2009 – MAY – STONE HARBOR,NJ:

RESIDENTIAL – UNDER CONTRACT: 5/1/2009 TO 5/31/2009 = (2)

                                                           ORIGINAL            REDUCED            DAYS ON

ADDRESS                                         LIST PRICE         LIST PRICE          MARKET

8704 Penns. Ave(3)Bed.,(2)Bth.        $1,287,000.               SAME                       51

11810 Third Ave(3)Bed.,(1.5)Bth.      1,399,000.               SAME                        56

RESIDENTIAL – COMPARABLE SALES: 5/1/2009 TO 5/31/2009 = (2)

                                               ORIGINAL     REDUCED     SOLD     CLOSING    DAYS

ADDRESS                             LIST PRICE       PRICE        PRICE       DATE        onMkt

* 8501 Penns.(4)Bed.,(3/2)Bth. $3,695,000.          SAME        $2,875,000.   5/4/09           76

   8626 First(5)Bed.,(3.5)Bth.      5,195,000.          SAME           3,700,000.  5/4/09           347

(1) NEW CONSTRUCTION

                                                  (8,890,000.)        (8,890,000.)    (6,575,000.)                (423)

Average Original               Average Reduced               Average Sold               Average Days

List Price = $4,445,000.     List Price = $4,445,000.     Price = $3,287,500.      on Mkt = 211

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

- Difference between ORIGINAL List Price and REDUCED Price = (0%)

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

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

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

                                                            ORIGINAL            REDUCED            DAYS ON

ADDRESS                                         LIST PRICE          LIST PRICE          MARKET

8128 Third Ave 40’x60’                     $ 659,000.               $559,000.                 205

“Roseman’s Marine” 1^st Fl-Store – 2^nd Fl- (2)Bed.,(1.5)Bth

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

MULTI-FAMILY – UNDER CONTRACT: 5/1/2009 TO 5/31/2009 = (0)

MULTI-FAMILY – COMPARABLE SALES: 5/1/2009 TO 5/31/2009 = (1)
                                                 ORIGINAL     REDUCED     SOLD     CLOSING       DAYS

ADDRESS                              LIST PRICE      PRICE         PRICE        DATE          onMkt

301 100^th (4/2)Bed.,(2/1)Bth.   $1,795,000.       $999,000.      $950,000.      5/22/09          225

CONDO/TOWNHOUSE – UNDER CONTRACT: 5/1/2009 TO 5/31/2009 = (2)

                                                                          ORIGINAL            REDUCED           DAYS ON

ADDRESS                                                        LIST PRICE          LIST PRICE        MARKET

15 99^th (3)Bed.,(2)Bth. #C                                $789,000.                    SAME                     50

345 86^th(4)Bed.,(2.5)Bth. East                         1,049,000.                  899,000.                    608

CONDO/TOWNHOUSE – COMPARABLE SALES: 5/1/2009 TO 5/31/2009 = (3)

                                                         ORIGINAL     REDUCED     SOLD     CLOSING   DAYS

ADDRESS                                       LIST PRICE      PRICE        PRICE       DATE       onMkt

235 99^th(1)Bed.,(1)Bth. #B              $329,000.           $319,000.      $285,000.    5/27/09        145

10808 Sunset(3)Bed.,(2)Bth.#4         775,000.             725,000.        652,500.    5/8/09          336

9600 First(3)Bed.,(2)Bth. #1             859,000.             845,000.        816,750.    5/15/09        132

                                                         (1,963,000.)      (1,889,000.)    (1,754,250.)                  (613)

Average Original               Average Reduced               Average Sold       Average Days on

List Price = $654,333.        List Price = $629,667.        Price = $584,750.  Market = 204

- Difference between ORIGINAL List Price and SOLD Price = (11%)

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

TOTAL STONE HARBOR SALE INVENTORY (AS OF 6/14/09) = 227

RESIDENTIAL                                                           122

LOTS/LAND                                                                 11

COMMERCIAL                                                           12

MULTI-FAMILY                                                         20

CONDO/TOWNHOUSE                                              62