2009 – JULY – STONE HARBOR, NJ:

RESIDENTIAL – UNDER CONTRACT: JULY 1, 2009 TO JULY 31, 2009 – (4)

                                                          ORIGINAL             REDUCED              DAYS ON

ADDRESS                                        LIST PRICE           LIST PRICE           MARKET

236 95^th(5)Bed.,(4)Bth.                     $ 1,595,000.             $ 1,395,000.                 151

306 94^th(5)Bed.,(4.5)Bth.                     2,095,000.                1,795,000.                 320

8901 First (5)Bed.,(2.5)Bth.                 1,895,000.                  SAME                     71

* 134 87^th(5)Bed.,(5.5)Bth.                   2,825,000.                 SAME                     259

(1) NEW CONSTRUCTION

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

                                                   ORIGINAL     REDUCED     SOLD     CLOSING    DAYS

ADDRESS                                LIST PRICE      PRICE          PRICE        DATE      onMkt

8128 Third(2)Bed.,(1/2)Bth.     $ 659,000.         $ 559,000.       $ 520,000.    7/1/09         255

356 89^th(3)Bed.,(1)Bth.             1,200,000.            990,000.          675,000.    7/24/09       722

222 108^th(3)Bede.,(1.5)Bth.       1,100,000.           998,000.          950,000.    7/7/09         164

                                                 (2,959,000.)         (2,547,000.)    (2,145,000.)                  (1,141)

ORIGINAL                     REDUCED                    SOLD                     DAYS ON

List Price = $986,333.     List Price = $849,000.   Price = $715,000.   MARKET = 380

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

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

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

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

COMMERCIAL – UNDER CONTRACT: JULY 1, 2009 TO JULY 31, 2009 = (0)

COMMERCIAL – COMPARABLE SALES: JULY 1, 2009 TO JULY 31, 2009 = (0)

MULTI-FAMILY – UNDER CONTRACT: JULY 1, 2009 TO JULY 31, 2009 = (1)

                                                               ORIGINAL               REDUCED              DAYS ON

ADDRESS                                            LIST PRICE              LIST PRICE           MARKET

168 84^TH(3/3)Bede.,(1.5/1.5)Bth.         $ 1,400,000.                 $ 1,199,000.                338

MULTI-FAMILY – COMPARABLE SALES: JULY1, 2009 TO JULY 31, 2009 = (0)

CONDO/TOWNHOUSE – UNDER CONTRACT: JULY 1, 2009 TO JULY 31, 2009 – (0)

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

                                                       ORIGINAL     REDUCED     SOLD     CLOSING     DAYS

ADDRESS                                     LIST PRICE      PRICE         PRICE       DATE        onMkt

351 96^th(0)Bed.,(1)Bth. #412         $ 359,000.          $ 329,000.     $ 310,000.   7/22/09          161

8001 Second(2)Bed.,(2)Bth. #216    599,000.             440,000.        375,000.    7/22/09          834

345 86^th(4)Bed.,(2.5)Bth. East        1,049,000.            899,000.        805,000.    7/31/09          144

                                                      (2,007,000.)       (1,668,000.)    (1,490,000.)                    (1,139)

ORIGINAL                            REDUCED                     SOLD                            DAYS ON

List Price = $669,000.            List Price = $556,000.    Price = $496,667.        Market = 380

- Difference between ORIGINAL List Price and SOLD Price = (26%)

- Difference between ORIGINAL List Price and REDUCED Price = (17%)

TOTAL STONE HARBOR SALE INVENTORY (AS OF 8/15/09) = 210

RESIDENTIAL                                                          115

LOTS/LAND                                                               9

COMMERCIAL                                                         12

MULTI-FAMILY                                                       18

CONDO/TOWNHOUSE                                            56