2009- DECEMBER – AVALON,NJ:

RESIDENTIAL – UNDER CONTRACT: 12/1/2009 TO 12/31/2009 = (3)

                                                           ORIGINAL               REDUCED          DAYS ON

ADDRESS                                         LIST PRICE             LIST PRICE       MARKET

285 38^th (5)Bed.,(4/2)Bth.                  $1,499,000.                 SAME                   57

6329 Dune (6)Bed.,(6)Bth.                   3,775,000.                1,999,999.              957

56 E. 26^th (5)Bed.,(2)Bth.                      2,300,000.                2,200,000.             225

RESIDENTIAL – COMPARABLE SALES: 12/1/2009 TO 12/31/2009 = (10)

                                               ORIGINAL     REDUCED     SOLD     CLOSING    DAYS ON

ADDRESS                             LIST PRICE      PRICE          PRICE        DATE      MARKET

273 48^TH(2)Bed.,(1)bth.          $925,000.            SAME          $850,000.    12/4/09        194

3764 Dune(5)Bed.,(4.5)Bth.   1,975,000.         1,495,000.      1,400,000.    12/23/09     487

246 16^th(5)Bed.,(4/2)Bth.        1,599,000.         1,550,000.      1,475,000.    12/23/09     102

4528 Ocean(4)Bed.,(2.5)Bth.  1,584,000.          SAME           1,750,000.    12/7/09        55

315 74^th(7)Bed.,(2.5)Bth.        3,800,000.          SAME            3,450,000.    12/17/09     160

154 36^th(5)Bed.,(3.5)Bth.        1,949,000.          SAME            1,850,250.    12/29/09      41

225 75^th(7)Bed.,(7)Bth.           3,150,000.         2,149,000.       1,950,000.    12/31/09     658

6329 Dune(6)Bed.,(6)Bth.       3,775,000.        1,999,999.        2,000,000.    12/28/09     971

* 184 70^th(5)Bed.,(5)Bth.        3,995,000.           SAME           3,250,000.     12/29/09     272

73 W. 11^th St. (4)Bed.,(2)Bth. 1,095,000.           SAME              991,000.     12/29/09     136

(1) NEW CONSTRUCTION

                                              (23,847,000.)      (20,541,999.)   (18,966,250.)                (3,076)

Average Original               Average Reduced               Average Sold            Average Days on

List Price = $2,384,700.     List Price = $2,054,200.     Price = $1,896,625.   Market = 308

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

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

VACANT LOTS/LAND – UNDER CONTRACT: 12/1/2009 TO 12/31/2009 = (1)

                                                                       ORIGINAL               REDUCED           DAYS ON

ADDRESS                                                     LIST PRICE             LIST PRICE        MARKET

4101 Ocean 50’x 105’                                    $575,000.                    SAME                      1

VACANT LOTS/LAND – COMPARABLE SALES: 12/1/2009 TO 12/31/2009 = (0)

COMMERCIAL – UNDER CONTRACT: 12/1/2009 TO 12/31/2009 = (0)

COMMERCIAL – COMPARABLE SALES: 12/1/2009 TO 12/31/2009 = (1)

                                                 ORIGINAL     REDUCED     SOLD     CLOSING    DAYS ON

ADDRESS                              LIST PRICE    PRICE            PRICE       DATE       MARKET

2005 Dune                               $2,200,000.         SAME        $2,000,000.    12/21/09           1 

(8 Stores-10,384sq.ft.)

MULTI-FAMILY – UNDER CONTRACT: 12/1/2009 TO 12/31/2009 = (0)

MULTI-FAMILY – COMPARABLE SALES: 12/1/2009 TO 12/31/2009 = (0)

CONDO/TOWNHOUSE – UNDER CONTRACT: 12/1/2009 TO 12/31/2009 = (4)

                                                                         ORIGINAL            REDUCED            DAYS ON

ADDRESS                                                       LIST PRICE          LIST PRICE         MARKET

277 27^th(4)Bed.,(3)Bth. East                             $738,500.                 $635,900.                156

258 28^th(4)Bed.,(2.5)Bth. West                          649,000.                    SAME                   35

* 3546 Ocean(4)Bed.,(3.5)Bth. South             1,250,000.                    SAME                   37

7 Marine Way(3)Bed.,(3)Bth.                          1,374,000.                 1,290,000.               223

(1) NEW CONSTRUCTION

CONDO/TOWNHOUSE – COMPARABLE SALES: 12/1/2009 TO 12/31/2009 = (5)

                                                        ORIGINAL     REDUCED     SOLD     CLOSING    DAYS

ADDRESS                                      LIST PRICE     PRICE          PRICE      DATE        onMkt

7901 Ocean(3)Bed.,(2)Bth. #C-6    $565,000.           SAME           $515,000.    12/4/09         77

* 2160 Dune(3)Bed.,(3)Bth. #2160   859,000.          699,000.           650,000.    12/16/09      346

276 32^nd(5)Bed.,(3)Bth. West            749,000.           SAME             725,000.    12/7/09        68

261 27^th(4)Bed.,(2.5)Bth. #261          749,900.           SAME             732,500.    12/18/09      48

1100 Ocean(3)Bed.,(2)Bth. #310     1,525,000.      1,399,000.         1,300,000.   12/23/09      219

(1)NEW CONSTRUCTION

                                                        (4,447,900.)    (4,161,900.)     (3,922,500.)                     (758)

Average Original               Average Reduced               Average Sold            Average Days on

List Price = $889,580.        List Price = $832,380.        Price = $784,500.      Market = 152

- Difference between ORIGINAL List Price and SOLD Price = (12%)

- Difference between ORIGINAL List Price and REDUCED Price = (7%)

TOTAL AVALON SALE INVENTORY (AS OF 1/4/2010) = 358

RESIDENTIAL                                                     188

VACANT LOTS                                                    24

COMMERCIAL                                                    20

MULTI-FAMILY                                                  8

CONDO/TOWNHOUSE                                      118