2009 – APRIL – AVALON, NJ:

RESIDENTIAL – UNDER CONTRACT: 4/1/2009 TO 4/30/2009 = (1)

                                                        ORIGINAL            REDUCED            DAYS ON

ADDRESS                                      LIST PRICE          LIST PRICE         MARKET

* 146 28^th St: (5)Bed.,(5)Bth.          $ 1,595,000.                SAME                   91

(1) NEW CONSTRUCTION

RESIDENTIAL – COMPARABLE SALES: 4/1/2009 TO 4/30/2009 = (5)

                                              ORIGINAL     REDUCED     SOLD     CLOSING    DAYS

ADDRESS                            LIST PRICE     PRICE         PRICE        DATE        onMkt

268 23^rd St:(5)Bed.,(2)Bth.    $895,000.         $739,000.       $645,000.     4/15/09         955

249 64^th (4)Bed.,(2)Bth.        1,025,000.           SAME         1,100,000.     4/27/09         31

54 W. 26^th(4)Bed.,(3)Bth.     1,595,000.         1,395,000.      1,100,000.    4/4/09           157

* 118 22^nd (5)Bed.,(5)Bth.    1,795,000.         1,695,000.      1,675,000.    4/29/09          202

* 3701 Dune(6)Bed.,(6)Bth. 3,185,000.         2,795,000.      2,275,000.    4/30/09         1,259

(2) NEW CONSTRUCTION

(8,495,000.)       (7,649,000.)    (6,795,000.)                     (2,604)              

Average Original            Average Reduced            Average Sold            Average Days

List Price = $1,699,000.  List Price = $1,529,800.   Price = $1,359,000.   on Market =521

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

- Difference between ORIGINAL List Price and REDUCED Price = (10%)

LOTS/LAND – UNDER CONTRACT: 4/1/2009 TO 4/30/2009 = (1)

                                                      ORIGINAL            REDUCED            DAYS ON

ADDRESS                                   LIST PRICE           LIST PRICE          MARKET

95 W. 34^TH St.  60’x 110’             $2,340,000.             $1,995,000.                    344

LOTS/LAND – COMPARABLE SALES: 4/1/2009 TO 4/30/2009 = (1)

                                           ORIGINAL     REDUCED     SOLD     CLOSING     DAYS

ADDRESS                         LIST PRICE     PRICE         PRICE        DATE         onMkt

192 61^st St: 60’x 110’        $4,295,000.       $3,095,000.    $2,850,000.   4/24/09           991

COMMERCIAL – UNDER CONTRACT: 5/1/2009 TO 5/31/2009 = (0)

COMMERCIAL – COMPARABLE SALES: 5/1/2009 TO 5/31/2009 = (0)

MULTI-FAMILY – UNDER CONTRACT: 4/1/2009 TO 4/30/2009 = (0)

MULTI-FAMILY – COMPARABLE SALES: 4/1/2009 TO 4/30/2009 = (0)

CONDO/TOWNHOUSE – UNDER CONTRACT: 4/1/2009 TO 4/30/2009 = (3)

                                                                         ORIGINAL            REDUCED            DAYS

ADDRESS                                                       LIST PRICE         LIST PRICE        ON MKT.

601 Dune (1)Bed.,(1)Bth. #3                            $499,000.                   SAME                    1

283 26^th St. (3)Bed.,(2.5)Bth. #283                   649,000.                    SAME                     107

2302 Dune (3)Bed.,(3)Bth. #2302                     899,000.                    SAME                      9

CONDO/TOWNHOUSE – COMPARABLE SALES: 4/1/2009 TO 4/30/2009 = (5)

                                                         ORIGINAL     REDUCED     SOLD     CLOSING   DAYS

ADDRESS                                      LIST PRICE    PRICE           PRICE        DATE      onMkt

7929 Dune (1)Bed.,(1)Bth. #115     $329,990.            SAME          $357,128.    4/17/09        281

7929 Dune (1)Bed.,(1)Bth. #311       364,990.          369,990.            383,250.   4/10/09        279

7929 Dune (1)Bed.,(1)Bth. #215       379,990.          389,990.            391,406.   4/7/09          271

2106 Sixth(4)Bed., (2.5)Bth. No.       899,900.          749,900.            609,000.   4/08/09        329

3318 Ocean(5)Bed.,(4)Bth. No.        1,399,000.          SAME           1,300,000.  4/30/09         116

                                                       (3,373,870.)         (3,238,870.)    (3,040,784.)                (1,276)

Average Original               Average Reduced               Average Sold         Average Days on

List Price = $674,774.        List Price = $647,774.        Price = $608,157.    Market = 255

- Difference between ORIGINAL List Price and SOLD Price = (10%)

- Difference between ORIGINAL List Price and REDUCED Price = (4%)

TOATL AVALON SALE INVENTORY (AS OF 5/30/09) = 442

RESIDENTIAL                                    231

LOTS/LAND                                           29

COMMERCIAL                                     22

MULTI-FAMILY                                    9

CONDO/TOWNHOUSE                      151