDO/TOWNHOUSE – UNDER CONTRACT: 3/1/2009 TO 3/31/2009 = (3)

                                                                         ORIGINAL          REDUCED          DAYS ON

ADDRESS                                                      LIST PRICE         LIST PRICE        MARKET

460 20^TH (3)Bed.,(1.5)Bth.1^st Fl.                      $559,000.                $399,000.                   530

460 20^th (3)Bed., (1.5)Bth. 2^nd Fl                        599,000.                  469,000.                   526

363 40^th (4)bed.,(2.5)Bth. West                           925,900.                  799,000.                   494

CONDO/TOWNHOUSE – COMPARABLE SALES: 3/1/2009 TO 3/31/2009 = (4)

                                                         ORIGINAL     REDUCED     SOLD     CLOSING   DAYS

ADDRESS                                      LIST PRICE     PRICE          PRICE       DATE       onMkt

7929 Dune(1)Bed.,(1)Bth.#314        $419,990.         SAME          $417,725.    3/5/09         247

451 21^st(3)Bed.,(1.5)Bth. 2ndFl         610,000.         499,000.         440,000.     3/25/09       372

502 20^th (4)Bed.,(4)Bth. East           1,299,000.        719,000.         617,000.     3/21/09       570

2008 Ocean (4)Bed.,(2.5)Bth. No.      969,000.         SAME           890,000.     3/7/09         153

                                                        (3,297,990)       (2,606,990.)    (2,364,725.)             (1,342)

Average Original                 Average Reduced         Average Sold            Average Days on

List Price = $824,497. List Price = $651,747.   Price = $591,181. Market = 335

- Difference between Original List Price and SOLD Price = (28%)

- Difference between Original List Price and REDUCED Price = (21%)

TOTAL AVALON SALE INVENTORY (AS OF 4/2/2009) = 422

RESIDENTIAL                                         229

LOTS/LAND                                              28

COMMERCIAL                                        22

MULTI-FAMILY                                      6

CONDO/TOWNHOUSE                          137