2009 – JUNE – AVALON, NJ:

RESIDENTIAL – UNDER CONTRACT: 6/1/2009 TO 6/30/2009 = (5)

                                                          ORIGINAL               REDUCED               DAYS ON

ADDRESS                                        LIST PRICE             LIST PRICE            MARKET

4251 Ocean Dr.(4)Bed.,(2)Bth.         $1,199,000.                 $799,999.                     961

252 16^th St.(3)Bed.,(1)Bth.                     825,000.                   SAME                        223

5649 Ocean Dr.(4)Bed.,(3)Bth.            2,200,000.                1,995,000.                     162

1852 Ocean Dr.(4)Bed.,(3.5)Bth.         2,495,000.                2,395,000.                     149

74 E. 11^th St.(5)Bed.,(3)Bth.                2,495,000.                   SAME                         18

RESIDENTIAL – COMPARABLE SALES: 6/1/2009 TO 6/30/2009 = (4)

                                                 ORIGINAL     REDUCED     SOLD     CLOSING     DAYS

ADDRESS                               LIST PRICE     PRICE          PRICE         DATE      onMkt

742 Sunrise(3)Bed.,(1)Bth.       $550,000.             SAME         $505,000.     6/30/09        89

223 36^th(4)Bed.,(1.5)Bth.         1,000,000.             SAME           780,000.     6/12/09        73

739 First(4)Bed.,(2)Bth.           1,450,000.         1,250,000.      1,165,000.     6/29/09        387

* 124 22^nd(5)Bed.,(5)Bth.         1,795,000.         1,695,000.      1,670,000.     6/19/09        253

(1)NEW CONSTRUCTION

                                                     (4,795,000.)     (4,495,000.)    (4,120,000.)           (802)

Average Original               Average Reduced               Average Sold               Average Days

List Price = $1,198,750.     List Price = $1,123,750.     Price = $1,030,000.     on Market = 200

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

- Difference between Original List Price and REDUCED Price = (6%)

LOTS/LAND – UNDER CONTRACT: 6/1/2009 TO 6/30/2009 = (0)

LOTS/LAND – COMPARABLE SALES: 6/1/2009 TO 6/30/2009 = (0)

COMMERCIAL – UNDER CONTRACT: 6/1/2009 TO 6/30/2009 = (0)

COMMERCIAL – COMPARABLE SALES: 6/1/2009 TO 6/30/2009 = (0)

MULTI-FAMILY – UNDER CONTRACT: 6/1/2009 TO 6/30/2009 = (0)

MULTI-FAMILY – COMPARABLE SALES: 6/1/2009 TO 6/30/2009 = (0)

CONDO/TOWNHOUSE – UNDER CONTRACT: 6/1/2009 TO 6/30/2009 = (7)

                                                                         ORIGINAL               REDUCED            DAYS

ADDRESS                                                       LIST PRICE            LIST PRICE        ON MKT

* 2023 Dune(3)Bed.,(3)Bth. #6                       $799,000.                   $525,000.                354

* 2015 Dune(3)Bed.,(3.5)Bth. #4                      845,000.                     600,000.                353

281 35^th(4)Bed.,(2.5)Bth. West                         759,900.                     724,900.                202

223 34^th(5)Bed.,(4)Bth. #223                             799,000.                      SAME                   1

* 2003 Dune (4)Bed.,(4.5)Bth. #1                      995,000.                    800,000.                 361

* 2011 Dune(4)Bed.,(4.5)Bth. #3                       995,000.                    850,000.                 369

66 E. 20^th(2)Bed.,(2)Bth. #304                         1,295,000.                   999,000.                 315

(4)NEW CONSTRUCTION

CONDO/TOWNHOUSE – COMPARABLE SALES: 6/1/2009 TO 6/30/2009 = (5)

                                                          ORIGINAL     REDUCED     SOLD     CLOSING  DAYS

ADDRESS                                        LIST PRICE     PRICE          PRICE      DATE      onMkt

601 Dune(1)Bed.,(1)Bth. #3             $499,000.             SAME          $430,000.   6/4/09         45

* 179 21^st(3)Bed.,(3)Bth. #8               845,000.            $600,000.        577,500.   6/27/09       369

* 2310 Dune(3)Bed.,(3)Bth.               739,000.              659,000.        630,000.   6/27/09       89

* 281 26^th(3)Bed.,(2.5)Bth.                 649,000.               SAME          630,000.   6/1/09         142

226 24^th(5)Bed.,(2.5)Bth. East            699,000.              689,000.        635,000.   6/27/09        312

(3)NEW CONSTRUCTION

                                                            (3,431,000.)     (3,096,000.)    (2,902,500.)                 (957)

Average Original               Average Reduced               Average Sold               Days on

List Price = $686,200.        List Price = $619,200.        Price = $580,500.        Market = 191

- Difference between ORIGINAL List Price and SOLD Price = (15%)

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

TOTAL AVALON SALE INVENTORY (AS OF 7-21-2009) = 430

RESIDENTIAL                                                   229

LOTS / LAND                                                      31

COMMERCIAL                                                  21

MULTI-FAMILY                                                 9

CONDO/TOWNHOUSE                                     140